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overtheedge
Member since May 2012
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Challenge to Keynesians "Prove Rising Prices Provide an Overall Economic Benefit" - Mish - Global Economic Analysis

I gave you one star for being such a damn fool.
Turn off the money spigots.
Freeze wages and prices.
That will eliminate rising prices and to the best of my knowledge the only way to stop rising prices.
And just what the hell happens when wage and price controls are enforced? Shortages, empty shelves and a blackmarket.

Debts will clear by defaulting, banks will fail, any remaining confidence in the currency of the day will collapse.
The developed world will go into the greatest depression in history.
The vast majority of folks in the developed world lack the basic expertise to feed themselves.
Death, disease and destruction will be the precursors for the evil yet to come.
At least 10's of millions and very possibly 100's of millions dead within a year.

The irony is we got on the leaky boat, it is 100's of miles to the nearest land and the engine through a rod.
There are no options. Rising prices are just a delaying tactic for the inevitable.
EVERY DELAY provides more time to make whatever preparations each person thinks will improve their chance for survival.
Sir, this is why I gave only one star for this drivel. Carnage now or rising prices prior to carnage later.
Look upon rising prices as ample warning to get out of the burning house. It can't be put out, but perhaps it can be slowed enough to salvage something.
And I'm neither a Keynesian or Monetarist. All of us were damn fools for getting on this boat in the first place.

In the 15th century, a serf had an annual cash income equivalent to roughly 1 pound sterling (20 pennies to the schilling and 12 schillings to the pound= 12ozt of 0.925 silver).
It was like that since the dawn of written history and only changed with the industrial revolution.
Ergo, this large middle-class is an anomaly. Been my observation that reversion to the mean is not just a good idea, but an inevitability.
The big difference? The 15th century serf would gladly take a 10 hour a day, up to six days a week job that only paid 1 penny a day and provided a lunch with a couple, three pints of ale. It wasn't just rising prices, but rising wages as well that got us in this mess. Wages and prices are Siamese twins joined at the hip.

Commented 3473 days ago

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Beginning of the headline :The ECB has been concerned about falling consumer prices. I propose that's 100% stupid, yet that's the concern. When the euro declined vs. the US dollar, the ECB was happy that inflation would inch back up. The fear now is that falling oil prices will take away the alleged gain of a falling euro. With that backdrop, credit the Financial Times for the absurd headline of the week: Eurozone Fails to Benefit from Weak Currency as Oil Price Slides. Pity the policy makers given the job of rescuing... Read More

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