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California has diminished the middle class so badly that one in four people are now living below the poverty line. 1) Most people who claim to understand economics don’t, probably including OP. This helps makes sense of its leftist bent and their preference for the deep state Democrats. Regarding the role of the Fed chair itself, it remains to be seen whether Biden would prefer to continue with Powell. Truth tellers matter more than ever. Yet, it’s difficult to argue with one of the most powerful men on the planet when he says: And so if the idea is money financed fiscal policy, that's not something that we would consider. A person may be very averse to consumerist … Considering the Fed owns $4.5 trillion of US Treasurys, of a nation with a $27 trillion debt, we should come to terms with understanding that the Fed is financing a significant portion of the US government’s spending activities. To those... On July 2, 2019, President Donald Trump nominated Mrs. Judy Shelton to join the Federal Reserve Board of Governors. True, Congress can tax and spend, but what the chair doesn’t seem to admit is that taxation only provides so much money, compared to spending which appears to be nearly limitless. For good reasons, including that gold prices are volatile. First, the good news, according to Powell: The overall rebound in household spending owes in part to federal stimulus payments and expanded unemployment benefits, which provided essential support to many families and individuals. And forget about serious immigration reform. In fact, most geniuses seem to simply not get economics. Oscar Wilde once said, “An idea that is not dangerous is unworthy of being called an idea at all.”. Do Americans understand much of this? Railroad stock climbed from 189.2 to 446.0, while public utilities rose from 82.0 to 375.1.”. Americans anxiously wait for the final outcome of this election, the Federal Reserve continues on its immovable course towards nationalization of the means of production. But, as we've known since Menger, the means of production have only value to the extent they contribute to the production of consumers' goods, the consumption of which is the realization of value. Why Keynesian Economists Don’t Understand Inflation. Is it just or reasonable, that…voices against the main end of government should enslave [those] that would be free? If so, imagine a gridlocked US Congress; fiscal stimulus bills would become very difficult to pass. This leaves us with a large question: Why did the court feel it was necessary to weigh in on this case? But It's Looking Very Unlikely. Ecological debt is generated by unsustainable consumption, and it comes in many forms. I don't un... - "/biz/ - Business & Finance" is 4chan's imageboard for the discussion of business and finance, and cryptocurrencies such as Bitcoin and Dogecoin. YouTube, the dominant video platform owned by Google, decided yesterday to remove a Mises Institute video. announced he would have to quarantine after potential exposure to Covid-19, Even in the Midst of a Culture War, Policy Debates Still Matter, Comments for Even in the Midst of a Culture War, Policy Debates Still Matter, Print Even in the Midst of a Culture War, Policy Debates Still Matter, Comments for John Milton Explains Freedom of Speech, Print John Milton Explains Freedom of Speech, Comments for What the Fed Could Look Like in 2021, Print What the Fed Could Look Like in 2021. Democrats don't seem to get this aspect of the economy or just ignore or it, since it doesn't help them. The Washington Post unleashed its comeliest columnist, Catherine Rampell, to finish off Shelton, whose primary negative is her past support for the gold standard and her questioning ... Trump’s lady-in-waiting for the Federal Reserve, Judy Shelton, is losing Republican support by the day. Bitcoin Is WTF is bitcoin cash than 1 percent of system. The first law is that of Conservation of Energy, which states that energy cannot be created or destroyed, only transformed and transferred. Or perhaps it’s just journalists who don;t understand economic numbers. The Fed’s Power Grows. Mark Twain’s view of the reality of government seems to be summed up by his modification of Abraham Lincoln, that “Wherefore being all of one mind, we do highly resolve that government of the grafted by the grafter for the grafter shall not perish from the earth.” Or as Louis Budd more seriously described it, “his work does posit that the essential job of developing civilization toward an ideal is to be undertaken by private individuals in their social and economic lives, and not by some mythical institution called the state or an ideology that contradicts the practical experience of people in their communities.”. Though they are dangerous for those invested in the status quo. Johnson got a friendly state judge to issue an injunction preserving the status quo, after which the Democratic executive committee, by one vote, declared Johnson to be the winner. In a certain sense an economy is a living entity, composed of many smaller living parts interacting with and depending on one another, just as your body is made of cells. As a New York Times review of Caro’s account stated, the day after the run-off election it was “discovered” that the returns of a particular county had not yet been counted. But are they impossible to enact? Tu ne cede malis,sed contra audentior ito, Website powered by Mises Institute donors, Mises Institute is a tax-exempt 501(c)(3) nonprofit organization. When politics enter…government, nothing resulting therefrom in the way of crimes and infamies is then incredible. It's pretty clear most don't. If it wasn't for people who do understand those things, I would not have much money in my retirement fund. Just as the laws of physics dictate, most of the ‘wealth’ created from this magnification effect isn’t actually grounded in reality, but in business confidence and speculation. Mitch switched his vote, utilizing a “procedural right,” something most citizens could never cite nor likely even knew existed. If I don't use the machinery to produce and sell ​consumers' goods, I have destroyed the economic value of my property. Beyond the hype, nobody has made more than a dent. “Shelton’s confirmation could represent a point of no return for corrupting the mission and functionality of the Fed,” writes Rampell, “and destroying whatever bipartisan resolve remained to not tank the economy for political gain.”, In his book Money of the Mind: Borrowing and Lending in America from the Civil War to Michael Milken, Jim Grant wrote, ”the pro-Federal Reserve System forces had promised to uphold the gold standard and to defend the new Federal Reserve notes against the well-observed tendency of government-backed currencies to depreciate.”. But as of Tuesday’s vote, the Republican majority Senate still has not confirmed her nomination. To those who support the free market and monetary/fiscal responsibility, her nomination is nothing short of a Godsend. If Judy Shelton does not get confirmed to the Federal Reserve, we lose an opportunity to expand the knowledge base at the Fed. We basically know from day one (1960s) that aggregation of demand yields whatever we want in GE models. All of the options in financial markets are beyond my understanding. No wonder Donald Trump is worried about those Democrats! It could probably be shown by facts and figures that there is no distinctly native American criminal class except Congress. Lamar is just one of 100 elected Senators, chosen “by the people” to represent their interests. In contrast, much of what has been proposed by politicians this year has involved widespread invasions of our liberties, disguised by focusing only on those promises to give, without much mention of the corresponding unavoidable promises to take from others to do so. Setting a wage floor by government order, for instance, is a repeated offense against economic reality. It was, as you might imagine, a mix of unassailable data combined with our friend Tom's strong prescription for liberty and personal choice rather than centralized state edicts. Real wealth comes only from real things and energy, which are beholden to physical laws. Democracy itself was once only the germ of an idea into which flesh and blood breathed life. In fact, you can view Dr. Woods's forbidden talk at those respective source here and here. Suspicious, reasonless. If that sounds like a shitty game to play, you now understand what economics is all about. Challenging to break down, those fields of gigantic blades don’t decompose. It's time for our own institutions and platforms, which is precisely why the Mises Institute exists. 1. someone starts a business, they get employees, they market their product or service, reach a profit margin, increase productivity, continue to grow, keep pushing up the profit margins, eventually … The last 202 names on on the election roll in Box 13 were in a different color ink from the rest of the names, the names were in alphabetical order, and they were all in the same handwriting. Elected officials have the power to tax and spend and to make decisions about where we, as a society, should direct our collective resources. . However, unlike many social sciences, economics is … Sooner or later that accumulated debt comes due, resulting in colossal fires that are difficult to contain. Ultimately, I still don’t know for sure. Americans have died in droves. America’s founding generation echoed him in several ways. I believe the Prince of Darkness could start a branch hell in the District of Columbia (if he has not already done it), and carry it on unimpeached by the Congress of the United States, even though the Constitution were bristling with articles forbidding hells in this country. Fed proponents claimed the country would be fortunate to have an “elastic” currency. Anyways this is just the tip of the iceberg, so this is my conclusion, Democrats don't understand economics. This case did not involve a challenge to qualified immunity itself, but rather challenged the lower court’s application of the doctrine. It was to no avail. “If” the two Republican Senators were in attendance, and “if” Mitch voted for Shelton, then things would look much different; but that did not happen. On July 2, 2019, President Donald Trump nominated Mrs. Judy Shelton to join the Federal Reserve Board of Governors. One possible explanation for their actions is that the court simply saw the facts of this case and decided that they were extreme enough to warrant an intervention. Well, journalists and politicians then. The district court and the Fifth Circuit Court of Appeals ruled in favor of the correction officers. When you consider the fact that the court refused to rule on these cases, this interpretation of their actions in Taylor seems unlikely. No public interest is anything other or nobler than a massed accumulation of private interests. Elihu Root, Republican senator from New York, spoke eloquently and at length against the Federal Reserve Act, with his primary argument being that the central bank could be inflationary. Adherents of the Austrian school of economics have been cuckoo for Shelton for those very reasons, but, Rampell describes the Fed nominee as “a demonstrably unqualified partisan quack.”, Rampell claims a gold standard “might be popular among the right-wing fringe, but it was abandoned worldwide long ago and remains almost unanimously rejected by economists. Ironically, we vote for a president who has limited power, but a hand on the nuke button; whereas, we don’t vote for the Fed chair, who has nearly unlimited power, and a hand on the economic equivalent to the nuke button; the ability to conjure money out of thin air. When language in common use in any country becomes irregular and depraved, it is followed by their ruin and degradation. What I Don't Understand about Baseball Card Economics I admit I am no more than a novice when it comes to understanding the general economy and the stock market, but here is one thing I have learned: The stock market rises and falls by processing information. The volume of farm and urban mortgages expanded from $16.8 billion in 1921 to $27.1 billion in 1929. Entropy forbids free wealth: any benefit we gain from modifying the environment for our survival inevitably produces some sort of debt. Do Americans understand much of this? Of course, what makes up the shortfall when spending exceeds taxation revenue, if not from debt? They have granted qualified immunity in many cases where it seems clear they should not have. Lets talk economics then. Sometimes understanding economics or not understanding economics leads you to the same call to arms. ….defense of the minimum wage is strong evidence that the world does indeed include people who really do believe that government-officials’ stated intentions determine the outcomes of government actions. The speech was nothing less than a heartfelt tour de force against the terrible lockdowns and pseudoscience plaguing the debate over Covid, and a call to reexamine tradeoffs and priorities. Leftism is statism. And then what we can do is we can obviously support financial stability through our lending programs, and we can support demand through interest rates and asset purchases and that sort of thing. It's pretty clear most don't. Imagine the Fed in 2021; no Judy Shelton, a governor with respect for sound money. Johnson election theft took place in 1948, when he was running for the Democratic nomination for US Senate against Texas Governor Coke Stevenson, one of the most admired and respected governors in the history of the state. The Wikipedia article on the Almost Ideal Demand System provides the perfect example of why people don’t understand economics. It is lawful…for anyone who have the power to call to account a tyrant. Our veterans’ brokenness, continually underserved by our government, remains a true national disgrace. They don’t understand that you can get things fast, done well, or done cheap; you can get ANY two but you can’t get all three. In other words, if I buy all machinery in the world and refuse to use any of them to produce goods, the economic value is zero. Natural disasters are another reminder of our debt to the biosphere. Human industry has had such a profound impact on the planet, in fact, that we have brought about an entirely new geological epoch, known as the Anthropocene. Since her nomination, we’ve seen countless displays of this “system,” which appears to not even help those it claims to serve. In the aftermath of such a tumultuous and painful year in America, maybe it’s time to consider a new path. Repaying the interest on that debt comes at the expense of future spending, causing the short term business cycle of economic expansions and recessions. For all that’s been said about this “controversial” pick, Mrs. Shelton would have only one vote on a seven member board. The government is merely a servant—merely a temporary servant; it cannot be its prerogative to determine what is right and what is wrong, and decide who is a patriot and who isn’t. 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