Is Trump doing a good job?

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Cortopassi
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Re: Is Trump doing a good job?

Post by Cortopassi » Fri Nov 08, 2019 11:26 am

On the debt, what about the argument about all the interest payments to the private sector?

People have been saying for years that everything implodes if interest rates ever get back up to a "normal" level, because all the govt revenue would be going to service the debt.

So does that mean interest rates will never really rise, until it is an uncontrollable crisis the likes of which we've never seen? And how far can that can be kicked? 2 years, 10 years, 50 years?
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vnatale
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Re: Is Trump doing a good job?

Post by vnatale » Fri Nov 08, 2019 2:18 pm

Xan wrote:
Fri Nov 08, 2019 10:54 am
We've had a lot of discussions over the years here about how a balanced budget may not be so good. It seems to cause recessions. The debt of the government is the savings of the private sector. There really isn't a need to "pay back" debt.
Doesn't want your last two sentences say mimic what the famed liberal Nobel Prize winning economist Paul Krugman maintains? Or, I guess, what he used to say?

http://economiccollapsenews.com/2017/01 ... president/

Vinny
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pugchief
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Re: Is Trump doing a good job?

Post by pugchief » Fri Nov 08, 2019 2:21 pm

Vinny, it is pretty universally accepted by members of this forum that Krugman is a complete moron.
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Re: Is Trump doing a good job?

Post by vnatale » Fri Nov 08, 2019 2:26 pm

pugchief wrote:
Fri Nov 08, 2019 2:21 pm
Vinny, it is pretty universally accepted by members of this forum that Krugman is a complete moron.
That is EXACTLY what I expected. Yet he seemed to have the same attitude towards the deficit as just stated here previously. Of which I don't agree. I think that they matter tremendously. I'm forgetting whether or not Harry Browne took a position on this.

Vinny
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I Shrugged
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Re: Is Trump doing a good job?

Post by I Shrugged » Fri Nov 08, 2019 7:19 pm

Vinny, I am sure HB thought that the debt mattered.

I'm of the opinion that it will end badly. We saw a preview in 09. Supposedly protected creditors were forced by government fiat to step aside while favored groups got bailed out. Some day, sooner or later, the faith of creditors will evaporate beyond the ability of central banks to weave their magic.

But I never forget one of Harry's best sayings. Anything can happen, and nothing has to happen.
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Kriegsspiel
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Re: Is Trump doing a good job?

Post by Kriegsspiel » Fri Nov 08, 2019 7:59 pm

“The Republican and Democratic balanced budget proposals are misleading, because they don’t guarantee a balanced budget -- only ‘good intentions.’ I propose an amendment that would limit all federal spending (on-budget and off-budget) to the amount of revenues received in the prior fiscal year.

- Harry Browne, 1996 link
To die, to sleep
To sleep, perchance to dream; ay, there's the rub
For in that sleep of death what dreams may come
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Re: Is Trump doing a good job?

Post by technovelist » Sat Nov 09, 2019 5:22 am

Xan wrote:
Fri Nov 08, 2019 10:54 am
We've had a lot of discussions over the years here about how a balanced budget may not be so good. It seems to cause recessions. The debt of the government is the savings of the private sector. There really isn't a need to "pay back" debt.
The way that a balanced budget causes recessions is the same way as sobering up causes a hangover.
Another similarity is that continuing the original harmful behavior causes the eventual reckoning to be worse.
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technovelist
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Re: Is Trump doing a good job?

Post by technovelist » Sat Nov 09, 2019 5:24 am

Cortopassi wrote:
Fri Nov 08, 2019 11:26 am
On the debt, what about the argument about all the interest payments to the private sector?

People have been saying for years that everything implodes if interest rates ever get back up to a "normal" level, because all the govt revenue would be going to service the debt.

So does that mean interest rates will never really rise, until it is an uncontrollable crisis the likes of which we've never seen? And how far can that can be kicked? 2 years, 10 years, 50 years?
Yes, that's what it means. As to how long they can keep it up, who knows? Timing is always the hardest part of predicting a disaster because the trigger is usually something unpredictable.
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Re: Is Trump doing a good job?

Post by technovelist » Sat Nov 09, 2019 5:28 am

vnatale wrote:
Fri Nov 08, 2019 2:26 pm
pugchief wrote:
Fri Nov 08, 2019 2:21 pm
Vinny, it is pretty universally accepted by members of this forum that Krugman is a complete moron.
That is EXACTLY what I expected. Yet he seemed to have the same attitude towards the deficit as just stated here previously. Of which I don't agree. I think that they matter tremendously. I'm forgetting whether or not Harry Browne took a position on this.

Vinny
Krugman is indeed a moron. He has been wrong about so many things that it's amazing anyone listens to him.
My favorite is probably the worst economic prediction of all time, posted the night of the election:

"It really does now look like President Donald J. Trump, and markets are plunging. When might we expect them to recover?

Frankly, I find it hard to care much, even though this is my specialty. The disaster for America and the world has so many aspects that the economic ramifications are way down my list of things to fear.

Still, I guess people want an answer: If the question is when markets will recover, a first-pass answer is never."

https://www.nytimes.com/interactive/pro ... ic-fallout
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Re: Is Trump doing a good job?

Post by vnatale » Sat Nov 09, 2019 8:26 am

Kriegsspiel wrote:
Fri Nov 08, 2019 7:59 pm
“The Republican and Democratic balanced budget proposals are misleading, because they don’t guarantee a balanced budget -- only ‘good intentions.’ I propose an amendment that would limit all federal spending (on-budget and off-budget) to the amount of revenues received in the prior fiscal year.

- Harry Browne, 1996 link
Another pearl of wisdom from Harry Browne!

Thanks for this..

Vinny
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vnatale
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Re: Is Trump doing a good job?

Post by vnatale » Sat Nov 09, 2019 8:27 am

technovelist wrote:
Sat Nov 09, 2019 5:22 am
Xan wrote:
Fri Nov 08, 2019 10:54 am
We've had a lot of discussions over the years here about how a balanced budget may not be so good. It seems to cause recessions. The debt of the government is the savings of the private sector. There really isn't a need to "pay back" debt.
The way that a balanced budget causes recessions is the same way as sobering up causes a hangover.
Another similarity is that continuing the original harmful behavior causes the eventual reckoning to be worse.
Thoroughly agree with your comment, here.

Vinny
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Re: Is Trump doing a good job?

Post by jacksonm2 » Sat Nov 09, 2019 4:29 pm

I believe this is an example of Trump quietly doing exactly what he was elected to do.....

https://vdare.com/articles/national-dat ... hing-right
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