I was describing operational reality of our floating exchange rate, debt-based monetary system. Of course, to someone that thinks the world still works like it did in the fixed exchange rate era of pre-1971 or believes in some anarchronistic economic school ideology, it will seem that I'm the crazy one. But notice what I'm not saying. I'm not saying there's never a debt crisis, a banking crisis, a currency crisis or even a systemic crisis. Confidence is a human emotion, after all. But none of those are the death traps that they used to be, like a hard default imposing economic austerity (well, except in current day fucked up EU but I digress). After all, austerity is the primary reason the world jettisoned the so-called "gold standard". We don't need more World Wars over ignorantly stupid politicians (and sheeple voters clamoring for it) imposing brain dead economic policies.goodasgold wrote: MG, it looks like we are describing alternate realities and/or universes, so this will be my last Message to the World (in this string, at least. )
If you do not first understand current operational reality, how the hell are you qualified to be worrying about "economic ruin"? Seriously! But, I'll play along.goodasgold wrote: The essence of what I am trying to talk about is economic ruin, regardless of how it comes about.
So if you think that "economic ruin" is all but inevitable, then it is the specifics that I disagree with. There are VERY specific markers of VERY specific economic and political machinations for it to first happen. It doesn't just happen due to "printing money" or "excessive debt" or whatever the doom porn Chicken Little flavor of the year is.
See, the problem with Chicken Little doom porners is they use any and every urban legend to justify their "economic ruin" prognostications. I speak from experience as a former fiscal conservative. It is a cult ideology based on a false understanding of history, ignorance about what money truly is and was, ignorance of empirical economics, ignorance of human behavior and ignorance of current operational reality. If you want to make a case for "economic ruin" that is going to be respected, then you have to do it without resorting to discredited tenants or ideological fear mongering. Both Japan and the last six years should have wiped out any Chicken Little prognostications since not one iota of what was being shouted loudly from the rooftops has traversed. What do you personally do when the facts change, sir?
P.S. Please stop bringing up Krugtron the Invincible. My impression is he just plaigarizes whatever gains traction in non-orthodox economics without a full understanding of what the fuck he is talking about. He's an ideologue and will use whatever suits his fancy to stay relevant and popular as the whore he truly is. Even a broken clock is right twice a day; doesn't mean it's worth paying attention to for the other 22 hours.