This page has been archived and commenting is disabled.
Nigel Farage Message To Europeans: "Get Your Money Out While You Can"
In Nigel Farage's first TV appearance since the Cypriot wealth tax was announced, the Englishman pulls no punches. In all his years and all his experience of the desperation of the European Union's leadership "never did [he] think they would resort to stealing money from people's savings accounts." The simple fact is that they know they cannot let any country leave, no matter how small, for "once one country goes, the whole deck of cards will come tumbling down." There is now "clear irreconcilable differences" between the North and the South of Europe and now that they have done this in one country, "they are quite capable of doing it in Italy, Spain and anywhere." The message that sends to people is "get your money out while you can." As far as his British constituents, he strongly recommends George Osborne (UK Chancellor) urge ex-pats to remove all their money and do monthly transfers from home. "Do Not Invest In The Euro-Zone," he concludes, "you have to be mad to do so - as it is now run by people who do not respect democracy, the rule of law, or the basic principles upon which Western civilization is based."
"They are propping up a Eurozone that, in the end, will collapse in disastrous failure and they are prepared to do anything to do so."
5 minutes of reality from a European MP - must watch...
»
- 98297 reads
- Printer-friendly version
- Send to friend
- advertisements -
You get combo points for use of multiple logical fallacies.
Already happening. A box of Mac n Cheese isn''t really food, now is it? Obesity is a symptom of an overfed, malnourished population. Malnutrition is still the underlying problem.
Already happening. There is more debt in the system, than available man hours to work it off.
A functioning society requires rule of law. It is not based on rule of men, and theft.
Oh, but you are the doomer, Krugman. You seem sure we'd all be doomed if the these corpofascist policies that only serve the elite were not implemented, I think differently. Let the banks collapse, see what really happens when everyone is then forced to make a living by actually applying physical effort. Bankers like to print and pass around imaginary money all day, just wait and see what would happen if they actually had to work for a living. That's what this whole thing is about, Mr. Krugman, it's charity for the rich. It's disgusting. You and your ilk are a parasitic, shit infested stain on humanity and all of you deserve no less than a bullet to the head.
Perpetual growth isn't possible on a finite planet. Neither govts or "shiny rocks" can change That fact.
Saying what will be isn't the same as wanting it that way. I'm sure that even bad guys dream (nightmares?) of being good.
Your principled believes are quick fixes and do work for a short period of time. But like every other socialist utopian economist, you don’t look down the train tracks to see the oncoming freight train. you just want a quick fix, an Instant buzz. But the problem is you need to increase the meds over and over to get the same results. The end outcome, death
Start the withdraw now and we MIGHT have a united states union 10 years from now.
The CBO and other sources have varified that the U.S. will have its current deb/GDP for years and years to come; this debt/GDP is not, I repeat, not, affecting the long term growth, and short term, look to Europe - and the U.K. - to see what the alternative is. Skying unempolyment, rising rates - the list goes on. If you would rather have a scorched earth policy why not go live somewhere that does?
Please tell me, when was the last time the CBO or "other sources" been correct in there 10 year forcasts? hummmmm, this is hard.... NEVER!
Is that why you must have "Dr" in front of your name?
It's short for "(Dr)egs of society".
Or is one single such person simply a "dreg"?
Long standing concern: Dr. == PhD. Economics ;-)
I LOVE THIS GUY!
Keep the comedy flowing! Whoever you are on the other end, you are by far the best comic relief ZH has ever seen!
It seems few here grasp your sarcasm like I do!! Nevertheless, keep up the good work from your underground bunker!
since when is the death of FEDBUX = scorched earth Dr PK? The only scorched here earth is your temporal lobe.
Dr. Krugman would certainly know that the word "verified" is not spelled "varified". I smell an imposter.
I may be giving him too much credit, but I think the Nobel winner Krugman could spell verified.
But Krugman never won a Nobel Prize - he's an economist.
Hey krug-man,
'sup?
Its been a long day. Lets go to Scores and have some entertainment.
he Prefers men but nice try
I thought his tastes leaned more to the bestial the way he fondles that cat of his.
Miffed;-)
He likes out of species, the cat doesn't.
The system blows...we don't want to keep it intact. It only benefits those for whom you speak. An economy built on debt is nothing but a house of cards. You have to know this...you also know that if the truth and a more sensible system were to emerge...your entire life will be shown to be nothing but a big gigantic lie.
The case is to crash the system back into a deep, dark depression, end the food stamp program, cut the budget and increase unemployment - I am not sure how that is better than what we have now. Wait, in fact, I know that is not better than what we have now.
Oh I get it... Lets use a stimulative econonomic model in my houshold finances.
I loose my job :(
I cant pay my credit card payment or my mortage. In fact I cant even pay the intrest on all my accumulated debt.
What should I do?
Hey, I know! I'll open another credit card and borrow the money for my monthly payments!
Surely if I pay ONE MORE MONTH that will stimulate the economy and I will get my job back!
(I wonder how this might end?)
I am addressed by my students as "Dr." too.
Do you think it is okay to keep printing/manufacturing financial devices (read that creating accounting narratives which act like escheresque feedback loopholes) forever to prop up these programs you mention, while diluting the buying power of everyone elses' dollars to do so? Is that ethical?
In my opinion, endlessly adding debt and printing is not sustainable.
For that matter, we live the way we do at the expense of others (think cheap Chinese goods produced by workers who get $2.00 a day). Our "prosperity" is fake on a number of fronts (printed, stolen, and often an outright product of slavery).
The model we have now depends on increased growth every year. There are finite resources here on earth, it can't increase every year. We have to do something different or we are not going to survive on the food, energy, or pollution fronts.
The real problem with our system is that the accounting is based on fraud. Everyone is counting what is pledged as owed as if it existed now when it does not. I pledge you my pledges and you count it as an asset and go pledge my pledges to get a loan. Beyond Escheresque, we need string theory or chaos theory to track this mess.
I don't want to let it crash and burn. I do think there are those of us here who talk about it because we have given up on the idea that any of our leaders are ready to face real facts and look for real solutions. They are too worried about getting reelected to talk about the real problems that we face. The end result is rhetoric that gets them elected for the short term rather than real honest discussions about our long term problems. We are not listened to, we are powerless, so we talk about things that look to some like doom and gloom because we have given up and moved on to the next steps.
Where is your thinking on this Dr. K. ?
I do not know what world you are living in but it is not the same one I see. The US communities are faltering due to loss of tax revenue. We have NGOs moving in, offering grants in the name of sustainability measures on behalf of climate change measures enacted by the United Nations, to keep the street lights on. These grants are our tax dollars yet they come in like saints, telling us our lifestyle has left the planet in advanced decay, and now for the sake of climate, our property will become a wildlife refuge will be while their corporate shills spew waste into the air, water and soil at unprecedented rates. In light of the devastation of the Amazon forests which environmentalist have been focused on for 50 years and still goes unaddressed by the UN.
The outsourcing of tech jobs and factory jobs in 1st world nations to cheap labor, tax friendly countries, slave labor, has resulted in the complete dismantling of towns, and is the only reason there is an employment problem. Supply and demand economy has evaporated from existence. The lack of rush hour traffic, the boarded up buildings, closed businesses, empty houses that had been owned for decades by the same family, half a century, for some.
The approach to an economy is clearly not one to revive it but to smooth the path toward the cliff, in order to keep public opinion from reach hysterical levels of dispute, levels that can send men and women into the streets with pitch forks, which every politician alive is well aware of.
You make a fine tool. You must live well but how do you sleep, Mr. Krugman? Do you wake up refreshed, with a sense of humor and eager zest for the beginning of a new day? Do you realize that there are people dying, in the ER, with strokes, heart attacks, suicide by car crash, as a result of this manipulation of assets, transfer of wealth? Yet I see the boys in the Federal Reserve, looking healthy and happy, in spite of the failure of their policies..unless this is their policy...and of course, it is. Things are exactly as they want them.
The policy...Financial shock and awe, destroy and rebuild according to the blueprint of the people who know have all the loot. Where is the nations gold? Its a secret. Minutes from a banking meeting cannot be realized for 5 years? This casino has begun working against the majority and now it is time you and your friends and colleagues shrink to the size you really are, return to under the rocks you came out from. Majority rules in this world. Deal with it or face harsh criticism.
Reinstatement of Glass Steagall is the only logical step to take and yet it is not ever uttered from those pursed lips of the economists who stand by the bankers and their clear fraud. These unworthy fat cats, who push numbers around and devise schemes behind closed doors, are going down. When is the only question.
Detroit was going to collapse, then Illinois; did they? No, they didn't, because our system is supporting the cities, counties, and States of America.
Hey Mr. Rodgers,
Let me take you for a walk down my neighborhood.
http://www.businessinsider.com/abandoned-houses-detroit-2011-2?op=1
Wait, let me anticipate his response:
"We Keynesians didn't destroy that --- somebody else did that."
I think Obama had plans for Detroit years ago that could have solved the problems, but the right wing media blasted him for them.
Really?
What were these plans?
It involved people getting down on their knees?
He wanted to build new houses there.
Obama will not have built those houses --- somebody else (namely, long-suffering taxpayers) will have done that.
Yeah, ACORN could've made Detroit a Workers Paradise. /sarc
Mighty (j)oaks from tiny acorns grow!
the "system" is supporting the municipalities or parasiting off of them and bleeding them of their wealth?
Why even respond to Krugman, he's a troll and a stupid one at that.
It's just the difference between thoroughly cooking the numbers Soviet style (in US) and don't giving rat's ass about numbers anymore (in EU). "Lipstick on a pig" is after all, an American expression...
Ad hominem much?
No. How about you? Trolling much?
Yes, the U.S. wins the Award for Smartest Retard. Can I have a Nobel Prize now?
So, what part of your earlier comment "Gold is a fear trade, and nothing else; so if you are deep inside a bunker, yes, by all means, buy gold." is facts?
And, "I BELIEVE the U.S. Policy has done bettern than Europe's" is not facts, either.
"But if you are a rational person"
That is an ad hominem by implying that you are not rational if you do not believe what you believe.
As for an easy money policy, the US is getting closer to kicking the can off a cliff. Bernanke had better return the Bubble Machine to the Lawrence Welk Museum soon.
Is Million Dollar Bonus on vacation?
no, hes just under krugmans desk providing services.
It takes a good long while to get the bonus all the way up to 1MM.
You'll know MDB is finished when he pops back up sporting a Dirty Sanchez.
"Essential services", as he calls them.
Ancona,
I think the real Dr. Krugman is trolling here. His schtik is too good. Besides, who would use that avatar and call themselves Dr. Paul Krugman.
Lulz Krugman.
Unless, of course, Citi and JPM have swap exposure to the banks in Europe who have swap exposure to the Cyprus banks, which, btw, are doomed.
The Federal Reserve will continue to provide liquidity as needed, as they are mandated by Congress to do.
Stock market is up at an all time high krugman, everything must be fixed then. Why are they still providing liquidity then?
Because unemployment is still high.
Please explain to me the correlation between the purchasing of mortgaged backed securities and federal bounds and how that provides employment?
It maintains the credit system; it supports asset prices.
BINGO!
And there we have it in writing lads and lassies, the Good Doctor Stating, Without Reservation, Qualification or Hesitancy, as a Matter of Fact, in Black and White, that;
The Fed is Artificially Creating Asset Bubbles....
In politically Correct language, Supports Asset Prices.
Q-fucking-ED
>>"it supports asset prices."<<
Oh that's rich! Relative to what?
No wonder the US is such a disaster! An entire monetary system based on flawed and obsolete theories, further scuttled by rampant corruption, lies and TBTF banks which are allowed to operate without rule of law. Yes, THAT'S a totally sustainable system which will continue indefinitely!! So long, Paulie!
And it will stay high. We're replacing productive jobs with government and other useless service sector jobs. Many people are leaving the work force and not even counted in the gov statistics. This is a phony economy based on debt. Read my lips Krugman fanboy: NOT SUSTAINABLE.
Where do you live that isn't on this planet because last I looked the whole goldfish bowl is affected in one way or another?
Hey, do tell us why you think they'd not use the european financial compensation scheme and instead make people pay directly from supposedly insured deposit accounts?
I don't suppose that it has anything to do with the over sold stocks and bonds bought with printed money, that if in a bubble might well unwrap before your eyes if god forbid they defaulted? nothing also to do with the USA owning a lot of the said bonds and perhaps could not compensate for their loss on the balance sheets in these tryings times?
Simple question, who'd you take from last? The guy with money in your bank, nuff said...
Trying to take the deposits was a mistake. Austerity is a mistake. Yet Europe continues to try their hand at it.
Actually the real Krugman said in a blog post he understands taking it because of rich Russian deposits. You need to follow your own leader better.
Nope.
Shorter Cyprus:http://krugman.blogs.nytimes.com/2013/03/19/shorter-cyprus/
No worries Paul...I know it's you. I know you like to hang-out here. I still remember your media reaction a couple of days after I was discussing with Cognitive Dissonance whether you're stupid or evil. The jury is still out on that one!
Why posit this false dichotomy?
The correct answer, of course, is "both".
Likely true...but I'm leaning towards the fact that he must be more stupid than evil. Unfortunatly, as with all Neo-Keynesians, the only thing that will prove them wrong is a complete collpase of the corrupt system they have helped to build, and even then they would blame the collapse on too little stimulus...or gold-bug hoarding! ;-)
your trolling is as diluted as the FED's monetary policy.
Krugman is simply a fool
To those on fixed-incomes he's cruel
His only debate
Is how to inflate
And debt is this clowns only tool
Creative - but sorry - inflation is low.
How anyone can keep using the "hyperinflation is coming" meme is beyond me.
I take it you have your funking house made buy your fucking food at the store or pay your power bills huh.
your out of your mind
Energy prices and food prices are not sticky - they are transitory.
What are you reading bernake's Transcript for tomorrow new release?
so your admiting there is inflation in food and energy? the only two things people really care about.
So there transitory? are we going to see food and energy deflation in the future them? please tell me wise one
I am merely reciting the science of economics.
And yes, because advances in technological developement will decrease input prices, output will increase, dropping price overall; thus not sticky.
LMAO! Funniest thing you've said all day...Thanks for that.
I think the only thing that is "sticky" in this conversation is Krugman's drool as he salivates at the prospect of his Keynesian witchdoctory destroying any remaining traces of individual freedom and prosperity, and Western society itself, as it was designed to do.
More like pseudo-science!
Idiot! Typic of academics outside of the hard sciences. Economics is not "a science". It does not deal in the numbers that hard sciences do such as Avagadro Number. It is sophistry to refer to the social sciences...just a cover for reading goat entrails. Again, idiot!
And because technology is energy-free (input price-free)? Any idea how much energy is consumed by those hidden from sight data centers of Google, Apple, Microsoft? Is "modern" mechanized farming really more energy efficient (lower input prices) than human energy? Perhaps it's all debatable, but let's just assume that energy prices will continue to rise.
ah, and I was wondering whether you really might be Paul Krugman having some fun..but then you used the terms science and economics in the same sentence... and blew it..
Dr Paul Krugman said:
If economics were a genuine science, economists wouldn't be awarded a nongenuine Nobel Prize.
Being a gold medal, I bet Krudman probably threw it away anyway.
That is just like relying on credit, assuming it will be paid in the future. You can't rely on technological advances to appear. They may not. This is magical thinking (Cornucopian is another term I have heard).
Pure Speculative Opinion.
I liked you much better Paul when you went by the name "More Critical Thinking". At least back then you attempted longer and more cogent arguments. These ridiculous "quick hits" comments from the Neo-Keynes talking points manual are a complete waste of my time. It's hilarius that even now you can't see the end coming...even after the derivatives bomb has exploded and the assets on banks and FED balance sheets are mark to fantasy fairy tales. You still believe Keynes was right when he preached to keep the stimulus flowing long after the boom has started in order to extend the boom. You still can't recognise the major flaw of human nature that makes Keynesian stimulus a complete disaster...that the stimulus never ends...because our flawed human nature demands that it never ends. Well...it's getting close to the time of the "Big Bust" Paul...the service payments on the debt has come due, and the fake growth of decades of Keynesian malinvestment has completely played itself out.
Thanks Paul...you're brilliant!!! /sarc
" inflation is low. "
No shit??
Inflation in all the wrong places, deflation on too many faces. Bookin pa nub.
Keep it up.
INFLATION AS A HIDDEN TAXhttp://drlwilson.com/Articles/INFLATON.htm (diluting the milk)
Inflation is actually an old, secret method of taxing the people without their knowledge. This may sound strange because no one talks about inflation as a tax. However, I will explain.
When extra money is printed up and put into circulation, it costs the government very little. The only cost is that of printing. Each paper bill of any denomination from $1 To $1,000 or more costs less than fifty cents to manufacture. So it is almost free money for the government.
They just run the printing press and it suddenly exists. It seems like they can create value out of nothing. It is wonderful for the government, which is why most governments do it all the time. Most nations, by the way, do it far more than the United States. We are not used to inflation, but in other nations of Africa and Asia, it is business as usual.
The government can then lavish the money on all their favorite projects without worrying about the people complaining, because the money seems to be “free”.
However, it is not free. What it does is to slowly dilute the money that is in existence already, like diluting the milk in the analogy above. So all the money the people already have, including all their savings, salaries and all the rest, slowly start to be worth less. In this sense, inflation is a very hidden tax, or way the government confiscates the people’s real wealth.
If the government gave its new printed money to each of us to spend, it wouldn’t be so bad. Then at least we would all have more of the diluted or less valuable money. But they never do this, as a rule. They give it their favored friends and projects. Everyone else is just cheated out of some of their wealth. This is indeed a sneaky way to tax people because:
· It happens so slowly that few people see it.
· It is hidden, as there are no tax forms to fill out or taxes added to your purchases or bills.
· Unlike other taxes, no one seems to force you to pay up on April 15 or any other day
· People actually feel richer because often their salary and the price of their house goes up. In fact, many actually have more money, but of course all that cash is worth less.
· Inflation does not require any new laws that people could debate and vote down. Thus it happens silently and secretly.
WHY, THEN, ARE SOME PRICES LOWER TODAY?
Inflation has caused the price of land, cars, houses, energy and other things to rise dramatically over the past 50 years or so. However, a few items seem to be getting less inexpensive today, like computers and even clothing. This is occurring for several reasons:
1. New technology has dramatically reduced production costs in some areas. This helps keep some prices low.
2. Innovation reduces the cost of certain items like electronics. For example, today’s computers are simply much more advanced than those of 10 or even 5 years ago. We get more for our money.
3. Lower wages that are paid to workers in nations such as China, India, Vietnam and others also help keep prices down.
4. Our trading partners such as China, Japan, Canada and Europe are all inflating their currencies. In fact, some are doing so faster than we are in the United States. We are in a curious situation with competitive destruction of the currencies by a number of nations. This keeps the cost of many foreign goods lower, as well.
5. As more nations become developed and join the family of industrializing nations, more goods and services are being offered. In this sense, the larger amount of printed money is not chasing the same number of goods and services. Instead, the number of goods and services is also increasing. This also offsets some tendency for inflation.
6. A deceptive reason for some lower prices today is the goods are not as high quality. For example, I have some older bed linens, for example, and even coats that were left to me by my parents when they died. They are much better made than most linens today, and have lasted far longer. This concept is sometimes called planned obsolescence. It is a fancy way of saying that things are made cheaply. It is not all bad, because it enables us to buy the most energy-efficient new things, for example. However, it wastes a lot of resources and creates a lot of extra garbage, at times, as people throw away equipment that breaks quickly, for example.
THE DARK SIDE OF INFLATION
Printing paper money that is not backed by gold and silver has many other negative effects connected with ever-higher prices and price instability. Here are just a few:
· Businesses and individuals cannot plan for the future nearly as well. They simply cannot depend on stable raw material and other prices. Instead, they are forced to hoard goods, buy things they may not need but can use as bargaining chips and do other things that are costly and often counterproductive.
· Businesses are often far more afraid to take risks in inflationary times. They simply don’t know what the future will bring. This is terrible, because businessmen taking risks is critical for innovation, research and development of new products and new technologies.
· People lose faith in the government and in each other. Everyone has a tendency to believe that everyone else is cheating them. This causes social unrest, crime, violence, and other social problems.
· Because planning is so difficult, maintaining a business or even a household becomes far more difficult. This causes many more bankruptcies, foreclosures, loss of homes and businesses and other very disruptive effects on society.
· As social unrest grows, strikes, protests and riots occur more frequently because so few people understand inflation and how to cure it. Anger mounts and civil society disintegrates.
· Inflation encourages people to go into debt. After all, when the time comes to repay your loan, you can do it with inflated and less valuable dollars. It is like borrowing good quality gasoline and being allowed to repay it in diluted gasoline. This favors those who are not the productive people in society and it punishes those who save their money. This is not at all healthy for society.
· It is very tough for the working and middle classes in particular. They often depend on their labor, which is just not bringing them as much money as it did before. They don’t have assets that appreciate with inflation such as large homes and some stocks. Thus the poor people are hurt the most. Even beggars and those on welfare are hurt badly as they find their limited means just won’t buy as much as before.
· People who are used to saving some money find they cannot save money or the money they have saved is worth much less. They also feel cheated and become angry and fearful.
· Basically, it impoverishes the people and ruins the health of society.
· It also tends to destroy democratic principles and substitutes a welfare type of state that rewards its friends and punishes its enemies by withholding money. This leads to distrust, anger and often revolution and decay of society.
In his classic book, The Economic Consequences of the Peace (1920), John Maynard Keynes observed:
“Lenin (the founder of the former communist Soviet Union) was certainly right. There is no subtler, no surer means of overturning the existing basis of society than to debauch the currency. The process engages all the hidden forces of economic law on the side of destruction, and does it in a manner which not one man in a million is able to diagnose”.
?
?
?
There is no dark side of inflation, in fact it is all dark.
Inflation is truly taxation without representation!
And Cypriot-style bank confiscation is taxation without lubrication!
That's no joke. I don't keep any savings in banks. Just enough in a checking account to cover bills every month. I took my 11 year old son to the bank to empty out his rather large piggy bank that finally filled up. I laughed when the clerk asked if I wanted to open a savings account for him. I said no. She then asked if I would like to buy him a savings bond. I laughed again and said no. She seemed a little annoyed when I informed her that I was just using her bank to count all of the coins and convert them to some paper bills so I could teach my son the proper way to store wealth by buying some silver coins with his money. We ended up with about $110.00 which bought him his first precious metals which are safely stowed in a safe.
If you used the bank to count 110 bucks in change instead of counting it yourself and rolling it by hand, chances are you lost out on a little bit of silver in the form of pre-64. A little too smug, methinks.
Nope. Since I am the guy that fills his piggy bank I am also the guy that checks for that. Those types of coins go into the safe also.
Define "low".
Would true CPI inflation running at about 3x the official CPI rate be "low"? In your expert opinion...
"Gold is a fear trade, and nothing else"
Yup! Tell that to my friend who has been converting his savings to gold coins all his working life and can now retire early.
Sometimes the greedy prosper.
Yeah, just look at you.
And apparently sometimes idiots are handed doctorates.
That is needed to "qualify" them in an "academic" debate.
Mostly the greedy prosper, mostly.
That's rich.
Sometimes the greedy prosper.
Savers are greedy, especially if they saved "off the grid", as it were, by collecting/converting into gold.
Absolutely; thus why FDR issued Executive Order 6102.
Executive Order 6102:
http://en.wikipedia.org/wiki/Executive_Order_6102
If gold is useless, it should make no difference if citizens hold it. If gold sterilizes economic activity then we'd certainly not want the government to hold it given your thesis of the need for government spending.
And if nobody wants gold then all the gold miners, dealers and the entire LMBA and associated Billion, Multi-Billion dollar industry employing hundreds of thousands of workers shuts down and adds to economic stagnation.
nuh....
Gold is useful in technology. Firms that use gold, and silver, in their product should be the only ones who hoard it. Solar companies for silver, etc.
Otherwise, like you said, it sterilizes economic activity.
Re-read my post.
I never said that the holding of gold sterilizes economic activity.
I hypothesized that as you'd stated so may times before, if it does, then drew logical conclusions at odds with your basic premises.
Your dis-ingenuity ranks spectacularly alongside your lack of principles... oft referred to as character defects.
Sir, your presentations lack maturity and respect.
When are you finally going to buy that mouthwash that you so desperately need?
I've smelled week-old roadkilled oppossums with better breath.
(And far more intelligent economic theories, come to think of it.)
So, you consider it "greedy" to want to protect your hard-earned money so that your retirement savings are not eroded by constant dollar devaluation resulting from cleptocratic Keynsian policies? That's a rhetorical question, in case you don't get that.
Maybe if Keysian policy and the fractional-reserve, debt-based financial system was not constantly redistributing our hard-earned savings into the pocket of less than ethical bankers, oligarchs and other assorted cleptocrats, we wouldn't need to "hoard" prescious metals.
Wow! Pretty obnoxious comment considering you don't know my friend, who happens to be ethical, works long hours, and deserves the benefits of his wise investment choices.
If only you were the real Krugman, who deserves to be skewered for all the damage he has done.
Another thing neo-Keynsians forget is that the point of saving it to be able to spend at a later date. The spending still occurs but at a time that the person chooses, presumably when he has less income.
A bit like Keynsianism, really, where you spend (money you have saved) in a depression and save in the good times. So there is no 'paradox of thrift', left to their own devices humans if they save responsibly will even out the peaks and troughs themselves.
There was an articls about 2 or 3 months about this guy who when he died had about 6/7 million in gold. Apparently guy's mother was buying gold coins starting in 1960's. She kept on accumulating and we she passed her son continued to do so.
He lived modestly: 160k house. About the same in the bank. Everything else in gold.
You can Google it. Somewhere in Ohio (Midwest). Polish last name.
I wish that my mother started doing that in 1960's Most here would wish the same,
Restrictions on free speech could not happen here. Suspension of Habeus Corpus could not happen here. Systemic practice of torture by the government could not happen here. Legitmate dissent being labeled as terrorism could not happen here. Dr. Krugman, the list of things that could not happen here, but have happened here goes on and on. In what way would robbing people of their savings or 401Ks be any different? Why could this not happen here?
Those things have not happened here; don't fear monger.
What happens if i go to Wells and pull 10k right now?
Fucking Wells asks questions just changing $10 into nickels!
They'll fucking fingerprint you if you do not have an account with them.
Fortunately, I haven't experienced that just yet. I just enjoy popping into various banks (with no accounts there) and using them like the utility that they are.
He's right again.
Wonderland has none of those issues,,,
When St. Paul hosted the Republican National Convention, they designated free speach areas far away from the vicinity of the convention hall. They rounded up those they thought would be troublemakers well before the convention even started (with trumped up charges). They keep those poor devils in Guantanamo to deprive them of Habeas Corpus, and are you actually claiming that the United States does not engage in torture? Tell me they haven't labeled animal rights groups as terrorists. I have now been given to understand that if I go within 100 miles of a border I am subject to being stopped and searched for no reason. You are quibbling over semantics here.
Dear Doctor Stupid.........
Why is O'Bowel using Europe as the roadmap for a new America?
Your right!
There are no bank runs in Wonderland....
I have to admit he does a good impression of the original.
How is the alien invasion coming up Doc?
@P. Krugman Ph.D,
Eat gold...a little monatomic diet might be good for you. Although be prepared; I'm not sure if you can handle the intensity of freedom and liberty in your taste buds.
Given that you get hammered every time you post words of failed Keynesian economic wisdom on ZH, I assume you must be a masochist.
{shrug}
Dr Imposter Krugman, it already happened in the US. Can I send you a chart of the US monetary base. The depositors are getting wacked in the US. 2% a year negative interest rate, compound that over 4 years. I am sure you can do the math come on imposter Krugman.
What does that amount to?
Just wait for the base money to move, as Dalio said it will move, as Soros said, he epxects the FEd to raise the interest rates agressively.
The theft on depositors will be in teh US for yeeeaaaars through negative interest rates.
Dear Dr. Paul Kruggy:
"But if you are a rational person"
You mean rational in the math sense, as in, can be divided from their money ?
ever hear of a tiny place called new zealand?
http://www.scoop.co.nz/stories/PA1303/S00306/national-planning-cyprus-st...
The National Government are pushing a Cyprus-style solution to bank failure in New Zealand which will see small depositors lose some of their savings to fund big bank bailouts, the Green Party said today.
ever hear of a tiny place called new zealand?
http://www.scoop.co.nz/stories/PA1303/S00306/national-planning-cyprus-st...
The National Government are pushing a Cyprus-style solution to bank failure in New Zealand which will see small depositors lose some of their savings to fund big bank bailouts, the Green Party said today.
What does my ability to reason have anything to do with the metaphysical outcome of a failed, debt-based, fiat money system?
Um Krugman, America is post empire. It's f*cked.
Sorry.
MillonDollarBonus is that you?
MillonDollarBonus is that you?
"Gold is a fear trade, and nothing else; so if you are deep inside a bunker, yes, by all means, buy gold.
But if you are a rational person, then you understand that what is happening in Europe will not happen here."
Is there a pool on the most number of down arrows on a post? I think limpdick here might be a contender.
According to the Times `Banks in Cyprus have been closed since the end of last week to prevent a run, but they cannot remain closed indefinitely without hurting the local economy.`. You cant make this shit up!
wtf do you mean "now" ??
unless your account was set up as 'safekeeping', your savings in the bank always have had counterparty risk: http://tinyurl.com/cner4my
stop living in fantasy that your savings in the bank is some kind of private, privileged and sacrosanct property of yours. you lent your money to the bank, at your own volition, for interest.
The primary reasons for keeping your savings at a bank just ended on Friday (e.g., deposit insurance is now merely a suggestion). For those that haven't already eliminated their savings accounts and minimized any checking account exposure at banks, it is getting late in the game. Convenience is one thing, convenient rape is another.
Isn't this same guy as the "London Cabbie"? !! ~~ !!
Apart from the salty language, they're essentially the same guy.
The London Cabbie called out all banks including golman saks and the city of London.........
No, it's the Anglo Imperialist and megabank Voice
"(eurozone) as it is now run by people who do not respect democracy, the rule of law, or the basic principles upon which Western civilization is based"
which means The Continent Delendam Esse - only AS civilization is OK
We are quite used to that. John Bull loves those rants, to the tune of "Rule, Britannia"
"clear irreconcilable differences" between the North and the South of Europe" = divide and conquer, also an old recipy
Because it's not true? Are you saying it's a completely baseless figment?
What I don't get is why you're so attached to the dysfunctional desperate status-quo.
Because if it was so obvious and worthwhile then wouldn't it be possible to explain it to others in a compelling, tangible and non touchy-feely way that made perfect sense.
Because the alternate case is pretty strong and very clear.
baby - bathwater. bathwater dirty? throw...
a fiat currency is a resurce management system - an engine - a construct
and diplomacy is a tradition
both are tools, not goals - see my other comment here
It's amazing how money has become the master and the people are the tool. It should be the other way around. Eurocrats: "Save the Euro, Screw the People."
I thought it's about "bail Cypriot banks out?" or "in", in this case?
He would, but he's been informed that there's a drone tracking him.
And if he did so, he would be Droned and declared to be a terrorist.
What part of "bitchez" do people not understand?
I hereby nominate Nigel Farage to run whats left of this shithole we call a planet..
2 Thumbs up.
Yep, he only goes half way with his protests.
He's worried about the drones.
Santelli is a tool of the banksters. I listened to his famous rant. The reason he didn't want to help the "deadbeats" was so all the money could go to Wall Street. He should rot with Jamie Dimon.
This guy told the truth on everything and he's 100% right. That Luxembourg statement was just nice, I guess they don't mind tax havens as long as it's in Northern Europe. Also Santelli did say some things like this back a few years ago but was told not to anymore. I remember they even scrubbed one of his clips from the CNBC website back when he said something about how most of the banks are insolvent and such and after that he never talked about the banks anymore.
Hopefully bank levies will incentivise savers to spend more instead of hoarding cash. This will increase aggregate demand and kickstart the consumer economy.