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Santelli And Taylor On Hayekian Rules And Saving America's Economic Future
There is a certain irony to the fact that John Taylor, he of the infamous 'Taylor Rule' policy tool, conjures Hayek and the need for policy-makers to base decisions on 'rules' as opposed to the whim of short-termist solutions and band-aids. In an excellent discussion starting from Hayek and the foundations of Austrian economics 'rules-based-policy', Santelli and Taylor opine that 'policy must be more predictable' as fiscal cliffs, monetary uncertainty, and policy confusion weighs on both sentiment and businesses willingness (or ability) to make plans. Critically, they point out the dilemma that the short-cuts to solve immediate problems are in and of themselves unpredictable and so a longer-term rules-based strategy - which empirically has led to re-election (which may come as a surprise to many who see palliatives as populist vote-buying) - is a far better solution both politically and economically. The two go on to discuss the inability (or unwillingness) to enforce existing legislation (as opposed to new regulatory pressures) and the Hakeyian suggestion that those in power feel the need to do something different (or 'fine-tune') as opposed to enforce and continue strong rules-based policy which leads to short-term 'confusing' interventions.
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"Critically, they point out the dilemma that the short-cuts to solve immediate problems are in and of themselves unpredictable and so a longer-term rules-based strategy....."
Long term to a politician is the time between depositing the "campaign contribution" check and when it clears. Rules-based strategy is what they do (within Congressional rules of course) to increase the number and amount of their campaign contribution checks.
Was Santelli the first athletic singer for the mid-80s heavy metal band Van Halen, or was it some other guy?
@slaughterer
You should see Santelli doing "Runnin with the Devil" at Karoake hour. He also does a mean "Ain't Talkin' Bout Love," but his best is "Eruption."
OT: There is no Gold bubble.
Made the mistake of going to my Scotiabank Branch to order some Maples (ScotiaMccota is Canada’s largest Bank dealer) and it was quite the sight to see.
First off they had no idea how to process it because THEY NEVER DO IT!
Me “I would like to buy some Gold Maples”
Teller 1 “Sure, HOW MUCH GOLD WOULD YOU LIKE?!?” she seriously yelled it out.
Then the whole crew gathers around to see how to do the transaction.
Teller 2 “Sarah, HOW DO WE BUY GOLD?!?!” again, clueless #2 yells it out
Then the manager finally came to help out and said this was only the second time she has had to purchase for a customer. Then she asks me “so, is gold at a good price?” I said “yes, its always a good price, just buy it.”
I was a little on edge with how freely they were yelling out what I was buying. Never again, I will buy on line from now on.
Are you on Eastern Time? Out on Pacific Time, it's a real gong show, I tried to order at a branch once, since it's a feature they advertise. You have to go to the branch at 9 am and they call the Vancouver branch that actually holds the gold and silver, and then you sit at the branch until they call you back and offer a price. Sometimes, apparently this takes hours. If you get in too late, with the waiting for Vancouver to call back time, if it gets past 1 pm, markets closed, come back tomorrow and try again.
So I walked down the street to a local coin shop and bought what I wanted from the stock they had instead, without having to run a credit check and use photo ID.
this is in Edmonton. (11am).
The call to order took 2min and should be delivered by tomorrow from edmonton downtown office.
With TD for their silver stock pile I only had to ask to talk tot he manager and inform him to shut his mouth while the process was happening. Although I did my purchase under my company, I'm not sure it would make a difference between business accounts and personal.
slaughterer asked:
Yes, it was Santelli. At that time, he was performing under the name David Lee Rothbard.
Just looked at Yahoo's DJIA chart - there was a huge gap in transactions - did something happen I missed?
http://finance.yahoo.com/q/bc?s=^DJI&t=1d&c=
-30-
Here is a new Rule ...
6 years for a senator...
4 years for a house rep...
5 years for the prez...
One Time, No Exceptions
We gotta take the money and special interests out of re-election politics, or we are all fucked.
Also, give each pol a cable channel and web page for his own use --
Then require each to use his own money(no contributions)
.
We gotta take the money and special interests out of re-election politics,
Publicly-funded campaigns would do most of that, but good luck advocating for laws that hinder our politicians' ability to live in luxury.
Good luck with term limits.....that ship sailed a long time ago. As long as the congress critters are takin' your money and dispensing it out to their friends and constituents for "noble" collective purposes like (Hippie Tribute museums...see Hillary Clinton's Blue ribbon baby) for the novelty crowd at the original Woodstock in NY, shit will not change. Would you vote your self out of a job?? Would you be willing to forgo your benifits so your congressman can do the right thing and say No Mas, when every other congress critter has his snout in the collective trough? Spending will never stop ok? It's a runaway train by design, the debt must get bigger and the only people willing to go deeper into debt right now is da gubment!! Benny and the inkjets are just there to see to it that they can do so with QE and ZIRP. Shit will continue till it basically implodes and everybody runs on the bank.
"Then require each to use his own money(no contributions)"
I know I'd go for that. I have heard it said that you used to have to pledge your sacred honor, your fortune, your very life, in order to gain the power to protect the freedom and liberties of the people that you would govern over.
Are you serious? These fucking sociopaths have no honor. They all go up to the hill and they get their lobodomy pretty quickly. They are members of the organized crime syndicate. They might as well be the the Gambinos or the Bananos running the fucking country. Sociopaths have no honor, much less integrity. They steal and plunder for a fucking living. That's what politics has become in this country. It aint never been an honorable profession nor will it ever be. Some of these douchebags actually think they are doing God's work like Lord Blankfeind. The people of this country are so freaking deluded that they go to these fucking political conventions like its some kind of arena sport. They are literally brainwashed masses, to think some politician will solve all their problems, it's quite funny to sit back and watch it from a cynical point of view. They create most of the problems with regards to our economic situation and then they have the audacity to turn around when the shit hits the fan and blame the "Free Market" what free market? Has there ever been a market these little slimy bastards have not had their little dickbeating hands all over it? I hear this shit all the time from fucking idiots like Sean Hanity, the deluded idiot from Faux News....America believes in Free markets, America is the greatest Country on Earth, Ra Ra Ra Sis Boom Ba...Nope, never has been. That's why the Tax code is 70,000 pages and counting, it's kind of an illusion the Braindead masses in this Godforsaken country can't wrap their brains arround. It's a Tax code that acts as a Soviet styled politbureau, but it's wrapped in the American flag so it must be the patriotic thing to support right? Orwellian, truly Orwellian!! And by the way, making them use their own money does not hurt them, because it's all one big circle jerk social club, they give money to each other to keep POWER that is all that matters to them. They are textbook narcissists plain and simple. Parasites, they can't do anything or create anything of any value, but their academia elitist country club parents certainly made sure they learned how to steal by gaining political power.
"There is no avoiding..."
rules based. what a hoot!
Ruled based? Does that mean all major US banks and corporations are liquidated since they shouldn't exist today?
How many laws, rules and precedents were broken or ignored in 2008 to bail those fuckers out?
Santelli wouldn't have a job if they jailed all the miscreants. Without thievery NYC and Chicago would implode.
There are two problems with rules under our current government system that I see:
1) Senators and congressmen like to talk about how much they've accomplished - as measured by laws passed - when often the best course of action would be to do nothing.
2) By not enforcing current rules, which might actually work if enforced, the government can pass ever more intrusive, restrictive laws. Eventually that can end with one supreme law: "Do whatever we tell you, because we've got the guns to back it up."
CONgreff is doing insider trading right along with the banks and hedgies. If we had rule of law there wouldn't be any new laws because they would all be in jail.
Yes, one would then have to assume that the rule of law actually existed...
The key here is that there is no rule of law!
Look at Obama and immigration. Look at our markets. Look at the bailouts and the Federal Reserve. Look at Jamie Dimon. Look at the birth certificate.
It goes on and on.
The birth certificate? Really?
While you were asleep, Trump wheeled that out again and was told to shut the hell up about it. By the Republicans. You'll have to take a right turn into Crazy Town to hear about that again.
It is obvious that you're watching the MSM.
Who is sleeping??
Democrats and Republicans are nothing more than crime families robbing the American people.
No argument there, but the birther issue is dead and buried. Except in Crazy Town.
Well, there are two issues. One, was BO born in Hawaii and is he a natural born citizen. That one, idk.
Was proper proof put forth by the white house by having the pdf on the website of the WH?
http://market-ticker.org/akcs-www?singlepost=2527481
Knock yourself out on that one bob.
From crazytown,
pods
Do you really expect me to chase down every one of your imaginary conspiracies around an issue already dead and buried by those with the most to gain if it were true, the Republicans? If there was anything to it, how did Mccain and Hilary's camps totally whiff on it when they had the chance?
If you have something real, call Romney's camp and offer it to them. Think of it, you can be the Ambassador to France...The Bahamas...Switzerland...oh, think of it! Let me know what they tell you, okay? You'll be paid millions by the Kochs, Viguerie, Murdoch, Adelson and the rest.
You'll be rich! Seriously, you would be. They'd pay you millions for that kind of thing. Call 'em up!
Hey, if that's what you want to believe after everyone else has moved on, no skin off my ass. Call Trump. He's still looking for proof. Oh wait, he said months ago he had it, incredible information that will blow us away.
Apparently, it blew away all right.
Okay bob, in your limited time here you must have gotten me confused with another silly false left-right paradigm mouth breather.
I am an anarchist. I do not care what team wins, I am after the owners, who no doubt are paying you to post here.
If you are not going to entertain an argument that you took it upon yourself to initiate, that would make you a troll.
And not the pleasant type ala MDB, and not even the wacky dig silver out for $5 bucks an ouce where's my shovel Methman type.
I posted ONE link.
One link to a ONE page argument.
In the time it took for you to type out your rant, you could have READ the whole article, twice.
pods
I read Denninger almost daily just for some morning humor. I'm sure I saw that when he posted it. Did you want me to read it again? He's bright on the business stuff, but a total wingnut loser on politics. Another Republican...excuse me, Libertarian tea bagger. And there you are, posting one of his worst rants.
Anarchist, eh? That sounds like a bright future.
So basically we are done then?
ZZZZZZZZZZZZZ...huh?! Oh, sure, okay then.
When you find the right turn into Crazy Town, I think you're looking for the house on the corner of Hannity and Beck. You'll know it when you see it.
I almost feel sorry for you. And I mean that.
I don't do the left-right thing bob.
Here's a green for ya anyways.
pods
Don't bother. I just Googled the benefits or profit I might get from your sorrow, and apparently, I have nothing to gain. So you can preserve your energy for our next chat! It's a win-win!
By the way, I'm an unregistered independent. I didn't vote for Obama, and I won't this time either. Meet me in the middle sometime. It's kind of nice here.
false left-right paradigm mouth breather.
______________________
Left and right appear the same for US citizens who are slowly slipping from the bowl.
As they vote, they get nothing in return.
That said, it does not mean that there is no opposition between the two.
As according to US citizenism, these two parties are rivals.
They want the same, they act the same but are ready to kill each other to be the one.
Rivalry. Like for duelists.
Argument is totally valid to underline that any rival to US citizen obama will reward lavishly for outing Obama and disclaim him as a non US born man.
Hiding behind the fact that US citizens decreases diversity does not cut in. Rivalry is fierce in US citizen societies and such an information would matter a lot for any rival to Obama.
In your latest broadbrush and bigoted attack here on Americans (a.k.a. "US Citizens"), are you throating an idea, wording your mind, monolizing the speeching means, acting as a parangon of offuscation, or merely trying to blob-up the conversation?
AnAnonymous, on a state-sponsored opium binge, said:
Left and right appear different for Chinese citizenism citizens who are strongly smoking from the bowl.
Made me laugh. Voters get something very big indeed. Voters get reinforcement for their illusion that the system still works, that their voice has been heard, that they made a difference. Many desperately cling to this illusion as if they were clinging to the very edge of sanity.
Ah, ah, that said, it does not dispute that Chinese citizenism citizen usage of double negative terminology phrasing is not unlike disverisimilitude.
As according to AnAnonymousism, explaining everything, even these two parties, within the framework of 'US citizenism' is the best part, the crustiest bit of intellectual endeavors. Disregarding AnAnonymousism, it is clear that 'US citizenism' is a method for projecting all of the embarrassing absurdities of Chinese citizenism onto a convenient exterior.
Yes, sure, very believable if you place credence in puppet shows and pantomime donkeys and elephants.
Revelry, like for duelists who stage a duel and share the winnings from gambling on the outcome of the charade.
Waaoo, mistaken you are much in the making. Dawai, dawai. Argument is most totally invalid. Event uproar obscures the attention of people more serious underlying crisis. When the panic crash, who also can not predict. But the fairy tale of the rewarding lavishly with disclaim of US non born man only cantilevers hinging the fantasy foundation of rivalry bad chain.
Rivalry of strawsmen is not making rivalry is fierce. Diversity of strawsman du jour being only attempt to delay the inevitable results of it perish fate. Such an information would matter not more than some circumnavigation achieved by Magellan-Elcano arrived to a foreign land as people stunned and appalling rough housing was very impressive and ugly bestiality on its head.
By the way, if you're quoting that teabagger douchebag Denninger, you lose serious cred points from the start.
I quote who ever offers valid information. Did they teach you to attack the messenger in troll school?
Forgive me if I am not offended for losing serious "cred points."
pods
pods
You're wasting your time with a fool who has been completely indoctrinated. The matrix has him and he will fight to protect it.
The matrix? And who's been watching too many scary movies on the Sci-Fi channel late at night?
I actually have it on DVD I can't stand commercials. The movie has good symbolism for those who are open minded enough to comprehend it. I guess that leaves you out.
You're not really a doctor, are you? Because that would really be scary.
A US citizen promoting a US citizen cultural item?
Woooo, that is something.
US citizen culture is empty. It is actually a negation of culture, a destroyer of culture.
The more US citizenism is progressing, the more society is falling apart because human societies are hold together by culture.
US citizenism, very efficient destroyer of culture and therefore society at the expense of the capacity of developing culture and holding together a society.
Go wok your dog.
You owe me a new keyboard!
You may send the bill to:
An Anon Y Maos
c/o People's Liberation Opium Parlor and Internet Cafe #147
1213 Dangdang Road
Shanghai, China
It is a hard thing to face for someone born and brought up as a U.S. citizen that it has become worthless. The United States has morphed into a country of corporations. They have granted full citizenship rights to corporations. The corporations are the only valid citizens.
When they allow the country to be flooded by illegal immigrants, when they not only allow dual citizenship, but allow them to serve in foreign armies (Israel) they have cheapened citizenship beyond repair. As a U.S. citizen you are a corporate serf and tax donkey for the government. Sad.
AnAnonymous droned:
A French Indo-Chinese Antarctic citizenism citizen ascribing a peculiar set of beliefs to a whole continent and calling it US citizenism?
Waaaooo, somehow that is very something, or something-like.
Chinese citizenism roadsides are not empty. This is actually resulting of subculture of elimination, the eliminated droppings of which are not cultured pearls.
The more Chinese citizenism citizens are eliminating, the more roadsides are blobbing up because human feces are hold together by fiber.
AnAnonymousism, very pernicious destroyer of coherence and therefore economical times flew slowlier during anything fluctuate way too fast on way to be cruel persecution torture a proper explanation, too much fluctuation will happen.
AnAnonymousism also cannot self indiction, we all know this is a land of block no tomorrow.
Oh great sir of algebraic coconutistic trollish destructionism, I am the salute you truly high!
Goodness many being skills of you doing the throating of your ideas and wording of your thoughts.
Wishes upon you mine for ableness of bestow 100,000 arrows of green color, deserving much they you have in due.
Haha, thanks doc. I really don't care which party wins the next circus.
I was just shocked to see the WH would post such a fake on their website. Blows my mind how they can do that, the entire mortage industry can submit hundreds of thousands of forged documents in court, then the court tells them that they are phony and to withdraw them cause they would get in trouble, and yet we will bust a kid with a joint or a baseball player who lied to the absolute most wretched scumbags this nation has to offer.
You really cannot make this shit up.
pods
How could they post such a fake?
Maybe because that is not a fake...
US citizen style, you know. Starting from false postulates usually to wrong conclusions, if not by luck.
Darmak and Jilad, at Tanagra.
Temba, his arms wide.
Shaka, when the walls fell.
Darmak, his sails unfurled.
AnAnonymous, croaking like a Chinese Fire-Bellied Toad, said:
Chinese citizenism style on display here, eternal nature of denialism and refusal to self indiction being in prominence. Saxton and the Countess, jumping from the cooking marmit into the Chinese citizenism rice straw fire.
Pods,
It really does go on and on.
It was in 2008 when I woke. The vast majority of the American people said NO to bailing out the banks. So, what did DC do? They spit into the face of the American people. I do not forget these things.
Whether the public believes in bailouts or not, it is clear that the politicians do not represent the people.
Well an educated politician has to know what our money system is based on. So in order for them to avoid a cascading collapse of deflationary implosion, they had to bail out the banks.
There was so much debt about to be defaulted on, who knows what the result was going to be (didn't the FED backstop like 26 trillion)? It was the world's reserve currency and it would really have been terrible.
We could certainly be in a much better place by now, but that was probably a gamble they were not ready to take.
I am kind of thankful that they did, as it has given me time to secure my future as best as I can. But the endgame is still to be played out.
I consider my awakening to be a bit earlier than yours, but I know I went through hell when I realized the enormity of it all.
I am in a much better place now to deal with whatever might come to pass then I was back then.
It still is going to suck. Big time.
pods
You have to excuse Bob. We missed his three month anniversary by 5 days. He's a little cranky we didn't get him a gift.
It's okay. I know you have a budget to stick with.
It is obvious that you're watching the MSM.
Who is sleeping??
Democrats and Republicans are nothing more than crime families robbing the American people. I support neither.
I have been in the computer field for 30 years and have managed software, systems, and network engineers at the highest levels. I have personally examined the birth certificate on the WhiteHouse.gov web page and will clearly state that it is a fraudulent document. Even I could not believe until I saw it with my own eyes.
Well then, you'll be a real hero to all the right wingnuts who think like you do. Make an issue out of it and take it all the way to the Supreme Court...oh, what, they refused to bother with it? Well, you could go on Fox...they already did? Oh well, you could take it to Drudge and ...already been there too?
Looks like you're out of places to go with that one. Except for Crazy Town, ahead on your right.
Any person providing evidences against Obama will be a hero to the rivals to Obama. And that is a lot of people. And a lot of money to collect too.
But US citizens cling to their fantasy. Among favoured fantasy is the fabled past story.
US citizens who are slowly but surely ejected from the US citizen group want to believe that US citizenism has changed, that something has gone wrong.
The possibility that a non US born president could have been elected is for them a thought they cant surrender as it would validate their fantasy that US citizenism has changed.
What can you do with the public when
Their eyes are open, but they cannot see?
.
Chinese citizenism citizens cling to their fantasy. Among favoured fantasy is the fabled present Us citizenism story.
Wholeheartedly agree. The rule of law must be applied to all people equally. Enforce laws. If you don't like the laws the go through the constitutional process to change them. If you want to play dictator then suffer the consequences of a dictator and don't bitch when someone lines you up in front of a wall with a firing squad. I am genuinely fearful of what is going on in this country right now. Our president's win at all cost mentality without regard for morals, ethics and the rule of law is dividing our country. The guy who bragged about being the great uniter who would bring hope and change is actually creating hatred and division to support his ends. In the end this country may be on the verge of a civil war because of his divisive tactics. This is not the guy I want sitting in the presidents seat.
Isn't great than we can replace Obama with Romney. That will solve everything. Good thing that we are only given two choices, otherwise the whole thing would be too confusing. The two party system in this country is the best system in the world, bar none. Isn't it great to live in a true democracy with real control given to the people!
Executive order.... What the hell is that and where is it in the constitution? Smells like a law making without congressional approval. Dont get me wrong, congress loves them (full deniability), but congress is supposta pass laws.
basta. no nesso cheso niente. que fie, b-i-r-t-h c-e-r-t-i-f-i-c-a-t-e?
There is no "Saving America's Economic Future"... That ship has sailed (estimates have it that it left port in 1913)...
Got to turn to CNBC for my daily dose of Hayek,
can't get it through Washington or Brussels anymore.
go to www.thedailybell.com , they try since years to promote Austrian thinkings...
Their take on the bailout of Banca Monte dei Paschi di Siena is entertaining, as they walk through the "logic" of the ongoing madness.
"rule of law"?
LOL...
Meh. Either way, they are both still talking about central banking. Let's talk about the end of central bankers.
ETA: Down voted by central banker is an honor.
Exactly, who the Fuck cares what John Taylor has to say? If he was helping the puppets he is a puppet. The Rothschild Empire MUST end.
So, uncertainty continues. How much longer can this circus go on?
It just goes on and on and on. Just keep watching the clown show in Europe while the ringmasters in New York rake it in with their scams. Look at these American markets off to the races again with their momo crap.
Please, just break up the Euro already so Wall Street can have its day in court (of mob justice)
It's uncertain how long...
Off Topic, pass it along.
DoD Current and Future U.S. Drone Activities MapThe following map depicts the approximate locations of current and planned Department of Defense unmanned aircraft systems (UAS) activities inside the U.S. The locations, service branches, and types of UAS flown were obtained from several publicly released DoD presentations. If you are aware of other DoD drone activities in the U.S. not listed below, please let us know.
http://publicintelligence.net/dod-us...ctivities-map/
Iowa, Wyoming, & Idaho look pretty good...
Is there going to be a season on them? Or are they going to be treated like Starlings?
Austrian economics are not of much help if the situation is already catastrophic ( like in the US and Southern Europe)....
The answer is in Hoppe's work, Democracy: The God that Failed.
Democracy is worst than even Monarchy!
H. L. Menchen
"Democracy is the theory that the common people know what they want, and deserve to get it good and hard"
"If it be admitted that a man, possessing absolute power, may misuse that power by wronging his adversaries, why should a majority not be liable to the same reproach? Men are not apt to change their characters by agglomeration nor does their patience in the presence of obstacles increase with the consciousness of their strength. And for these reasons I can never willingly invest any number of my fellow creatures with that unlimited authority which I should refuse to any one of them."
- Alexis Charles Henri Maurice Clerel de Tocqueville, "Democracy in America"
(de Tocqueville & Voltare, not bad for a couple of "Frenchies")
That post was erupting so much awesome I had to log in on the iPhone to green it up
Sophism personnified. I prefer Montesquieu, he was the third musketeer of Enlightenment (Voltaire, Rousseau, Montes), with Diderot as D'Artagnan summing it all up in one encylopedia.
Separaton of powers, republican election in democratic mode to get the "best" to the top. We've never learnt anything better, although a philosopher king from time to time to clean out the Entropy effect; install order and rationality in reset; is not a bad idea. I'm thinking De Gaulle and FDR; but in small temporary doses!
"Democracy is worst than even Monarchy!"
Nah-ah! It's WORSTER!
This is all allowing the bad premise to sail right on by. The QUESTION should be whether we HAVE to have "leaders" in the first place. I believe that answering "yes" guarantees that you'll be under someone's thumb/boot, which is fine if you like that sort of thing (BUT, DO NOT! SUBJECT ME TO YOUR BSM FETISH!).
The markets in chaos serves a purpose and it is not for our benefit.
Predictable policy?
Enforce regulations and rules of law?
My God!
Wall Street and the Banksters wouldn't be able to rob pensioners, savers, and taxpayers!
@ebworthen:
You seem to grasp the problem. They cannot enforce the existing laws because Corzine, Dimon, Bernanke and about half of Washington Dc would go to jail. Besides, there aren't enough prosecutors available - all the DOJ ones are shredding documents, hiding them from Issa, chasing AZ LE types, keeping NBPP toughs out of jail, and so forth.
Corruption is strong with this lot....
But so is the way of POWER... No matter how much people want to guard against corruption, the more power is concentrated the more it takes to battle it; and if everyone is either trying to gain power or stop its abuses then that means we won't be productive- sure-fire formula for disaster: and this pretty much sums up the current situation.
Sure Rick. Predictability in an unpredictable world. Scheduled right after we find a readily available and accessible form of energy to replace oil for transportation. CNBC isn't worth watching. Neither is Fox Business News. Bloomberg occasionally because they at least tend to have less of this schtick and nonsense.
What the fuck do these people produce, really? If things were left to the REAL world they'd disappear. Are THEY ready for That? I seriously doubt it; no, these folks just want to be able to have a "fairer" (as defined by them- gee, this kind of arbitrary thing sounds little different than what we have) seat at the carcass.
And, of "cliffs"... I DARE these folks to TRY and address how THEY see things NOT heading over a cliff if they're relying on the old [soon dead] paradigm of "perpetual growth [on a finite planet]." I call these and all the other CLOWNS out. I'm tired of them squealing away when what they stand for does NOTE address the fundamental flaws: yeah, sure, I appreciate them poking at the obviously shitty stuff, but to pretend like they are superior, and that if we were to only follow Their advice, no fucking way!
"Saving America's Economic Future"
What future? Debt and unfunded liabilities per taxpayer are $1,188,246 per taxpayer now and increasing at about $200 per day or $72,000 per taxpayer per year. Ten years ago was too late to save America's future.
"Policy must be predictable"
Yes, it is very predictable - support the stock market and attack precious metals. Keep interest rates at near zero to benefit the big banks and top 1%.
America can be saved. Default by the Federal government and the rise of power by the local governments.
too bad 99 percent of america doesn't understand what they are talking about
Is American Idol on tonight?
So, how many angels CAN dance on the head of a pin?
Taylor's Rule is arbitrary. Actual inflation vs. the Fed's preferred "target" level of inflation? As if there were an optimal quantity of theft via inflation. Actual real GDP vs potential. There is so much potential for gamemanship in those measures (deflated nominal GDP, nominal GDP itself, produciton potential, etc.), it's not even funny. Very small errors in computation of any one of them creates large errors in the result. The Taylor rule substitutes precision for accuracy and thereby deludes the user into thinking he is more powerful than he actually is.
At bottom though the problem is not the arbitrariness of rules perse' but rather the idea that ANY rules depend critically on the integrity of the appliers. And integrity matters less during fair weather than in foul. In foul weather there will unbelievable pressure to abandon the rule in the favor of discretion (of DOING something). IOW, when adherence to the rule is most critically needed, it is most likely to be abandonned. (For proof consider the gold standard in the US during the 1930s, the gold-exchange standard in the 1970s, or MTM rules in the 2000s.)
I've got to hand it to Taylor though, he's got brass ones as big a pawn shop sign to be flogging his old horse on TV.
So, how many angels CAN dance on the head of a pin?
________________________
Classical US citizen hobby.
That is how US citizens approach issues.
For the fun, how many US citizens can support freedom, truth and justice?
The answer is: "quicksand"
Thirteen lazy red love!
Madness out the transfer of assets!
The dostak distims the doshes!
Hayek '1935' excerpt:
"The characteristic peculiarity of these forms of credit is that they spring up without being subject to any central control, but once they have come into existence their convertibility into other forms of money must be possible if a collaspe of credit is to be avoided"
http://www.cafehayek.com/2009/01/the-shadow-banking-system.html
thankyou tyler
Where's the unpredictability?
They're going to do whatever it takes to save the broke ass gamblers and their Ponzi fraud until they can't make it work anymore, then It blows up and collapses.
Pretty damn predictable to me. Mr. von Mises thinks so as well. What's the fix? 100% Taxes for 100 years?
These bankster guys (and partners, US Gov.) are a friggin pack of monkeys with hammers.
Still misses the point that we've passed peak per capita energy availability. As this ratio drops (less energy per capita) it necessarily means that only productive activities can occur. Carry this out to its logical end and "enforcement" actions, which heretofore have been the "organizing" mechanism, disappear then all the fluffy talk about "property rights" and whatnot also disappear.
This is nothing but a continued beating of a dead horse, that it's by a pack of monkeys or otherwise means very little, as the SAME result will occur unless people face the REAL hard issue of how to achieve sustainability: hint: it ain't via any "growth as the [indirect or direct] goal" strategy.
It seems to me we are at a time in the history of economics similar to the time of Copernicus and Galileo in the history of astronomy (with Mises and Rothbard as Copernicus and Galileo). Keynesian and neo-classical economics are like the geocentric theory: supported by the powers that be because of their vested interests and their need to be "right" about everything, while Austrian economics is like the heliocentric theory: supposedly "radical" and "out-there" but the only theory that really meshes with the facts and observations.
Couple of things.
To those living in Crazy Town - what the fuck does it matter even if Obama was born in Nigeria? Considering the scale of the crimes commited by Wall Street - that MSM glosses over - why are you wasting so much time on moot issue? Could it be you can't stand a black man as president?
As for saving America and the world here's the solution:
- elect a president who cuts taxes
- who fills the gap with borrowed money creating 'prosperity'
- voila... problem solved
Oh, right, that was already tried - apparently that is what is referred to as voodoo economics... the exact policy that got us into this mess.
I read that France has run deficit budgets for 35 STRAIGHT years - I am sure other than a brief period under Clinton the US could come very close to matching that.... as could most 'developed' countries.
Ronald Raygun and his bastardization of Keynesism for President!!!
FREE BIRD!