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97 sats \ 7 replies \ @Undisciplined 4 Jun \ on: The Optimal Supply of Money: A Simple Argument econ
Keynes was completely open about one of the major benefits of inflation being the reduction of real wages over time.
At the time, the world was still on the pseudo-deflationary gold standard and the elites were worried about "sticky wages": i.e. people didn't like reductions in their nominal wages, even if those were just reflecting changes in purchasing power. Inflation "solves" the sticky wages problem.
At the time, the world was still on the pseudo-deflationary gold standard and the elites were worried about "sticky wages"
There was nothing wrong with deflation, especially that inflation happening from 1870 up to 1913. It was a “golden age” for all of the people working and investing. So, it covered both the capitalists and the workers in more wealth than the had before the 1870s. So, you’re saying that the inflation was the capitalist’s solution to ”too high wages” and not enough profits, right? That was one hellofa solution for the problem, wasn’t it? They turned to the political means rather than the economic means to getting wealth. In fact, I think, they are still hard at the political means to wealth and rentier status! And, believe it or not, I think that profit is a good thing as a measure of efficiency!
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So, you’re saying that the inflation was the capitalist’s solution to ”too high wages” and not enough profits, right? That was one hellofa solution for the problem, wasn’t it?
Yep and yep
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Too bad the people didn’t catch on! They are still running that game on us. The only way to stop that game is to step outside of it!! BTC forever!!
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If this stuff doesn't get reversed immediately it lingers for generations.
I thought the TSA would be gone by 2006, but everyone still hates it and it's still here.
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Isn’t that what you call bureaucratic inertia? I think if Trump wanted to eviscerate the TSA, he could or have the secretary do it. I would prefer Congress and the congresscritters to just not approve any extensions of the PATRIOT Act or outright rescind it, but they are well paid to keep it in place.
Just as another question: What do you think will happen with stopping investment in securities for congresscritters while in office? Do you think that bill will pass?
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I haven't followed it, but I'd imagine it won't pass in a meaningful way.
They might prohibit something, just for the PR, but they'll still be able to enrich themselves.