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ng squid huggers look i am eager to learn stuff i don t know which requires actively courting and posting smart disagreement but as you will understand i don t like to post things that mischaracterize and are aimed to mislead brad delong copyright notice everything that appears on this blog is the copyrighted property of somebody often but not always that somebody is me for things that are not mine i either have obtained permission or claim fair use feel free to quote me but attribute please my photos and poetry are dear to my heart and may not be used without permission ditto my other intellectual property such as charts and graphs i m probably willing to share let s talk violators will be damned for all eternity to the circle of hell populated by rosanne barr mrs miller look her up and trombonists who are unable play in tune you cannot possibly imagine the agony if you have a question email me jazzbumpa gmail com i ll answer when i feel like it cheers sunday november 17 2019 against economics i wrote my impressions as i read this article h t to my old virtual friend nanute since some time in the 80 s we ve had the great stagnation presumably less volatility and low inflation but at the cost of slower average economic growth yet we had the recession of 2001 which was bad enough and then the great recession of 08 from which we have yet to recover so in my view it has not at all been worth it as i see it inflation is a resultant not a cause it s the result of a healthy growing economy and therefore at the very least not a bad thing per se when conservative economists voice their concerns about inflation it seems like there is always the implicit but unmentioned specter of hyper inflation lurking over their shoulder except under very rare and special circumstances that is not a concern but i think hayek was deeply influenced by that fear and passed it on to his acolytes what we have now is economic disparity similar to that of the 1920 s this gets worse every day as more money flows into the hands of the wealthy and hyper wealthy it then gets hidden in a tax dodge often off shore diverted into non value added speculative financial tail chasing or maybe worst of all used to buy another senator this does exactly nothing to promote a healthy prosperous economy put a dollar in a poor person s hands and it gets into the productive economy immediately because s he has unmet needs this is not rocket science several years ago one of my angry bear colleagues i ve forgotten who put forth the idea that economics as an intellectual discipline was invented to mainly justify the existence of a dominant wealthy class i m not sure that s exactly correct but following orthodox economics in our post capitalist world seems to have the effect of increasing wealth disparity i also believe that nobody really understands either money nor inflation the classicists neoclassicists monetarists austrians keynesians neo keynesians market monetarists and mmt guys all have different ideas of how money works they can t all be right but they can all be wrong the empirical reality is that austerity impoverishes and government spending leads to some relative level of prosperity what do we do to get out of recessions and depressions spend spend spend i wonder why that works but alas wealth and power are fungible and the rich cannot resist the urge to buy control of government and then seek to enforce policies that further favor their already exalted positions so we get things like austerity and low inflation another thing that s happened over the last 40 years is the dismantling of unions only government and unions have the power to stand up to capital so capital has suborned government and pretty much destroyed unions interestingly the author posits that contrary to orthodoxy central banks don t control the money supply they control interest rates i m on record saying they don t even do that the blow back i got on that was mainly that they set expectations and interest rates follow not only does this seem like magical thinking or at least dog wagging i also wonder whose expectations how many people are even aware of central banks let alone what they can or cannot do i m writing this as i read and see my thoughts have gotten a bit ahead of the author but i m happy to see we are in broad agreement especially about the disastrous effects of austerity so why do we repeat this same error so many times the author has the answer buried in parentheses tight money policies which benefited creditors and the wealthy interestingly he then goes on to criticize what i was harping about several years ago that when reality differs from an economic model economist go with the model and deny reality the basic assumption that people are reliably rational actors is absurd on its face it is completely indefensible yet on that foundation the entire edifice of scholarly economics rests and here is my favorite quote from the article lunatic premises lead to mad conclusions this by the way is also the fundamental flaw of libertarianism but i digress aha some competition for my favorite quote secondly if shares are always correctly priced bubbles and crises cannot be generated by the market or even the types of 1500 to 2000 point corrections we ve seen three times in the dji30 index just this year i share the pessimism of the article s last paragraph but for what might be a slightly different reason as i suggested earlier the rich control the government the difference between republicans and democrats in this dimension is a matter of degree not kind it took the great depression to bring about the new deal reforms that led to america s golden age but it also brought on world war ii the current economic conditions are closer to those of 90 years ago than most people are aware of or willing to recognize and there is certainly no dearth of international tensions so there might be a light at the end of this tunnel we ve been digging for 3 or 4 decades but the journey to the other side if we can even get there is likely to be long and very painful posted by jazzbumpa at 5 16 pm no comments newer posts older posts home subscribe to posts atom change in plans no 2 stock market musings are now located at amateur elliott amateur elliott welcome readers i know you re out there come on say something topic label list and links are at the bottom of this column have fun disclaimer do i need to point out that i am not a financial adviser registered stock analyst or anything other than a guy playing with ideas for his own amusement get your own data do your own thinking make your own decisions i am not telling anybody to do anything with even a single penny of their assets happy speculating gold via www kitco com change in plans starting sunday feb 6 2010 light hearted stuff has been moved to a new blog if you are meant to find it you probably will if you need directions write me meanwhile the heavy hearted and heavy handed stuff stays here cheers jzb rules of engagement over at angry bear mike kimel has posted a list of things to think about if you want to be taken seriously it might be worth your time to check it out a few are specific to his situation most are not examples 1 don t cite authority as proof 2 get your data from a reputable source 7 do not argue by assertion 15 time moves in a single direction about me jazzbumpa somewhere great lakes basin united states mediocre trombonist excellent grandfather reasonably decent husband concerned thinking citizen left leaning pseudo intellectual shallow analytical thinker versifier parodist snarkmeister amateur philologist grey haired old man occasional cook congenital smart ass view my complete profile about this blog main topics musings on politics and the economy snark oddities snark pictures music cross word puzzles snark possible humor life the universe and everything and the occasional fairy search this blog lijit search wijit lijit search my angry bear posts from 2013 are listed here from 2012 are listed here my take on the great stagnation what is the great stagnation what has changed since about 1980 i keep a running list here followers real life adventures 9 06 2010 visitor count from 10 2 09 view my stats my most prized possesion king 2b silversonic required reading common sense by thomas paine why america is important an anti royalist rabble rousing revolution inspiring polemic delong on the great depression screwed by thom hartman the undeclared war against the middle class and what we can do about it sleepwalking through history by hayes johnson a stunning indictment of the reagan administration the conservative mind from burke to eliot by russell kirk a long rambling summa apologica for conservatives the great depression and the new deal a very short introduction by eric rauchway the title says it all the limits of power by andrew bacevich a caustic critique of the growing american penchant for empire puzzledom l a times crossword 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