Home |
Search |
Today's Posts |
|
Metalworking (rec.crafts.metalworking) Discuss various aspects of working with metal, such as machining, welding, metal joining, screwing, casting, hardening/tempering, blacksmithing/forging, spinning and hammer work, sheet metal work. |
Reply |
|
LinkBack | Thread Tools | Display Modes |
|
#1
Posted to rec.crafts.metalworking
|
|||
|
|||
Grandma's gonna die anyway you stupid Wisconsin hick turd
On Sat, 17 Mar 2012 20:57:26 -0500, jim "sjedgingN0Sp"@m@mwt,net
wrote: Scout wrote: Some Australians DO predict massive, even hyper, inflation. You said and I quote "Even the Austrians can't fly to that level of delusion..." Go ahead take a stab at proving they are as crazy as you are Read Ron Paul's book _Pillars of Prosperity_, to see the Austrian School prediction of hyperinflation: http://mises.org/books/prosperity.pdf "Price inflation, although difficult to predict on a month-to-month or even year-to-year basis, will reach unbelievable heights in this decade." He wrote that in 1984. Then he predicted in the same speech that we would be at war with our major trading partners (Canada? Japan?) in the 1990s. Then, wisely, he published it in 2008, to show how accurately Austrian School economics predicts events. This is why all Austrian School loons should wear dog collars and be kept on a leash. d8-) -- Ed Huntress |
#2
Posted to rec.crafts.metalworking
|
|||
|
|||
Grandma's gonna die anyway you stupid Wisconsin hick turd
Ed Huntress wrote: On Sat, 17 Mar 2012 20:57:26 -0500, jim "sjedgingN0Sp"@m@mwt,net wrote: Scout wrote: Some Australians DO predict massive, even hyper, inflation. You said and I quote "Even the Austrians can't fly to that level of delusion..." Go ahead take a stab at proving they are as crazy as you are Read Ron Paul's book _Pillars of Prosperity_, to see the Austrian School prediction of hyperinflation: http://mises.org/books/prosperity.pdf "Price inflation, although difficult to predict on a month-to-month or even year-to-year basis, will reach unbelievable heights in this decade." He wrote that in 1984. Then he predicted in the same speech that we would be at war with our major trading partners (Canada? Japan?) in the 1990s. Keep in mind Ron Paul is doctor not an economist. Price inflation was high in the 80's. Much higher than most of the 50's and 60's when prices increased by about 1% or less per year. What Paul failed to predict was that people would get used to high inflation. Prices have steadily climbed up at this "new normal" until the end of 2008 when the first significant downward movement since the great depression occurred. Today prices are still below the pre-2008 trend. But ordinary inflation wasn't the issue being discussed. The question was "is deflation more likely than hyper-inflation" The Austrians correctly view inflation as a product of the money supply created almost entirely by private sector borrowing. And since they recognize private borrowing is practically nonexistent today and not likely to return any time soon, the Austrians don't see hyper-inflation as a real threat in near term. In their view the state has its hands full now keeping ordinary inflation alive. |
#3
Posted to rec.crafts.metalworking
|
|||
|
|||
Grandma's gonna die anyway you stupid Wisconsin hick turd
On Sun, 18 Mar 2012 08:19:40 -0500, jim "sjedgingN0Sp"@m@mwt,net
wrote: Ed Huntress wrote: On Sat, 17 Mar 2012 20:57:26 -0500, jim "sjedgingN0Sp"@m@mwt,net wrote: Scout wrote: Some Australians DO predict massive, even hyper, inflation. You said and I quote "Even the Austrians can't fly to that level of delusion..." Go ahead take a stab at proving they are as crazy as you are Read Ron Paul's book _Pillars of Prosperity_, to see the Austrian School prediction of hyperinflation: http://mises.org/books/prosperity.pdf "Price inflation, although difficult to predict on a month-to-month or even year-to-year basis, will reach unbelievable heights in this decade." He wrote that in 1984. Then he predicted in the same speech that we would be at war with our major trading partners (Canada? Japan?) in the 1990s. Keep in mind Ron Paul is doctor not an economist. He really knows his way around a vagina, all right. Price inflation was high in the 80's. Much higher than most of the 50's and 60's when prices increased by about 1% or less per year. "High," compared to what? When Ron Paul wrote that, Volcker had just squeezed the crap out of the economy by driving up funds rates, lowering inflation from 13.5% to 3.2%. It stayed under 5% throughout the rest of the '80s. It had been higher in the early '50s and the late '60s. It was pretty much normal for the age when Ron Paul did his Chicken-Little routine. He was blowing Austrian smoke. What Paul failed to predict was that people would get used to high inflation. What Paul failed to predict was that his theories were crap. Inflation did NOT "reach unbelievable heights in this decade," or any other decade. Austrian School theory says that our economy is impossible and that, by now, we should all be running around in rags, with roving bands of marauders, killing each other and fighting over rotting rutabagas. Look out the window. Prices have steadily climbed up at this "new normal" until the end of 2008 when the first significant downward movement since the great depression occurred. Today prices are still below the pre-2008 trend. What does that have to do with "unbelievable heights"? Unbelievable heights was the late 70s. Inflation was already back to the 30-year trend line when Paul wrote that speech. What in the hell was he talking about? The answer is, a strange theory of economics derived from depression and wartime economics and social philosophy by a couple of Austrian philosophers. It didn't work out. But that doesn't keep them from predicting more of the same baloney they've been peddling since around 1950. But ordinary inflation wasn't the issue being discussed. The question was "is deflation more likely than hyper-inflation" That was not Ron Paul's "question." The Austrians correctly view inflation as a product of the money supply created almost entirely by private sector borrowing. They ignored money velocity. That's why we can have money supply growth in an economic downturn, and the predicted inflation just doesn't happen. See "Beck, Glenn, economics, stupid." And since they recognize private borrowing is practically nonexistent today and not likely to return any time soon, the Austrians don't see hyper-inflation as a real threat in near term. What the Austrians see is ghosts in the mirror. In their view the state has its hands full now keeping ordinary inflation alive. Which Austrian economist are you talking about? -- Ed Huntress |
#4
Posted to rec.crafts.metalworking
|
|||
|
|||
Grandma's gonna die anyway you stupid Wisconsin hick turd
Ed Huntress wrote:
?Price inflation was high in the 80's. ?Much higher than most of the 50's and 60's when ?prices increased by about 1% or less per year. "High," compared to what? You don't read. I stated compared to what. ? ?But ordinary inflation wasn't the issue being discussed. ?The question was "is deflation more likely than hyper-inflation" That was not Ron Paul's "question." That's right. You dragged in a red herring. That seems to be your only skill. ? ?The Austrians correctly view inflation as a product of the ?money supply created almost entirely by private sector borrowing. They ignored money velocity. That's why we can have money supply growth in an economic downturn, and the predicted inflation just doesn't happen. Money Velocity is the ratio of a measure of quantity of money to a measure of quantity production. And that is certainly not something Austrians ignore. See "Beck, Glenn, economics, stupid." Beck is another of your red herrings Which Austrian economist are you talking about? I posted a link. Here is another one. http://www.creditwritedowns.com/2012...sh-either.html |
#5
Posted to rec.crafts.metalworking
|
|||
|
|||
Grandma's gonna die anyway you stupid Wisconsin hick turd
On Sun, 18 Mar 2012 11:36:08 -0500, jim
wrote: Ed Huntress wrote: ?Price inflation was high in the 80's. ?Much higher than most of the 50's and 60's when ?prices increased by about 1% or less per year. "High," compared to what? You don't read. I stated compared to what. But it fell flat. Dr. Paul said all hell would break loose. What happened is that inflation rates regressed to the mean. 'Want to try again? Or is the distance between what he said and what actually happened a bridge too far? I would think so. But then, I'm not an ideologue. The sheer majesty of these theories just goes over my head as I focus my attention on actual experience. ? ?But ordinary inflation wasn't the issue being discussed. ?The question was "is deflation more likely than hyper-inflation" That was not Ron Paul's "question." That's right. You dragged in a red herring. That seems to be your only skill. Hey, Jim, YOU made a comment that the Austrians aren't that craxy. I quoted a comment from a much-loved Austrian/Texan. (Picture lederhosen with cowboy boots) that shows they *are* crazy. I stated the facts and then supported them with an Austrian School prediction that proved to be nuts, as so many of them are. Let me spell it out for you: Ron Paul, applying Austrian School theories, predicted raging inflation by the end of the '80s, and a "high likelihood" of actual war between the US and its trading partners sometime in the 1990s. Neither one happened. That's because the entire theory is a bunch of misguided deductions based on social theories, not real economic experience. And they just keep doubling-down. Furthermore, you must have missed the part of Austrian theory that says deflation is the "normal state" of economic growth. It's essential to making a case for gold-based currency. (It requires ignoring the effect on wages, but that's another story.) ? ?The Austrians correctly view inflation as a product of the ?money supply created almost entirely by private sector borrowing. They ignored money velocity. That's why we can have money supply growth in an economic downturn, and the predicted inflation just doesn't happen. Money Velocity is the ratio of a measure of quantity of money to a measure of quantity production. And that is certainly not something Austrians ignore. Do you have an example? Their theories about inflation seem always to be tied to money supply. See "Beck, Glenn, economics, stupid." Beck is another of your red herrings Beck is not a fish. No self-respecting fish would claim him. Which Austrian economist are you talking about? I posted a link. Yeah, a paper by Vijay Boyapati, a Google engineer and self-described former leftist who never heard of Ron Paul until 2008. Two years later, he's authoring papers on economics that contain statements like this: "Much of the analysis devoted to the inflation-deflation debate in the economics profession is neoclassical in nature, focusing on economic aggregates such as employment, GDP, CPI and their ostensible correlations. This method of economic analysis is fundamentally flawed." Right, kid. Maybe you can get Dr. Paul to let you try your hand at gynecology over Spring Break... "The Austrian school of economics provides an alternate means of understanding economic phenomena based on laws of economic causality derived from the actions and motivations of individuals." AHA! An honest Austrian. What Austrian School "economics" amounts to is social theory about how people behave. That's ALL it is. The "economics" is the spinoff, what they derive from the ersatz reductio ad absurdum that is their methodology. It depends entirely upon accepting their social theories, mixing in some gold and pixie dust, and ignoring what happens to banks and other lending institutions when you have a long period of deflation. (Answer: they go bust, as they did with alarming frequency in the 19th century.). It's EXACTLY like Marxist Economics -- a useful collection of insights, valuable to scholars and academics to test other ideas. But when you try to build it into an ideological system, it goes nuts. And the practitioners seem to go a little nuts, too. Watch out for Vijay. He's already flipped once; he may flip again, like the other True Believers in Eric Hoffer's book by the same name. Here is another one. http://www.creditwritedowns.com/2012...sh-either.html "I believe this dynamic will induce a Scylla and Charybdis of inflationary and deflationary forces, forcing central bankers to add and withdraw liquidity in a manic way." Hee-haw! Look out for the manics! And stay clear of the depressives. Harrison is an MMTer -- a Chartalist, more or less. Real Austrians do not embrace their support of fiat money. Evidence is his equivocal stance on the long-term trends regarding inflation and deflation. I wouldn't use him as an example of mainstream Austrian School economics, although the Austrians love him, and he identifies with them. His ideas might be called "post-Austrian." -- Ed Huntress |
#6
Posted to rec.crafts.metalworking
|
|||
|
|||
Grandma's gonna die anyway you stupid Wisconsin hick turd
Ed Huntress wrote: On Sun, 18 Mar 2012 11:36:08 -0500, jim wrote: Ed Huntress wrote: ?Price inflation was high in the 80's. ?Much higher than most of the 50's and 60's when ?prices increased by about 1% or less per year. "High," compared to what? You don't read. I stated compared to what. But it fell flat. Dr. Paul said all hell would break loose. What happened is that inflation rates regressed to the mean. What happened is people got used to much higher inflation. I stated the facts and then supported them with an Austrian School prediction that proved to be nuts, as so many of them are. No you misrepresented the facts by quoting what a non-economist said 25 years ago, and tried to claim it is representative of Austrian thinking today. Money Velocity is the ratio of a measure of quantity of money to a measure of quantity production. And that is certainly not something Austrians ignore. Do you have an example? Their theories about inflation seem always to be tied to money supply. How can you think "the ratio of a measure of quantity of money to a measure of quantity production." is not tied to the money supply? Which Austrian economist are you talking about? I posted a link. Yeah, a paper by Vijay Boyapati, a Google engineer and self-described former leftist who never heard of Ron Paul until 2008. Two years later, he's authoring papers on economics that contain statements like this: The article has well documented references to leading Austrian economists. You asked for references in regard to Austrian views on inflation and the paper gives them, and of course you ignore those references and obsess instead about Ron Paul who is never mentioned. "Much of the analysis devoted to the inflation-deflation debate in the economics profession is neoclassical in nature, focusing on economic aggregates such as employment, GDP, CPI and their ostensible correlations. This method of economic analysis is fundamentally flawed." "The Austrian school of economics provides an alternate means of understanding economic phenomena based on laws of economic causality derived from the actions and motivations of individuals." AHA! An honest Austrian. What Austrian School "economics" amounts to is social theory about how people behave. And you think other economic theories are not??? The point of the article is that after many years of Austrians correctly predicting inflation due to relentless credit expansion, Austrians are now taking a different view on inflation due to the sudden end of that credit expansion. Here is another one. http://www.creditwritedowns.com/2012...sh-either.html "I believe this dynamic will induce a Scylla and Charybdis of inflationary and deflationary forces, forcing central bankers to add and withdraw liquidity in a manic way." Hee-haw! Look out for the manics! And stay clear of the depressives. So far, the Fed has issued $30 trillion in short term loans to backstop liquidity shortfalls all over the world. How much more does it have to be before you regard it as non-trivial? |
#7
Posted to rec.crafts.metalworking
|
|||
|
|||
Grandma's gonna die anyway you stupid Wisconsin hick turd
"Ed Huntress" wrote in message ... Yeah, a paper by Vijay Boyapati, a Google engineer and self-described former leftist who never heard of Ron Paul until 2008. Two years later, he's authoring papers on economics that contain statements like this: "Much of the analysis devoted to the inflation-deflation debate in the economics profession is neoclassical in nature, focusing on economic aggregates such as employment, GDP, CPI and their ostensible correlations. This method of economic analysis is fundamentally flawed." Right, kid. Maybe you can get Dr. Paul to let you try your hand at gynecology over Spring Break... Is he offering some kind of internship? |
Reply |
Thread Tools | Search this Thread |
Display Modes | |
|
|
Similar Threads | ||||
Thread | Forum | |||
Grandma's gonna die anyway you stupid Wisconsin hick turd | Metalworking | |||
Grandma's gonna die anyway you stupid Wisconsin hick turd | Metalworking | |||
Stupid Americans! -- Stupid... Stupid... STUPID!!! __________==___ ykemzyb | Woodworking |