Rod Speed wrote:
David P wrote

WTF Happened In 1971? [By a website of the same name.]

In the late 1960s the US tried to have both guns and
butter. It fought the Vietnam war abroad and launched
the welfare state at home. They couldnt afford it,

How odd that it worked fine with WW2.

so they printed and borrowed.

And did that in spades in WW2.

Steve Forbes, June 18, 2014.: "As Brad indicated,
the book is about money & monetary policy, & money, particularly
monetary policy is one of those topics, that seems to intimidate
a lot of people, for some strange reason, and, as a result, the
Federal Reserve, for example, has less formal oversight from
Congress than do our intel agencies. The thesis of this book is
that:
1. The topic of money is very straightforward & simple, even
though it's shrouded in a lot of jargon & a lot of equations, the
idea of money is very basic. We've gotten away from it.

2. Our policymakers today know less about money & monetary policy
than they did 100 years ago. And since the early 70s, even though
we've had booming decades in the 80s & 90s, overall, since we went
off the Bretton Woods system, the old gold standard, in 1971,
the U.S. average growth rates are less than they were before 1971.

If we'd maintained the growth rates we had for 180 years up to
1971, if we'd maintained those growth rates after 1971, on average,
the U.S. economy today would be 50% larger than it is now. Forty
years compounding adds up to a lot. Savor for a moment having 50%
higher incomes, what it would mean for the deficit, what it would
mean for Social Security, what it would mean for a lot of the social
divisions today. This thing over time adds up. It's a critical
reason why it takes two incomes in a family, to do what one income
could do in previous generations. Obviously, taxes are a large part
of it, but the debasement of the dollar since the early 70s is a
critical part of it as well. And when this thing happens, when you
don't have a stable currency, you end up with people not getting ahead
the way they should, median incomes not growing the way they should,
& leading to a fraying of the social fabric, reduction of social trust,
& more divisions. As Keynes said, it's a process that not one in a
million will be able to diagnose. And so that's why we wrote the book."

David P wrote
Rod Speed wrote
David P wrote

WTF Happened In 1971? [By a website of the same name.]

In the late 1960s the US tried to have both guns and
butter. It fought the Vietnam war abroad and launched
the welfare state at home. They couldnt afford it,

How odd that it worked fine with WW2.

so they printed and borrowed.

And did that in spades in WW2.

Steve Forbes, June 18, 2014.: "As Brad indicated,
the book is about money & monetary policy, & money, particularly
monetary policy is one of those topics, that seems to intimidate
a lot of people, for some strange reason, and, as a result, the
Federal Reserve, for example, has less formal oversight from
Congress than do our intel agencies. The thesis of this book is
that:
1. The topic of money is very straightforward & simple, even
though it's shrouded in a lot of jargon & a lot of equations, the
idea of money is very basic. We've gotten away from it.

2. Our policymakers today know less about money
& monetary policy than they did 100 years ago.

How odd that we had the last full depression
in 1929 and NOT ONE since. There were lots
of them in the 100 years before 1929.

reams of even sillier **** flushed where it belongs

On Wed, 17 Jun 2020 19:45:49 +1000, cantankerous trolling geezer Rodent
Speed, the auto-contradicting senile sociopath, blabbered, again:

FLUSH the trolling senile asshole's latest troll**** unread

--
Website (from 2007) dedicated to the 86-year-old senile Australian
cretin's pathological trolling:
https://www.pcreview.co.uk/threads/r...d-faq.2973853/

Rod Speed wrote:
David P wrote
Rod Speed wrote
David P wrote

WTF Happened In 1971? [By a website of the same name.]

In the late 1960s the US tried to have both guns and
butter. It fought the Vietnam war abroad and launched
the welfare state at home. They couldnt afford it,

How odd that it worked fine with WW2.

so they printed and borrowed.

And did that in spades in WW2.

Steve Forbes, June 18, 2014.: "As Brad indicated,
the book is about money & monetary policy, & money, particularly
monetary policy is one of those topics, that seems to intimidate
a lot of people, for some strange reason, and, as a result, the
Federal Reserve, for example, has less formal oversight from
Congress than do our intel agencies. The thesis of this book is
that:
1. The topic of money is very straightforward & simple, even
though it's shrouded in a lot of jargon & a lot of equations, the
idea of money is very basic. We've gotten away from it.

2. Our policymakers today know less about money
& monetary policy than they did 100 years ago.

How odd that we had the last full depression
in 1929 and NOT ONE since.

Cause they stopped doing the high tariffs & high taxes!


There were lots of them in the 100 years before 1929.

ONLY 3 Depressions -- the other blips were only recessions:
Depression of 1807-10
The Embargo Act of 1807 was passed by the the Congress under
Jefferson as tensions increased with the UK. Along with trade
restrictions imposed by the British, shipping-related industries
were hard hit. The Federalists fought the embargo & allowed
smuggling to take place in New England. Trade volumes, commodity
prices & securities prices all began to fall. Macon's Bill #2
ended the embargoes in May 1810, & a recovery started.
===========================
1815€“21 depression
Shortly after the war ended 3/23/1815, the US entered a period of
financial panic as bank notes rapidly depreciated because of
inflation following the war. The 1815 panic was followed by
several years of mild depression, & then a major financial crisis €“
the Panic of 1819, which featured widespread foreclosures, bank
failures, unemployment, a collapse in real estate prices, & a
slump in agriculture & manufacturing.
============================
Panic of 1873 & Long Depression [10/1873€“3/1879]
Economic problems in Europe prompted the failure of Jay Cooke & Co,
the largest bank in the US, which burst the post-Civil War speculative
bubble. The Coinage Act of 1873 also contributed by immediately
depressing the price of silver, which hurt North American mining
interests. The deflation & wage cuts of the era led to labor turmoil,
such as the Great RR Strike of 1877. In 1879, the US returned to the
gold standard with the Specie Payment Resumption Act.
===========================
Great Depression, [3/1929€“3/1933]
A banking panic & a collapse in the money supply took place in the US
that was exacerbated by int'l commitment to the gold standard.
Extensive new tariffs & other factors contributed to an extremely
deep depression. GDP, industrial production, employment, & prices
fell substantially. A small economic expansion within the depression
began in 1933, with gold inflow expanding the money supply & improving
expectations; the expansion would end in 1937. The ultimate recovery,
which would occur with the start of WWII in 1940, was credited to
monetary policy & monetary expansion.

David P wrote
Rod Speed wrote
David P wrote
Rod Speed wrote
David P wrote

WTF Happened In 1971? [By a website of the same name.]

In the late 1960s the US tried to have both guns and
butter. It fought the Vietnam war abroad and launched
the welfare state at home. They couldnt afford it,

How odd that it worked fine with WW2.

so they printed and borrowed.

And did that in spades in WW2.

Steve Forbes, June 18, 2014.: "As Brad indicated,
the book is about money & monetary policy, & money, particularly
monetary policy is one of those topics, that seems to intimidate
a lot of people, for some strange reason, and, as a result, the
Federal Reserve, for example, has less formal oversight from
Congress than do our intel agencies. The thesis of this book is
that:
1. The topic of money is very straightforward & simple, even
though it's shrouded in a lot of jargon & a lot of equations, the
idea of money is very basic. We've gotten away from it.

2. Our policymakers today know less about money
& monetary policy than they did 100 years ago.

How odd that we had the last full depression
in 1929 and NOT ONE since.

Cause they stopped doing the high tariffs & high taxes!

Even sillier and more pig ignorant than you usually
manage. High tariffs continued well into the 70s
and taxes very very high just after the war.

There were lots of them in the 100 years before 1929.

ONLY 3 Depressions the other blips were only recessions:

BULL****.

Depression of 1807-10
The Embargo Act of 1807 was passed by the the Congress under
Jefferson as tensions increased with the UK. Along with trade
restrictions imposed by the British, shipping-related industries
were hard hit. The Federalists fought the embargo & allowed
smuggling to take place in New England. Trade volumes, commodity
prices & securities prices all began to fall. Macon's Bill #2
ended the embargoes in May 1810, & a recovery started.
===========================
1815€“21 depression
Shortly after the war ended 3/23/1815, the US entered a period of
financial panic as bank notes rapidly depreciated because of
inflation following the war. The 1815 panic was followed by
several years of mild depression, & then a major financial crisis €“
the Panic of 1819, which featured widespread foreclosures, bank
failures, unemployment, a collapse in real estate prices, & a
slump in agriculture & manufacturing.
============================
Panic of 1873 & Long Depression [10/1873€“3/1879]
Economic problems in Europe prompted the failure of Jay Cooke & Co,
the largest bank in the US, which burst the post-Civil War speculative
bubble. The Coinage Act of 1873 also contributed by immediately
depressing the price of silver, which hurt North American mining
interests. The deflation & wage cuts of the era led to labor turmoil,
such as the Great RR Strike of 1877. In 1879, the US returned to the
gold standard with the Specie Payment Resumption Act.
===========================
Great Depression, [3/1929€“3/1933]
A banking panic & a collapse in the money supply took place in the US
that was exacerbated by int'l commitment to the gold standard.
Extensive new tariffs & other factors contributed to an extremely
deep depression. GDP, industrial production, employment, & prices
fell substantially. A small economic expansion within the depression
began in 1933, with gold inflow expanding the money supply & improving
expectations; the expansion would end in 1937. The ultimate recovery,
which would occur with the start of WWII in 1940, was credited to
monetary policy & monetary expansion.

Pity about the rest.

On Thu, 18 Jun 2020 17:55:02 +1000, cantankerous trolling geezer Rodent
Speed, the auto-contradicting senile sociopath, blabbered, again:

FLUSH the trolling senile asshole's latest troll**** unread

--
about senile Rot Speed:
"This is like having a conversation with someone with brain damage."
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