Re: OT: The uses of crisis
- From: "JosephKK"<quiettechblue@xxxxxxxxx>
- Date: Sat, 28 Feb 2009 14:33:36 -0800
On Thu, 26 Feb 2009 15:57:45 -0800, John Larkin
<jjlarkin@xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx> wrote:
On Thu, 26 Feb 2009 15:13:26 -0800 (PST), bill.sloman@xxxxxxxx wrote:
On Feb 26, 10:13 pm, James Arthur <bogusabd...@xxxxxxxxxxx> wrote:
John Larkin wrote:
http://thehill.com/dick-morris/its-obama-spreading-panic-2009-02-24.html
Is Obama merely an idiot, or is he doing this on purpose?
John
It's deliberate. I thought the Rahm video made that clear. Their
stated goal is to revolutionize American society, to institute the
changes they've always wanted to make, but never could. A revolution.
Mostly a fait accompli, ISTM. Check out the stimulus package--
mostly social reforms, little devoted to stimulus.
Reflecting the Keynsian insight that stimulus money is better spent on
the poor than the rich; the poor immediately spend most of what they
get while the rich tend to hoard their cash during recessions, in the
hope of buying up failed companies for ten cents on the dollar.
The only sensible way to "hoard" money, ignoring matresses, is to
invest it. Poor people don't do that; they buy Chinese junk from
Wal-Mart.
How can a society recover from massive over-borrowing and
over-spending by borrowing more to spend more?
The "Keynsian insight" is a clear misunderstanding of causality. If we
pretend we're wealthy, by spending money we don't have, it is supposed
to *make* us wealthy. By those standards, Zimbabwe is wealthy, since
they have so much money in circulation.
John
See also 1930's Germany and 1980's Israel. Both awash in essentially
worthless cash, inflation > 10 % per month.
.
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