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TROPHY CASE


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Weisbrot and Krugman are Wrong: Greece cannot pull off an Argentina. by BeefyRodentin Economics

[–]seeya 0 points1 point ago

Lol

I thought the article was going to be about http://topdocumentaryfilms.com/the-take/

I'd like to see if he'd dare to write about whether he believes Greece can pull off a recovered factories movement.

What is austerity? by arcadeninjasanin Economics

[–]seeya 0 points1 point ago

at exactly the worst possible time

http://everything2.com/title/austerity

This is the key thing to do when you control the government: borrow as much as you can from the bankers, doesn't really matter what the terms are, as long as it's not so outrageous that your countrymen kick you out.

Then spend that money in whatever way you want, preferably in ways that favor the rich, such as union busting, undermining labor movements around the world, making the world safe for "pro-business" (ie. pro-exploitation) governments, bailing out institutions of the rich.

Finally, now that all the money is spent, get the poor in your country to pay back the money, with a hefty interest, to the rich who control the banks. And if they can't pay? Well, slash all social programs. Say austerity measures are all we can do at this point. Make the unemployed beg to be exploited.

What are the alternatives to austerity for the Eurozone? Pundits opposing it have few alternatives. by amaxenin Economics

[–]seeya 0 points1 point ago

"Pundits that are pre-approved by the mass media have few alternatives."

Fixed that for you

What alternatives are there to austerity in countries like Greece, Spain, and Holland? by suekichiin Economics

[–]seeya 5 points6 points ago

Focus on the internal economy... put out of work people in jobs producing food, clothing and shelter for the internal market... If banks fall, let them fall.

Correct. There's a lot of worthy stuff at http://en.wikipedia.org/wiki/Economy_of_Greece but tourism is a road they shouldn't have gone down. The problem with tourism (and other export-focused economies) is that your people become focused on serving those outside your country. If other countries ever stop buying your stuff (for example, global economic meltdown resulting in a plunge of tourists), then your economy goes down the tubes.

If they had instead focused on satisfying domestic consumption, then it doesn't really matter if other countries stop buying, they are still able to sustain themselves.

This isn't to say they should start ignoring the outside world (a la North Korea). The point is that real wealth is the ability to produce what you want to consume. Relying on gathering foreign reserves and then buying what others produce is much less secure, since you have much less control over what happens in other countries. Once you do have some measure of domestic security, you are then able to shift away from foreign competition into foreign cooperation.

That is, instead of being afraid when other nations can outproduce you, you don't care, since you can already produce for yourself. You then are actually free to improve production in other nations, to actually improve their ability to help you. Thus cooperation.

Greece's largest police union threatened arrest officials from European Union and International Monetary Fund. "We refuse to stand against our parents, our brothers, our children or any citizen who protests" by cyuin Anarchism

[–]seeya 0 points1 point ago

Not trying to say they're right or that this kind of behavior should be put up with. However, when dealing with situations like this, I'd say it would be much more effective to go after the ones giving the orders than the minions carrying out the orders.

European Politicians In Denial As Greece Unravels --- Supposed rescue plans for Greece will never work. Greece isn't illiquid. It's insolvent. Lending more money will only make things worse. What's needed is a shock wave of defaults and bankruptcies. But who dares say so? by DrRichardCraniumin Economics

[–]seeya 10 points11 points ago

What if bankruptcies hit the major banks and investors from other countries that lent them money?

It depends on the target of the loss. Not much skin off a billionaire's back if he loses a few million. Take away the life savings of people who already have it rough? Then the probability for bloodshed would be much greater.

That's why only those who live far away "dare say so".

"Anyone who has an investment plan needs to be aware of this story, because everything we think we know about how the world works is going to change drastically in the next 20 years..." by pj1milin Economics

[–]seeya 0 points1 point ago

famine and hunger occuring only because of distribution problems not a production one

...or sociopolitical one, but yes, I mostly agree.

Whenever I hear someone worshipping at the altar of Malthus, I think of a chicken little suffering from depression that subconsciously wants company in his misery.

Technological advancement is growth that is exponential. And it is exponential technological and medical advancement that allows population to grow.

It would seem to me that people who lack ideas use Malthus as a crutch to excuse their own inability to come up with any solutions. They need an excuse to believe there are no solutions to cover up the fact that they aren't smart enough to come up with any technological advancements themselves.

Did The Rich Get Rich From Hard Work or “Connections” ? ... Only 43% of Americans believe that “hard work, ambition or education” are the reasons the rich got rich by liquidzingin Economics

[–]seeya 0 points1 point ago

First I got the connections to get the shovels, then it took a lot of hard work to bury the bodies, followed by both hard work and connections to keep the bodies from being discovered.

A Krugman classic that changed my views on "sweatshops": In Praise of Cheap Labor by jesuzin Economics

[–]seeya 0 points1 point ago

I'm waiting for the article entitled "In Praise of Recovered Factories", or "In Praise of Conquering Raw Materials and the Means of Production".

Chinese Central Banker Declares That 'Gold Is The Only Safe Haven Left' by thinkaholin Economics

[–]seeya 1 point2 points ago

The only thing that makes gold a "safe" haven is the fact that people like him declare it to be a safe haven... in other words, advertising.

What are some reasons this advertising might be done?

His country may already be heavily invested in gold and is hoping to dump some in the near future.

He may personally already be heavily invested in gold and is hoping to dump some in the near future.

He may have been bribed by the gold industry or others who are already heavily invested in gold.

Brazil overtakes UK as the sixth biggest economy as Britain falls behind a South American nation for the first time by cybersphere9in Economics

[–]seeya 0 points1 point ago

Brazil has 200,000,000 people in. Unless we want half the world living in dire poverty, of course they're going to end up with larger economies.

What is this, some sort of labour theory of value? ;)

Paragraph of the Year by Fittyakaferrariin Economics

[–]seeya 7 points8 points ago

It's largely finance, isn't it?

While I wouldn't model my "ideal economy" after China either, the examples given by the author are pretty dubious themselves.

A single city-state has the weakness of being too reliant on imports - until they invent mass urban agriculture, they will always suffer from over-dependency.

The same is true of any finance-led economy. Finance itself isn't self-sufficient - if the economy taken as a whole includes finance, agriculture, energy, manufacturing, etc, then great. Otherwise, it might as well just be an economy based on counterfeiting... you might live well for a while, but if people stop accepting your printed paper, what will you eat then?

This isn't to say there aren't good lessons to learn from all the nations mentioned - including China. No complex system is either totally wrong or totally right.

Gold is Crashing Big — Copper is Crashing Bigger by [deleted]in Economics

[–]seeya 1 point2 points ago

sorry, this has been archived and can no longer be voted on

how will you know its bottomed out?

Better minds have tried and failed to figure stuff like that out, while mediocre minds who happen to be one out of the billions who guess a long winning streak are hailed as experts and gurus, when they don't realize they are also clueless.

This of course assumes there's a lot of randomness out there, or that even if it's deterministic, there are too many different variables for our current methods to predict.

But when you are a financial institution or government, you can do more than predict. You can actually act to make it bottom out (or not), depending on how much resources you have at your disposal.

China launches gold vending machine by Hkbeachin Economics

[–]seeya 0 points1 point ago

sorry, this has been archived and can no longer be voted on

Don't tell me this is where the sell-off started

Can someone explain to me why Gold is down so drastically in the last couple days? by filolifin Economics

[–]seeya 0 points1 point ago

sorry, this has been archived and can no longer be voted on

If people spent less money on food, they now have more money left over to spend! Your philanthropy hasn't changed their marginal propensity to consume, so they buy other things. New things. That cost money. That is part of the inflation calculation.

You'll note that the suggestion above wasn't limited to food alone. It says "agriculture, energy, clothing, housing, health care, etc" - even if it just said "agriculture, etc" that would be enough to cover just about everything.

If you wanted to fight measured inflation, you could target all the industries measured by the CPI.

However, even if you just focused on a few areas, greater productivity in those areas should free up more people to focus on the areas not directly being upgraded, thereby increasing supply in those other areas as well. Of course, this assumes they are given access to the means of production, rather than just being left unemployed.

As far as the advertising-induced "propensity to consume" aspect of consumer culture, that's not something I feel is either necessary nor especially good for the environment... but that's a different story.

Q&A;: Is this the end of the road for the gold rush? by [deleted]in Economics

[–]seeya 1 point2 points ago

sorry, this has been archived and can no longer be voted on

Does that mean I should not underestimate your gullibility in believing your argument is correct?

Nope - I could definitely be wrong. Only fools think they are always right. But if you're questioning whether humans are gullible, what are your arguments that they are not?

Can someone explain to me why Gold is down so drastically in the last couple days? by filolifin Economics

[–]seeya 2 points3 points ago

sorry, this has been archived and can no longer be voted on

http://en.wikipedia.org/wiki/The_Emperor%27s_New_Clothes

Some kid finally asked, "Mommy, why is the emperor walking around in his underwear?"

Investment funds are a bit more mercenary - they really only need to appear to help their investors and nobody else - so following gold trends, whether up or down doesn't really make a difference to them, as long as they get the trend right.

On the other hand, government treasury departments operate a bit differently. Yes, they can be oppressive, but only up to a point - if even their militaries and police get disgruntled, then they are in trouble. They can't limit their "customers" to only their investors, but have to keep an eye out for the rest of the population as well, if only to prevent revolutions before they start. So the decisions made by their treasury departments does have to (at least partially) take into account what they can (at least minimally) do for the people in their country.

If I were in their place, I would be trading gold to upgrade whatever production the people within those borders need - agriculture, energy, clothing, housing, health care, etc. Yes, more food, energy, clothing, etc being produced by upgrades will result in greater supply and thus decreased prices (oh no, deflation!) - but I'm sure there would be less risk of revolution if the things people need eventually become nearly free.

This isn’t “inflation” in the 1970s sense by icko11in Economics

[–]seeya 0 points1 point ago

sorry, this has been archived and can no longer be voted on

Every time I save a few pennies at the gas pump I lose many thousands of dollars off my retirement fund

What does that really mean exactly? If everything is cheaper when you retire, do you still need those extra thousands of dollars? The real question that should be asked is if your retirement fund is going down faster than the rate of deflation.

Q&A;: Is this the end of the road for the gold rush? by [deleted]in Economics

[–]seeya 2 points3 points ago

sorry, this has been archived and can no longer be voted on

No

Never underestimate the power of human gullibility. The world looks flat, so it must be flat. The sun looks like it revolves around the earth, so we must be the center of the universe. Orson Welles is on the radio reporting that Martians are invading, so it must be time to hide in caves or grab our pitchforks.

So if you think X is more valuable or a better investment than Y, and another person thinks Y is better than X, you have to ask yourself, how do I know he's the gullible one, and not me? Or maybe we're both gullible?

Dow plunges 350 points on 'total fear' by CSharpSaucein Economics

[–]seeya 2 points3 points ago

sorry, this has been archived and can no longer be voted on

...unless you bought a lot of puts, in which case, he'd be your hero.

Don't forget there's 2 sides to any transaction. Just because your portfolio claims you have $xxx doesn't mean you actually have it until you sell it. If your portfolio claims you have much more or much less, it still doesn't mean you actually have much more or much less, until you've actually sold your investments.

If 100% of the people are rooting for market records and against drops, something is wrong with their expectations of the scenario.

Reddit, how many of you own Gold (or gold-related assets such as mining equities) in your portfolio? by DTown13in finance

[–]seeya 2 points3 points ago

sorry, this has been archived and can no longer be voted on

http://en.wikipedia.org/wiki/Self-fulfilling_prophecy

Step 1. Prophesize: "Gold is a good hedge against inflation and stock market crashes."

Step 2. As inflation increases or stock plunge, the people who believed you buy gold, raising its price.

Step 3. The next time there's inflation or a stock market plunge, people say, "Hey, remember back when gold kept its value during market crashes and inflationary periods? It must be a good hedge against that." And they start to buy gold again.

Step 4. A new religion is born.

The Facts About the Corporate Income Tax: Separating economic myths from economic truths. by JeffTSin Economics

[–]seeya -2 points-1 points ago

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The Mercatus Center is a pro-business, propaganda machine funded by the Koch Brothers

The people who decided to use the word "Reason" to describe their publication are the same types of people who decided to use the word "Pravda" to describe their publication.

US Republican policies already tested and failed in Britain " one year into its own controversial austerity program .. Retail sales plunged.. the sharpest monthly downturn in Britain in 15 years... real household income will fall by 2 percent this year. ... the worst since the 1930s. by georeddin Economics

[–]seeya 1 point2 points ago*

sorry, this has been archived and can no longer be voted on

The Keynesian fallacy: when a class of highly privileged insiders get cuts in their payment from government, claim that "the economy" is contracting, when in fact only leeches are contracting.

The problem with many Keynesian policies is that they assume jobs are always good, and that the more consumption there is in an economy, the better it is. Clearly, environmental devastation would imply that mass consumption isn't always good.

The problem with this theory is that it assumes a "job" is the only legitimate way by which people can live... thus everyone must have jobs, we must create jobs, or else you don't deserve to live.

While certainly there are many jobs vital to survival, a great many are fluff (and what you might call "leeches") - yet Keynesian policy still tries to create those inane jobs, just so people can feel they deserve to live. This has resulted in turning a blind eye to mass advertising and the consumer culture that comes with it ("as long as it creates jobs, it's all good").

Not only does it lead to environmental depletion, it also leads to the old "Keeping Up with the Jones" / "Ima Keel U 4 Ur Shoes" mentalities... not to mention various attempts to extract cheap labor from around the world.

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