Sometimes I am amazed how status quo blowhards can get published and really good writing like midtowng, New Deal, Robert Oak can get overlooked.
Today was one of the status quo days as David Hirst asked the question What's blowing the golden bubble?. Following is this assinine statement:
Gold became an unsatisfactory medium of exchange as the world entered the modern age. Cash, banknotes and cheques were far superior to gold, especially when backed by gold.
It is in the US where the great gold debate is centred.
America is a gold-loving nation. Gold could well be added to the "three Gs" that kept the Republicans in power in recent times: God, gays and guns.
America is a gold loving nation? Is he serious? It is barely on the radar of Joe Sixpack. I will save you the agony of reading the entire article but some of my choice hilites are:
Question: What is the biggest sacrilege on The Economic Populist?
Answer: To write Economic Fiction
Question: What is Economic Fiction?
Answer: Any statement that cannot be backed up in statistical fact and theory.
Question: What happens if I write Economic Fiction?
Answer: It depends on the severity.
Here are causes for immediate banning:
Posting comments to promote a business or website. Examples are payday loans or selling gold, credit cards. If you wish to advertise on The Economic Populist, please contact us but product comment spam is not tolerated. We will not advertise scams or predatory lending.
Writing an Economic Fiction post which has no basis in statistics or theory
Around 8 o'clock in the morning on July 5, 1934, shop owners in the mission district of San Francisco were opening for business. Bankers and stock brokers were already at work in the financial district. Construction workers were busy building the new Oakland Bay Bridge.
Meanwhile, down near the waterfront, a Belt Line locomotive began nudging two refrigerator cars towards Matson Line docks on Pier 30. 1,000 police prepared to square off against 5,000 striking longshoremen in a pitched battle that would last all day long.
It was the first of two climatic episodes that would forever change the shape of labor unions on the west coast.
Emerging markets, most notably China, helped to create the macroeconomic backdrop for the current financial crisis by subsidising interest rates and consumption in the US.
Even worse, the reason they did so was in reaction to contagion, a very nasty by-product of globalization as well to avert the 1997 Asian financial crisis.
God, bubble economies.....imagine my shock to go to the CNBC website and see this story:
The next economic bubble is on its way—if it's not already here, analysts believe. The problem is, there's no clear consensus on what it will be or when it will hit. But there is a feeling that another crisis is about to burst.
A sign of the times. There are so many stocks on the New York Stock Exchange below $1 dollar, the NYSE is considering relaxing it's rule that listed stocks be above a $1 dollar evaluation. In other words, many Fortune 500 and other large multinational corporations are now penny stocks.
Nothing scares the ruling elites more than when working men and women join together and refuse to allow themselves to be divided over petty concepts like race and ethnicity.
The election of Obama to the presidency is merely a milestone in a very long and well-traveled road.
"Never in the history of the world was such an exhibition, where with all the prejudices existing against the black man, when the white wage-earners of New Orleans would sacrifice their means of livelihood to defend and protect their colored fellow workers. With one fell swoop the economic barrier of color was broken down."
- AFL leader Samuel Gompers
Home prices in 20 U.S. cities declined 18.5 percent in December from a year earlier, the fastest drop on record, as foreclosures climbed and sales sank.
The decrease in the S&P/Case-Shiller index was more than forecast and followed an 18.2 percent drop in November. The gauge has fallen every month since January 2007, and year-over-year records began in 2001. Separately, the Federal Housing Finance Board said prices in 2008 fell a record 8.2 percent.
For those who claim that unregulated- or even, partially regulated- free markets can work on a macro level, I suggest first reading this story which seems to be anonymously authored but may have originated here in the internet version, and given the currency might indeed be a much older tale in India (we forget, but before the Socialists and the English, India had a 2000 year history of free markets and the dangers therein).
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