The Austrians have been the one school to continually teach the superfluous, criminal mature of government and its massively distorting interventions into economies.
That's why it is ignored and treated like the "red-headed stepchild" of economics. Foolish servants of the state like Bernanke receive Nobels while giants like Mises are ignored...
Early on in my finance career I marveled at how most of Wall Street was a blue hell hole. "How is that possible I exclaimed - they are supposed to be capitalists." You have of course answered my naive question here. They are the the opposite of capitalists, they are entitled crooks. And where there is organized cronyism, there is blue. Silly capitalists. Playing by the rules gets you nowhere.
‘... price is the one ring to rule them all. it determines production, consumption, investment, trade offs, and time preference. it’s the entirety of the ball game.’
Which is why anything provided by Government has no price so only political interests rule. But anything provided by Government is a non-contestable monopoly so price would still not rule. (Odd that isn’t it? All Governments are against monopolies as being bad for consumers... except their own monopolies which are best for consumers, particularly the convenient, ubiquitous ‘poor’.) And no price means there is no way of assessing efficiency, which could otherwise easily be assessed by subtracting cost from market price... aka profit/surplus. On a positive note: BlackRock has lost $1.7 trillion of clients’ money in six months, in part due to a lot of US Red states pulling investments because of ESG. “LONDON — A former BlackRock executive has outlined why he now thinks that sustainable investing is a “dangerous placebo that harms the public interest,”
There are a lot of people believing their grotesque wealth is a consequence of having created superior value, when in fact it is just an elevator car they’re in with their own farts. You can see it in the fiat monstrosities they build, leering over the sand dunes like vultures in the charnel yard.
It also creates a sense of depression and anxiety among people at the other end, working hard 8 days a week and creating the value, making the actual things, and then not being able to even take a vacation traveling coach because it requires two “middle class” incomes to keep food on the table.
I am often advising my friends and clients, “look, money has become divorced from value so stop thinking about your value in terms of your money. Focus on money, at the moment, as the equivalent of hunting and gathering, and leave the envy, comparison, and self-reproach at the door. Otherwise you let the bastards get you down. They don’t deserve it, but they can’t take it with them, either.”
The right left illusion of politk is a lot like that of current year "economics". Rent seeking and regulatory capture are the piston and cylinder of our "Economy". While the "go woke, go broke" meme in the meme wars is a great battlefield tactic, it fails to account for the full landscape of battle.
Whatever billions are "lost" by Globocorp raising the rainbow flag and slitting throats of productive white men, they are making up in territorial gains in the engine that is plutocracy - or Globohomo. We tend to project our own rational motives to that of the enemy - as well as the flawed premise that they too desire to build, create, and serve something greater. Thus, our overarching strategy to address the issues as we see them also fails.
The cloud people that control the administrative state / managerial state / permanent bureaucracy that monopolizes every day regulatory power as well as that of the bodies of lawmaking and judicial fiat, answer to those who conjure money from thin air and the self-propelling value harvesting machines known as Corporations. That some happen to make actual useful things only further entrenches them into the halls of that power but the System to which they subscribe is one of destruction and looting. When hitched to power and money creation, what does it matter if "society" burns? We need to orient our minds toward separation instead of the trappings of "muh free markets" and other nice ideas that never really existed or are divorced from human nature like "libertarianism."
Modern Monetary Theory (MMT) is the new financial religion that has been playing out over the past 30-40 years and, like the other current semi-theosophist fantasies of Climate Change, Critical Race Theory, and Persons With the Capacity for Pregnancy, is such complete and utter nonsense that it defies belief.
Basically, MMT allows Government to print money at will, without fear of downstream consequences like inflation or debt default. The US Gov’t political nattering-nabobery bought into this in a big way, especially since 9/11, and REALLY especially since Biden took office. We are now reaping the warned-about consequences that politicians of all stripes blithely dismissed because they were having so much fun spending all the dollars that the Fed was printing.
So now, as so commonly happens, everything embedded in karma’s principle of “what goes around comes around” has brought about the arrival of multitudes of consequences, both the eminently predictable and the inevitably unforeseen, and they are coming home to roost, along with the entire population of the cows, with a vengeance. We are being ushered into a hurricane of economic and social trouble the likes of which has never before been seen.
To make things worse, a trifecta of governmental blundering is converging into the initial stages of a massive slow-motion train wreck that is reaching global proportions.
(1) The absolute crushing of the business world, the social world, and our constitutional rights and freedoms with the lunatic responses to the terrorist attacks of 11 September 2001 and then to Covid
(2) The MANY Trillions dollars of spending (Obama’s “Shovel Ready” projects, Covid “stimulus” spending, The Inflation Reduction Act, The Green New Deal, the Fed’s massive “Quantum Easing”, etc.) while using MMT as a rationale/excuse for dismissing any and all objections
(3) The Western world’s incomprehensible response to Putin’s invasion of Ukraine and the (predictably) resultant global shortages of Natural Gas, Food, and Fertilizer (…and nuclear war anybody?). All of which is being exacerbated by the green-grifters Climate Change driven flight from reality as they shut down reliable sources of energy production in favor of windmills and sunshine, and in the ongoing worldwide efforts to eliminate fertilizers and herd animals.
In all the resultant sturm und drang, it’s obvious that nobody really knows what is going to happen or how we are going to get out of what we have wrought. This is evident in the panic that is creeping into all sides of the political world, especially in Europe. Climbing out of this is going to be a painful and years long (possibly decades long) process and all the while the politicians will continue to point fingers at each other and continue to make things worse. The only possible solution is the dismantlement of the governmental bureaucracies that were put in place, and have grown so massive, since the last time the very same atrocious political decisions caused similar crises in the years leading up to WWI, 1929, WWII, etc.
So far, I have not seen a single political actor proffer an honest acknowledgement of the seriousness of our current situation, much less a path forward that is informed by the remotest recognition, and acknowledgement of, reality.
Here we go again, only worse this time. Ain’t it fun and buckle up buttercup!
In the 1970s or so there was a joke told among Soviet state planners; regarding that old saw of Communist ideology: the eventual World-wide Communist Revolution; the expectation that the revolution that had taken place in Russia would eventually spread world-wide and hence the resulting efforts to promote that, etc. The joke went: "When the world wide revolution is finally accomplished we'll have to keep one country with a capitalist (market) economy.... just so we know what things cost!
In a planned economy "pricing" resources was at best arbitrary and at worst completely wrong; Soviet central planners did, in fact, rely on price signals from the capitalist west to do a little better job.
Another reason why Bitcoin is such a huge deal. The blessings of Cantillion, for once at least, went to those who were not connected but paying attention.
Do you remember the Trans Pacific Partnership and its Atlantic equivalent? That is the future they have planned, and that was out before even the great reset. These people tell you what they're planning because they figure so few will even pay attention. Funny if it wasn't so sad.
The Austrians have been the one school to continually teach the superfluous, criminal mature of government and its massively distorting interventions into economies.
That's why it is ignored and treated like the "red-headed stepchild" of economics. Foolish servants of the state like Bernanke receive Nobels while giants like Mises are ignored...
"patrician plunderfest" 😹👏
This article seems particularly apropos as WEFer Rishi Sunak—a former Goldman Sachs banker (https://maajidnawaz.substack.com/p/just-as-we-forecasted-former-goldman) married to a billionaire heiress “richer than the King” (https://www.dailymail.co.uk/femail/article-11347709/Who-billionaire-heiress-Mrs-Sunak-Akshata-Murthy.html) and whose “Family Runs a China-linked, World Economic Forum Partner Company Pushing Digital ID and Social Credit Scores” (https://thenationalpulse.com/2022/07/16/company-founded-family-of-uk-prime-minister-frontrunner-is-wef-partner-advocating-for-china-style-digital-identities-currency/) — is poised to become the next prime minister of the UK.
Early on in my finance career I marveled at how most of Wall Street was a blue hell hole. "How is that possible I exclaimed - they are supposed to be capitalists." You have of course answered my naive question here. They are the the opposite of capitalists, they are entitled crooks. And where there is organized cronyism, there is blue. Silly capitalists. Playing by the rules gets you nowhere.
‘... price is the one ring to rule them all. it determines production, consumption, investment, trade offs, and time preference. it’s the entirety of the ball game.’
Which is why anything provided by Government has no price so only political interests rule. But anything provided by Government is a non-contestable monopoly so price would still not rule. (Odd that isn’t it? All Governments are against monopolies as being bad for consumers... except their own monopolies which are best for consumers, particularly the convenient, ubiquitous ‘poor’.) And no price means there is no way of assessing efficiency, which could otherwise easily be assessed by subtracting cost from market price... aka profit/surplus. On a positive note: BlackRock has lost $1.7 trillion of clients’ money in six months, in part due to a lot of US Red states pulling investments because of ESG. “LONDON — A former BlackRock executive has outlined why he now thinks that sustainable investing is a “dangerous placebo that harms the public interest,”
You don’t say. Go woke, go broke - strikes again!
Zee "trickle down" catfood brand, or,
Zee "green shoots"
Hmmmmm.
All for meow, and non fur thou.
There are a lot of people believing their grotesque wealth is a consequence of having created superior value, when in fact it is just an elevator car they’re in with their own farts. You can see it in the fiat monstrosities they build, leering over the sand dunes like vultures in the charnel yard.
It also creates a sense of depression and anxiety among people at the other end, working hard 8 days a week and creating the value, making the actual things, and then not being able to even take a vacation traveling coach because it requires two “middle class” incomes to keep food on the table.
I am often advising my friends and clients, “look, money has become divorced from value so stop thinking about your value in terms of your money. Focus on money, at the moment, as the equivalent of hunting and gathering, and leave the envy, comparison, and self-reproach at the door. Otherwise you let the bastards get you down. They don’t deserve it, but they can’t take it with them, either.”
this was Thomas Jeffersons argument against a central bank
With corruption so endemic and pervasive, is there even a baby in the bathhouse bathwater that is today's America?
Bravo, Gato! A tour de force.
The right left illusion of politk is a lot like that of current year "economics". Rent seeking and regulatory capture are the piston and cylinder of our "Economy". While the "go woke, go broke" meme in the meme wars is a great battlefield tactic, it fails to account for the full landscape of battle.
Whatever billions are "lost" by Globocorp raising the rainbow flag and slitting throats of productive white men, they are making up in territorial gains in the engine that is plutocracy - or Globohomo. We tend to project our own rational motives to that of the enemy - as well as the flawed premise that they too desire to build, create, and serve something greater. Thus, our overarching strategy to address the issues as we see them also fails.
The cloud people that control the administrative state / managerial state / permanent bureaucracy that monopolizes every day regulatory power as well as that of the bodies of lawmaking and judicial fiat, answer to those who conjure money from thin air and the self-propelling value harvesting machines known as Corporations. That some happen to make actual useful things only further entrenches them into the halls of that power but the System to which they subscribe is one of destruction and looting. When hitched to power and money creation, what does it matter if "society" burns? We need to orient our minds toward separation instead of the trappings of "muh free markets" and other nice ideas that never really existed or are divorced from human nature like "libertarianism."
See also, Elon.
Modern Monetary Theory (MMT) is the new financial religion that has been playing out over the past 30-40 years and, like the other current semi-theosophist fantasies of Climate Change, Critical Race Theory, and Persons With the Capacity for Pregnancy, is such complete and utter nonsense that it defies belief.
Basically, MMT allows Government to print money at will, without fear of downstream consequences like inflation or debt default. The US Gov’t political nattering-nabobery bought into this in a big way, especially since 9/11, and REALLY especially since Biden took office. We are now reaping the warned-about consequences that politicians of all stripes blithely dismissed because they were having so much fun spending all the dollars that the Fed was printing.
So now, as so commonly happens, everything embedded in karma’s principle of “what goes around comes around” has brought about the arrival of multitudes of consequences, both the eminently predictable and the inevitably unforeseen, and they are coming home to roost, along with the entire population of the cows, with a vengeance. We are being ushered into a hurricane of economic and social trouble the likes of which has never before been seen.
To make things worse, a trifecta of governmental blundering is converging into the initial stages of a massive slow-motion train wreck that is reaching global proportions.
(1) The absolute crushing of the business world, the social world, and our constitutional rights and freedoms with the lunatic responses to the terrorist attacks of 11 September 2001 and then to Covid
(2) The MANY Trillions dollars of spending (Obama’s “Shovel Ready” projects, Covid “stimulus” spending, The Inflation Reduction Act, The Green New Deal, the Fed’s massive “Quantum Easing”, etc.) while using MMT as a rationale/excuse for dismissing any and all objections
(3) The Western world’s incomprehensible response to Putin’s invasion of Ukraine and the (predictably) resultant global shortages of Natural Gas, Food, and Fertilizer (…and nuclear war anybody?). All of which is being exacerbated by the green-grifters Climate Change driven flight from reality as they shut down reliable sources of energy production in favor of windmills and sunshine, and in the ongoing worldwide efforts to eliminate fertilizers and herd animals.
In all the resultant sturm und drang, it’s obvious that nobody really knows what is going to happen or how we are going to get out of what we have wrought. This is evident in the panic that is creeping into all sides of the political world, especially in Europe. Climbing out of this is going to be a painful and years long (possibly decades long) process and all the while the politicians will continue to point fingers at each other and continue to make things worse. The only possible solution is the dismantlement of the governmental bureaucracies that were put in place, and have grown so massive, since the last time the very same atrocious political decisions caused similar crises in the years leading up to WWI, 1929, WWII, etc.
So far, I have not seen a single political actor proffer an honest acknowledgement of the seriousness of our current situation, much less a path forward that is informed by the remotest recognition, and acknowledgement of, reality.
Here we go again, only worse this time. Ain’t it fun and buckle up buttercup!
In the 1970s or so there was a joke told among Soviet state planners; regarding that old saw of Communist ideology: the eventual World-wide Communist Revolution; the expectation that the revolution that had taken place in Russia would eventually spread world-wide and hence the resulting efforts to promote that, etc. The joke went: "When the world wide revolution is finally accomplished we'll have to keep one country with a capitalist (market) economy.... just so we know what things cost!
In a planned economy "pricing" resources was at best arbitrary and at worst completely wrong; Soviet central planners did, in fact, rely on price signals from the capitalist west to do a little better job.
Another reason why Bitcoin is such a huge deal. The blessings of Cantillion, for once at least, went to those who were not connected but paying attention.
Mrrrrow... can someone smell “fascism”? ( not the postmodern definition being used by the real fascists, either)
Over Here, it may be referred to as "Quantitive Easing"...
EL GATO:
Do you remember the Trans Pacific Partnership and its Atlantic equivalent? That is the future they have planned, and that was out before even the great reset. These people tell you what they're planning because they figure so few will even pay attention. Funny if it wasn't so sad.