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Politics : Formerly About Advanced Micro Devices
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To: combjelly who wrote (798334)8/2/2014 4:05:50 PM
From: Joe Btfsplk1 Recommendation

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TideGlider

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You stumble on the scribblings of a snotty golem, perhaps one with eventual potential, and take his drivel as gospel.

Let me add just a little to Murphy’s adequate linked response.

The idea that inflation is always a monetary phenomenon was popularized by the Chicago monetarist school, not the Austrians. Those schools, both derivations of old line liberalism are close cousins with differences mostly about the role of money and credit.

The Austrian examination of that role has illuminated factors previously unknown or misunderstood. What Keynes glossed over as animal spirits are explained by observations about excess credit creations and the subsequent unwindings.

The Fed has been pumping out “money” and consumer price levels haven’t risen dramatically, at least yet. That money is not real wealth representing a corresponding increase in productive capacity. It is markers that the financial sector is using to snag a bigger share of a static pie.

My assumption is that your Noah is delighted that we haven’t experienced the dramatic “crack-up boom” that von Mises prophesied. The Soviets snickered at his very accurate predictions about their certain demise for longer than the span of the average Russian, then: **BOOM**.

I believe that the ruin will be seen by and by. We shall see.
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