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To: gpowell who wrote (52021)	6/4/2006 12:26:22 PM
From: CalculatedRisk	Read Replies (1) \| Respond to of 116555

Garrison is mostly correct about one thing: Hayek gets very little respect among "modern mainstream macroeconomists". If you like Hayek, I suggest: cafehayek.typepad.com

To: gpowell who wrote (52021)	6/4/2006 2:13:21 PM
From: shades	Read Replies (1) \| Respond to of 116555

"[How can] bad investments in the past require the unemployment of good workers in the present?" I keep wondering why we have children miners in south america dig up metals from one hole only to put the metals back down in another hole - We create these huge hole moving metal from one place to another and some say it makes them sick and destroys their local environment: Didn't keynes say if we wanted to keep idle hands busy we could achieve the same "employment" digging up and burying jars of cash? Bre-x folks got trustworthy core samples and were able to determine it was all a sham without working children miners to death, or employing thousands of people to dig huge holes in the ground for years. I watched many silly goldbugs here on SI during all that chaos go through the gamut of emotions and sillyness and financial losses. Look at all that employment that was lost - so sad. When we find the shiny metal (through technology like say trusty core samples) its not enough to know it is there in the ground - we have to dig it up from the ground and burn much energy and lives and then dig another hole in the ground and rebury it - say fort knox. This is a behavior similar to dogs in the animal kingdom - dig it up - bury it back - you would think we were beyond that - but I guess not. REally I dont know why the Bre-x investors have accepted the core samples - I think there are gazillions of ounces of gold there and we need to dig it up and send people and machinery and energy there - why accept a couple silly core samples? They lost so much money on the whim of a few scientists that took core samples no? I wont believe there is no gold there until we dig up every grain of sand and you show me there isn't - hehe.