Peter Schiff: "The President is either incompetent, or he is lying about the US debt ceiling..."
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Austrian economics is racist.......racist? Jesus Christ leftoids just can't help themselves. It's almost like nervous tick "OMG something that goes against my beliefs it must be racist, homophobic, cisgendered, transphobic, islamophobic, heteronormative!"
Austrian economics is racist?
Higher Learning.
No one said Austrian economics was racist. It just so happens that there is a significant degree of crossover between modern proponents of Austrianiam and racists.
Yup. Not only was he wrong about hyperinflation and the bond market collapsing, but he predicted an economic collapse was right around the corner, like within a year, and told people to pull their money out of the stock market and hoard gold every year from about 2002 on.
Austrians are like Jehovah's Witnesses, except they haven't learned to stop picking exact dates for the apocalypse and just go with "any day now" yet.
Broke Wave
The GOAT
This cac is reaching... I never said it was racist at all I just described the type of people who were making the claims I was refuting... this dudes reading comprehension is worse than his troll friend... they should go back to Mises.org or whatever
Every article i have ever read about Austrian Economics being racist usually follows this train of thought "Classical Liberals want to abolish the income tax. Income tax contributes to social programs and poor people. Lots of poor people are....black....OMG RACISTS!...and uhhh the tea party"
The dumbest argument i have ever seen from the Libertarian branch is the government infringing on the states rights to keep slaves. This, i will admit, is Libertarian nuttery. Slavery is a gross violation of natural rights and individuality, morality and humanism matter.
But for nerds to imply that austrian economics is inherently racist is stupid, partisanship hackery.
Y
Do you have a monthly limit on pulling the race card or do you have a premium membership?
This cac is reaching... I never said it was racist at all I just described the type of people who were making the claims I was refuting... this dudes reading comprehension is worse than his troll friend... they should go back to Mises.org or whatever
Do you have a monthly limit on pulling the race card or do you have a premium membership?
Broke Wave
The GOAT
Dusty Bake Activate
Fukk your corny debates
I think everybody here knows how to add bruh. The issue is you're not saying anything of any import. What point are you attempting to make by adding 5 consecutive years of inflation rates and stating the sum is 8% as if you're highlighting something worthy of note?Whoa, it seems folks don't know that you can use CPI to calculate inflation..
The formula for calculating the Inflation Rate looks like this:
((B - A)/A)*100
OR
you can just add the averages for every year.
I did it both ways and got 8%.
Why is math such a hard concept for the coli?
I'm not trying to patronize yall.. but simple math is not at all hard. Seriously. I'm not even a math major and I did this math without using a calculator. C'mon coli, step your math game up!!!
The Fed seeks 2-3% inflation per year in concordance with it's dual mandate. The recession started in 2007. From 2008 on, inflation has been 3.8, -0.4, 1.6, 3.2, and 2.1...so basically around the Fed's target...low and steady.
Once again, Schiff, and the Austrian crowd types lose because they predicted sky high hyperinflation when the Fed started expanding the money supply and there was all this crazy talk about how we're going to be Zimbabwe. And you still don't seem to get that the hazard we face is deflation, not inflation. The financial crisis left us in a liquidity trap (fukk what you heard from the Mises Institute or wherever, it's real). That's why the Fed buying $2 trillion worth of private asserts and interest rates at practically zero aren't resulting in higher prices. People aren't spending money and aggregate demand is low.
The last thing you want is a deflationary spiral. We kinda went through that already...I think it was back in the 1930's or something like that, but I can't remember.
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Dusty Bake Activate
Fukk your corny debates
Black smoke and cac jokes
Your daps are mine
What are you talking about? The government doesn't benefit from debt financing their budget
No I didnt say it was his fault for racism groups were after him but the masters/owners said "we want you to become president" and he gladly jumped to it. You can always refuse and be a nobody in the political world but he decided to jump in it and the first thing he did as president was give the owners their due...saving the banks, corporations who had caused a crisis.
And if you don't know who the masters are...see who his mentors were in college.
what is incorrect about what he said?
the US is in extreme debt, and it's only getting worse. our yearly balance sheets are looking
our spending is completely dysfunctional. we're spending way too much money on the wrong things (wars, excessive corporate subsidies, etc), and not enough money on the right things (education, infrastructure, technology). we need spending but we need responsible spending.
and strict regulations are needed in some sectors of the economy (banking, education, energy), while protectionism is needed in other sectors of the economy (transportation, natural resources, etc). everything is just a balance of protectionism, regulation, and free trade-but you gotta have the correct proportions of each.
and QE is no good if the right sectors are not being eased lol. the distribution of the QE money in the US was less-than-transparent at best and illegal at worst. not all spending is good spending.
and the fed is on some fukkery as well. i was done with the Fed when i found out they intentionally dont share information with the US government. greenspan admitted as much in his book and bernake is well known for buck-dancing around congressional questions. that behavior to me is unacceptable, all conspiracy shyt aside. imagine your accountant not showing you your records
but ultimately this is all a moot conversation until we get the criminals out of the government. if we continue to have a government that cares more about individual/party agendas more than they care about the welfare of the people, then we're fukked no matter what system is in place.
Piff Perkins
Veteran
You would have to be a complete idiot to believe that video. A US default would WRECK THE GLOBAL ECONOMY, period. Within days the US would fault to pay automatic social security payments and interest payments. The dollar would plunge.
This isn't a fukking game. The reason I'm not even concerned is because the global dudes with the most to lose are gonna make sure we don't default, and Boehner won't let us default.
This isn't a fukking game. The reason I'm not even concerned is because the global dudes with the most to lose are gonna make sure we don't default, and Boehner won't let us default.
I keep hearing "boehner won't let us default"... Do you think Dems will if republicans don't cave?