That is, we need to find something other than the gab standard (and Ben's vigilance - see Remarks, yes, Ben was watching out for his own pocket - why sack the savers, Ben?) as the basis for the economy. There are physical analogs (look for heterodox) that have been proposed. What is missing is the rationale and motivation. Well, we can discuss that.
Some of the posts related to money here and at truth engineering might suggests the basis of the approach and opinion. The delivery will be more circumspect and coherent.
But, having Goldman Sachs (Surviving the end of civilization) offered as the ideal grates. Hah! Too, that the stars get to grab excessively needs some scrutiny. Examples, like China, will be very important (Rich China, Poor Peasants).
Then, the current mess from which we haven't taken the right lessons will play a large role. We have to worry about how bad things might be (The Economy Is Even Worse Than You Think) or will be (The Economy Has Hit Bottom).
Of course, the FED sacking the savers is another grate. But, Ben gets his say (The Fed's Exit Strategy) and, perhaps, keeps his job (The Fed Can Lead on Financial Supervision).
Remarks:
03/23/2012 -- Ben is doing a series of four lectures on his, and the FED's, role.
11/05/2010 -- Big Ben is still putting us at risk and trashing the savers.
09/08/2009 -- See Econoblog II.
08/02/2009 -- WSJ's headline writer seems to think that this leeching is all the rage. The technique, and its motivation, reeks with a terrible stench.
07/31/2009 -- Let's see, 5,000 got over $1M for services rendered. Well, that's probably a sign of being a best-and-brightest, at least to certain eyes; it's called rolling-in-the-dough.
Now, this can be used to illustrate how the game it to fill the pockets of a small set to an exorbitant amount. Does the game need to be that way? Hell no. We'll look at that some more.
Wait! More exposures: "computers, some housed right next to the machines that drive marketplaces like the New York Stock Exchange, enable high-frequency traders to transmit millions of orders at lightning speed and, their detractors contend, reap billions at everyone else's expense." To anyone who isn't at Goldman Sachs or the like, does that appeal to you as the way that we ought to be handling our beans?
07/30/2009 -- Well, I suppose that we couldn't expect Bernanke to work for nothing. But, he's far from the ideal of non-profit handling of our money and economy (though, I'm not calling for his head). Turns out that Ben raced to support the market, probably, in order to keep his own wealth bolstered. Okay, one could argue that he's got his money where his mouth is (gab standard), but it has not been shown that we need the market to the extent of gaming and moral hazards.
So, Ben's not a saver; sack us again, Ben, please. Oh yes, in one sense, he has built wealth. Yet, he's got the majority of his wealth in the game. This needs to be discussed more. Casino (fictitious) capitalism, indeed. Yes, Ben, the savers are the heart of the economy, not the spendthrifts.
Hey, wait, does he even know that the dollar will be permanently trashed with the actions of the past few months?
On another note, the DOW is up. Finance equity is booming. Banks, some, are rolling in the dough. One factor: change in accounting rules. We'll need to look at valuation issues more thoroughly.
03/23/2012
08/02/2009 -- WSJ's headline writer seems to think that this leeching is all the rage. The technique, and its motivation, reeks with a terrible stench.
07/31/2009 -- Let's see, 5,000 got over $1M for services rendered. Well, that's probably a sign of being a best-and-brightest, at least to certain eyes; it's called rolling-in-the-dough.
Now, this can be used to illustrate how the game it to fill the pockets of a small set to an exorbitant amount. Does the game need to be that way? Hell no. We'll look at that some more.
Wait! More exposures: "computers, some housed right next to the machines that drive marketplaces like the New York Stock Exchange, enable high-frequency traders to transmit millions of orders at lightning speed and, their detractors contend, reap billions at everyone else's expense." To anyone who isn't at Goldman Sachs or the like, does that appeal to you as the way that we ought to be handling our beans?
07/30/2009 -- Well, I suppose that we couldn't expect Bernanke to work for nothing. But, he's far from the ideal of non-profit handling of our money and economy (though, I'm not calling for his head). Turns out that Ben raced to support the market, probably, in order to keep his own wealth bolstered. Okay, one could argue that he's got his money where his mouth is (gab standard), but it has not been shown that we need the market to the extent of gaming and moral hazards.
So, Ben's not a saver; sack us again, Ben, please. Oh yes, in one sense, he has built wealth. Yet, he's got the majority of his wealth in the game. This needs to be discussed more. Casino (fictitious) capitalism, indeed. Yes, Ben, the savers are the heart of the economy, not the spendthrifts.
Hey, wait, does he even know that the dollar will be permanently trashed with the actions of the past few months?
On another note, the DOW is up. Finance equity is booming. Banks, some, are rolling in the dough. One factor: change in accounting rules. We'll need to look at valuation issues more thoroughly.
03/23/2012
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