chicago and a bankrupt US and money printing ala argentina

Quote from zdreg:



taxes will go sky high. maybe the government will pay some good lawyers(which is smart) and abrogate their contracts. most likely people will vote with their feet to get away from the riffraff.
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Realistically, not much can be done. Default, print or tax. In any scenario, the economy gets clobbered by a death stroke. Tax, and real incomes are destroyed. Inflate, and real incomes are destroyed. Default, and the borrowed money sustaining our economy is gone. Billyjoe is full of crap. Not worth addressing. To suggest printing money has zero effect on the price level is complete and utter horseshit. The Naz never made it back to 4,500. Good thing oil, commodities and housing didn't double, and in some cases triple!, in the meantime! Yes, good ol' inflation is nowhere to be found. When one bubble pops and deflates, it doesn't mean every asset class is deflating! I'd say US Treasury debt is looking extremely bubbly, right now. What is it? The FED buys 75% of new issuances? Give me a fucking break. It's not even a real market!

Oh ya, and if printing money and spending it into the economy has zero effect on the price level, then maybe somebody can tell me why the Treasury and FED engaged in the largest private asset purchase program of all time (TARP1, 2, Maiden Lane 1,2,3, QE1,2,3), to "support the economy and save jobs". What was the point of that again? Oh right. To save the market from fucking tanking, the real estate market from tanking, and the entire finance, banking, construction, retail and auto sector from tanking. Right. Thank you.
 
Quote from billyjoerob:
MV=PY so it's not just the amount of money it's also velocity and in a world that's getting really old fast, velocity is not going to be accelerating any time soon.
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How does the concept of velocity change in an e-commerce age?
 
As we rotate around the sun at cyber speed and out flesh turns to energy, velocity accelerates asympotitically until we are all point-masses of pure financial energy.
 
M and by extension V has always been a bit mysterious, right? Use a credit card and M is created ex nihilo. But MV=PY is an accounting identity so it's not an empirical statement.
 
I think it is an extremely bad idea to give up on public education. The goal should be to strengthen and improve it.

Consider what will happen if those who want to use tax dollars to subsidize private education get their way.

Either the "problem students" will end up in the private schools, in which case we will be right back where we started with the same problems, or the "problem students" will be herded together in underfunded, sub-standard. public schools, or worse yet.

Are you then going to take voting rights away from all these under-educated citizens? Regardless, you had better start worrying about your so-called democratic republic.

Giving up on public education is not the answer.

We should consider going back to what worked previously, which was tracking combined with putting the main responsibility for ones education on the student first, then the parent, and lastly the schools and teachers. Somehow we have this order backwards.

Tax dollars must not be used to subsidize private education. This weakens the public schools and makes matters worse, not better.

I might add that one of the most damaging decisions made in the 20th century (Reagan actually) was to give 18 year-olds the vote! The correct thing to do was to not allow anyone to serve in a combat role in the armed forces until the age of 21, and keep the voting age at 21.
 
Quote from achilles28:

Realistically, not much can be done. Default, print or tax. In any scenario, the economy gets clobbered by a death stroke. Tax, and real incomes are destroyed. Inflate, and real incomes are destroyed. Default, and the borrowed money sustaining our economy is gone. Billyjoe is full of crap. Not worth addressing. To suggest printing money has zero effect on the price level is complete and utter horseshit. The Naz never made it back to 4,500. Good thing oil, commodities and housing didn't double, and in some cases triple!, in the meantime! Yes, good ol' inflation is nowhere to be found. When one bubble pops and deflates, it doesn't mean every asset class is deflating! I'd say US Treasury debt is looking extremely bubbly, right now. What is it? The FED buys 75% of new issuances? Give me a fucking break. It's not even a real market!

Oh ya, and if printing money and spending it into the economy has zero effect on the price level, then maybe somebody can tell me why the Treasury and FED engaged in the largest private asset purchase program of all time (TARP1, 2, Maiden Lane 1,2,3, QE1,2,3), to "support the economy and save jobs". What was the point of that again? Oh right. To save the market from fucking tanking, the real estate market from tanking, and the entire finance, banking, construction, retail and auto sector from tanking. Right. Thank you.
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There is plenty of money, but the spending priorities are wrong.
 
Quote from piezoe:

There is plenty of money, but the spending priorities are wrong.
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If you mean by plenty of debt, yes, there is. Problem is, it's that debt which is keeping our economy going!
 
Quote from piezoe:

There is plenty of money, but the spending priorities are wrong.
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You sound like a union spokesperson. They repeat the same talking points about "plenty of money" being available to justify their neverending salary increases. That "plenty of money" is the homeowner who sees his property tax increase while his property values languish or continue to decline.
 
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