My wage rates sure as hell are not.
Take a good look where spending leads.
- Thread starter Tsing Tao
- Start date
That's your best response? If you don't want to openly debate the topic, do us both a favor and say so. It's a waste of time if all you're going to do is play the riddler.
What's the solution under your "unequal rates of income growth under the same rate of inflation" epiphany above? Get everyone to the same rate of income? From each according to their ability to each according to their need?
3:06PM GMT 12 Nov 2012
Spain's banks suspend evictions
Spain's major banks have agreed to suspend evictions of the most financially vulnerable home owners, after a woman's suicide before her property was repossessed caused public outrage.
The Spanish Banking Association declared the two-year halt on Monday, when officials from the conservative government were due to hold talks with leading Socialist opposition party members to agree on new rules governing evictions.
Public attention on the talks intensified after 53-year-old former Socialist councillor Amaia Egana threw herself out of her fourth-storey apartment window in Barakaldo in the Basque Country as court officials came up the stairs to evict her on Friday, the second eviction-related suicide in Spain in recent weeks.
http://www.telegraph.co.uk/active/9672628/Spains-banks-suspend-evictions.html
Socialist committed suicide in Spain, Spain halts evictions.
Spain's banks suspend evictions
Spain's major banks have agreed to suspend evictions of the most financially vulnerable home owners, after a woman's suicide before her property was repossessed caused public outrage.
The Spanish Banking Association declared the two-year halt on Monday, when officials from the conservative government were due to hold talks with leading Socialist opposition party members to agree on new rules governing evictions.
Public attention on the talks intensified after 53-year-old former Socialist councillor Amaia Egana threw herself out of her fourth-storey apartment window in Barakaldo in the Basque Country as court officials came up the stairs to evict her on Friday, the second eviction-related suicide in Spain in recent weeks.
http://www.telegraph.co.uk/active/9672628/Spains-banks-suspend-evictions.html
Socialist committed suicide in Spain, Spain halts evictions.
Just to reiterate the progression of this latest debate with you, Ricter. I like to keep track, now. Hope that's ok.
1. My original argument that creats this thread.
2. You respond that the people could not riot in the streets like in Greece, because Greece cannot print it's own currency, and the US can.
3. I then go on to say that printing doesn't matter, because regardless of whether people's entitlements get trimmed/stopped or whether they are worth nothing (or considerably less) is the same thing.
4. You then state that your income is growing faster than inflation, and that mine is too, so why should we worry?
5. I (and another) point out that this is not true for the majority of the common man.
6. I follow it up with how you claim to hate the "rentier" class so much, but act like them in this case.
7. You say you don't rent money, so my argument is not true.
8. I respond that you don't have to rent money to behave like those who do (shitting on the common man is not a profession specific behavior).
9. You make a comment about unequal income and equal inflation, that I request clarity on. I ask if you are referring to direct communism.
10. You ignore the request, and instead ask me if that is the best I've got, claiming I don't understand.
11. I again ask for clarification.
Let's see where it goes from here.
1. My original argument that creats this thread.
2. You respond that the people could not riot in the streets like in Greece, because Greece cannot print it's own currency, and the US can.
3. I then go on to say that printing doesn't matter, because regardless of whether people's entitlements get trimmed/stopped or whether they are worth nothing (or considerably less) is the same thing.
4. You then state that your income is growing faster than inflation, and that mine is too, so why should we worry?
5. I (and another) point out that this is not true for the majority of the common man.
6. I follow it up with how you claim to hate the "rentier" class so much, but act like them in this case.
7. You say you don't rent money, so my argument is not true.
8. I respond that you don't have to rent money to behave like those who do (shitting on the common man is not a profession specific behavior).
9. You make a comment about unequal income and equal inflation, that I request clarity on. I ask if you are referring to direct communism.
10. You ignore the request, and instead ask me if that is the best I've got, claiming I don't understand.
11. I again ask for clarification.
Let's see where it goes from here.
Here's another example for you, Ricter. This time, the country CAN print if it chooses to. Are these pension obligations going to be paid? Your call, please.
Link
Feel free to get Martinghoul, your Keynesian friend from across the pond, to jump in if you have a hard time with the data here.
Link
For all our UK readers, who hope some day to collect pension benefits, we have two messages: i) our condolences, and ii) you won't. Why? The answer comes straight from the ONS:
The new supplementary table published by ONS in Levy (2012)10 includes the following headline figures for Government pension obligations as at end December 2010:
Social security pension schemes (i.e. unfunded state pension scheme obligations): £3.843 trillion, being 263 per cent of gross domestic product (GDP) (£3.497 trillion at end of December 2009)
Centrally â administered unfunded pension schemes for public sector employees (i.e. unfunded public service pension scheme obligations): £852 billion, being 58 per cent of GDP (£915 billion at end of December 2009)
Funded DB pension schemes for which government is responsible: £313 billion, being 21 per cent of GDP (£332 billion at end of December 2009).
In summary, the estimates in the new supplementary table indicate a total Government pension obligation, at the end of December 2010, of £5.01 trillion, or 342 per cent of GDP, of which around £4.7 trillion relates to unfunded obligations.
Or visually:
Of course, US-based readers should not get their hopes up too much either. With total underfunded liabilities - including SSN and healthcare, in the US well over $100 trillion (on under $16 trillion of GDP) it is only a matter of time before the entire welfare state ponzi scheme blows up.
Source: OMS
Feel free to get Martinghoul, your Keynesian friend from across the pond, to jump in if you have a hard time with the data here.