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Comment Re: Weep for humanity. (Score 1) 299

One thing that is constant in most economies is that the majority of people are borrowers.

This has not always been the case, and borrowing has been enormously increased by the practice of letting central banks conjure money out of thin air. There was a time when businesses routinely saved their own money to finance capital improvements instead of borrowing and paying interest.


Comment Re: Weep for humanity. (Score 2, Interesting) 299

If everybody knows there will be deflation then they know that if they hold on to their money it will be worth more in future.

That's what Krugman claims, but it's bullshit now, and it was bullshit when Keynes first decided to try to convince people that they were better off being robbed by central bankers diluting their money.

Here's the example that disproves the claim: Everyone knows that when it comes to electronics, next year's model is going to be better/faster/more bang for the buck than this years' model, but the electronics industry isn't starving to death because of everyone sitting on the sidelines and refusing to buy devices because they'll get more for their money in the future.

Inflation benefits governments and other profligate borrowers. Deflation benefits savers (and everyone else, to a lesser extent.)


Comment Re: In three years ... (Score 0) 216

Someone has to set the educational standards for the entire country. ..and you're willing to leave that up to the whims of politicians?

We can't have 50 states marching to a different drummer, especially when we have a political culture that values ignorance over intelligence.

I think it's hilarious that you believe central authority is a remedy to this problem.


COMPASS [for the CDC-6000 series] is the sort of assembler one expects from a corporation whose president codes in octal. -- J.N. Gray