One of the best editorials against the scourge that is Keynesian "economics".
I can just see the hamster wheel turning inside Paul Krugman's head (I won't say "brain," but that's an entirely different issue). Let's spend the money to build the bombs that we can have our best air pilots fly over Ukraine and drop on their fields. We get production, the labor of flying them over there, and the exports as the bombs drop on empty fields. A triple boost to GNP! Yeah, I guess that's why moronic Keynesians say that war boosts the economy! That doofus Keynes really knows what's best for our economy! Actually, he only knew what was best to increase spending; productivity be damned.
I guess the next brilliant idea those economists will have is that we should start some fires, just so we can increase employment as we have to hire extra firefighters to put out those fires. Or maybe we can start breaking some more windows, instead of just those on Tesla cars and trucks. Let's break some house windows, too!
Or maybe we should just admit the economists of the world have gone full retard.
Always very elegantly put. You mentioned, though, that the dead were too proud to show up for the unemployment rolls, but I'm not sure about that. They' re evidently not too proud to get their Social Security checks.
It sounds oh so simple. Are you sure you aren’t trying to confuse me with the facts? Don’t take this as a recommendation; perhaps the smart way to untie this Gordian knot is to set it ablaze. Politics isn’t like nature, but like fire in the Sequoias, it needs occasional renewal. Maybe that is Trump’s legacy.
Thankyou Joel for your eloquent exposure of the rampant bollocks espoused by our our leaders and the insiders that pull their strings. I hadn’t heard the PK name for a while but it brought to mind a joke from years past; you’re in a bunker with Adolf Hitler, Josef Stalin and Paul Krugman; you have a revolver with two bullets, what do you do? You shoot Paul Krugman, twice.
Our species has -- among other innate dispositions -- a strong sense of acquisitiveness.
Protecting possessions is also common to all life forms on our planet
The current wars worldwide among our species, including the three nastiest (Sudan, Ukraine, Gaza), were started because one party wanted what the other party possessed
The ensuing death and destruction as the two parties fight is genuinely lamentable but very understandable
Those of us who have been victims of a theft are empathetic to the defenders; not the attackers.
Thank you Keynes (and his acolyte Krugman) for the $36 trillion and growing in debt. Who could have guessed that man (politicians), and just to be clear by man I mean both men and women, could not be trusted, as Milton Friedman insisted they could, to control the growth of our monetary supply such that it would be well and responsibly balanced. Oh, and what a stupendous job they did in convincing the world that gold is nothing but a barbarous relic... note sovereign countries and central banks alike are desperately working to accumulate as much as they can at present. Seems to me that modern Keynesian economics has been entirely debunked... Hayek anyone?
Wanna tell us how you really feel about it Joel? I cannot understand why this is so difficult a concept to understand. Unless, unless, wait a minute.....the people pushing this crap are benefitting from it. Nah. Couldn't be. Could it?
Great article, led off by one of my favorite philosophers, who also wrote one of the best verses of rock: "The crux of the biscuit is the apostrophe", found on the Stink Foot cut on Apostrophe.
With greater democratic freedoms can come weaker national security, and vice versa. While I wouldn't exchange my (Western) freedom for such national security, it is still foolish to pretend a national-security sacrifice isn't being made in exchange.
For example: watching the little amount of news feed allowed to leave the nation in late 2019, I was somewhat amused by TV images of some Chinese citizens being literally dragged — a few even invertedly by their legs! — back into their residences to help contain viral transmission.
As the months passed and Covid-19 became a global pandemic, I couldn’t help but notice how China's strict handling of its own outbreak, while allowing little rights and freedoms to its people (and maybe even internal/external big business), likely enabled a relatively short duration of its initial crisis.
Joel: Great prose as usual! & insightful & thought provoking subjects.
Old George certainly had it right back in '47! As a boomer,(1951) I just assumed everyone read 1984 for pleasure or as an assignment...more evidence to the theory of my father...there is NO teaching without Learning! My generation led the way in ignorance and training future generations to be like...
Margaret Thatcher...socialism is great until one runs out of others money!
The left and neo's have convinced themselves human life is minor collateral damage as long as our stuff and the state survives...Once abortion is accepted, what is morality?
I hope our society is saveable without burning it down...as I'm afraid of what's next.
Very insightful Joel. Bottom line is there are those who want to spend what they don't have and those who believe they are safer and more stable saving. Unfortunately the two don't mix. I'm a saver and I will do that regardless of 1000 Paul Krugman's winning Nobel prizes and arguing absurdities or even Keynes. I could spout simple logic where saving works out on top. When you have nothing printing and spending make sense and when one has worked hard saved and built a secure and stable life then conserving makes sense.
So I ask you given a person who has nothing and one who has a comfortable life? If you have no war as a possibility what would you choose? So that is exactly what we have, the EU with no energy and tremendous debt and the Russians with abundant resources.
One of the best editorials against the scourge that is Keynesian "economics".
I can just see the hamster wheel turning inside Paul Krugman's head (I won't say "brain," but that's an entirely different issue). Let's spend the money to build the bombs that we can have our best air pilots fly over Ukraine and drop on their fields. We get production, the labor of flying them over there, and the exports as the bombs drop on empty fields. A triple boost to GNP! Yeah, I guess that's why moronic Keynesians say that war boosts the economy! That doofus Keynes really knows what's best for our economy! Actually, he only knew what was best to increase spending; productivity be damned.
I guess the next brilliant idea those economists will have is that we should start some fires, just so we can increase employment as we have to hire extra firefighters to put out those fires. Or maybe we can start breaking some more windows, instead of just those on Tesla cars and trucks. Let's break some house windows, too!
Or maybe we should just admit the economists of the world have gone full retard.
Perhaps we need a “Full Retard-o-Meter” to measure their incompetence?
Unfortunately, what is really needed is a psycho-meter, since it is really intentional psychopathy, not accidental incompetence.
As Yuri Bezmenov correctly said, "Always attribute to malice, that which has continued too long to be explained by stupidity."
That makes the most sense to me anyway.
we have the $37Tr debt as a measure! Unfortunately, it is not incompetence but willful deceit by & for the very few.
gone full retard a very long time ago, Kevin. Like 1936 ish.
Always very elegantly put. You mentioned, though, that the dead were too proud to show up for the unemployment rolls, but I'm not sure about that. They' re evidently not too proud to get their Social Security checks.
Classic!
It sounds oh so simple. Are you sure you aren’t trying to confuse me with the facts? Don’t take this as a recommendation; perhaps the smart way to untie this Gordian knot is to set it ablaze. Politics isn’t like nature, but like fire in the Sequoias, it needs occasional renewal. Maybe that is Trump’s legacy.
“Confuse me with facts” 😂
Thankyou Joel for your eloquent exposure of the rampant bollocks espoused by our our leaders and the insiders that pull their strings. I hadn’t heard the PK name for a while but it brought to mind a joke from years past; you’re in a bunker with Adolf Hitler, Josef Stalin and Paul Krugman; you have a revolver with two bullets, what do you do? You shoot Paul Krugman, twice.
LOL!
Our species has -- among other innate dispositions -- a strong sense of acquisitiveness.
Protecting possessions is also common to all life forms on our planet
The current wars worldwide among our species, including the three nastiest (Sudan, Ukraine, Gaza), were started because one party wanted what the other party possessed
The ensuing death and destruction as the two parties fight is genuinely lamentable but very understandable
Those of us who have been victims of a theft are empathetic to the defenders; not the attackers.
Excellent Joel.
Thank you Keynes (and his acolyte Krugman) for the $36 trillion and growing in debt. Who could have guessed that man (politicians), and just to be clear by man I mean both men and women, could not be trusted, as Milton Friedman insisted they could, to control the growth of our monetary supply such that it would be well and responsibly balanced. Oh, and what a stupendous job they did in convincing the world that gold is nothing but a barbarous relic... note sovereign countries and central banks alike are desperately working to accumulate as much as they can at present. Seems to me that modern Keynesian economics has been entirely debunked... Hayek anyone?
Wanna tell us how you really feel about it Joel? I cannot understand why this is so difficult a concept to understand. Unless, unless, wait a minute.....the people pushing this crap are benefitting from it. Nah. Couldn't be. Could it?
Great article, led off by one of my favorite philosophers, who also wrote one of the best verses of rock: "The crux of the biscuit is the apostrophe", found on the Stink Foot cut on Apostrophe.
With greater democratic freedoms can come weaker national security, and vice versa. While I wouldn't exchange my (Western) freedom for such national security, it is still foolish to pretend a national-security sacrifice isn't being made in exchange.
For example: watching the little amount of news feed allowed to leave the nation in late 2019, I was somewhat amused by TV images of some Chinese citizens being literally dragged — a few even invertedly by their legs! — back into their residences to help contain viral transmission.
As the months passed and Covid-19 became a global pandemic, I couldn’t help but notice how China's strict handling of its own outbreak, while allowing little rights and freedoms to its people (and maybe even internal/external big business), likely enabled a relatively short duration of its initial crisis.
Joel: Great prose as usual! & insightful & thought provoking subjects.
Old George certainly had it right back in '47! As a boomer,(1951) I just assumed everyone read 1984 for pleasure or as an assignment...more evidence to the theory of my father...there is NO teaching without Learning! My generation led the way in ignorance and training future generations to be like...
Margaret Thatcher...socialism is great until one runs out of others money!
The left and neo's have convinced themselves human life is minor collateral damage as long as our stuff and the state survives...Once abortion is accepted, what is morality?
I hope our society is saveable without burning it down...as I'm afraid of what's next.
Makes so much sense why Chess is murder and control not so much strategy and understanding.
Very insightful Joel. Bottom line is there are those who want to spend what they don't have and those who believe they are safer and more stable saving. Unfortunately the two don't mix. I'm a saver and I will do that regardless of 1000 Paul Krugman's winning Nobel prizes and arguing absurdities or even Keynes. I could spout simple logic where saving works out on top. When you have nothing printing and spending make sense and when one has worked hard saved and built a secure and stable life then conserving makes sense.
So I ask you given a person who has nothing and one who has a comfortable life? If you have no war as a possibility what would you choose? So that is exactly what we have, the EU with no energy and tremendous debt and the Russians with abundant resources.