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Sunday, March 07, 2021

Dementia vs economics

 I think we can safely conclude that dementia won.

"The vast majority of economists, left, right, and center, from Wall Street to the private, uh, the private, ah ah ah economic private polling initiatives, the economists as I said, left, right, and center, say in addition to the needs that the people have, we need this to grow the economy. That if we haven't spent this money and recreated the kind of incentive for people to be able to make a good living, that we'd be in real trouble."

- Not-President Joe Biden

Also, it's pretty much only Keynesian economists, of the neo- and post- varieties, that still subscribe to the stimulus concept that observably hasn't been working at all since the early 1970s. Remember, Keynesian economics do not account for debt as a variable in any way, shape, or form, which is why they are increasingly irrelevant with every passing year.

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74 Comments:

Blogger kurt9 March 07, 2021 6:49 PM  

Or Fake President Joe Biden.

Nevertheless, I agree that Keynesian economics does not and have never worked and, yes, the debt is the problem as well.

Blogger SonyAD March 07, 2021 6:49 PM  

Permitting the existence of privatised, ex nihilo issued, interest bearing debt monetary systems and making those monetary systems the only monetary systems which are allowed to exist was the only mistake bigger than women's suffrage.

Blogger Bezzle March 07, 2021 6:52 PM  

The purpose of economics as a public profession is to legitimize Cabal fiat and government tax-collection. Contrarians are to be driven out as heretics opposed to "the needs of the many".

Blogger peacefulposter March 07, 2021 6:54 PM  

VD, are you still thinking deflation? Unlike monetary policy, fiscal stimulus really is like dropping money from helicopters. However, maybe this latest stimulus (as big as it is) is still tiny compared to the massive amount of private debt outstanding.

Blogger Balkan Yankee March 07, 2021 6:55 PM  

Keynesian stimulus is to the economy what laughing gas is to the studio audience.

Blogger MATT March 07, 2021 6:56 PM  

I don't think he'll make it 6 months.

Blogger Storm Rhode March 07, 2021 7:00 PM  

I think they have to be accounting for debt privately since they're dumping so much into the stocks and stimulus to shore up the economy. If they were honest with the public about the debt people might wakeup peeved.

Blogger VD March 07, 2021 7:00 PM  

VD, are you still thinking deflation?

Never, ever, ask me a "are you still..." question. If you are unaware of me changing my position on something, the answer is always yes.

Blogger Manuel March 07, 2021 7:00 PM  

"C'mon man! You mean you actually said I had the right ah ah economics? Did I do good? C'mon."

Blogger Ghost of Nathan Bedford Forrest March 07, 2021 7:16 PM  

A true confederacy of dunces

Blogger van helsing March 07, 2021 7:18 PM  

well lets look at all these money infusions for what they are. they are not stimulus. they are payoffs to cabal operations arms.

Blogger Br'er Shaygetz March 07, 2021 7:19 PM  

Ummmm...yikes?

Blogger PolitiCrump March 07, 2021 7:19 PM  

I remember Niall Ferguson receiving criticism several years ago for suggesting that Keynes lack of concern for debt had to do with the fact that he was homosexual. "In the long run, we're all dead." Just spend now, no need to worry about creating a sustainable economic system for posterity. Keynesian economics is complete nonsense.

Blogger jsmalone1 March 07, 2021 7:49 PM  

Everything they touch is destroyed, there are no exceptions. I am having a difficult time processing all that is happening. So glad my parents are not here to see this.

Blogger liberranter March 07, 2021 7:52 PM  

Or Fake President Joe Biden.

Anti-president Joe Biden. Just as fake popes who gained the Throne of Saint Peter through fraud, corruption, and force before being exposed and overthrown, so has the current figurehead occupying the Oval Office. Why not borrow a label already applied historically?

Blogger ChewbacaTW March 07, 2021 8:01 PM  

*sigh*... Anyway...

Blogger Crunchy Cachalot March 07, 2021 8:03 PM  

I for one feel this is a powerful message of faith and hope from Pseudident Zombiden and I can't wait to get back to spending money I don't have on things I don't need for a future I pray never comes. Bommerism 4 evah!

Blogger Noticer of Things March 07, 2021 8:15 PM  

Any ideas from Vox or others on how deflation is eventually likely to play out? There is so much money being pumped into the system now to prop things up. I'm trying to position my finances wisely to be ready for what's likely to come, but it's tough. If you asked me a year ago, I certainly wouldn't have guessed that we'd be at record stock and asset prices today. I don't think anyone expects Vox to be able to have perfect timing on economic calls (God is the only one who can do that). However, it would be great to get his updated input, in light of recent events. It would be an awesome topic for a Darkstream at some point, because it is relevant to so many people and on our mind a lot these days.

Blogger Rough Carrigan March 07, 2021 8:19 PM  

Keynesian economics is to debt as Keynes' vacation habits were to child protective services.

Blogger FacelessBro March 07, 2021 8:29 PM  

It's one thing to hear Biden ramble through incoherent ideas, and another entirely to see it written down.

Really hammers home how far gone he is, mentally.

Blogger Azimus March 07, 2021 8:31 PM  

Surprisingly his position was roughly as coherent as New York Times Award Winning Economist Paul Krugman.

So there's that...

Blogger Azimus March 07, 2021 8:34 PM  

MATTMarch 07, 2021 6:56 PM
I don't think he'll make it 6 months.


Well, I would say he already hasn't made it 3 months. How does a sitting Pretender-dent not give the State of the Union? I'm stymied.

But as for leaving office, I'm sure they're preparing the script now for maximum emotional effect - probably have a stroke after having an incident with a MAGA politician, then Nancy Pelosi invokes whatever Amendment that is through a tear-soaked speech, and Kamala vows to avenge Joe who was "assassinated by domestic terrorists" and then ram all their woke vomit through the congress. No way the dems don't try to make hay over this.

Blogger Dafo March 07, 2021 8:40 PM  

Joe can make you a scrambled word omelet as long as your questions are over easy.

Blogger furor kek tonicus ( The first rule of Dunning-Kruger Club is that she don't know she's in Dunning-Kruger Club ) March 07, 2021 8:43 PM  

VD
Also, it's pretty much only Keynesian economists,


silly Vox, Keynesians are the only ones studying Economics on the basis of IFLSCIENCE!

all other so-called "economic theories" are based on wishful thinking and deviance from the holy writ of Marx and are to be derided as the faith based mumbo jumbo that they are.

Blogger Ominous Cowherd March 07, 2021 8:45 PM  

@4, deflation is the inevitable result of default. Inflation is the inevitable response of the fiat issuer, to everything, but especially to deflation.

Blogger VD March 07, 2021 9:04 PM  

I think they have to be accounting for debt privately

You're wrong. They're not. They have no theory that accounts for it or affects their policy.

Blogger Ominous Cowherd March 07, 2021 9:27 PM  

VD wrote:You're wrong. They're not. They have no theory that accounts for it or affects their policy.
Of course they don't have it in their theories. Debt merely redistributes production to those who can take advantage of the fiat counterfeiting scheme. As a first effect, the only effect is who gets what. The second effect is mal-investment, but in the long run all the globohomos are dead, so they don't care.

Blogger Ingot9455 March 07, 2021 9:42 PM  

I just say 'The Regime.'

There's no need to say Biden's name. It's not like he's in charge of anything, right? It's just 'The Regime.'

Who's the President then? The Regime.

We don't have a president. No one person is the executive or making decisions. There's a conglomeration of puppet masters with different strengths of strings in different areas, that's all.

Blogger MATT March 07, 2021 9:55 PM  

"Well, I would say he already hasn't made it 3 months. How does a sitting Pretender-dent not give the State of the Union? I'm stymied."

@Azimus

Just makes me even angrier with Trump. Allowing Biden to take office is the biggest mistake of his life.
And despite the cries of "2024" at rallies, it's obvious that Jr. doesn't have the Right Stuff. They're all just whining about fairness instead of engaging in blood sport. Sad!

Blogger Farwood Bear 2.0 March 07, 2021 10:04 PM  

Good thing I popped over to Infogalactic. I didn't know any better and thought a Keynesian economist meant Obama.

Blogger "William Berke" March 07, 2021 10:12 PM  

Why would you need to account for anything there is an infinite supply of?

Blogger Doktor Jeep March 07, 2021 10:28 PM  

I'm getting the feeling that they see debt as part of the total economy rather than a problem or liability to be avoided.
But then that view might be what to expect from people who earn money off debt.
Conversely, none of this matters to people who don't have any money.

Blogger brbrophy March 07, 2021 10:39 PM  

It's true. They don't even consider debt. They think because the dollar is the global reserve currency debt doesn't matter because there will always be enough demand for the dollar so it will never hit a debt wall. What they never account for is the lack of loyalty financiers have for their nation/host nation. They will see China as a much more profitable investment than the USA, and they will make the global reserve currency the yuan. Just like when the Venetian bankers purposely delayed sending reinforcements to Constantinople to ensure it fell to the rising Turkish empire. For the past half-century most economists have either been traitors or foreigners.

Blogger furor kek tonicus ( The first rule of Dunning-Kruger Club is that she don't know she's in Dunning-Kruger Club ) March 07, 2021 10:50 PM  

VD
Also, it's pretty much only Keynesian economists,


silly Vox, Keynesians are the only ones studying Economics on the basis of IFLSCIENCE!

all other so-called "economic theories" are based on wishful thinking and deviance from the holy writ of Marx and are to be derided as the faith based mumbo jumbo that they are.

as an amusing side note, it appears that Racism wins at Racing. Kyle Larson just won the Vegas race, Bubba "Faked a Noose Story" Wallace has yet to finish in the top 15.

Blogger Autarky Bear March 07, 2021 10:53 PM  

At this point I have zero faith in the economy. The fact I wake up every morning so far and find my merger savings and cash in my wallet still somehow worth something is mind-blowing and surprising to me because I would have thought the system to collapse by now. But maybe it's the combined spell of those who are so morally bankrupt that their combined sins and complience make this paper airplane of an economy stay gliding through the air somehow. It's funny to watch Biden though. He's obviously less then a husk of a man and at this point drugged so much I wonder if he sees people around him as the literal devils they are. I hope and pray for what it is worth that something will change for the better. But for now, I gird my loins, plant my seeds where I can, and focus on my family's safety according to God's instructions.

Blogger wahr01 March 07, 2021 10:57 PM  

Ominous Cowherd wrote:@4, deflation is the inevitable result of default. Inflation is the inevitable response of the fiat issuer, to everything, but especially to deflation.

Someone else beat me to this.

GameStop's stock fiasco shows just how rigged the economy is, and given the economy is faker than the news, I expect them to eventually, and grudgingly, inflate wages to clear the debts of their cronies.

Blogger James Dixon March 07, 2021 10:58 PM  

> Remember, Keynesian economics do not account for debt as a variable in any way, shape, or form,

Which means they ignore the interest cost of that debt.

> ... fiscal stimulus really is like dropping money from helicopters.

Not hardly. The government chooses who get the stimulus money and who doesn't. It's like dropping money from a helicopter in select neighborhoods only, none of which actually need the money, while other neighborhoods are starving.

> ...they are not stimulus. they are payoffs to cabal operations arms.

Exactly.

> There is so much money being pumped into the system now to prop things up.

What system exactly? Who is the money going to and what are they doing with it? If you can answer these questions you'll see why inflation has been so slow to take off. Though even that is starting to change as the results of their oil policies ripple through the economy.

Blogger Black Bird March 07, 2021 11:01 PM  

Fools the Washingtonian and Globalists Fools.
Who laugh at us dear mortals who they think don’t have a brain to sit on. The Kings of the world thought the same.
What they don’t know is the King is coming and will sit on His thrown and judge the nations

Blogger Reziac March 07, 2021 11:57 PM  

[reads the immortal words of the Fraud In Chief]

It's like he's reciting a magic formula. The only way it makes sense is if you consider him as the shaman of a cargo cult.

Blogger Bernard Korzeniewicz March 08, 2021 12:00 AM  

The USA are now in the stage of USSR during the 1991coup https://infogalactic.com/info/1991_Soviet_coup_d%27%C3%A9tat_attempt
They formally got the power. But State was already collapsing. It was the most important political move I know.

Blogger Sean March 08, 2021 12:49 AM  

If this doesn't awaken people, nothing will!

Blogger map March 08, 2021 12:49 AM  

We have deflation now.

It is proper to measure inflation/deflation with the gold price so, for the American economy, the dollar-price of gold has dropped from a recent high of $1,958/oz to $1,700/oz, a 13% difference in a single quarter.

The thing is, the "stimulus" is not really a stimulus. It is the replacement for the cash flow that was destroyed when the government initiated the hoax plandemic. Despite all of the money pumped into the economy, it is getting absorbed so quickly that, at the margin, people are trading out of gold into cash to participate in the local economy.

Of course, the problem is that the economy has accumulated debt just to initiate a condition only slightly better than what we had in February of 2020.

It's quite clear that government policy is being used to generate volatility that allows insiders to position trades in the market.

Blogger Yukichi Sensei March 08, 2021 12:57 AM  

The theory in mainstream economics is illiterate; historically, morally, spiritually, and economically.

They cannot account for human action, including debt. Its a shell game to defeat your discernment and pump debt, then make it moral.

Blogger Th3 J3st3r March 08, 2021 1:03 AM  

This is Joe when he's not pumped full of amphetamines and alzheimer meds.

Blogger Harambe March 08, 2021 1:55 AM  

Keynesians say debt doesn't matter because when things are going well we'll just repay it and/or raise taxes to cover it. And when things are going badly, we'll just borrow and spend to get through the tough times cause we can just pay it back when the good times inevitably come around again. Ad infinitum.

Now, I'm not a smart man, but even I can see a couple really valid objections to the above. E.g. what if the good times don't come? What if the taxes drive away the investors? What if we get addicted to easy money and never repay it?

And those aren't even the objections made by the smart economists like Von Mises and his buddies.

Blogger Shane Bradman March 08, 2021 2:11 AM  

Vox is right. Economists CANNOT distinguish between debt and equity. They are explicitly taught not to distinguish between them. I went through the uneducation system a few years ago and they are still teaching this nonsense.

Blogger weka March 08, 2021 2:20 AM  

Simply put, the US economy has less rationality than Venezuela or Greece.

When the EBITs run out then the riots start and the land values drop.

Ditto foroat of the West. At present you would be better living in Italy or Romania, where no one trusts the government and cash is king

Blogger Zastavnik Džemo March 08, 2021 2:25 AM  

@VD I could not find "return of the great depression" in arkhaven or castalia stores. I am interested in ebook or print. Bookdepository says out of stock. Is amazon my only option?

Blogger Bryce March 08, 2021 2:30 AM  

He could have saved himself with a patented "come on, man. I'm the guy." And remember, if all else fails, challenge the reporter to a push up contest.

Blogger Private March 08, 2021 2:31 AM  

I'm terribly, terribly, terribly, terribly irritated to see Biden referred to as "Not-President". He's His Dementedness. I don't think it will matter, though, because The Whore Behind the Curtain will take control circa June. That's my prediction.

Blogger Shimshon March 08, 2021 3:03 AM  

When I learned, from Vox many years ago, that debt was completely ignored by mainstream economics, my mind was blown at the utter stupidity of the discipline. Well, some have to know that debt should be accounted for but still ignore it, and choose to rely on those who are stupid to carry water. Those people who know aren't stupid, but rather evil.

Blogger Mr.MantraMan March 08, 2021 6:16 AM  

Star Wars has a rock for a character, the FUSA has a vegetable for a not-president, just another day in Clown World.

Blogger Ominous Cowherd March 08, 2021 8:46 AM  

Shane Bradman wrote:Economists CANNOT distinguish between debt and equity.
Why-ever would they? Counterfeit spends the same as real.

Blogger A M D G March 08, 2021 9:35 AM  

I prefer Resident Biden...

Blogger Harambe March 08, 2021 9:36 AM  

Ominous Cowherd wrote:Shane Bradman wrote:Economists CANNOT distinguish between debt and equity.

Why-ever would they? Counterfeit spends the same as real.


This is literally the argument Keynesians make. not even satire.

Blogger furor kek tonicus ( The first rule of Dunning-Kruger Club is that she don't know she's in Dunning-Kruger Club ) March 08, 2021 9:49 AM  

33. brbrophy March 07, 2021 10:39 PM
They think because the dollar is the global reserve


Reserve status has nothing to do with it.

the historical argument is that the vast majority of debts are held domestically, regardless of the nation you're in.

the Globalist argument would be that we live in a modern global economy, in which EVERYTHING is functionally "domestic".

Reserve status is really only useful to get other nations to preference our fiat to their own fiat
...
which allows us to run continuous trade deficits since the mid-1980s where a normal country would have had several currency collapses by now.

Blogger English Tom March 08, 2021 10:27 AM  

Debt cannot compound faster than income forever, it is simply impossible. There will be a great reckoning and it will be soon.

Blogger Gettimothy March 08, 2021 10:37 AM  

In this video Fall Of Empires: Rome vs USA (Hidden Secrets Of Money Ep 9) Steve Forbes makes a incredibly clarifying statement on the difference between Money and Currency.

To wit:

Money is a unit of measure, no different than a parsec, gram, second, jule or mole.

Currency is a unit of exchange that may or may not be tied to Money.


Nixon destroyed the unit of measure in the usa and the (((currency))) monsters have had a field day.

It appears to me that economics based around currencies based on nothing are the rule today...a ruse doomed to fail.

Now, econ is not physics or math...the king and queen do not suffer fools or the arguments of moral reprobates such as the WSJ , Keynes or the fed. Econ is fundamentaly a humanistic thing like music, there are rules and principles, but any rock and roller can call noise, music. This economy based on currency us a bad garage band, not an orchestra.

Is Forbe's statement true? I do not know; but it strikes me as fundamentally sound. Like all good models, Wanninski's margins being another ,the model provides a clarifying lens on the chaotic field.

Heck! Biden's dementia could earn him the nobel prize.







Blogger James Dixon March 08, 2021 10:47 AM  

> Is Forbe's statement true?

Yes.

Blogger Ominous Cowherd March 08, 2021 11:38 AM  

Harambe wrote:This is literally the argument Keynesians make. not even satire.
Correct, I was not joking.

Blogger CJ March 08, 2021 12:22 PM  

"The vast majority of economists, left, right, and center, from Wall Street to the private ..."

Joe blurted out a truth there. Wall Street isn't really "private", it's a connected part of the permanent state.

Blogger OldFan March 08, 2021 1:32 PM  

The best way to understand the Voodoo Sciences is to realize they are simply Schools of Philosophy: they select a premise and run it out to its extreme to see what happens. Amusing, but a poor substitute for proven facts and processes.

Physics, Chemistry, and Biology do not do this (as much, they do have some posers nowdays) but Sociology, Anthropology, Economics, and Psychology do it all the time.

The best way to shut them up is to ask: "What was the baseline experiment that proved your central thesis?" The real sciences have an answer, the fake ones do not.

Blogger map March 08, 2021 1:45 PM  

Gettimothy wrote:To wit:

Money is a unit of measure, no different than a parsec, gram, second, jule or mole.

Currency is a unit of exchange that may or may not be tied to Money.


In the Forbes/Wanniski/Mundell circle, money has three elements:

1) A storehouse of value
2) A medium of exchange
3) A unit of account

Of the three, the unit of account is what is important. This is the stable, unchanging measure of money where the British pound in 1920 bought the same amount of goods as it did in 1790.

It is this removal of the unit of account that motivated Keynes.

Blogger CopperMaran March 08, 2021 2:23 PM  

I yet believe Joe's sly as a fox. Maybe the "dementia" meds working backwards. There's more to this than staging for Kam.

Blogger Akulkis March 08, 2021 3:08 PM  

>> Now, I'm not a smart man, but even I can see a couple really valid objections to the above. E.g. what if the good times don't come? What if the taxes drive away the investors? What if we get addicted to easy money and never repay it?

When was the last time any political entity actually payed down more debt in one year than what they borrowed?

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Spoiler
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In the U.S, the last time the Federal Government did any such thing was in the 1800s. For one year, the U.S. government was debt free. Then they started borrowing again for no good reason.

Blogger Ominous Cowherd March 08, 2021 3:09 PM  

map wrote:In the Forbes/Wanniski/Mundell circle, money has three elements:
1) A storehouse of value
2) A medium of exchange
3) A unit of account

There are some other desirable features; durable, easily identifiable, divisible. Portable and hide-able are nice, too.

Your number 1 is the essential feature of money: it is a store of value. FRNs are not money, because they are constantly losing value.
Your numbers 2 and 3 are the essential features of currency. FRNs are currency, because they are used as a medium of exchange and unit of account.

Money and currency don't have to be different, but they are today.

Blogger Akulkis March 08, 2021 3:13 PM  

>> Debt cannot compound faster than income forever, it is simply impossible. There will be a great reckoning and it will be soon.

And then for no reason at all, the Germans elected a party lead by a man who was already convicted of for heading up a failed coup attempt.

Blogger Avalanche March 09, 2021 9:21 AM  

@28 "There's no need to say Biden's name. It's not like he's in charge of anything, right? It's just 'The Regime.'

Why would it not be more useful to always/only refer to "Biden's Handlers"? Is it too dialectic to try stressing that IM-POTUS is NOT running things; he is NOT 'deciding' to bomb Syria, or fling open the borders, or send stimulus money to sentenced murderers and rapists and millions of illegals; might get a few who hear it to thinking?

But, always/only refering to "Biden's Handlers" might make the sleepers come partway awake?

Blogger Gettimothy March 09, 2021 10:04 AM  

Counter arguments appreciated; the money/currency lens is salient in the GME and Silver Squeeze counter finance-revolutions playing out on Wall Street Bets.


GME is purely a currency phenom being undertaken against the manipulators.

Silver Squeeze is a battle for the definition of money; is money a measure or is it a currency?

TPTB insist that their currency is money; "barbaric relic" , they hiss, when questioned.

The Deplorables know the truth, know TPTB lies AND know that without their lies,TPTB are worthless without Silver...i.e TPTB are massively in debt

Blogger Revelation Means Hope March 09, 2021 12:43 PM  

Better go reexamine the Calvin Coolidge years.

Blogger LysanderSpooner March 09, 2021 1:17 PM  

I work at the VA, Biden’s picture is still not up, something about waiting for the official picture is up instead. Weird. Trump’s picture was up before the end of the week when he won in 2016.

Blogger LysanderSpooner March 09, 2021 1:18 PM  

I work at the VA, Biden’s picture is still not up, something about waiting for the official picture is up instead. Weird. Trump’s picture was up before the end of the week when he won in 2016.

Blogger LysanderSpooner March 09, 2021 1:18 PM  

I work at the VA, Biden’s picture is still not up, something about waiting for the official picture is up instead. Weird. Trump’s picture was up before the end of the week when he won in 2016.

Blogger Canada78Bear March 09, 2021 3:08 PM  

I pity Vox for having to read Biden transcripts.
I watch the recent vids and I honestly cannot believe what I'm watching with all the brain lapses.
Gibberish in voice and in written form.

On the plus side Biden won't be around in 2022.

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