Re P & Gold standard...and the Econ argument threads....

[alice wellintown]

Well...of course. The Wars have to be paid for with inflation and a
repression of the worker pensions and savings, held, often by law, in
government debt, that is then liquidated through monitary policy, the
Fed or a Central Bank lowers interest rates, buys up the higher coupon
debt, pushes in some inflation, and like magic, the debt disappears.
The Fiscal side of things is, for the most part, simply a political
game that the press, fiscal cliffing the public to numbness, plays
along with. Austerity, or raising taxes on the workers while cutting
back on the spending that help these workers, even as spending
continues, on defense and all that pork that keeps the same rotten
government in power...

How the bank and government alliance works this out is the key. Do
they pay fines? Do that clean up their greedy act? Do they toss a bone
to the workers? Well, so far, we got Obama and Ben tossing us a few
scraps and a bone. And, of course, when we look at standards of
living, as Krugman shows in his NY Times repsonse to the study on
finacial repression, what we see after WWII, is growth and incomes up
up and away. Not so bad. So hurray for financial repression! Yeah.
But, here is the thing....the rub, the conscience of the king is
rotten to the core, and, nobel prize winning academics, liberals with
a conscience,  don't get to play president. Bernanke has been a good
friend. Not a greaat one, but better than expected. He has learned
from Japan and from his foolish predecessor. And, I believe, he cares
about us poor and powerful people out here.

On Sun, Jan 6, 2013 at 9:01 AM, Markekohut <markekohut at yahoo.com> wrote:
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