Jeffrey Sachs is a wonderful psychopath. The people will panic long before the government by buying gold and silver. Did the german people riot when they found out that their government would bailout Greece, No, they went out and bought gold.
@rayme4raw "The people" know that the crap is striking the impeller, while these psychopaths try to string the common men along long enough to rob them of everything.
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What is "government debt" other than promises of future tax revenues? It's all blood money. Yours, mine, not theirs.
No matter how you say it, government intervention means protection against folly. When you do that, you fill the world with fools. If the government continues to try and manage recessions so that they do not appear, it only postpones the day of reckoning and makes the hardships felt on the entirety of society rather than redirecting only the actions of those who gambled.
Hugh Hendry abandons free-market principles at the end when he calls for more regulation by politicians on the banks. Sachs, the blue-blooded elitist squirms gleefully.
@hellevonequities I'm as pro-free market as anyone, but I don't view this as a betrayal. It's like Ron Paul voting against the repeal of Glass-Steagall. In an ideal world, we'd have completely free markets with no government intervention, no central banks, and sound money. Unless we can get there, some regulation seems prudent.
@myopicrhino well if you're for some gov't intervention you're logically not as free-market as anyone. The most free-market logically would be for zero gov't intervention.
..In the transition, i'm still doubt whether gov't intervention makes things better...i think market regulation (the main being the profit-loss system i would say) is good enough.
@hellevonequities Perhaps I should clarify. Personally, I want to put an end to all government intervention. But unless that's going to happen all at once, it needs to be dismantled in a sensible way, so I don't really fault any public official/pundit who is generally pro-free market but who makes concessions to the world we live in.
@myopicrhino right...but the question is then, is that gov't regulation in the transition to a free-market actually helpful? My hunch (and I could be wrong) is that gov't regulation always makes things worse off.
@atrickpay11 (1/2) I think it's a complex issue. As Mises said, government intervention tends to create problems that lead to further government intervention. I believe the solution is to eliminate all government intervention, but it's not so clear to me what the road to that looks like - short of a total collapse. If bank leverage limits are removed, for example, we should cheer that as pro-free market, right?
@atrickpay11 (2/2) But if it doesn't also include removing all the government backstops, the moral hazard brings the system to its knees and the economically ignorant general public blames the free market and begs for more regulation.
@hellevonequities I'm sure Hendry just thinks government can still "do good" if only the right regulations were in place or the right people in charge, or the right Constitution written.
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Actual anarchists who understand that evil means (coercion) cannot be used for, and are not justified by, good ends, are rare indeed.
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Tolkien summed it up well: "Yet the way of the Ring to my heart is by pity, pity for weakness and the desire for strength to do good."
god forbid Greece repaid it´s debt, the idea is that they just "service" it for n periods.
ericobarrett 1 year ago
I don't think anyone could say it better; nor could it be a more ignored fact: "I recommend you panic."
For those of you absorbed by your material worlds, prepare for a quick end to the Great Complacency.
vcdrob 1 year ago
Omg Jeffrey Sachs you are the biggest **** that I know. People like you are exactly what is wrong with the world and who cause the worlds problems.
If there was a video game where i could punch a character that looks like you in the face all day I would!
diggyisking 1 year ago
Sachs is such a perfect example of a politician.
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Keep in mind he's touted as an "expert", a professor and advisor to central banks and the IMF.
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So if things are messed up, this is one of the guys DIRECTLY RESPONSIBLE. He's avoiding the facts in order to save HIS OWN NECK!
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I'd love to own one of those voice stress meters, I'm sure it would be going nuts every time Sachs talks.
CurtHowland 1 year ago
Jeffrey Sachs is a wonderful psychopath. The people will panic long before the government by buying gold and silver. Did the german people riot when they found out that their government would bailout Greece, No, they went out and bought gold.
rayme4raw 1 year ago 2
@rayme4raw "The people" know that the crap is striking the impeller, while these psychopaths try to string the common men along long enough to rob them of everything.
.
What is "government debt" other than promises of future tax revenues? It's all blood money. Yours, mine, not theirs.
CurtHowland 1 year ago
No matter how you say it, government intervention means protection against folly. When you do that, you fill the world with fools. If the government continues to try and manage recessions so that they do not appear, it only postpones the day of reckoning and makes the hardships felt on the entirety of society rather than redirecting only the actions of those who gambled.
4Stanzas 1 year ago 4
sachs lives in a world where results just don't matter. what does he know? grading papers.
jonathans8 1 year ago
Hugh Hendry abandons free-market principles at the end when he calls for more regulation by politicians on the banks. Sachs, the blue-blooded elitist squirms gleefully.
hellevonequities 1 year ago 9
@hellevonequities I'm as pro-free market as anyone, but I don't view this as a betrayal. It's like Ron Paul voting against the repeal of Glass-Steagall. In an ideal world, we'd have completely free markets with no government intervention, no central banks, and sound money. Unless we can get there, some regulation seems prudent.
myopicrhino 1 year ago
@myopicrhino well if you're for some gov't intervention you're logically not as free-market as anyone. The most free-market logically would be for zero gov't intervention.
..In the transition, i'm still doubt whether gov't intervention makes things better...i think market regulation (the main being the profit-loss system i would say) is good enough.
hellevonequities 1 year ago
@hellevonequities Perhaps I should clarify. Personally, I want to put an end to all government intervention. But unless that's going to happen all at once, it needs to be dismantled in a sensible way, so I don't really fault any public official/pundit who is generally pro-free market but who makes concessions to the world we live in.
myopicrhino 1 year ago
@myopicrhino right...but the question is then, is that gov't regulation in the transition to a free-market actually helpful? My hunch (and I could be wrong) is that gov't regulation always makes things worse off.
atrickpay11 1 year ago
@atrickpay11 (1/2) I think it's a complex issue. As Mises said, government intervention tends to create problems that lead to further government intervention. I believe the solution is to eliminate all government intervention, but it's not so clear to me what the road to that looks like - short of a total collapse. If bank leverage limits are removed, for example, we should cheer that as pro-free market, right?
myopicrhino 1 year ago
@atrickpay11 (2/2) But if it doesn't also include removing all the government backstops, the moral hazard brings the system to its knees and the economically ignorant general public blames the free market and begs for more regulation.
myopicrhino 1 year ago
@hellevonequities I'm sure Hendry just thinks government can still "do good" if only the right regulations were in place or the right people in charge, or the right Constitution written.
.
Actual anarchists who understand that evil means (coercion) cannot be used for, and are not justified by, good ends, are rare indeed.
.
Tolkien summed it up well: "Yet the way of the Ring to my heart is by pity, pity for weakness and the desire for strength to do good."
CurtHowland 1 year ago
Jeffrey Sachs looks like a do-gooding busy bodied creep.
hellevonequities 1 year ago 9
Hugh Endry is absolutely spot on-tough measures create quicker results.
ricsibacsi1956 1 year ago 4
Government help to banks should come in exchange for equity.
skazhiprivet 1 year ago