11/24/2010 Peter Schiff : The Irish Should Default On Their Debt, Not Become Enslaved By Bankers

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[theshaddo9]

@DOHC2L you missunderstand. Injecting money alone will of course cause inflation. However, if you inject money into say, building infrastructure, then you basically create potential for growth (the infrastructure can handle it). At the same time, you increase taxes, which would reduce the inflationary impact of the injected money, but only after it has gone through the multiplier effect (basic economics). In theory, this would work...

But let the economists argue in circles, thats much better!

[theshaddo9]

@ytgv3fc7, government speding is good. For example, the Australian goverment spent and its done a lot better in terms of the recession than other countries. Other governments have failed at this because 1) they have done nothing to get rid of the negative expectations, which plays a huge role in economics, and 2) they spend it on irrelevant areas, instead of infrastructure..

[DamnYourReallyUgly]

Bailing out banks - only means throwing honest family's into a meat grinder...thats all...

[mattyneckhay102]

peter schiff is the man

[ytgv3fc7]

@stealthswimmer the key is NOT to maximize profits - for this is always fraud, theft, cheating, war - the key is to minimize costs - this is to find efficiency and to avoid wasteful mistakes. These are entirely different mechanisms as one is very dishonest (profit) and the other is inherently useful (cost-reduction). Many people are too stupid and greedy to reduce costs and so increase revenue (profit+) and mostly by theft (transfer without consent, knowledge, using force, of wealth)

[ytgv3fc7]

@stealthswimmer well, you are wrong. Most wars start because of money ratios, stealing, and state-to-state wars started by governments are a small fraction of these incidents of a larger category. It's not a monopoly of force, it's a monopoly of ALL resources - food, water, guns, medicine. Profit helps NO one know what to make - not today, not for one second in history and not in the future. It's a price distortion, a lie stacked on other lies. COST is the real indicator, NEVER PROFIT

[stealthswimmer]

@ytgv3fc7

I think most wars are started because of the state, not because of class conflict (at least not economic class, but rather power classes, if some have the monopoly on the use of force then they will be tempted to use that to start wars). As for money, it simply helps people trade, and a money developed voluntarily in the market is thus qualitatively different from today's paper money (though a natural money can lead to paper money). And profit just helps people know what to make.

[ytgv3fc7]

@stealthswimmer so in the future if we are to have any kind of economic stability the concept of profit must be removed forever. If it is not we can never have stability, we will always have massive poverty and wars FROM that poverty, mostly civil wars and class wars. The pricing mechanism itself, with any kind of non-inventory good that is not usable (paper money) must cease to exist. Gold and silver are real goods in the real world so like apples, steel, tin, are inventory units of account

[ytgv3fc7]

@stealthswimmer Pricing mechanisms ADDITIONALLY fail by allowing one price to account for multiple transactions whereby one is too low and the other is too high because differing prices are required to maintain inventory balances.

"if all else being equal" -> that is the problem. We know for a fact now that all else is not equal, not now or ever. The higher the profit, the higher the losses for those who purchase anything and this kills personal savings and the economy.

It IS the problem

[ytgv3fc7]

@stealthswimmer Common units of account are a mistake: we need ACCURATE units of account and they are NOT COMMON.

Every trade, every transaction, is different.

Every report, properly made and instantly made using machines, of real inventory and real input costs, shows people the real cost so we know what we're dealing with.

Pricing mechanisms fail at all times to show any of this.