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Man, I disappear for a night and this thread turns into pure gold.
I think we should just borrow $37 Trillion dollars today and the economy would go through the roof.
You weren't missed BTW.
Where did I imply that to be a good idea? That would create hyperinflation. A good goal might be to sustain a certain level of employment without creating inflation. If inflation rises too much the fed could raise interest rates or we could raise taxes.
It seems like he doesn't have the ability to live or think between two extremes. It's either no debt, period, or $37T and bond vigilantes. The concept of an infrastructure investment package to get unemployment down, then followed by a period of paying down debt just doesn't compute for some reason.
You may run like Hayes, but you hit like $*!#
Oh come on now, we both know you missed me.
Well I just thought since we are throwing fiscal responsibility out the window we might as well do it right. After all debt is money right? Think of all the money we would have if we borrowed 37 trillion dollars! The we wouldn't have to fear those dastardly surpluses and scary balanced budgets for awhile. We should do the responsible thing and go further in debt.
You are the first one besides me to mention anything about paying down debt. Hell the other two morons are advocating against paying any of it and want to add even more to infinity it seems.
So there was nothing for me to compute, the arguments in this thread have been about increasing the debt in perpetuity and you come in here with that asset killing fiscal responsibility nonsense.
This post was edited by TroyTide 17 months ago
Actually, yes. This is the origin of currency.
You realize that you are like the worst "libertarian" ever right?
I'm not the first one at all. Others speak of it in relative terms while you only view it in hard dollar absolute terms. $25T in debt in a $50T economy may not be as bad as $2T in debt in a $3T economy.
EDIT: There is a concept of a fiscal multiplier which is how much of a GDP benefit is received for $1 of government spending (even on borrowed funds). If the multiplier is greater than 1, then GDP is going up by more than $1 even though the debt only increases by $1. As a hard, absolute number, the debt may be going up, but based on all other surrounding circumstances, including the GDP benefits, it may be debt that returns greater rewards than burdens it imposes. The hard part is determining what spending provides for fiscal multipliers greater than 1 and ensuring we aren't crowding out private spending by having the government spend, and right now I don't believe that is a legitimate concern.
SECOND EDIT: The fiscal multiplier concept also applies to austerity principles and guess what most of the European countries have found out, drastically cutting spending without thinking about its impact leads to spending cuts which have an even worse affect than $1 of reduced GDP. This is why the UK, Ireland, and other countries engaging in austerity aren't seeing their debt/GDP ration improve despite the steep spending cuts. They have elected to have double and triple dip recessions for the sake of ... nothing really.
This post has been edited 3 times, most recently by CockAtLaw 17 months ago
Jesus Christ, you're a drama queen.
Shouldn't even be put to a vote, but I'm not surprised that you missed the point.
Not really. But if you want to make fun of his ears and keep the O, go with Odumbo. Much funnier IMO.
Correct. If you look at a dollar bill, it is actually formally called a "Federal Reserve Note". You can also see the statement "this note is legal tender for all debts, public and private" printed on it. If there were not debt, there would be no money. Mind blowing perhaps, but it is what it is.
When it comes to some people on tBB, I think this could be debatable.
On a fundamental level, I still can't understand how we ended up with a system in which the U.S. Government has to borrow its own money, at interest no less. It just doesn't make any sense to me.
This is where it gets complicated. Here's a perspective. Not that I necessarily share these views but it is an answer and there are some interesting comments. http://neweconomicperspectives.org/2012/04/why-does-uncle-sam-borrow.html
The other black guy named Barry did alright.
Outlook. I think I've seen slide 6 somewhere. http://www.moslereconomics.com/wp-content/pdf/GS-Outlook.pdf
Maybe the one Niall Ferguson book I haven't read, but I have it on my Amazon wish list. I am confident it won't be as full of stupid as this thread.
Says the guy contributing all the stupid.
Oh the irony.
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