Your comments remind me of a satire on economics. I am NOT poking fun at you personally, but certain segments of economics.
Austrians"Cue hyperinflation in 5...4...3..." "With real money backed by real gold, America experienced the greatest boom in any nation's history. Things were great and the American people flourished." "No math needed. Read Rothbard. Economics (human action) is logic. Beautiful, simple logic." How they see themselves: How the world sees them: Favorite dead economists: Ludwig von Mises, Murray Rothbard Will appear in response to posts regarding: Monetary policy, the gold standard, gold, and possibly pyrite Craziest idea: That fractional reserve banking and fiat money are a conspiracy by the Rothschild family to take away people's freedom Special attack: Real money, backed by real gold Secret weakness: cannot withstand being subjected to intellectual contempt Modern Monetary Theorists"Sorry, just to expand that further.....the currency would appreciate, but as there would be no market for government debt the govt would be forced to monetize. The increase in currency in circulation would offset the appreciation due to Acme share price increase. Assuming that the rise in Acme share price was due to the vast increase in demand for those shares as a consequence of the total rejection of govt debt as a savings vehicle, it is possible that the effect on the currency would be neutral..." How they see themselves: How the world sees them: Favorite blog: yours Favorite dead economists: G.F. Knapp, Wynne Godley Will appear in response to posts regarding: Government debt Craziest idea: That all of economics can be derived from a few simple accounting identities Special attack: Jargon, jargon, and more jargon Secret weaknesses: Mark-to-market accounting, logic Notes: It has been said of this species of EconoTroll that holding a discussion with one is akin to "administering a Turing Test to a computer designed to impersonate an acute schizophrenic." Travelers are advised to proceed with extreme caution. Fortunately, this dangerous species has many natural enemies, and often the clever wayfarer can escape in the fracas between a Modern Monetary Theorist and an Austrian, Republican, or New Classical. |