Loading ...C’mon Man
I understand the point the author is making about why the need for continuing stimulus etc. I just wish people would stop using ridiculous defintions and modifying everything from the past to fit their narratives. From as long as I can remember(50+ years), the textbook definition of a recession was “two consecutive QUARTERS of declinning GDP”. What we had last year was extreme and unique, it was not a recession. Two months doesn’t count for anything. A self inflicted crash to implement various agendas and give the FED and Congress cover for their money creation and deficit spending, period. https://www.zerohedge.com/economics/nber-tells-14-million-jobless-americans-recession-officially-ended-april-2020-shortest
“the need for continuing stimulus etc. I just wish people would stop using ridiculous defintions and modifying everything from the past to fit their narratives.”
Hmmmm.
Let’s start with “stimulus”. That’s another name for debt based spending/financing that brings consumption forward today, out of income tomorrow that hasn’t been earned yet.
And you see the need for more of THAT?
IMO, that is the very reason we are in the pickle we’re in, since we’ve been doing that for at least five decades now.
I didn’t say I saw the need for more stimulus. I said I understood the authors point, not that I agreed with it. My point obviously went right over your head. The definition of a recession!
I don’t really care about the def for “recession”. That’s when you neighbor is out of work. About as useful as a “bear market” def.
I do care about “stimulus”. Because that term is all about DECEIT.
“I just wish people would stop using ridiculous defintions”
I agree, and at the top of my list would be “stimulus”. You skipped right past that term, when IMO it deserved more of the attention. That was my point.
Been doing that for much longer than five decades…Regan put the pedal to the metal and spent money like water. He set the then “new record” for spending money we did not have. Now he looks like a putz. Peanuts compared to what’s happened since Bush took us down the war road to ruin, and spent us into oblivion over nothing. Once he did his dirty work is simply was impossible to turn back.
As they say, it was baked into the cake and could not be undone. So we await the end game and we seriously do not have a clue how this will all unfold. Not.a.clue.
Because it has never been done on such a scale before. Never.
You are correct Sir. The pols have been kicking the can for decades and continue to make it worse.You are right that no one knows how it is going to play out, just that it isn’t going to go well!
The rumblings about Central Bank Digital Currencies makes me wonder if it is relying upon the ability to instantly deposit unlimited funds in target groups accounts. The future looks dire for the average guy on the street wage wise. AI and other innovations will allow us to run society with less human involvement at the entry level. If currency can be created similar to credit creation via Lines of Credit and Credit Cards, without the need to pay it back, we can push this sucker along for longer than I would think possible as long as unrest is quelled.
It only works if all countries go along for the ride. The Credit market will may be reconfigured to not be tied to the need of countries to borrow. In today’s world of MMT, anything is possible and accepted as feasible. Crazy but the alternative is default which would bring down everything the Bankers are working against. Unless their goal is to own everything and rent out housings, transportation, etc to the great majority of the population. You own nothing and you will be happy!
In other words, it is possible to never experience a traditional recession with monetary policy. There are no circuit breakers in finance then.
See where you are going and I do believe the central banks plan to move to digital currencies when fiat collapses. Don’t know how smooth it will be. Unless they back the digital currencies with gold(only China and Russia seem to be in position to do so if they choose to) the digital stuff will be just as worthless as the fiat. If people who have gold and silver cant’t exchange it for digital(if govts somehow prevent it officially) there will be a black market where precious will be used as well as the digital stuff. Authorities can try and outlaw real money(gold and silver) but the public still know what is real and what isn’t.(At least some of the public.) Covidiots need not apply.