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Jan 30 08 8:23 AM
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Jan 30 08 9:30 AM
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Jan 30 08 10:33 AM
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Jan 30 08 11:20 AM
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Jan 30 08 2:12 PM
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Jan 30 08 3:22 PM
Jan 30 08 4:03 PM
Quote:Are we better society today because of Keynesian?
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Jan 30 08 10:11 PM
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Jan 30 08 10:44 PM
Jan 30 08 11:15 PM
Quote:This Keynesian good living boom/bust will just aggrevate the downside.
Quote:Recessions have been common throughout our history, and the country has always ridden them out because its political and economic leaders understood that such a "riding out" was necessary to purge the system of its excesses and thus be able to return to real growth again.
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Jan 31 08 1:46 AM
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Jan 31 08 2:11 AM
Quote:"In the absence of the gold standard, there is no way to protect savings fromconfiscation through inflation. There is no safe store of value. If there were, the government would have to make its holding illegal, as was done in the case ofgold.... The financial policy of the welfare state requires that there be no way for the owners of wealth to protect themselves." Alan Greenspan - 1966
Jan 31 08 3:12 AM
Jan 31 08 3:34 AM
Jan 31 08 8:28 AM
Quote:The ultimate reason why we have a fiat system today is: we are better off under a fiat system than under a gold based system.
Jan 31 08 9:04 AM
Jan 31 08 9:05 AM
Jan 31 08 6:02 PM
Quote:Depression 1.0 started about 1929 and ended around 1940 with the entry of the US into WW2. Even then, many economists say that, had the US not entered WW2, the depression would have continued for years in the US, and the rest of the world.
Quote:George Soros said that what we are seeing is not just another recession but the unwinding of the huge credit bubble that began after WW2. Fund manager Jim Rogers said we are going to see something much worse than a normal recession, and that the severity of the onset is surprising him.Well, surprises to the downside appear to be the norm these days. I think the Central banks, the Fed and ECB, are nothing less than horrified, a bit panicked, and realize their normal major weapons to combat this Depression 2.0 are not working much at all. If this is a credit crisis, offering more credit does not work, people cannot pay what they already have borrowed. We already are seeing cases where banks are freezing their balance sheets (not lending new loans) to try and stem the bleeding. I saw one commentator (Mike Shedlock) say the US banks have lost their entire net capital so far! Financial institutions are literally shell shocked at how fast this happened.
Feb 1 08 9:21 PM
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