“Hide the decline†In this scandal, we see antiscientific attitudes of the IPCC, the big government branch of the big science conspiracy Hadley CRU, a coalition of big government and big science to take control of your life, with the intent of preventing you from making a living in an “unsustainable†way. And if the earth cannot support so many people “sustainablyâ€, that is your problem, not their problem. The …
Category: economics
The cause of the crisis 4-3
In the cause of the crisis, I addressed fraudulent ratings. Bill draws my attention to a report on securitized loans issued by the New York Fed in which they examine the somewhat surprising ratings given to New Century Financial: You might consider blogging this absolutely hilarious paper from a couple of people at the New York Fed. The good stuff starts on page 14, where we learn about a typical …
Finally, pirates resisted
Somali pirates attacked the Maersk Alabama on Wednesday for the second time in seven months and were “thwarted by private guardsâ€. It appears that “thwarted†actually means “killedâ€, which is the only effectual way to “thwart†pirates. This will have the effect that pirates will cease to attack ships flying the American flag, which a considerably better result than I expected with Obama in charge. This action by captain Rochford …
US inflation rising
The latest official cpi is 0.3% rise for the month of October, which, annualized, is 3.6% – higher than is desirable, high enough to cause moderate damage to investment and employment,but not high enough to be a serious problem. Actual inflation, in my doubtless biased judgment, is probably around seven percent, high enough to be a serious problem, high enough significantly damage investment and cause substantial unemployment. The government continues …
Productivity leaps?
Since the holes are valued at cost, and filling them in also valued at cost, and since the peasants working in the Lord sector are well paid, better paid than ordinary peasants, though not quite as well paid as the lord and his retainers, and since the Lord and his retainers also took a modest pay rise for arranging all this prosperity, total value produced, total GDP is now a whopping eight hundred and fifty thousand sacks of wheat, a fourfold rise in GDP. One of the Lord’s retainers is an economist, who gets a Nobel prize for explaining that the Lord has done such a good job.
Nobel prize for corruption and fraud
The Nobel for economics is being awarded on the same basis of as the Nobel for peace.
You read it here first 1
Me me me me. I predicted first.
Gold
At present prices gold has little practical use, except as money. So if you buy gold, you are buying insurance against paper money going to hell, and people using gold as money. When the $%@# hits the fan, you will be able to eat, and maybe buy some assets cheaply. On the other hand, if the $%@# never hits the fan, you will probably lose money over time, because gold’s …
Accounting fraud
The financial crisis was in large part accounting fraud. America has lost trillions of dollars through accounting fraud. Accounting fraud is a felony. Yet those who were primarily responsible for this fraud continue in positions of wealth and power, for example Senator Chris Dodd (D-CT) and Representative Barney Frank (D-MA). Further, the fraud continues. Hot air summarizes “Mark to Myth†and other blogs reporting on the continuing fraud. Zero hedge …
Why “stimulus†does not work.
We do not want jobs. We want creation of wealth. Regrettably, creating wealth usually requires an unreasonable amount of work. Even more regrettably, doing an unreasonable amount of work is unlikely to create wealth. Thus if we try to “create jobsâ€, we are likely to destroy, rather than create, wealth. It is very easy to create jobs. The chain on the chainsaw breaks, and one has to use an axe. …