Nudge... nudge... nudge...
If you realize both parties in Washington think that our money is theirs and you trust them to do the wrong thing, this list is for you.
If you think there is a Santa Claus that has some magic easy cure for the economy; someone who is going to get elected in Washington and fix everything just by cutting your taxes, investing (more government spending) a few trillion more we don't have and will never have, and who will just command some countries to lower their prices and others to raise their prices all to suit your best interests, then this list is not for you.
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The Austrian Economics School’s Commandments plus :From : link
1) You cannot spend your way out of a recession
2) You cannot regulate the economy into oblivion and expect it to function
3) You cannot tax people and businesses to the point of near slavery and expect them to keep producing
4) You cannot create an abundance of money out of thin air without making all that paper worthless
5) The government cannot make up for rising unemployment by just hiring all the out of work people to be bureaucrats or send them unemployment checks forever
6) You cannot live beyond your means indefinitely
7) The economy must actually produce something others are willing to buy
8) Every government bureaucrat should keep the following motto in mind when attempting to influence the economy: “First, do no harm!”
9) Central bank-supported fractional reserve banking is an economically distorting, ethically questionable activity. In particular, no government should ever do anything to save any bank from the full consequences of a bank run, no matter what the short-term consequences.
10) Gold is God’s money.
Add mine:
1) Businesses don't hire workers just because of demand for products or services, they hire because it makes them money. Sorry to have to state the obvious.
2) Government spending without taxing is still redistribution
3) Taking one man's money and giving it to another is not a job.
4) Paul Krugman and Bernake have been wrong about everything, as well as the other best and brightest Keynesian's who have been fixing our economy for over a decade.
5) Republicans in the minority (esp out of the White House) act like Republicans, in the majority they act like Democrats .
Equity bubble rules:
1)If something goes up too fast, it is going down faster,
2) By the time it looks like everybody is getting rich, it’s too late, stay out!
3) To get rich you have to get in early start of recovery and get out at the first really 'bad' news, and ignore the experts that claim that they will stop the next crash(our buddy Bernake.).
4) Don't invest money you will probably need, or worse money you don't really have.
Bernie Sanders went to U. of Chicago. I rest my case.
Of course those in charge that have to be re-elected disown inflation.
It’s late in the debt-for-foreign-products game. The slide to default is coming quickly without frequent QE or slowly with it. Choose yer pizen. ;-) Oil will go up, and the dollar will fall.
There will highly likely be a bond collapse in our near future, in my unqualified opinion, followed by interest rate hikes. ...immediately without more QE steps. It’ll be raining employees from their government and service jobs then, and a time for staying safely at home for a while.
...currency and trade squabbles. That globalist house of cards is surely falling.
BTW, I agree very much with sufficiently cutting government spending to repay the debt, but how likely will that be with any political party majority? They’re going to keep the debt regime going down as smoothly as they can, until repudiation finally occurs, probably a long time ahead. The debt regime folks in Argentina were amateurs in comparison to ours.
A recent article by John Williams:
But $50,000 for Professor Mulligan’s theories? Try the Mises Academy instead.
Or maybe just go read a Williams/Sowell book.
"As the documentary suggests, there are only two ways out: 1) Default by failing to pay 2) Default by inflation.
I agree with the above assessment and think that we'll inflate the debt away.
While it's difficult to assign absolute measures of efficiency to particular allocations of resources, if one allocation of resources leaves some people worse off than another, without leaving any honorable person better off, it's pretty clear that the former allocation is less efficient than the latter.
I suspect the reason few people are taught my rule of economics is that it would make it too obvious that many government policies destroy huge amounts of wealth.
Nudge... nudge... nudge...