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.
Just a note, we all know that the clueless public and power seeking politicals make it impossible to let the economy recover because it involves short term pain, rather than the endless mess we are stuck in. You notice Bernanke stopped QE AFTER the election?
The Austrians vs. the Keynesians. Is this the same as the Fresh Water School vs. the Salt Water School, that my boyfriend mutters about as the market gyrates.
Sadly I must agree with your aheeemmmm, additional list.
bm
I said many times that Obama will compromise his socialist positions to get re-elected. It's seems like these Democrats really DON'T want private sector jobs and don't understand Obama's re-election is related to the economy.
The fiscal and monetary stimuli have been targeting the maintenance of financial, legal, and regulatory leeches on our society. It has made it worse, not better. The productivity gap used to be close by printing money an sending it to producing nations. Now the dollar has dropped and that does not work either.
The only way in which market speculators generate wealth is by buying goods when there is a relative surplus and selling them when there is a shortage. Once speculative buying starts to cause a shortage, further speculative buying will destroy wealth. Many people seem to regard as meaningful the mathematical product of the number of units of something in existence and the marginal price of an additional unit, and so figure that actions which increase that figure generate wealth. When speculative demand falls and this in turn causes prices to fall, people seem to think that the falling prices represent a destruction of wealth. In actuality, the (total quantity)*(marginal price) figure never represented any real wealth to begin with, so the fact that the imaginary wealth represented by that figure evaporates proves nothing beyond the fact that it was imaginary to begin with.
The biggest rule to remember, IMHO, is that falling prices for goods which will have future demand should be a "buy more" signal, and rising prices should be a "buy less" signal. People generally have no trouble figuring out such behavior patterns when buying goods for their own immediate use; when buying speculatively, however, people all too often get the signal reversed.