Posted on 12/06/2022 8:06:09 PM PST by SeekAndFind
Mellon was wrong because he didn’t understand the non-linear dynamics of a central bank/fiat currency based system. Only Irving Fisher did at that time and he was not ignored, but merely told he was wrong...by people who didn’t understand his math.
The older crowd came from the world of money panics and metals based currency. Different rules.
America is like a beaten wife....Too eager to believe in more chances to get it right...UNTIL THE DAY SHE IS ALMOST BEATEN TO DEATH...THEN SHE BEGINS HER CLIMB OUT OF MISERY
Our citizenry is 45+% baboon.
They can’t think of anything other than getting their hoofs painted.
A 10% tarff on ALL imported goods primarily to promote domestic industry and to raise revenue and make social security solvent.
And WHO is the enemy to kill?
Bkmk
With 210 trillion in on and off the books debt this nation is doomed, personally think and trending that way that a total collapse is just around the corner.
Perhaps it’s rhetorical ?
As long as I get my share of Social Security why should I give a damn about the future of the country? After all, I’ll be gone sooner than later.
And, by the way, thanks for the very low tax rates during my working career, couldn’t have afforded the boat and the addition to my house if I were taxed at the amount needed for the country to have a balanced budget.
(the above is pretty much a summary of what some here say, and why we’re all hosed)
Funny how Mellon spoke about the connection to morality
hard money, hard morality
fiat money, fiat morality.
Richard Cantillon proved three centuries ago that printed, fiat money accrues power to those who issue the money. In the 21st century that means that a woke government with a printing press will fund their political cronies and 1000 social-engineering schemes.
Fix that, and everything else conservatives desire will fall into place.
Raising tax rates LOWERS tax revenues.
I am hoping for the best, but truth is, we have been set up for the potential for some really serious bad times while the people are living in some false, manufactured bizzaro world view that has no grasp of reality.
Reality is a bitch that does not like to be denied and is she harsh on deniers.
Americans today would cringe hearing John F. Kennedy talk about going to the moon:
“We choose to go to the moon in this decade and do the other things, not because they’re easy, BUT BECAUSE THEY ARE HARD!”
The last five words would have modern America running for the exits.
A Path Out of the Trade and Savings Trap
https://americanaffairsjournal.org/2017/08/path-trade-savings-trap/
How about this country fix its immigration, refugee and citizenship problem
I’m betting a lot of the economic issues will take care of themselves.
Looks likes a recipe for national suicide.
“The cure cannot be worse than the disease”
—DJT, March 2020
I’m a practicing capitalist since the age of 16. It always bothered me that the economy was a political component.
“Raising tax rates LOWERS tax revenues.”
Going from 0 to 1% INCREASES revenue. Likewise, going from 1% to 2% almost certainly will also increase revenue. But going from 40% to 95% will almost certainly DECREASE revenue.
So there is some tipping point regarding tax rate changes and their effect on revenue. And it also depends on which taxes. If the lower incomes bulk of a specific tax, than an increase in rates, in most cases, will raise revenue. Take the federal gas tax for example - 18.4 cents per gallon today. Increase it by $1.00, and it sure as hell will generate more revenue, FAR MORE revenue. Same for a consumption tax.
Bottom line, we COULD have paid for the goodies we demanded, but chose not to.
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