massive fireballs of inflation - Page 2

On July 19 2014 05:20 Spitfiree wrote: That's not true. Inflation basically opens the door to rich, well connected people to become even richer

Again?

When you say the rich, do you mean the hundreds of thousands of rich ppl in the top 1% income bracket who will loose their fortunes in a depression or are we talking about a dozen of corrupt billionares with deep ties with the state?

baalim, you have no idea, do you? everyone's all rooting for america to fail, which is american propaganda. (fiscal cliff, the looming economy, the debt ceiling, the national debt, the unemployment "crisis", etc.)

Think of it like this: if everyone expects you to have aces, do you really not want to set up a play to not have aces, but make it seem like you have aces, and then people are trying to trap your aces, and voila, you've trapped them? If EVERYONE is expecting the us eco to fail, then who's selling the fall, WHEN EVERYONE IS BUYING?

/facepalm

On July 18 2014 23:26 Baalim wrote: Show nested quote + On July 18 2014 20:41 spets1 wrote:   On July 18 2014 20:37 ShadowDrgn wrote:   On July 18 2014 03:43 Spitfiree wrote: the $ is used too much on an international level, things are starting to change now, especially if the upcoming currency board( or w/e its called in english ) @ BRIC decides to use BRICSO instead of the $ once the $ loses its power in international trading, the US s gonna have a bad time The dollar losing value would help fix the US trade deficit, which would employ more people and boost the economy. It'd be bad for Walmart and rich people that spend lots of money overseas, but good for regular folks. There would be downsides too (more expensive debt, namely), but hardly a doom and gloom scenario. the inflation always makes the poor poorer. inflation makes everyone poorer, the rich and poor alike

in general inflation wipes out the savings of the middle class. but there are certain instances it can help a "middle class family." the classic example is think of a 30 year mortgage and think about how you can pay off that mortgage (all the sudden within a single year) with inflated borderline worthless dollars.

baal iono when u got so argumentative with so many retards on LP. i tried to follow your lead and just ignore them but you've been on a roll lately

not all inflation is equal. there isn't even such thing as general "inflation" that affects all goods equally. if it happens because a govt prints money then real wealth is just redistributed from people who were in cash to people who were in assets / debt. if it happens because some key inputs in production get more scarce (oil etc) then everyone is indeed worse off. doesn't make sense to talk about inflation as some uniform thing. it's just a symptom of other things going on and it can vary in what and who's affected just like the things causing it are varied.

Of course the inflationists were wrong. that's a given. Austrian economics is propaganda for uneducated people, while neoclassical economics is propaganda for educated people. Both of them are pseudo sciences. And the point of people who have university education in economics should be to critique themselves instead of critiquing the inflationists. That is because corporations rely on the propaganda that is taught in universities as a way of justifying their neocolonial projects around the world. Steve Keen puts it succinctly in his book 'debunking economics' that the neoclassical economists, which make up about 85% of the economics school, are the 'priests of capitalism'