Been 0 mention of this in any of the 3 debates so far (I didn't see more than 20 mins of last nights debate so I don't know if it was brought up but I'll just assume it wasn't)
Oct 28th on CNBC will be about the economy, I'd have to think this gets brought up there. If not then it clearly isn't a priority for either party. Paul will talk about it, not sure about the others. Nobody listens to Paul though unfortunately.
Friedman would've never advocated for central banking if he knew this would be the end result.
The market might eventually take care of this. When people find out their friends are getting hired after going to college for 2 years in their pajamas and landing jobs with their online degrees, applications to overpriced universities will drop. Prices should follow. The commercial where the daughter watches her mom burning the midnight oil getting her degree is effective.
Well, I would certainly say it is ripe for a disruption and that the current model is close to it's logical end. Tuition has gone up 12x faster than inflation over the last 35 years.
Innovations like The Khan institute, teleconferencing technology, the wealth of information age we live in all should be able to play a key role in changing the socialistic monopoly that higher ed has. We really live in an unprecedented time in terms of acquiring knowledge and there is no reason the cost to do so shouldn't come down substantially for 95% of those seeking education.
Will it end in 5-7 years or 15-20 years though? That is tougher to predict.
A lot of cushy admin/tenured prof jobs would be gone. Established businesses don't give up easily.
To be fair, I think the closest Friedman ever came to endorsing central banking was a computerized fed, free of all political and ideological (human) influences. A mathematical fed if you will. Good luck with that.
Andrew Breitbart used to say politics is downstream from culture. I've come to understand the same applies to economics. Culture is the culprit because people have become addicted to the fallacy of something for nothing. The culture demands "free stuff", corrupt politicians oblige and the magicians inside the Fed are given the task to make it all work.
If Ron Paul couldn't get a significant portion of the voting public's attention 8 years ago when he tried to explain concepts like the need to liquidate bad debt before you can have real growth, then not much is going to change.
Ultimately, what this all means is sooner or later the culture of something for nothing will have to learn economics the hard way.
Friedman said if you are going to have a fed then the money supply should be expanded by the same % every single year. I think that would work but keeping it from the human element of greed/power would probably be impossible.
A big reason it is tough for people to get on board with being anti-distorting monetary policy is because it has helped a lot of people in the short-term.
If you are an asset holder over the last 30 years then you have greatly benefited from the housing runup through lower rates, ZIRP cooking markets, etc....Tough to see bubbles when you are benefiting from it.
I don't know how bad the spillover to society at large will be, other factors could definitely stem the tide if we were to have breakthroughs that help everyone. I do think a lot of people will lose a lot of money though, particularly big holders of debt in a deflationary spiral but I have no clue when that will be or if it could be somehow superseded by other factors.
Another issue that nobody ever mentions but really holds society back is that by making deflation an absolute death spiral, you pretty much stifle any innovation and progress. Every industry is so debt-laden that if they were to meet their demise, it would cause the markets to tumble.
Housing is 1 industry, it's mishandling should not be causing the entire global financial market to go bankrupt.
Bernie explains what dimocrap socialism is...
In Tuesday night’s Democratic presidential debate on CNN, Sen. Bernie Sanders said he was going to explain to Americans what democratic socialism is.
Moderator Anderson Cooper asked: “Senator Sanders, a Gallup poll says half the country would not put a socialist in the White House. You call yourself a democratic socialist. How can any kind of socialist win a general election in the United States?
Sanders replied: “Do I consider myself part of the casino capitalist process by which so few have so much and so many have so little by which Wall Street's greed and recklessness wrecked this economy? No, I don't. I believe in a society where all people do well. Not just a handful of billionaires.”
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1% own 90% of the wealth? Just curious...what percentage of the tax burden do they shoulder? Is he just as upset about that? Is that "immoral and wrong" too?
Please, Lord...let this clown win the dim nomination. It would be a bloodbath of epic proportions on Election Day...probably rivaling Reagan's near sweep of Mondale. This kind of message won't resonate with Americans...especially those who escaped countries with leaders who share Bernie's values.
Memo to this crusty old fuck: if people wanted to live in a country like Norway or Sweden, they'd move to Norway or Sweden.
All you need to do is refer to the Venezuelan food line picture ace posted earlier. There's your end result of Bernie's grand vision...nobody in that food line has any more than anyone else since that would be unfair. They're all "equal"...except for the politicians who oversee that shithole, of course.
Viva "equality!"
In Tuesday night’s Democratic presidential debate on CNN, Sen. Bernie Sanders said he was going to explain to Americans what democratic socialism is.
Moderator Anderson Cooper asked: “Senator Sanders, a Gallup poll says half the country would not put a socialist in the White House. You call yourself a democratic socialist. How can any kind of socialist win a general election in the United States?
Sanders replied: “Well, we're going to win because first we're going to explain what democratic socialism is. And what democratic socialism is about is saying that it is immoral and wrong that the top one-tenth of 1 percent in this country own almost 90 percent--own almost as much wealth as the bottom 90 percent. That it is wrong, today--in a rigged economy--that 57 percent of all new income is going to the top 1 percent.
“That when you look around the world, you see every other major country providing health care to all people as a right, except the United States. You see every other major country saying to moms that when you have a baby, we are not going to separate you from your newborn baby, because we are going to have medical and family paid leave, like every other country on Earth.
“Those are some of the principles that I believe in, and I think we should look to countries like Denmark, like Sweden and Norway, and learn from what they have accomplished for their working people.”
Shortly later, Cooper asked Sanders: “You don't consider yourself a capitalist, though?”
Sanders replied: “Do I consider myself part of the casino capitalist process by which so few have so much and so many have so little by which Wall Street's greed and recklessness wrecked this economy? No, I don't. I believe in a society where all people do well. Not just a handful of billionaires.”
- - -
1% own 90% of the wealth? Just curious...what percentage of the tax burden do they shoulder? Is he just as upset about that? Is that "immoral and wrong" too?
Please, Lord...let this clown win the dim nomination. It would be a bloodbath of epic proportions on Election Day...probably rivaling Reagan's near sweep of Mondale. This kind of message won't resonate with Americans...especially those who escaped countries with leaders who share Bernie's values.
Memo to this crusty old fuck: if people wanted to live in a country like Norway or Sweden, they'd move to Norway or Sweden.
All you need to do is refer to the Venezuelan food line picture ace posted earlier. There's your end result of Bernie's grand vision...nobody in that food line has any more than anyone else since that would be unfair. They're all "equal"...except for the politicians who oversee that shithole, of course.
Viva "equality!"
This is absolutely hilarious...
Anderson Cooper: Can anyone find Syria on a map?
Hillary Clinton: Well Anderson, as a woman...
Anderson Cooper: Can you find Syria on a map?
Hillary Clinton: As a woman...
Anderson Cooper: Syria on a map. Can you find it?
Hillary Clinton: As a woman...
Anderson Cooper: Never mind. Senator Sanders, do you agree with the Secretary?
Bernie Sanders: SYRIA? Why are we talking about Syria when 41 PERCENT OF 99 PERCENT of all the money is going to the 1 PERCENT.
Anderson Cooper: Can you just answer the question.
Bernie Sanders: Syria is CONFUSING. Lots of PEOPLE fighting. Economics is SIMPLE. You just take away all the money from all the people who have the MONEY.
Anderson Cooper: The question is about Syria.
Doubled over with laughter...the recap of the debate goes on.
Well worth the read.
Anderson Cooper: Can anyone find Syria on a map?
Hillary Clinton: Well Anderson, as a woman...
Anderson Cooper: Can you find Syria on a map?
Hillary Clinton: As a woman...
Anderson Cooper: Syria on a map. Can you find it?
Hillary Clinton: As a woman...
Anderson Cooper: Never mind. Senator Sanders, do you agree with the Secretary?
Bernie Sanders: SYRIA? Why are we talking about Syria when 41 PERCENT OF 99 PERCENT of all the money is going to the 1 PERCENT.
Anderson Cooper: Can you just answer the question.
Bernie Sanders: Syria is CONFUSING. Lots of PEOPLE fighting. Economics is SIMPLE. You just take away all the money from all the people who have the MONEY.
Anderson Cooper: The question is about Syria.
Doubled over with laughter...the recap of the debate goes on.
Well worth the read.
