m
Economy is indeed looked at in terms of growth and with a growing
population that can be just a measure of standing still, depending on
the number. If you look at the numbers in the economy and use
dollars adjusted to 1967 base numbers, you'll see that a lot of the growth
is an illusion that covers up the long term effect of inflation.
In real value, base '67, I made more money in my minimum wage
job as a kid than the teens today make. Standard of living for many
has actually fallen in those terms. Economic growth is not unfettered,
but rather it is dependent. (Oh, the current dollar is worth 15-cents
of the 1967 dollar, maybe less by this time.)
We look at Bill Gates and say wow he's the richest American ever.
No. He's actually 13th richest, value adjusted. In today's dollar
John D Rockefeler would be worth $305 Billion. Six or eight times
Gates' wealth.
woods:
Glad to see somebody else bring inflation up. I find this to be a
central social issue that tangibly breaking up society. I say tangibly for
we follow a root to this social issue that would eventually lead to other
arenas.
I was sitting back thinking. All these bailouts, more money being printed
and infused into
the market. This was done for what? To open up the credit markets right. We
all know that. The credit markets were frozen and still unfreezing, so, this
bailout money was given (no negotiations, they had to take the money, but that
could
be another issue) to the nine major banks such as Goldman Sachs,
Wells Fargo, Bank of America, etc... so this trickle down will worm into the
credit
market. So all this printing of money over a trillion dollars put into the
market
to unfreeze credit and thus loans. So this means people and banks can make
more loans between each other and get more credit. So more debt. Unless...
the actual economy where the production takes place can grow. If the economy,
not the financial section, but the economy of jobs, grows and people can
then repay on these credits and loans, well, we will all be repaying this huge
debt
that is already built on top of an already existing huge debt. Now there
talking
about a stimulus package for all the citizens. So more money printed to flood
the market.
What I see happening is inflation and debt so far. Unfreeze the credit
market
so more loans and credit and thus debt. Flood the market with more printed
money so now inflation will increase. Currently this does not appear to be a
boom
and bust cycle. This is credit, more credit, bailout (which happens often,
thus,
the argument for a Federal Reserve, for the Federal Reserve is a back up bank
to provide loans to smaller banks), debt, more debt, etc... increased
inflation, etc...
A banking system that seems to offer solutions and when in practice
had no cycles of inflation, no bubbles and busts. Also no state taxes was
practiced in
Pennsylvania and established by good ole' Ben Franklin. It worked for decades.
From
what I've come across, the banking system was state owned and all the interest
went
to fund the state budget. By putting the money back out into the
infrastructure and other
works via the state budget the money recirculated and this process kept the
state from
ever having inflation and never was able to expand and burst in cyclic bubbles.
The
economy would grow, money in the bank, interest paid, but went straight to the
state
which recirculated the same money. I've come across this, but I can't find
a source for this when I google to show more details or how well this banking
system actually was. Did anybody ever hear about this and may know
some sources?
woods
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