Jump to content
House Price Crash Forum

mirage

Members
  • Content Count

    2,457
  • Joined

  • Last visited

About mirage

  • Rank
    HPC Veteran

Recent Profile Visitors

527 profile views
  1. Hope you don't mind if I chip in here. Blu is right on this. There is nothing at all insane about gaining purchasing power just by sitting on money, as you suggest. In a society of improving wealth (as would pertain in this natural deflationary state) then of course you should expect more for less with the passage of time. The point is that in that society you would gain more from investing in that productive development than sitting on the cash. I.e. there would be opportunity cost. You are clearly worrying about a deflationary "spiral" of saving. This is a chimera. Debt deflation
  2. That's OK Sceppy, I often agree with you too!
  3. I entirely agree. Don't get me wrong - Japan is screwed. I just question the "20 years of non-existent growth" argument and "look how bad periodic mild deflation is" argument given that it has basically held its living standards and GDP ranking in purchasing power parity terms. I guess the answer to that it is that the GDP "growth" that the other "better managed" countries have enjoyed has a large component of unadjusted-for inflation in it.
  4. Do you have figures for that? In purchasing power parity terms, Japan GDP through the 1980s was 996,534 1,135,448 1,245,389 1,334,264 1,446,180 1,584,323 1,665,188 1,783,902 1,977,052 2,161,891 1990s: 2,370,439 2,536,040 2,617,437 2,679,850 2,759,942 2,872,170 3,003,263 3,105,048 3,077,222 3,116,278 2000s: 3,255,600 3,341,002 3,404,927 3,535,115 3,706,027 3,889,582 4,083,240 4,293,825 4,343,339 4,146,584 So from 1989 to 2009 a rough doubling. In the same period the US went up about 250%. With a larger population increase ( 24% vs 3% ) Adjusted for that po
  5. If Japan has been in such an economic funk for 20 years why is it still up there on the podium of the GDP league table of nations? http://en.wikipedia.org/wiki/Historical_list_of_ten_largest_countries_by_GDP Eh? Eh? I call Shenanigans!
  6. That sounds intuitive but it's not true. Money flows around an economy - interest being payable on debt no more requires an increase in the stock of money than everyone requiring a salary for their labour.
  7. It would be massive printing for the following reason. Much of the outstanding debt is bad and needs to default. It does not circulate with any velocity. If you replace it with fiat, you are boosting the effective (ie moving) money supply massively. The reason we have a zombie world economy is unwritten off bad debt. This plan would monetize all of it. In the long run I feel it is a good idea to have 100% reserve banking. But let's not kid ourselves this can be achieved without going through the pain we have stored up for ourselves.
  8. So you are still a moron Sceppy? Of course a 20yr rate is a bet on the evolution of short term rates. That's what a 20yr rate is supposed to be since, er..if you just invest short term you will earn the cummulative return of those short term rates. It is "risk free" because it guarantees you whatever that bet price is. If you step out of it (and I'm sorry to break it to you but he ability to easily sell 20yr bonds has been realised for some time) then you immediately lose the locked in price for that 20yr bet and so you are taking a risk relative to your earlier guaranteed return. What
  9. Not much security - I know a few "Freegans" around here!
  10. But people expended vast labour to improve it and provide infrastructure that gives much of its value. OK so actually you libertarians are radical left land redistributionists! Who'd have thunk it. By the way, there are no "poor" who have access to significant productive land, by deinition, since that access is valuable. I think you would get less pushback from lefties if you just stated from the outset that you would first allow chavs all over the 9th Duke of ******youshire's family acres before cutting off all welfare.
  11. Right, so a bunch of peaches you have picked up from the ground and put in a basket is all yours. If they are still on the ground, they are the first person to turn up's? If you are hinging property rights on labour then this is a very trite distinction with a million grey areas. What if i have improved the land? What if I planted the seed? What if the seed just fell out of my pocket? What if I defended the peach tree from animal predators? Yes, just like my land. ********. You clearly have no real world experience of producing food, but you are happy to pontificate upon it wi
  12. So what is the difference here between property rights for land and for food? You seem to be making a distinction. It's ok for starving to farm land claimed by another, but not to take food claimed by another?
  13. Wonderpup expresses beautifully the problem in terms of what happens when the market value of an average human brain drops below maintainance costs. When this has happened in the past, the brain often doesn't get maintained and dies. However there are other factors to consider beyond labour value. There is also political value and emotional "feel good" value to those better off. As long as voting masses have some power in the affairs of state, they will attract a dividend from the capital owning class. But how did they get a vote in the first place? Largely because of the increasing v
  14. Indeed, most of the property held today has some past causal connection with actual or threatened violence, of exactly the sort that Injin wishes to avoid.
  15. Precisely. Injin and other more lame-minded libertarians' blind spot is the moral justification of property rights. Injin has never to my knowledge explained why right to property and freedom from physical violence are alone sufficient to base an entire world order on. They simple-mindedly parrot that "stealing" and "force" are wrong, but do not balance right to property against other moral imperatives. You apparently have a valid and moral claim on resources through inheritance or luck, but not through need.
×
×
  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.