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The Free Talk Live BBS
Profile of MOE from between St. Joe's River and the railroad tracks
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31
General / Re: Podcasts other than FTL you listen to
« on: November 10, 2011, 02:43:58 PM »Quote
The great Sean Hannity!
Let freeeeedoomm rinnnnnngggg
32
General / Re: Student debt hits One Trillion Dollars
« on: November 10, 2011, 01:30:03 PM »Quote
You can get more education from the Mises.org website than I got from nine years in the system. I swear, if I had internet as a kid, I would be a billionaire by now.
You sound like an econ major : D
The reason I switched my major from econ to business was BECAUSE I started reading the stuff at Mises.org
What, you mean the phillips curve is a crock? Why Am I learning this crap?
33
General / Re: Student debt hits One Trillion Dollars
« on: November 10, 2011, 09:02:02 AM »Quote
His mother works for the university so it costs him next to nothing to attend. Family of employees get cut a sweet deal.
Another reason the cost of a college education is so high.
34
General / Re: Student debt hits One Trillion Dollars
« on: November 09, 2011, 05:38:06 PM »Quote
What an idiot. Does he plan on paying off his student loan debt...ever?
I don't know if this makes him an idiot, he just made a poor choice--kinda like me. Then again, I don't have any debt and I'm getting a degree in business. Maybe he's really passionate about anthropology and history?!
35
General / Re: Student debt hits One Trillion Dollars
« on: November 09, 2011, 10:22:51 AM »Quote
My brother is graduating from college this year with a degree in electrical and computer engineering. He and his friends are having no trouble finding jobs paying $50k-$70k.
Most of the jobs I'm looking at in NH don't require a degree. An engineering degree is probably the way to go!
37
Serious Business / Re: Cataclysmic interactions with the state.
« on: November 08, 2011, 06:59:31 PM »
Sorry about your story. Government sucks.
Happened to a friend of mine too. He's white.
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When I was in high school several classmates said they got pulled over with beer in the car and the deputy confiscated it and let them go without writing a ticket.
Happened to a friend of mine too. He's white.
38
General / Re: Student debt hits One Trillion Dollars
« on: November 08, 2011, 05:23:09 PM »
Kids,
DON'T GO TO COLLEGE
Here's what I did in five (yes five) years of college
1. Drink
2. ....
3. Some class
4. Degree. Look how much I learned!
DON'T GO TO COLLEGE
Here's what I did in five (yes five) years of college
1. Drink
2. ....
3. Some class
4. Degree. Look how much I learned!
39
General / Re: If anyone here is interested: The RON PAUL CORVETTE !!!
« on: November 08, 2011, 05:14:59 PM »
That car is bad ass.
I want one.
I want one.
40
General / Re: The Federal Reserve Does NOT Print Money
« on: November 08, 2011, 05:13:59 PM »Quote
Thats the point where I can see hyper-inflation occuring.
The only way I think high inflation can happen is if the unfunded liabilities arising from social security and medicare aren't modified. But hey, that's me.
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However, with the current business environment being highly regulated to the point we can compete less and less with other countries and their currencies, eventually I can see a point where the US dollar is no longer the reserve currency of the world, which is the only thing that allows us to get away with so much irresponsibility. Countries begin scrambling to get out of the dollar and it just cascades from there. Then what?
Ya, there's no doubt the US is losing its competitive edge.
I doubt that there's anything that can rival the U.S. dollar as a reserve currency for a long, long time. The euro and the yuan are the only even possible alternatives. The euro sucks whiles China's economy is an absolute joke and its entire manufacturing base exists because of the currency peg to the dollar. If the chinese central planners ever try to make their currency a reserve currency, they risk having their countries manufacturers move to Vietnam, Indonesia, mexico etc.
41
General / Re: The Federal Reserve Does NOT Print Money
« on: November 08, 2011, 03:19:21 PM »Quote
So what in, your view, leads you to believe that hyper-inflation will not occur at some point, assuming out of control government spending and deficits are the cause of the expanding money supply?
The U.S. is in a better position than say, the Weimar Republic or Zimbabwe. The Weimar Republic owed an enormous debt in a foreign currency. So when the government printed money to pay the debt, its own currency kept depreciating in value. So they had to keep printing more and more of it to satisfy their creditors as the currency kept declining and eventually the currency collapsed.
The U.S. is unlike Weimar because "our leaders" can print a bunch of funny money in order to satisfy debts in US Dollars. This reduces the purchasing power of the dollar but to much less of an extent than the Weimar example. If the U.S. owed a bunch of money in say Yen right now, the situation would be entirely different and the result could more readily turn into a hyperinflation.
There is a HUGE distinction between owing money in your own currency, and owing money in a foreign currency. Japan has faced 2 decades of deflation with a debt-to-gdp level approaching 200% because it owes money IN ITS OWN CURRENCY! It it owed the money in dollars, you would have seen amazing inflation rates in Japan.
In Zimbabwe, Mugabe's government evicted white landowners from their land using money that they literally printed and gave to the military and black citizens. Power to the people! lol Consequently, the total amount of goods produced and services available in Zimbabwe completely collapsed while m1 (which is the strictest form of money supply) skyrocketed. This caused the currency to collapse and now like half the people in Zimbabwe have HIV/AIDS and there is like one foreign owned company there. Good luck with your collectivist dream, you idiots.
The U.S. is unlike Zimbabwe in that the amount of goods and services are actually expanding. Things aren't so bad in some sectors of the U.S. economy. Corporate earnings are at record highs, agriculture (the field in which I'm studying) is doing amazingly well etc. The U.S. does not face a complete economic collapse like Zimbabwe's because the situations are completely different.
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Seems to me that its inevitable the government will continue doing what it has been doing until we reach the point of hyper-inflation, unless we have some new bubble to absorb all the extra currency created, such as the dotcom or housing bubble. Seems theres nothing left to fill that role.
Even Rothbard warned that a fractional-reserve based system backed by a central bank could last for a long time. The system sucks, is unfair and inefficient--but that doesn't mean its going to completely collapse.
The extra currency created will, everything else being equal, result in inflation. That's not good, but I doubt there will be hyperinflation. Do you really think banks are going to lend like crazy anymore with 1. stricter underwriting standards 2. households with negative equity on their homes already in debt to their eyeballs and 3. much more draconian capital requirements which are curtailing bank lending? I think the answer is no.
42
General / Re: The Federal Reserve Does NOT Print Money
« on: November 08, 2011, 11:01:04 AM »Quote
Yes it does, it's called M2.
I'm not denying that there is inflation. I'm just saying that an open market operation does not cause inflation! The austrian school claims that government deficits lead to inflation. The austrian school also contends that fractional reserve banking directly causes a credit expansion which leads to m2 growth. I agree with these two points!
I disagree that the fed swapping a treasury for a bank reserve leads to inflation. That's the ONLY thing I disagree with.
43
General / Re: Puke & the Gang podcast
« on: November 08, 2011, 09:43:13 AM »
I am seriously concerned about the effect this podcast will have on our children's future.
Protect the children from this podcast. Write your congressman--NOW
Protect the children from this podcast. Write your congressman--NOW
44
LRN.FM - The Liberty Radio Network / Re: Prometheus Unchained LIVE from Porcfest!
« on: November 07, 2011, 04:13:30 PM »
Whoa! Mandrik in a dress 
45
General / Re: The Federal Reserve Does NOT Print Money
« on: November 07, 2011, 04:06:30 PM »Quote
Via paychecks to tax eaters. It is in circulation.
What the fed is doing does not change currency in circulation though!