"When misguided public opinion honors what is despicable and despises what is honorable, punishes virtue and rewards vice, encourages what is harmful and discourages what is useful, applauds falsehood and smothers truth under indifference or insult, a nation turns its back on progress and can be restored only by the terrible lessons of catastrophe." … Frederic Bastiat
Evil talks about tolerance only when it’s weak. When it gains the upper hand, its vanity always requires the destruction of the good and the innocent, because the example of good and innocent lives is an ongoing witness against it. So it always has been. So it always will be. And America has no special immunity to becoming an enemy of its own founding beliefs about human freedom, human dignity, the limited power of the state, and the sovereignty of God. – Archbishop Chaput
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Great commentary as usual, Dan.
ReplyDeleteFor the first time, Eric King sounded really dejected and discouraged.
I can't imagine how some of these mining CEO's who have been actively promoting gold feel like after seeing their net worths cut in half in just a few weeks.
They are probably kicking themselves for not finding a more lucrative line of work, like being the CEO of a "glam" consumer products company like Michael Kors, or peddling financial derivatives at a "Too Big To Fail" institution where outright failure is quickly forgotten and subsequent wins are instantly rewarded.
If you were a mining CEO...I would think actively promoting your product is an important part of the job.
ReplyDeleteWho needs those pesky mining jobs anyway..get a job with Dominos Pizza, buy a house, raise a family and retire comfortably.
Those delivery guys make great tips.
Have you compared share performance of GE with DPZ or other Glam stocks over the past several years?. Same deal..what a worthless and weak company GE is...we don't need those types of jobs either.
Why become an Engineer when selling handbags or working at Disneyland has so much more promise (especially with stock options)
Low (and still falling) monetary velocity is first and foremost a symptom of extreme income/wealth inequality. The super-rich control an obscenely large portion of the nation's wealth and are hoarding it - in among other places, off-shore tax havens.
ReplyDeleteBam_Man - I normally do not respond to comments that are so nonsensical but in this case I am making an exception. It is so uninformed, so empty of understanding, and so empty of factual basis, that it deserves scorn.
DeleteI have already explained the reason for the Velocity of Money fall - it has everything to do with the fall in consumer spending power due to an environment of falling or stagnant wages. Couple that with an ever increasing growth in the size of the federal government and one can readily see that this acts as an enormous sponge which soaks up precious capital which might otherwise go into increasing business investment and wealth creating activities.
IN an environment in which prices are generally falling, consumers are in no hurry to make sizeable purchases, especially when many fear for their own job security or have lost benefits which cuts further into any disposable income they might otherwise have to spend.
Your blame it on the rich mentality is what one expects from those versed in class warfare ideology.
I didn't mean to come off as a "class warfare" fanatic. Seems to me that we are violently agreeing that stagnant-to-falling real wages for the vast, vast majority are a main (if not the primary) culprit.
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