Battlefield 1 is pretty sweet

Why is an uptick in chatter in this thread so often the sign of an important top or bottom?

Just to be clear, you are calling a bottom?

I've owned precious metals for years. Gonna be selling for more cryptos. Get with the times peeps. I mean seriously.. I've been a bug for a long time but all the **** has ever done is sit in a box. Kind of a shame I had good money sitting in it for 10 years with **** return. Bottom line.. the only time silver or gold will be worth anything is when it doesn't matter.

Sigggggh....

Another person that doesn't get it at ALL...

Gold is money. Money is not supposed to earn you a return. Gold is not a stock. Gold is WEALTH. Gold is SAVINGS.

Gold and the dollar are both classified as money. I don't see anyone saying dollars don't earn you a return, moreover.......I don't see anyone caring that the dollar has all but been depleted in the last 100 years. Yet gold is still going strong obviously.

Gold is not a "barbarous relic." DEBT is barbarous. Gold is savings which by definition is civilized.

China, India, Russia, and central banks aren't accumulating virtual currency. They are accumulating GOLD.

Bitcoin is fine, I don't think a person is stupid to own it, but it is stupid to value a digital currency more than REAL currency. Sorry but some blockchain algorithm isn't going to override an application in gold that has been money for 6,000 years.

Make sure you don't sell it all for cryptos or you will be sorry.

Michael, if you ever need it you'll be dead before you can spend it all. Don't you watch the walking dead ? There is only so much guns one person can operate.

If you don't invest your dollars don't earn you a return.

There.

Well you shouldn't have to be forced to invest your dollars to keep up with inflation. The government shouldnt be confiscating your wealth.

Would you prefer to live in a society where a dollar you earn today buys you the same amount of goods 10 years from now or do you want to live in a society where the dollar you earn today buys you 60 cents 10 years from now.

The multiple AK's are for friends neighbors if need to hunker down.

In a societal collapse it is easy to cap people in the knees 100 yards out who look like they are up to no good and shouldn't be hanging around. Happened a lot in the Yugoslavia war, lot of people acquired limps being shot in the knees when they were hanging around areas and were suspect.

Small inflation has lots of positives, easily outweighing the above. Take an econ course ffs.

Except it isn't small inflation bro. And when all the inflation we have exported comes washing back in a tidal wave on American shores I hope you remember this post.

I'm an economic major, and I learned that the Keynesian economic education I learned is a complete scam and fraud. Look around you dude, this 40 year keynesian experiment in unbacked fiat is currently exploding all over the world.

Most "econ" majors don't even understand that gold and silver is real money. Biggest con ever.

And in case you weren't around earlier when I quoted Keynes himself where he directly says in his book that his economic theory is a fraud.....here are the quotes.

"By this means government may secretly and unobserved, confiscate the wealth of the people, and not one man in a million will detect the theft." -- British Lord John Maynard Keynes (the father of 'Keynesian Economics' which our nation now endures) in his book "THE ECONOMIC CONSEQUENCES OF THE PEACE" (1920).

"Should government refrain from regulation (taxation), the worthlessness of the money becomes apparent and the FRAUD can no longer be concealed." -- British Lord John Maynard Keynes (the father of 'Keynesian Economics' which our nation now endures) in his book "THE ECONOMIC CONSEQUENCES OF THE PEACE" (1920).

I don't remember my government public school econ instructors ever bringing up gold and silver. And there is a reason for that.

"From 1913 until now inflation of the dollar has been 2950%. A 1913 dollar would now be worth $.034. When I became a wage earner in 1950 I could buy a full breakfast, eggs, sausage, hashbrowns, shortstack, juice, and coffee for $.39. This morning I paid $9.60 for the same, an inflation of 2460%]"

Small inflation.

Most micro courses are fine, but macro...sweet christmas, most of it is pure fiction.

Plz, name them.

When I asked Brian he stopped responding.

What is a positive of inflation?

...

...

here

LOLz, living up to your name there. My goal is not to learn what BS someone like Krugman can spew.

I know the answer.

My goal is to have these people who claim that there are benefits to put their name to some of the benefits and to defend their position so that we can have a discussion.

I can search the web for BS and pick it apart ad infinitum. What I want is for people reading and participating in the conversation to learn something from it.

Apparently we have dissenting positions. I have already pointed out what I view to be the flaws. People say there are benefits, so let's hear them...

If there actually are benefits then question becomes do the benefits outweigh the costs? That is very simple.

Yes.

I already gave it: It creates incentives that allow us to have more nice things.

The only counterargument (outside of bizarroworld ideological arguments that I have no interest in because I live in the real world) is that nice things suck.

1. Borrow money today to invest in productive capital.
2. Sell product in the future at an inflated price.
3. Repay debt with inflated earnings.

Without inflation, step 1 becomes a mistake and the economy freezes up.

How does that work?

It might incentivize consumption over saving but that is not necessarily a good thing. Consumption is not what leads to us having more nice things. It is the profit motive that does that. Now of course you need some consumption for there to be any profits. But there is no reason to incentivize spending, that happens on its own.


Spoiler: in this sense incentivize = force (this is what Michael was saying, he is not wrong there).

Credit is not contingent upon inflation.

You don't have to sell the product at an inflated price. Inflation has nothing to do with it. Marginal costs, Average Total Costs, Supply & Demand, this is like econ 101.

You don't have to repay debt with inflated earnings. You can just repay it with earnings.

If you have a good idea and can earn return on capital then a lender might take a risk on you (to earn return on their capital). And the spread is your profits. This really doesn't have any thing to do with inflation.

What inflation does is, if the banker lends you money at 2%PA and inflation is 2%PA then yes, it becomes easier for you to repair your loan but harder for the banker to earn real return. This is not necessarily a good thing.

Maybe some these loans should not be made and we (as a society) are misallocating capital because of it.

Janabis, I don't know if you have heard me say this before, but it is not inflation per say that I am against.

I am against a managed economy w/ targeted inflation. The problem is that the loop is not closed in our current system. We could effectively increase the money supply 100x at the stroke of a key.

Some inflation may well occur naturally. Say the supply of money at t=0 is 100 oz of Au. Then say the supply is 110 oz at t=1 because someone opened and mine and took 10 oz out of the ground.

That is fine IMO because labor and capital had to be deployed in order to increase the money supply.

But if some data point is arbitrarily targeted by way of the money supply (or interest rates), that is a problem. It messes w/ the economic calculus a la Hayek.

That is a red herring. If factories degraded in value faster than money did (factories naturally degrade in value quite quickly, much like everything of value), the profit motive of owning a factory would be degraded.

No. Influence != force. There is no gun at anyone's head. You may do as you will with your money.

(more to the point, an unmanaged system sucked ass. we already tried that. it sucked)