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Friday, May 4, 2012
Rogue Economist — Why NGDP targeting?
Rogue has some fun with NGDP targeting. And yes, now some Very Serious People are considering it Very Seriously. Seriously?
In the original link Neil Wilson says: "Let them try NGDP targeting, and let it fail miserably."
I disagree, these policies are potentially genocidal. Thanks to QE and other FED policies starvation rose in some places in the world, like for example India and Middle East nations.
These policies can actually kill people in real life. Bernanke and the banker crooks should be judged for these crimes. Without reform in the futures markets by an other criminal institution (CFTC) there is potential for an huge disaster in the world economy with a spike in food and energy commodities, even if its temporary.
We have to be serious about this, is not like we are talking about temporary rise in prices without any fundamental (supply/consumption) cause, we are creating social and geopolitical instability in a lot of places and people dies because of these prices in some places.
All this idiotic economists asking for NGDP should be accountable for wanting to create inflation regardless of how that inflation is 'distributed' and who carries the burden (diminishing purchasing power), which by the most part will be the poor people who do not have disposable income already.
Every person who has any influential power on policy and policy makers, technicians and economist in charge should be held accountable for these actions if they have 'unforeseen' (only by them) consequences. It's about this criminogenic environment is cut in half, just like any other professional group has civil responsibilities all this idiots should have them too.
Exactly. It's at least criminal negligence if not malfeasance, in addition to total stupidity.
Look at what havoc has already been wrought so far, and we are no where near solving this global problem resulting from a criminogenic environment in Western finance, which major economists are fronting for, either out of sheer and culpable ignorance, they are professionals after all, or else intentional complicity.
All of these people need to be shown the door, and some of them put behind a door with bars on it.
Tom -- Rogue mentions that there have been calls for the Fed to buy stocks, commodities, etc. If they do, they will become the 'Buyer' of last resort, not the 'Employer' and it's the 1% who own those assets the Fed is supposed to buy. Just another excuse to continue pumping money up to the top at the expense of those at the bottom.
Good one Rouge!
ReplyDeleteThanks Dan.
ReplyDeleteIn the original link Neil Wilson says: "Let them try NGDP targeting, and let it fail miserably."
ReplyDeleteI disagree, these policies are potentially genocidal. Thanks to QE and other FED policies starvation rose in some places in the world, like for example India and Middle East nations.
These policies can actually kill people in real life. Bernanke and the banker crooks should be judged for these crimes. Without reform in the futures markets by an other criminal institution (CFTC) there is potential for an huge disaster in the world economy with a spike in food and energy commodities, even if its temporary.
We have to be serious about this, is not like we are talking about temporary rise in prices without any fundamental (supply/consumption) cause, we are creating social and geopolitical instability in a lot of places and people dies because of these prices in some places.
All this idiotic economists asking for NGDP should be accountable for wanting to create inflation regardless of how that inflation is 'distributed' and who carries the burden (diminishing purchasing power), which by the most part will be the poor people who do not have disposable income already.
Every person who has any influential power on policy and policy makers, technicians and economist in charge should be held accountable for these actions if they have 'unforeseen' (only by them) consequences. It's about this criminogenic environment is cut in half, just like any other professional group has civil responsibilities all this idiots should have them too.
@ Leverage
ReplyDeleteExactly. It's at least criminal negligence if not malfeasance, in addition to total stupidity.
Look at what havoc has already been wrought so far, and we are no where near solving this global problem resulting from a criminogenic environment in Western finance, which major economists are fronting for, either out of sheer and culpable ignorance, they are professionals after all, or else intentional complicity.
All of these people need to be shown the door, and some of them put behind a door with bars on it.
Tom -- Rogue mentions that there have been calls for the Fed to buy stocks, commodities, etc. If they do, they will become the 'Buyer' of last resort, not the 'Employer' and it's the 1% who own those assets the Fed is supposed to buy. Just another excuse to continue pumping money up to the top at the expense of those at the bottom.
ReplyDelete(And I agree completely with you and Leverage.)