Deficit Dove Prayer: "Grant Me Agile Thinking, Morality & Half A Brain ... But Not Until AFTER I Steal Everything In Sight."

(Commentary posted by Roger Erickson.)

Saint Augustine must be turning over in his grave.

Deficit Doves are still at it, saying that more austerity is needed ... but not just yet. (Hat tip to Bill Mitchell.)

German minister calls for EU budget rules to be loosened ... briefly

Translation: "Grant me agile thinking, morality & half a brain ... but not until AFTER I steal everything in sight."

Brilliant! :( Tell electorates with growing numbers & capabilities that they'll all have to DO LESS ... but not just yet?

That's exactly like telling growing kids they'll be malnourished .. but not yet?

?? 

Where do we FIND idiots who can't grasp the difference between dynamic and static assets, and between REAL resources and purely nominal metrics?

These idiots don't understand the difference between a deficit in one purely nominal metric (national fiat = Public Initiative =~ fiat currency supply), and a deficit in REAL capabilities or resources.

What MORONS!!! Just continuously right-size & right-distribute currency supply, in real-time? Any engineer or high school math student could write the Automatic Stabilizer functions for you. It's analogous to defining the basic gear that allows a soldier to function as a working part of an army. This is NOT rocket science. The concept of functional tolerance limits applies.

Some people just don't understand creation & creativity.

Fine. So for heavens sake, do NOT send such idiots to your Congress or Parliament!!! BMHOTK!

As mindless believers in "Double-Entry Accounting" for everything, idiots will insist that creativity & social development has to "come" from somewhere, in order to be created. NOT!!!

Invention, creation, innovation & return-on-coordination supersede Double-Entry Accounting! Get over it. We do not GET those things from anyone. We as a people create them, de novo - just like our fiat currency. Please wise up, as in now, before it's too late & your grandchildren have NO options.

This time is finally different. The world will truly go dark, if we don't find new reserves of fiat. :(

   (Commentary posted by Roger Erickson)

OECD countries’ debt ‘to top’ post-war highs 

"The combined debt burden of the biggest developed economies will surpass this year record levels seen at the end of World War II, adding pressure on governments as they roll over post-crisis debts, the OECD said on March 28.

Gross public debt in OECD countries for which long-term data is available will top the World War II peak of 116 percent of GDP, reaching an estimated 117 percent this year, the Organisation for Economic Cooperation and Development said. 

The OECD’s 34 members include mostly wealthy countries such as the United States and European countries. Some emerging economies such as Mexico and Turkey are members although bigger developing countries such as China and India are not. 

Not only are debt levels high, but a growing share comes due in the next three years with nearly 30 percent of long-term debt needing to be refinanced by the end of 2016, the Paris-based organisation said in its annual sovereign borrowing outlook. 

While such a high level of refinancing is not unprecedented, rolling over debt will be made all the more complicated by uncertainties created by the U.S. Federal Reserve’s unwinding its bond-buying programme, the OECD’s head of public debt management issue, Hans Blommestein, said. 

“If you have to go to the market because you have to refinance, that’s a challenge,” Bloomestein told Reuters. “It’s not impossible, but it’s not a piece of cake.” 

Taking redemptions into account, the combined borrowing need of OECD governments was seen easing slightly to $10.6 trillion this year from $10.8 trillion last year. 

Japan will be the biggest issuer this year with plans to borrow the equivalent of 64.7 percent of its national output. Its borrowing alone would make up 35 percent of the OECD total."

###

Never have so many, been so indebted ..... to themselves?

This is what happens when mass mania leads a people to try to peg the volatile growth of dynamic public initiative - aka, fiat - to any particular form of static asset.

May as well constrain an expanding universe to a theoretical economic black hole, from which no logic may escape?

How on earth do engineers, PhDs and so many educated people carry on conversations without even stooping to define the terms they're attempting to use? It's a Blommen catastrophe.

This news article fails logic 101 so badly that all involved should be thrown out of class for failing to master even the minimal pre-requisites. Just random data minus context .... yet again.

It's like showing up for work without even having learned how to dress yourself, let alone read, or write, or reason ..... or usefully interact with co-workers.

What does OECD REALLY stand for? Operationally Excised Cerebral Debris? Anyone interested in actually growing a group brain for your country, please contact me. rge (at) OperationsInstitute (dot) com

Yearly Democracy Vitamin Supplements: Review 1 Marriner Eccles, and Call [One Another] After Cogitating

   (Commentary posted by Roger Erickson)




"VitaFiat" - there's no lethal dose, so even more can't hurt. (Cures mental constipation too.)

How Marriner Eccles saved America

Truly astounding reading.

"In 38 pages of testimony, he shocked the senators [of 1933] by not only precisely listing the failures of the economy, but laying out a five-point plan for fixing it."

[You have to wonder. If there were a 2nd Coming, of Marriner Eccles, would US Senators of today not only decline to invite him to testify, they'd impeach and lynch him? Sadly, I'd have to guess yes. Maybe next year WE will be smart enough to select some more learned and intelligent Congresspeople, in BOTH houses? America, Uncle Sam needs YOU ... to select smarter, less sociopathic Congresspeople.]

1933 US Senate Testimony of Marriner Eccles

1938 Marriner Eccles Address Responding to Criticisms Leveled by Orval Adams of the American Banking Association

The Marriner S. Eccles Document Collection at the St. Louis Fed Archives

ps: Eccles was a product of his times, and of course not infallible per all future challenges. He started out thinking in - at least flexible - gold std perspectives, yet nevertheless guided the USA into a currency regime where "money" is backed NOT by static assets limiting policy agility, but instead where a "fiat" currency is instead backed by the underlying dynamic asset of Public Initiative, which, by definition, can always be as agile as policy demands.