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View Full Version : Greeenspan - We can always print more money



Dutch
08-09-2011, 07:11 AM
can you believe he actually said this?


do you believers in our current economic house of cards still have a warm and fuzzy feeling?



http://www.youtube.com/watch?v=-_N0Cwg5iN4&feature=youtu.be

skuthorp
08-09-2011, 07:18 AM
That's because the US$ is a reserve currency. You'd better hold on to that.
Of course you can go too far along that path, remember the Weimar Republic?

Glen Longino
08-09-2011, 07:27 AM
What I find difficult to believe is that Dutch is still here!

Sedan Fly
08-09-2011, 07:27 AM
can't believe those words were said o.O

PeterSibley
08-09-2011, 07:30 AM
A managed inflation rate of 10% would do wonders for your overseas indebtedness but that's only about 20% of the total isn't it , most is owed to your own institutions .Inflation is a tool for economic management ,the money supply is about all the fed has .

TANSTAF1
08-09-2011, 07:55 AM
I am beginning to think the way Obama will choose to kick the can down the road a little further is through high inflation. There is no political will for real spending cuts or raising taxes. I think it's possible there's the political will to raise taxes for the rich, but they do not have enough money to get us out of this mess. But if his path leads to the dollar no longer being a reserve currency, Obama will be know as the person who destroyed our economy, although he may believe he has to do that in order to transform it into a European socialistic one.

Tylerdurden
08-09-2011, 08:09 AM
Hyper inflation, rioting and global conflict are part of the plan. Herd people into citys that will become prisons under agenada 21. Obama has nothing to do with it. He is a puppet like the many before him. Welcome to Parkland international. It's not Coca Cola , its rice.

wardd
08-09-2011, 08:35 AM
if you print your own money then you can't go broke

inflation is another matter

Gerarddm
08-09-2011, 09:42 AM
Ayn Rand must be spinning in her grave right about now...

Dutch
08-09-2011, 02:37 PM
and no one cares

Tylerdurden
08-09-2011, 03:12 PM
and no one cares

No, Not yet anyways. They are too busy drinking the koolaid.

Cuyahoga Chuck
08-09-2011, 03:55 PM
I am beginning to think the way Obama will choose to kick the can down the road a little further is through high inflation. There is no political will for real spending cuts or raising taxes. I think it's possible there's the political will to raise taxes for the rich, but they do not have enough money to get us out of this mess. But if his path leads to the dollar no longer being a reserve currency, Obama will be know as the person who destroyed our economy, although he may believe he has to do that in order to transform it into a European socialistic one.

According to a chart posted on one of these threads the Bush tax cuts left a $1.7 trillion hole in the treasury. Since we obviously didn't get $1.7 trillion worth of jobs what's the sense of letting all that money go to waste in some offshore bank account?

Tylerdurden
08-09-2011, 03:56 PM
According to a chart posted on one of these threads the Bush tax cuts left a $1.7 trillion hole in the treasury. A repeal of the law would do us some good right now.

Won't do you any good but sure will help the bankers.

genglandoh
08-09-2011, 04:32 PM
After we print all the money we need (14,000 Billion)

This is what our money will be worth

http://www.financialnut.com/wp-content/uploads/2008/11/dollar_toilet.jpg

wardd
08-09-2011, 04:57 PM
there is another way to put money into the economy

stevebaby
08-09-2011, 05:37 PM
Hyper inflation, rioting and global conflict are part of the plan. Herd people into citys that will become prisons under agenada 21. Obama has nothing to do with it. He is a puppet like the many before him. Welcome to Parkland international. It's not Coca Cola , its rice.It's not much of a plan if you know about it.
Where are people being herded into cities?
Nowhere.

Dutch
08-09-2011, 06:14 PM
After we print all the money we need (14,000 Billion)

This is what our money will be worth

http://www.financialnut.com/wp-content/uploads/2008/11/dollar_toilet.jpg

I believe that is trillion

genglandoh
08-09-2011, 06:16 PM
I believe that is trillion

I like to always use Billions in my posts because most people do not know what a Trillion is.

14,000 Billion = 14 Trillion.

zertgold
08-09-2011, 06:25 PM
I like this breakdown:
2011 federal budget into perspective:
Removing eight zeros from the actual numbers to pretend this is a household budget for the Jones family:

* Total annual income for the Jones family: $21,700
* Amount of money the Jones family spent: $38,200
* Amount of new debt added to the credit card: $16,500
* Outstanding balance on the credit card: $142,710
* Amount cut from the budget: $385

TANSTAF1
08-09-2011, 08:57 PM
According to a chart posted on one of these threads the Bush tax cuts left a $1.7 trillion hole in the treasury. A repeal of the law would do us some good right now.

Yep, it would kill all chances of a recovery.

Keith Wilson
08-09-2011, 09:09 PM
. . . pretend this is a household budget for the Jones family:And there's your fallacy. The US government is completely unlike the Jones family. The Jones family cannot choose to raise their income by legislation. (Remember that taxes are the lowest they've been in 60 years as a percent of GDP.) The Jones family does not have the entire world lining up to lend them money at essentially zero interest. And the Jones family cannot create money out of thin air.

We have lots of economic problems. The budget deficit is not at this point a major part of them

Cuyahoga Chuck
08-09-2011, 09:32 PM
Greenspan said that.
Greenspan is correct.
Greenspan didn't say it was desireable or that he backed the idea.

seanz
08-09-2011, 09:32 PM
I heard on the radio a rational explanation of how this is going to work......let's hope it does.

TANSTAF1
08-10-2011, 07:44 AM
We have lots of economic problems. The budget deficit is not at this point a major part of them

You are entitled to your opinion, but that does not make it so.

wardd
08-10-2011, 07:48 AM
You are entitled to your opinion, but that does not make it so.

if the deficit is not a major part of our current problems then your opinion doesn't make it so

TANSTAF1
08-10-2011, 08:05 AM
if the deficit is not a major part of our current problems then your opinion doesn't make it so

You're correct am I am too tired to develop the support for my opinion. Suffice it to say, S&P thinks it's a problem.

It would be like trying to teach a pig to talk. It is a waste of time and effort and it annoys the pig.

Dutch
08-10-2011, 10:06 AM
I like this breakdown:
2011 federal budget into perspective:
Removing eight zeros from the actual numbers to pretend this is a household budget for the Jones family:

* Total annual income for the Jones family: $21,700
* Amount of money the Jones family spent: $38,200
* Amount of new debt added to the credit card: $16,500
* Outstanding balance on the credit card: $142,710
* Amount cut from the budget: $385

thats pretty good

Dutch
08-10-2011, 10:08 AM
as far as keith is concerned just remember- there is no inflation and deficits dont matter - if only we had the will we could tax ourselves into prosperity

Cuyahoga Chuck
08-10-2011, 10:18 AM
as far as keith is concerned just remember- there is no inflation and deficits dont matter - if only we had the will we could tax ourselves into prosperity

Keith is correct. A well known congress watcher, Norman Ornstein, of the Heritage Foundation, said the same thing on the Diane Rheim show today.
If you think you are smarter than them, think again, Bubba.

Tylerdurden
08-10-2011, 10:26 AM
Keith is correct. A well known congress watcher, Norman Ornstein, of the Heritage Foundation, said the same thing on the Diane Rheim show today.
If you think you are smarter than them, think again, Bubba.

Now if you could only think the world would be a wonderful place Bubba :)

Tylerdurden
08-10-2011, 10:37 AM
http://www.youtube.com/watch?v=yFaUCPPAdc8&feature=player_embedded

Dutch
08-10-2011, 10:44 AM
Keith is correct. A well known congress watcher, Norman Ornstein, of the Heritage Foundation, said the same thing on the Diane Rheim show today.
If you think you are smarter than them, think again, Bubba.

yeah - its working great for the Brits! with all their new taxes in effect their economy grew at the astounding rate of

.5 % for the past 6 months! happy days are here again! :)

TANSTAF1
08-10-2011, 10:49 AM
It grew THAT much? Truly happy days are here again. Sadly our happy days are ahead of us.

wardd
08-10-2011, 02:58 PM
You're correct am I am too tired to develop the support for my opinion. Suffice it to say, S&P thinks it's a problem.

It would be like trying to teach a pig to talk. It is a waste of time and effort and it annoys the pig.

is that the same s&p that didn't think mortgage backed securities were a problem?

TANSTAF1
08-10-2011, 03:17 PM
Unfortunately poliiticians like Bwarney and Fwank did not require Fannie and Freddie to operate transparently. Those who bought their packages had no idea the mix of credit worthy to distressed properties. If they themselves didn't know, how on earth could S&P know?

wardd
08-10-2011, 04:24 PM
what percentage was freddie and fannie compared to the big wall street players?

Dutch
08-10-2011, 04:45 PM
fannie and freddie just down graded by s and p as well - we will end up bailing them out again.

CWSmith
08-10-2011, 07:10 PM
Why is anybody listening to this guy?!?! Didn't he lead the charge on bank deregulation for over a decade? Didn't he say the markets knew better than the government and they should be left to do as they please, bringing on the housing collapse of 3 years ago? He should be treated like a Biblical leaper and avoided, ignored, shunned and dismissed!

wardd
08-10-2011, 07:15 PM
Why is anybody listening to this guy?!?! Didn't he lead the charge on bank deregulation for over a decade? Didn't he say the markets knew better than the government and they should be left to do as they please, bringing on the housing collapse of 3 years ago? He should be treated like a Biblical leaper and avoided, ignored, shunned and dismissed!

on this point he is right

CWSmith
08-10-2011, 07:24 PM
on this point he is right

Maybe, and only to a point. We have very low inflation, at least according to how it's measured now. In reality, oil and food are going up very fast. Maybe we can print some money without too much adverse effect, but is printing money ever really good?

Before we print money, let's do 2 other things: (1) Close tax loopholes and get the wealthy to pay proportional to how this society has blessed them with wealth and (2) Take a serious look at how our government does business and for the first time really make it more efficient. Hard problems are still worth solving and we have a very inefficient beuocracy. Then, let's find someone else to listen to just on principle - he doesn't deserve to be heard anymore, right or wrong.

And while we're at it, let's round up the people who built "The Big Dig" and throw them all in jail! It won't help our current situation, but it may change the way infrastructure is tackled in the future. What a bunch of crooks!

Keith Wilson
08-11-2011, 08:29 PM
. . . but is printing money ever really good?Sure, sometimes. Sometimes it's essential. Sometimes it's disastrous. Remember that an enormous amount of wealth (on paper) just evaporated when the housing bubble burst. Interest rates are as low as they can very well be (negative in some cases), inflation is extremely low except for some things like oil where other factors are driving the increase - and even oil is down lately. We have a tremendous amount of productive capacity that isn't being used because of a lack of demand. Increasing the amount of money in the economy seems like an excellent idea right now.

Again, we have lots of economic problems. The idea that the federal deficit is the largest or most urgent one right now is purest nonsense.

leikec
08-12-2011, 02:13 AM
Sure, sometimes. Sometimes it's essential. Sometimes it's disastrous. Remember that an enormous amount of wealth (on paper) just evaporated when the housing bubble burst. Interest rates are as low as they can very well be (negative in some cases), inflation is extremely low except for some things like oil where other factors are driving the increase - and even oil is down lately. We have a tremendous amount of productive capacity that isn't being used because of a lack of demand. Increasing the amount of money in the economy seems like an excellent idea right now.

Again, we have lots of economic problems. The idea that the federal deficit is the largest or most urgent one right now is purest nonsense.


Exactly!! We should quit having the vapors over the deficit and focus on JOBS!!!!!!

Jeff C

Keith Wilson
08-12-2011, 07:21 AM
The reason the right wing is having fits about the deficit right now is not because it's a particularly urgent or severe problem (although many of them sincerely believe it is), but because concentrating on deficit reduction supports policy decisions they favor,and a type of society they think is good. It's a way to convince people to put up with things they otherwise don't agree with; a sort of "take your medicine" argument. They see in deficit hysteria a possibility to undo not only the Great Society programs of the '60s, but also the New Deal reforms and even some on the achievements of the Progressive movement in the teens. The fact that it's coupled with implacable opposition to any increase in taxes, which are at their lowest level in 60 years, shows that concern with the deficit is not really serious. And of course, borrowing to fight optional wars was fine.

Note that I'm not saying that "deficits don't matter" (quoting Dick Cheney), nor that the current deficits can be maintained indefinitely. Over the medium and long term, we have serious budget problems that will have to be addressed, particularly the increase in medical costs. But our most important and urgent problem right now is unemployment and lack of demand.

TANSTAF1
08-12-2011, 07:26 AM
Yes, let the deficits continue. Just think we can use our grandkids own money to make them parasites of the government and the know it all elite, like some here.

Keith Wilson
08-12-2011, 07:33 AM
we can use our grandkids own money to make them parasites of the government Oh, how sweet; right-wing social engineering (if the government helps anyone, it makes them a "parasite"), mixed with a good dose of BS pseudo-populism ("the know it all elite"). If you can't answer the argument, complaining about "elites" may serve to obscure the issue.

Sorry dude, just because I use words of more than two syllables and am not defending the economic interests of the wealthiest 1% and the Gospel According to Ayn Rand, that doesn't make me "the elite". Concern with wider distribution of wealth is "elitist", eh? Maybe you should look up the word.

TANSTAF1
08-12-2011, 07:50 AM
i am so impressed that you were able to use a few words of more than two syllables that I now agree you DO KNOW what is best for me and everyone else. The Soviet Union tried your way of dictating what was best and spreading the wealth around and now they are on the trash heap of history. But you oh Lord and Master are so much better than they.

Dutch
08-12-2011, 07:55 AM
keith thinks that as long as HE and his ilk are the deciders it will be just peachy.

news flash- him and his ilk wont be the ones in charge.