Wacky Socialist Bill Gross

[TakeYouToTasker]

Yes

OK, a quick follow up to make sure that we are on the same page:

 

The Dollar is backed by the "full faith and credit of the United States". What does that mean?

[Tiberius]

OK, a quick follow up to make sure that we are on the same page:

 

The Dollar is backed by the "full faith and credit of the United States". What does that mean?

 

Faith, confidence that it will be paid back, that's all.

 

What does this have to do with military creating jobs??

 

I'm just throwing out there the idea that if we just cut military spending, balanced the budget and layed off all the military, contrators, base level support staff and the GIs that would be a lot of jobs lost for no good reason. So that's what I'm saying. Tom probably disagrees

[TakeYouToTasker]

Faith, confidence that it will be paid back, that's all.

How does the government back that guarantee?

[birdog1960]

Since any additional revenue would not make a dent in our deficit, did you ask yourself what was the point of Mr Gross's statement ?

 

Resentment with the (fellow) rich ? . . . . . . . . .

 

fairness ?. . . . . . . .

 

shared misery ?

 

 

perhaps you shouldn't discount the wacky socialist term too quickly.

why is it that when ever anyone mentions taxing the wealthy more or any mechanism of redistributing or even stemming the tide of more concentration of wealth at the top, you (and others here) immediately conclude the motivation must be envy or resentment? It is certainly possible that for some, their motivation is based on their morals and ethics or even guilt. it doesn't immediately or logically follow that it must be due to envy or resentment. perhaps this conclusion is a result of projection. a liberal colleague of mine believes that a portion of the non 1%ers that feel this way are convinced that someday, somehow they will achieve that 1% threshold.

[TPS]

 

How does the government back that guarantee?

like every other government in the world that has a sovereign fiat currency, by maintaining relatively low inflation, otherwise people seek alternatives. Though the government requires that we pay taxes in its liability, so ultimately we're forced to use it.

 

As for finite resources, in what time frame? If resources are finite, then how do economies continuously expand? There may be finite oil out there, but we'll never reach that point because prices will rise to the point where renewable energy resources take its place--renewable. Once all land is used up for farming, what's to stop from going vertical? Are you familiar with a Plantagon? Right now only 59% of the working age population in the US works, that's a lot of excess labor. We currently use only 78% of our capital capacity. So, what exactly does it mean to say resources are finite? Some dumb tautology about the planet?

[....lybob]

like every other government in the world that has a sovereign fiat currency, by maintaining relatively low inflation, otherwise people seek alternatives. Though the government requires that we pay taxes in its liability, so ultimately we're forced to use it.

 

As for finite resources, in what time frame? If resources are finite, then how do economies continuously expand? There may be finite oil out there, but we'll never reach that point because prices will rise to the point where renewable energy resources take its place--renewable. Once all land is used up for farming, what's to stop from going vertical? Are you familiar with a Plantagon? Right now only 59% of the working age population in the US works, that's a lot of excess labor. We currently use only 78% of our capital capacity. So, what exactly does it mean to say resources are finite? Some dumb tautology about the planet?

That's exactly right, it's like the question what's the carrying capacity of the earth? the answer depends are we talking primitive hunters and gatherers or people who have mastered fusion, engineer with carbon nano-tubes, and can make bacteria into our personal chemical factories.

[TakeYouToTasker]

like every other government in the world that has a sovereign fiat currency, by maintaining relatively low inflation, otherwise people seek alternatives. Though the government requires that we pay taxes in its liability, so ultimately we're forced to use it.

 

As for finite resources, in what time frame? If resources are finite, then how do economies continuously expand? There may be finite oil out there, but we'll never reach that point because prices will rise to the point where renewable energy resources take its place--renewable. Once all land is used up for farming, what's to stop from going vertical? Are you familiar with a Plantagon? Right now only 59% of the working age population in the US works, that's a lot of excess labor. We currently use only 78% of our capital capacity. So, what exactly does it mean to say resources are finite? Some dumb tautology about the planet?

I'd appreciate it you'd stop pontificating, since you've elected to answer a specific question, and have yet to do so.

[3rdnlng]

Someone not only got the answer wrong, but totally flubbed on the question, but that is ok, it fits their MO.

[TPS]

 

I'd appreciate it you'd stop pontificating, since you've elected to answer a specific question, and have yet to do so.

there is the cosmic answer: yes, when the sun runs out of energy. but for all practical purposes, no.

[TakeYouToTasker]

there is the cosmic answer: yes, when the sun runs out of energy. but for all practical purposes, no.

Are you really stating here that resources are infinite?

[TPS]

 

Are you really stating here that resources are infinite?

interestingly here's a Cato inst editorial that captures the point I'm trying to make, to an extent. I think we are constrained by technology over the medium term, and production is highly elastic over this period.

http://www.cato.org/publications/commentary/natural-resources-arent-finite

 

[meazza]

interestingly here's a Cato inst editorial that captures the point I'm trying to make, to an extent. I think we are constrained by technology over the medium term, and production is highly elastic over this period.

http://www.cato.org/...es-arent-finite

 

We are about 400 years away from replicators.

[TakeYouToTasker]

Why not just quote Marcell Dareus Power directly? Got any Peter Joseph clips you'd like to post?

[TPS]

Back to the original point. It depends on the time horizon, which is why I asked in the first post. In the long run, there doesn't appear to be a limit; growth has ensued for several hundred years. Maybe in the limit, but that assumption is meaningless for the point you want to make. Now, in the shorter run, we're constrained by the capital stock, but the only time the US has operated at capacity, since it became a developed economy, was during WW2.

 

So, do you have a point that you're going to try and make, or are you going to keep dancing?

 

I assume you are going to argue that government takes resources away from the private sector, but that can only happen when all resources are fully employed in the short run--again, only during war has the US experienced fully employed resources.

[Tiberius]

Someone not only got the answer wrong, but totally flubbed on the question, but that is ok, it fits their MO.

[Tiberius]

How does the government back that guarantee?

 

It pays interest...is there a point to these question, or have you forgotten it just looking for a gotcha question??

[TPS]

It pays interest...is there a point to these question, or have you forgotten it just looking for a gotcha question??

That's what Tasker is trying to do as well. He'll create a condition to meet his argument, though I'm waiting for the argument.

Tasker, can we simply start playing if I say, "yes, resources are finite"?

[TakeYouToTasker]

I'm in and out of meetings all day today, but I'll address this either tonight or tomorrow.

[Luka]

This whole discussion comes from a warped point of view. It's always all about the rich and what we can take from them. As France has proven, this isn't sustainable. Bottom line is that, if you want to fix the economy, you have to allow the private sector to create jobs. Having the highest corporate tax in the civilized world goes a long way in stunting our growth as a nation. So sure, tax investments. But only after lowering the corporate tax, payroll tax, etc. for companies that employ American workers.

[Azalin]

As France has proven, this isn't sustainable. Bottom line is that, if you want to fix the economy, you have to allow the private sector to create jobs. Having the highest corporate tax in the civilized world goes a long way in stunting our growth as a nation.

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