Problems with MIgrant Temp Workers.....

[cybercoma]

No, it was called "bimetallism", because silver was also used. Gold did not become the sole standard until 1900.

...silver was ALSO used. Meaning, YES the US was tied to gold then.

[westguy]

The economy must continue expanding. In order to do that, new money needs to be created. The only way money is created is by banks loaning out more money. If banks aren't loaning out money, more money isn't created and the economy doesn't expand. Capitalists and investors don't like that.

Zimbabwe move over

[bush_cheney2004]

...silver was ALSO used. Meaning, YES the US was tied to gold then.

The larger point was that the American economy and monetary policy was not successful just because of a "gold standard", and it would be equally insignificant today. The Great Depression occurred while many nations were on a such a standard.

[cybercoma]

the American economy and monetary policy was not successful just because of a "gold standard"

I never said it was.

[blueblood]

They were also tied to gold then.

Contraction isn't a bad thing? Where money isn't tied to gold any longer and the way it's created is through bank loans, a contraction is disastrous. The money that's leant out needs to come back with interest. The only way to get the interest into the economy so the money can be paid back is by making more loans.

The supply needs to expand and continue expanding or the entire house of cards collapses.

Or by producing goods and services that match that value and pay off said debt. You cannot just print money at a whim or it's worthless which is far worse then prices dropping.

[bleeding heart]

What's even more crazy is that we have all those people in eastern Canada who would rather protest and complain rather than move out west where the work is.

Hmmm. Perhaps these massive labour protests in Eastern Canada are getting National Press coverage...but the local press must be ignoring it. Got any links? I'm curious how I could have missed it.

I have no idea what you're on about here.

And massive numbers of Easterners do go West for work. I mean, you couldn't find a single NBer who doesn't personally know a bunch of folks who have gone West for work.

So...what are you talking about, again?

[cybercoma]

Or by producing goods and services that match that value and pay off said debt. You cannot just print money at a whim or it's worthless which is far worse then prices dropping.

Producing goods and services does not create more money. The only way money is created is by banks issuing loans.

[cybercoma]

And massive numbers of Easterners do go West for work. I mean, you couldn't find a single NBer who doesn't personally know a bunch of folks who have gone West for work.

So...what are you talking about, again?

Probably the student protests. You know all of those kids with specialized degrees should quit crying and go turn wrenches in the patch.

[blueblood]

Producing goods and services does not create more money. The only way money is created is by banks issuing loans.

Based on the number of goods and services produced, not what some ivory tower buffoon decides how much money should be created. That's how you impoverish people.

[blueblood]

Probably the student protests. You know all of those kids with specialized degrees should quit crying and go turn wrenches in the patch.

Far better than sitting at home with a thumb up heir ass earning nothing. Maybe those degrees are worthless and the market is saying they are unnecessary.

It's simple theres a job that pays well and they aren't taking them. Who's fault is that they are unemployed?

The writing is on the wall when a patch worker is making double what someone with a sociology degree makes out east for being a social worker.

You can't have your cake and eat it too. Why is there such outrage with grunts making more than people who get arts degrees? Or is jealousy the actual problem?

[bleeding heart]

You can't have your cake and eat it too. Why is there such outrage with grunts making more than people who get arts degrees? Or is jealousy the actual problem?

No...and every time someone brings up "jealousy" in a debate about economics, the actual issue is lazy debating.

Edited July 22, 2012 by bleeding heart

[bush_cheney2004]

No...and every time someone brings up "jealousy" in a debate about economics, the actual issue is lazy debating.

Gee...that's what I think whenever somebody channels Noam Chomsky or Ted.

[bleeding heart]

Gee...that's what I think whenever somebody channels Noam Chomsky or Ted.

Ah. Well, you're mistaken. Glad to clear that up!

[blueblood]

No...and every time someone brings up "jealousy" in a debate about economics, the actual issue is lazy debating.

And here we go, playing the person not the ball. It's not lazy debating, it's an observation.

What, why can't people be happy for those who end up making money and focus their efforts on joining the party instead of protesting?

Yahoos new CEO is going to make a kings ransom, why aren't business schools as hard to get in as becoming a doctor?

Edited July 22, 2012 by blueblood

[bleeding heart]

And here we go, playing the person not the ball. It's not lazy debating, it's an observation.

holy moly, timG, you're the one who brought up the personal.

And my remark was itself an observation.

I simply don't think that many debates about economics are fundamentally about this or that poster's "jealousy."

[cybercoma]

What, why can't people be happy for those who end up making money and focus their efforts on joining the party instead of protesting?

"Complete nonsense." This isn't about what other people make. Nobody is saying people in the patch shouldn't make what they're making. You're arguing against a position nobody has taken.

[blueblood]

"Complete nonsense." This isn't about what other people make. Nobody is saying people in the patch shouldn't make what they're making. You're arguing against a position nobody has taken.

Your tone suggests otherwise. You said that what should all those kids with specialized degrees quit their crying and turn wrenches in the oil patch.

Those kids are the ones doing all the whining that there's no work for them. your suggesting that since those kids have specialized degrees that they're entitled to jobs whether they exist or not. Unfortunately the market says we need more wrench turners and less arts degrees. This kids wasted their time and money.

[cybercoma]

Your tone suggests otherwise. You said that what should all those kids with specialized degrees quit their crying and turn wrenches in the oil patch.

Those kids are the ones doing all the whining that there's no work for them. your suggesting that since those kids have specialized degrees that they're entitled to jobs whether they exist or not. Unfortunately the market says we need more wrench turners and less arts degrees. This kids wasted their time and money.

I never said or implied that they're entitled to jobs. I'm also not naive enough to think that the free market is the perfect mechanism for everything that needs to be done in society.

[blueblood]

I never said or implied that they're entitled to jobs. I'm also not naive enough to think that the free market is the perfect mechanism for everything that needs to be done in society.

It's far better than anything else.

[cybercoma]

It's far better than anything else.

....aaaand I didn't say we need to get rid of it.