Here comes the other economic shoe dropping...

[Svartalf]

If you listened to Rum, you'd know
a) that austerity cure will put LOTS of people out of any capacity to contribute to the economy
b) given how long the frelling tories have been in power, nothing they have done in that area has had the time to reap any benefits, like there are going to be any except for those who already have too much money to know what to do with it.

[eXcommunicate]

Looking back at the first page of this thread and its initial aborted prognostications I'm tempted to start pointing and laughing at whatever Coito ergo sum posts next.

[Coito ergo sum]

Looking back at the first page of this thread and its initial aborted prognostications I'm tempted to start pointing and laughing at whatever Coito ergo sum posts next.

Like what? Other than the stock market predicted to go down 20% (it went down only 10%, and has since come back to about where it was 6 months ago) - everything on the first page of the thread is completely accurate.

Please - give me examples from the first page of this thread.

[Warren Dew]

Stealth stimulus from mortgage defaulters getting free housing:

http://online.wsj.com/article/SB1000142 ... Highlights

Makes it hard to justify continuing to work and pay the mortgage....

[Coito ergo sum]

And, now the round of inflation, to drain the pond.... http://www.bloomberg.com/news/2010-11-0 ... shows.html

[Coito ergo sum]

Gonna be a bumpy ride! http://online.wsj.com/article/SB1000142 ... Collection

Germany concerned... http://www.cnbc.com/id/39968918

[GreyICE]

Looking back at the first page of this thread and its initial aborted prognostications I'm tempted to start pointing and laughing at whatever Coito ergo sum posts next.

Like what? Other than the stock market predicted to go down 20% (it went down only 10%, and has since come back to about where it was 6 months ago) - everything on the first page of the thread is completely accurate.

Please - give me examples from the first page of this thread.

That's quite the claim.

Hidden inflation is surging: If you remove housing costs (which are dropping like stones) from the consumer price index, inflation looks positively resurgent. In January, the CPI was up an annualized 5.8%, excluding owners-equivalent rent, which is a rough proxy for housing costs.

We'll all be out of money and options soon, so wanking will be the only thing we'll have left to do.

The Euro as We Know it is Dead

The disasterism and crying continues for virtually this entire thread. Here's the breakdown:

1) Computers and technology have hit the service industry, making it more efficient and thus need more people. This has been temporarily disguised by growth, but as cost cutting hits in this recession, companies are really figuring out how to do more with less.

2) The breakdown was mostly due to financial games, not a real weakness in goods or service economy. It has been drawn out by real weaknesses and a distinct tightening of the money supply, which is in the long term meaningless (money always having been a reasonably meaningless concept).

3) The sky is not falling.

[devogue]

http://www.americanthinker.com/2010/11/ ... ealed.html

[Warren Dew]

2) The breakdown was mostly due to financial games, not a real weakness in goods or service economy. It has been drawn out by real weaknesses and a distinct tightening of the money supply, which is in the long term meaningless (money always having been a reasonably meaningless concept).

I don't see how the Fed's dropping interest rates to near zero and printing an extra $2,000,000,000,000 to take bonds off the market can be viewed as "tightening" the money supply; quite the opposite.

[Coito ergo sum]

2) The breakdown was mostly due to financial games, not a real weakness in goods or service economy. It has been drawn out by real weaknesses and a distinct tightening of the money supply, which is in the long term meaningless (money always having been a reasonably meaningless concept).

I don't see how the Fed's dropping interest rates to near zero and printing an extra $2,000,000,000,000 to take bonds off the market can be viewed as "tightening" the money supply; quite the opposite.

Well. the Fed isn't "tightening" at all -- the whole euphemism "quantitative easing" is all about loosening the money supply. The idea is to purposefully increase inflation. And, they're issuing about $1 trillion in bonds (initially $600 billion by like March) and printing more money. That equals inflation.

So, the bottom line is, any remaining "wealth" individuals have left is going to be eaten up by inflation. Granny has $300,000 saved....wait till they jack inflation back up....it'll be worth half that in a few years.

[Svartalf]

Well, What I can tell is that this currency issuing and deliberate weakening of the U$D is putting the US on some shitlists, right next to China... the next few G20 and G8 submits should be really fun for afficionados of such things.

[GreyICE]

[

We can't rely on manufacturing for jobs, though. The fact is that manufacturing is becoming less and less labor intensive, just as agriculture did last century. Trying to regain the low paying manufacturing jobs would be like trying to go back to farming behind a teams of oxen. For jobs, we have to look at emerging areas of the economy, and that means services, particularly services with a high tech component.

Wrong boat. That was the 1980s. The manufacturing jobs that can be automated all pretty much have. The stuff that remains is a very hard challenge to automate, believe me. I'm in the middle of the field, and this stuff is just very difficult to automate.

The service sector is what is currently being automated. The service sector has had vast amounts of wasted potential and wasted time that can be replaced by automation. And it is.

The service sector is the next wave of automation. Think how good computers are at anticipating now than they were 10 years ago. Project forward 10 years, remember non-linear growth. Service sector is going the way of manufacturing - a small number of high paid, reasonably high skill jobs.

[Randydeluxe]

http://www.americanthinker.com/2010/11/ ... ealed.html

Far-right-wing blogs are so hard to read. Every time they exaggerate, create straw men, or flat-out lie... it just hurts my heart.

[Warren Dew]

We can't rely on manufacturing for jobs, though. The fact is that manufacturing is becoming less and less labor intensive, just as agriculture did last century. Trying to regain the low paying manufacturing jobs would be like trying to go back to farming behind a teams of oxen. For jobs, we have to look at emerging areas of the economy, and that means services, particularly services with a high tech component.

Wrong boat. That was the 1980s. The manufacturing jobs that can be automated all pretty much have. The stuff that remains is a very hard challenge to automate, believe me. I'm in the middle of the field, and this stuff is just very difficult to automate.

The service sector is what is currently being automated. The service sector has had vast amounts of wasted potential and wasted time that can be replaced by automation. And it is.

The service sector is the next wave of automation. Think how good computers are at anticipating now than they were 10 years ago. Project forward 10 years, remember non-linear growth. Service sector is going the way of manufacturing - a small number of high paid, reasonably high skill jobs.

I'm still kind of hoping this subthread will be split off so everyone will feel comfortable discussing it.

[GreyICE]

I'd be game!