Archive for the Economics Nobel Category

National Financial Literacy Month: Teaching Financial Literacy In The “Debt Age” (April 25, 2016)

Posted in Awards / Incentives, Consumerism, Economics, Economics Nobel, Federal Courts, Kleptocracy, Nobel Prize, Noble Prize, Schooling on April 25, 2016 by e-commentary.org

. . .

K          “But do they really want them to be financially literate.”

J          “Who wants a citizenry to be financially literate.  Illiteracy is so profitable.”

K          “What would they teach.”

. . .

K          “For a few hours, they should teach them simply to consume less.  That is the answer.  Devour less.  That goes against the spend and spend and spend and consume and consume and consume mantra they are fed every waking moment on every medium everywhere they venture.”

J          “The same corporations and institutions that ceaselessly propagandize them to spend then underwrite a few hours of instruction advising them, in effect, not to spend.”

. . .

K          “You could teach supply and demand, yet supply and demand no longer drive or dictate price.”

J          “Price/earnings ratios remain a sound financial metric in an economy with accurate price discovery.  With all the government and private sector manipulation and intervention, they are not relevant or reflective metrics of reality.”

. . .

K          “Markets do not exist.  The ‘stock market’ is a Racket.  What few insider trading cases are prosecuted are overturned and repudiated by obliging federal appellate courts doing their job protecting the Kleptocracy.”

. . .

K          “Personal finance courses would at core contradict all the carpet bombing saturation advertising inflicted on the public.  And look how the consequences define our age.  We have evolved from the ‘Stone Age’ to the ‘Bronze Age’ and now to the ‘Debt Age’.”

J          “Still prudent to avoid debt at any cost unless the return is nearly certain.  The debt one assumes to spend time around a college may not be worth the return.”

K          “To the individual and also to society.  Buying a used car and not eating at a restaurant are sound pieces of financial literacy advice.  However, someone must buy new cars and frequent restaurants on occasion.”

J          “The loans for new cars exceed the expected life of the cars.  Restaurants are moving to computer ordering and eliminating the wait staff.” 

. . .

K          “All prices are manipulated and manufactured.  What would you teach.” 

J          “Most current economic curricula in America’s colleges and universities is a secular religion built on inaccurate assumptions and the conviction that growth can continue forever.”

K          “To educate the Nobel Prize winners in Economics in economics, night classes in financial literacy could be offered.”

J          “The classes for them would need to be scheduled around their daily teaching schedules propagandizing the religious orthodoxy.”

. . .

[See the discussions of the “Save” program and the “Credit Abuse Resistance Education” program.]

[See the e-commentary at “Consume, Don’t Invest (Nov. 9, 2009).”]

Bumper sticker of the week:

“The more flak you get the closer you are to the target.”  World War Two bomber’s observation

One Book Wonders: Scan Another Book (September 29, 2014)

Posted in Awards / Incentives, Banks and Banking System, Bernanke, Book Reference, Economics, Economics Nobel, Education, Greenspan, Minimum Wage, Monopoly on September 29, 2014 by e-commentary.org

. . .

1          “Two books do offer more insight.  But that is just me.”

2          “Three if you have a spare three-day weekend.”

. . .

1          “Former Chief Justice William Rehnquist often said that his world view was strongly influenced by a book he read as a young man, The Road to Serfdom, by Friedrich von Hayek.  The best-seller was published in 1944 during the last days of World War II.”

2          “I can see why Fred’s missive captivated the young private from Milwaukee.  He was conscripted by Big Government to fight other privates conscripted by other Big Governments.  Fred warned of the dangers of what he called collectivism and big government and predicted that the path to socialism, the ‘road to serfdom’ of his title, would eventually collapse.  The world sure looked like it was collapsing.”

1          “My original edition notes that the printing has been redesigned by the publisher to conform to the government’s request to conserve paper during that War.  Government making reasonable requests?”

2          “The government was right, we tattoo far too many fallen trees.  My copy warns the reader right on the cover that Fred may not have any idea what he is talking about.  The publisher warns the prospective purchaser that Hayek got the Nobel Prize in E-con-omics.”

1         “What if Rehnquist had stumbled on a book that warned of the dangers of raw selfishness and big corporations and predicted that the path to corporatism and kleptocracy, the ‘road to serfdom’ of the new publication, would eventually collapse.”

2          “Fred lived during a period of time when the governments of many world powers, at the direction of their military and financial elites, marketed much evil and inflicted great pain, grief, and violence on the world.  His distrust is not unfounded but myopic.”

1          “He intuits that big is often bad, but he only got half the story right.  We do not have a market economy.  Today, Big Government is Big Business; Big Business is Big Government.  Sit down and analyze the major industries in America.  Each one of them is monopolized.  The business is the industry; the industry is the business.  In this Internet era, when someone concocts a new application or gizmo, that person has a monopoly on the application or gizmo.”

2          “We are racing down the road to serfdom.  Yet the guvmit, not the private sector, has always enforced speed limits.”

1          “The government is a wholly-owned subsidiary of the monopoly corporations.  There are now no limits and no governors.”

. . .

1          “Let’s say that someone is deeply and genuinely concerned about the road to serfdom.  Would the concerned citizen support a higher minimum wage or not?  The folks who have minimum wage jobs today are serfs.  They are at the end of the road to serfdom in a hopeless cul-de-sac.  If the rate is raised, some folks will lose some of their serf status and yet a few may lose their job.”

2          “What I have noticed is that the opponents of a minimum wage increase do not give a hoot about the workers and only seek to do everything to cut the costs for the Owners.”

1          “Now that you mention it, Fred surely would support an increase in the minimum wage to avoid the nefarious road to serfdom.”

2          “What happened to Bill along his journey?”

. . .

1          “In The Age of Turbulence, Alan ‘Easy Al’ Greenspan describes the influence that Ayn Rand had on his intellectual development.  So many young men are distracted by shiny objects.”

2          “So many things in life just are not a surprise.”

1          “Raw self-interest is not genius, but it sure does appeal to our baser instincts.”

2          “And it advanced her and his financial interests.”

1          “But not ours.  I do not hold her exclusively responsible for the economic violence that he unleashed on the world, yet she is at the top of the list.”

. . .

1          “Think about the folks who look to the Good Book and only the Good Book for insight and inspiration.  At one time, a person could only carry one gun, one knife, one bed roll and one book.  That book was dubbed the Good Book.  The struggle to exist limited one’s time to contemplate one’s existence.  Space only allowed for one book and time only allowed for reading one book that had to provide all the answers.”

. . .

1          “Those who have access to more resources need to get a life.  And scan a second book.”

2          “Asking someone to read two books is a lot to ask.  Life is short.”

. . .

1           “When the smarter gender takes over, Nancy Drew will reign supreme.”

. . .

[Banned Book Week – September 21 – 27]

[Search the name “Carmen Segarra” on the Internet.  She should receive the Profile in Courage Award for 2014, but it will likely go to someone like Greenspan or Bernanke.  See the previous e-ssay at Profile In Cowardice Award (May 12, 2014).]

Bumper stickers of the week:

Scan a book, don’t ban books.

Read a second book; get a second opinion.

What we really need is a moment of science in the public schools.

The Minimum Wage: The Market Solution (May 5, 2015)

Posted in Awards / Incentives, Economics, Economics Nobel, Health Care, Less Government Regulation Series, Market Solutions, Minimum Wage on May 5, 2014 by e-commentary.org

. . .

1          “And the private sector solution.”

2          “Without a minimum wage, the government is providing massive subsidies for the workers laboring at major corporations that only provide sixty or seventy percent of the minimum livable wage.  The employees are required to subsist on food stamps and other government subsidies and programs.  If the minimum wage is instituted, more of the cost of production is internalized by the corporation rather subsidized by the tax payer.”

1          “There may be some lost jobs.  However, all the large corporations have deployed their most cunning technicians to find ways to eliminate as many human jobs as possible already.”

2          “Reducing monthly government payments requires some foresighted policy at the outset.  It is a no-brainer, but it requires an extraordinary brainer to understand.”

. . .

1          “The great debate over national health care fails to acknowledge that the United States has implemented the most inefficient national health insurance program in the history of human kind in Title 11, the Bankruptcy Code, rather than in Title 42, governing Public Health and Welfare.”
2          “The solution is simple.  The public shall receive the same health care coverage as the Congress.”

. . .

1          “The Norwegians will not reward that notion with their Nobel in E-con-omics.  If they do not reward that notion, the professional e-con-omists will not propound the notion.”

2          “We should go to the International Court of Justice and seek an injunction against the Norwegians and use the Nobel money for some other virtuous public purpose.”

1          “I am on board.  How could a concerned member of the public organize a public boycott?”

. . .

Bumper sticker of the week:

The Minimum Wage:  The Market Solution And The Private Sector Solution

Kleptocracy, Inc.: Rebranding America (November 18, 2013)

Posted in Awards / Incentives, Bailout/Bribe, Banks and Banking System, Bernanke, Economics, Economics Nobel, Federal Reserve, Kleptocracy, Stock Market on November 18, 2013 by e-commentary.org

. . .

A          “‘Go Kleptocracy, Inc. Go’ doesn’t have the same ring as ‘Go U.S.A. Go.’”

B          “You could replace the stars with dollar signs and the stripes with universal product codes to reflect the monetization of America.  Rally ‘round the ‘Dollar Signs and Bar Codes’ does not alliterate the way rally ‘round the ‘Stars and Stripes’ does.”

A          “And doesn’t sound right, does it.”

B          “To say that everything is a lie and a fraud is an understatement.”

A          “Almost everything is a lie.”

B          “That may be closer to the truth.”

. . .

B          “A kleptocracy is an oligarchy that no longer is even vaguely concerned about even the pretense of evenhandedness or equality.”

A          “That’s it; that’s us.”

. . .

B          “And yet so many commentators point to the Dow that topped 16 Grand for a time today.”

A          “It’s over the top.  The rise is so tightly correlated with the monthly eighty-five billion dollar ($85,000,000,000.00) bribe paid by the Federal Reserve to the Big Banks.”

B          “What if they doubled the bribe to one hundred and seventy billion dollars ($170,000,000,000.00) each month paid to the Big Banks.  Why not.  Everything is a fraud and a lie and a fraud.”

A          “The crash will be even more epic.”

. . .

A          “One of the former Federal Reserve officials confessed and apologized for the program known as ‘quantitative easing’ as the ‘greatest backdoor Wall Street bailout of all time’ with little real economic expansion.  Bernanke* is a nice guy who has really done little more than dispense bribes to Big Banks.”

B          “Like Bernanke*, Jellen may be the best this talent-starved kleptocracy can produce.  She will continue the official Federal Reserve policy of dispensing bribes to Big Banks.”

A          “In her testimony, she assured Wall Street and the Big Banks that she will maintain their primacy and hegemony.”

B          “Congress charged the Federal Reserve with considering employment.”

A          “The Fed is mindful of the impact of its bribes on employment on Wall Street.”

. . .

A          “What if he went out like former President Eisenhower and delivered a warning about the perniciousness of the financial industrial complex?”

. . .

A          “The answer is so obvious and so easy.  Preclude any bank from holding more than one hundred billion dollars ($100,000,000,000.00) in assets.”

B          “The Big Banks will never approve that action by the Federal Reserve.”

. . .

A          “The Norwegians do not help when they dispense their trophy to the cheer leaders who put a cheery façade on the fraud.”

B          “And the e-con-omics departments oblige by providing a steady pipeline of obedient sycophants.”

. . .

[See the article titled “Andrew Huszar: Confessions of a Quantitative Easer” at http://online.wsj.com/news/articles/SB10001424052702303763804579183680751473884.].

[See the “e-ssays” titled Greenspan’s Legacy – Apres moi, Le Meltdown (January 30, 2006), The Dow Jones (the Murdoch ?) Hits 14 K In A Hollow Economy (July 23, 2007), A Bleak Day: The Trillion Dollar Tragedy (October 6, 2008), The TARP Is A Trap (January 19, 2009), The Bush Grand Slam (February 14, 2011) and (M)End The Fed (July 11, 2011) concluding with a draft Federal Reserve Enforcement Order that Janet Jellen could issue in her first few weeks on the job.]

Bumper sticker of the week:

In Greed We Trust

Columbus And The Redskins (October 14, 2013)

Posted in Awards / Incentives, Consumerism, Economics Nobel, Football, Race, Sports on October 14, 2013 by e-commentary.org

. . .

1          “Columbus Day lands at a fortuitous time between Labor Day and Veteran’s Day and keeps the steady cycle of holidays and spending sprees rolling along.”

2          “The summer, 2014 lines of consumer goods and bads have already been rolled out at a few malls.”

1          “We are mauled at the malls.  And the day arrives just in time for the great debate over the team’s name.”

2          “The name is not used disparagingly.  The name is part of the tradition and history and culture of the team.  Leave it.  Address real problems.”

1          “Western man invaded the continent and used a great Zamboni moving from east to west to scrape the Natives off their land and deposit them on patches of unproductive dirt.  And then we use a term to refer to the dispossessed that is not endearing.”

2          “And introduced germs and genocide.  And grew the gross domestic product of the newly formed United States of America by stealing land from the Red man and liberty from the Black man.  All true and all troubling.  Yet the name is positive in context and has positive connotations in practice.” 

1          “The individuals who dislike the use of the name are organized and zealous.  Those who like or tolerate the name are not organized and may not be as passionate.  The vocal group will compel a change in the next few years.”

2          “Seems to me that we need to pause, catch our breath and reflect on what really matters.”

. . .

[See the “e-ssay” titled Skip the Nobel in Economics? (Oct. 6, 2009) for its continuing relevance to today’s announcement.]

[See the “e-ssays” titled The First Look At The “Second Political Party” (January 3, 2011) and Immanentize The Eschaton: Move To Sunny Somalia (December 20, 2010) for some perspective on the current global political climate change.]

Bumper stickers of the week:

Go Redskins

Go Skins

Energy “Manhattan Project”: The “Carbon Tax And Dividend” (March 25, 2013)

Posted in Awards / Incentives, Economics, Economics Nobel, Gay Politics, Global Climate Change, Global Warming, Supreme Court, Taxation on March 25, 2013 by e-commentary.org

. . .

C1         “The ‘Manhattan Project’ wisely collected all the talent in one location under one command to develop the atomic bomb.  The project required the right mathematical formulas and the right raw materials to be assembled by one team under one governmental authority.  Some say the solution to our energy challenges is to create a Manhattan Project under one authority with one energy czar.  However, the solution is not to establish a government agency but rather to enlist and unfetter the market mechanism.  Rather than subsidizing a company that is politically connected or sports a flashy marketing campaign, let the market decide.  Let not one but one million citizens work on it.  The proposed ‘carbon tax’ provides a tax on carbon and thus rewards those who can reduce or avoid the production of carbon and taxes those who cannot.  The funds collected by the tax are returned as a dividend to the public to maintain revenue neutrality.”

C2         “The ‘old cap and trade scheme’ created undesirable property rights that would be unworkable and undesirable.  A carbon tax and dividend sounds workable and desirable.”

C1          “Friedrich van Hayek would have endorsed the carbon tax and dividend mechanism.  He surely is rolling over in his grave because we as a society have not adopted it.”

C2         “I know that I for one want Fred to rest in peace.”

. . .

[See the website http://www.citizensclimatelobby.org/.]

Bumper stickers of the week:

A planet is a terrible thing to waste

Sign outside the Supreme Court:  “Supremes:  You can hurry love.”

Sports Writers: 1 – 0 (January 14, 2013)

Posted in Awards / Incentives, Courts, Economics Nobel, Federal Reserve, Guns, Journalism, Law, Newspapers, Perjury, Perjury/Dishonesty, Sports, Taxation on January 14, 2013 by e-commentary.org

. . .

A          “A mixed group of informed individuals acting individually issued a profound collective indictment.”

1          “In court, the government only determines whether a person is guilty or not guilty, a court does not determine whether a person is innocent.  Yet when you look carefully, far too many courts have found far too many innocent individuals to be guilty.”

A          “Still not a great idea to be Black or Brown and get mixed up in the American judicial system.”

1          “It is to be eschewed.  The government is not and should not be allowed to deprive someone of his or her liberty without proof beyond a reasonable doubt.  The court of public opinion does not need to meet that high threshold when considering those who play on the court or field or pitch.”

A          “The sports writers are akin to an informed group of jurors from all ages, albeit a little older, and backgrounds, albeit a shade White, and world views from different parts of the country.”

1          “On the uniforms, they sport the initials MLB not MDL – the Major Dopers League.”

A          “They can get their own hall of fame, the Hall of Shame.”

1          “I might waive the character requirement and support a scoundrel if he played clean against others who played clean.”

A          “They may also be atoning for the great oversight in the late 1990s when any honest person realized that the guys were juiced and few said anything.  Finding the individual who was not juiced or was not juiced much will be a challenge.  The brush could be too broadly brushed.”           

1          “This is a promising start.  Now if we can get the Norwegian suits to follow suit and not award the Nobel in e-con-omics unless they award it to someone who understands eco-nomics.”

A          “Everyone from Roberts on the Supreme Court to players on the courts succeeds by lyin’ and cheatin’.”

1          “He’s a lawyer-type.  He said that he would call balls and strikes, but keep this in mind.  He never ever said that he would call a ‘ball’ a ‘ball’ only that he would call balls and strikes.”

A          “He and Alito and Thomas and Scalia are having a ball.”

1          “Dishonesty and hypocrisy are so American.”

A          “So human really.  We don’t have a monopoly on it.”

. . .

[See http://www.nytimes.com/2013/01/17/opinion/australia-banned-assault-weapons-america-can-too.html?hp for some international perspective on gun restrictions.]

[See the “e-ssay” titled “Why Johnny And Roger? (April 30, 2012)” and the recent article on the deliberations of the Federal Reserve at http://www.nytimes.com/2013/01/03/opinion/the-new-tell-all-fed.html?hp&_r=1& and the “e-ssay” at The Kids (At The Fed) Are Not Alright (January 30, 2012).]

Bumper sticker of the week:

Play ball!