Archive for the Economics Category

Everything Monopolized, Nothing Economized.  Completion Of “The General Theory Of Economics” Is In Remission . . .  Oh, And Happy Halloween! (October 29, 2018)

Posted in Economics, Economics Nobel, Market Solutions, Markets, Monopoly, Noble Prize in Eco-nomics, Price, Technology on October 29, 2018 by e-commentary.org

. . .

J          “Bummer.  After all that time and thought.”

K          “And all that fun.  I tell you I realized that if it was going to be done and if it was going to be done right, I would have to do it to get it done right.”

J          “Been there.  Done that.”

. . .

K          “A construct such as the IS-LM model is largely malarkey but is heuristically valuable.  Today, the fundamental problem trying to describe and direct the operation and function of the economy is that there really is not an operating and functioning economy.  With all of the distortion, intervention and manipulation, price is not tied to anything real.  Every business, every single business in every single industry, is a monopoly.  The business is the industry; the industry is the business.  From pork to politics.”

J          “Yet only a few folks have discovered and understand that we cannot discover price.  Price discovery now is so passé.  Without price, we cannot communicate in the economic marketplace.  And the central bankers working alone and together destroyed the language of the marketplace.”

. . .

K          “He left Iowa with his father marketing the hogs to five potential buyers and returned to find that one buyer sets the price.”

J          “And both Senators from Iowa are Republicans.  You don’t have to ‘go figure’ when ‘it figures’ so clearly.”

. . .

J          “And the Swedish central bankers reward those individuals who provide the economic cover for the crimes and misdemeanors of all the central bankers by giving their ignoble ‘Nobel’ Prize in E-con-omics to the most successful errand boy or girl.”

K          “The Noble Prize in Eco-nomics is the part of the answer.”

. . .

J          “The most vexing monopoly is the government/corporate syndicate that precludes any competing alternative entity.”

K          “The twisted irony is that most industries, and all the major tech industries without exception, are basically ‘natural monopolies’ and thus ‘utilities’ such as the water company.  A utility is a monopoly.  A monopoly must be regulated.  Yet the tech companies/tech utilities own the government and quash any regulation.”

. . .

J          “The Republican political monopoly firmly supports the current economic monopolies who in turn own the Republican political monopoly.  The Death Spiral is spiraling but not changing.”

K          “In a fortnight, the slow boiling coup d’état by the Republicans could be completed by the Republicans.  If the Democrats do not take the House, the control of government will be concentrated in one mega-corporation – the Republican Party, Inc. / the Corporation, Inc.  The political ‘campaign’ is aptly namely for battle because the Democrats are charging east up Jenkins Hill trying to retake the southern flank of the Capitol and the House of Commons under intense enemy fire.  We need to hire the friends and fire the enemy.”

J          “The Presidency is a lock, the Judiciary is the stock and the Congress is the barrel.  Lock, stock and barrel.” 

K          “For the next two years at least, the Presidency is indeed a lock for the Republicans.  For the rest of our time on this Planet, the judiciary is a laughing stock and a wholly-owned subsidiary of the Republican Party, Inc. / the Corporation, Inc. doing their bidding.  And the Republican Congress has the ordinary citizen over a barrel.”

J          “Hook, line and sinker.  We are hooked, they have us firmly on the line and all of us are sunk.”

. . . 

[See the discussion in “This is Not a Market” in “The Automatic Earth” by Raul Ilargi Meijer dated April 23, 2018.]

[See the scary e-commentary last Halloween at “Are ‘Prices’ Language?  Are Antitrust Laws Grounded In The First Amendment?  How Do We Forestall The ‘Frightful Five’ And Other Monopolies. Oh, And Happy Halloween! (October 30, 2017)”.]

Bumper sticker of the week:

Free markets now!

Third Annual Noble Prize In Eco-nomics (October 8, 2018)

Posted in Awards / Incentives, Economics, Economics Nobel, Nobel Prize, Noble Prize, Noble Prize in Eco-nomics on October 8, 2018 by e-commentary.org

. . .

K          “An award dedicated to acknowledging and celebrating the work of someone on the planet who really knows something about eco-nomics.  Eco-nomics is about making and sharing; e-con-omics is about taking and stealing.”

J          “The Noble Prize in Eco-nomics is a delightful and playful replacement for the discredited and misnamed ‘Nobel’ Prize in Voodoo E-con-omics.  And I get it.  You get what you reward.  You need to reward what you want to get.  Who gets it this year?”

K          “The recipient of the third annual Noble Prize In Eco-nomics is . . . Ellen H. Brown who writes and speaks about money, banking, financial reform and the need for publicly run banks.  A lawyer and political candidate, Ms. Brown is the founder and president of the Public Banking Institute, a nonpartisan think tank researching and advocating for the creation of publicly run banks.  She has authored twelve books including Web of Debt and The Public Bank Solution, speaks regularly on these topics and crafts the “Web of Debt Blog.”  Her considerable corpus of work is undergirded by the conviction that eco-nomics should be concerned with pursuing the public good not just producing goods.”

. . .

J          “The ‘Nobel’ Prize in Voodoo E-con-omics is given by the Swedish Central Bank to someone who advances the interests of the central bankers or at least does not threaten them.  Their selections are not surprising.  Ellen Brown is number ‘n’ on the central bankers’ list of possible recipients.” 

K          “Bill Black is a co-number ‘n’ on the central bankers’ list of possible recipients.”  

. . .

K          “The Committee also examined and considered the pioneering work of Professors Mark Skidmore and Laurence  J. Kotlikoff who have contributed immensely and without enough credit to tracking and analyzing federal expenditures that are not on the books or part of the public discussion.”

. . .

[See the “Intergenerational Financial Obligations Reform Act” (INFORM Act), “Has Our Government Spent $21 Trillion Of Our Money Without Telling Us?” in “Forbes” by Laurence Kotlikoff and Mark Skidmore dated December 8, 2017 and “Heretics welcome!  Economics needs a new Reformation” in “The Guardian” by Larry Elliott dated December 17, 2017.]

[See the e-commentary at “Second Annual Noble Prize In Eco-nomics (October 9, 2017)”, “First Annual Noble Prize In Eco-nomics (October 10, 2016)”, “Announcing The First Annual Noble Prize In Eco-nomics (May 2, 2016)”, “Award Deadlines (Livelines?) (July 25, 2016)”, “From e-con-omics to eco-nomics? (August 1, 2011)”, and “Skip the Nobel in Economics (October 6, 2009)”.]

Bumper stickers of the week:

The life cycle of American business:  Engineers build, salespersons sell, hedge funders loot

When what is known as “e-con-omics” transitioned to “behavioral economics,” the undertaking should have been moved from the department of religion to the department of psychology.  The undisciplined discipline does not require its own department.

Boycott banks; support credit unions

The Taxonomy Of The American Economy (May 21, 2018)

Posted in Class, Economics, Kleptocracy, Race on May 21, 2018 by e-commentary.org

. . .

K          “The economic and political system exists for the benefit of the one one-thousandths of one percenters (.001 %) and the remaining members of the One Percenters (.999 %).  The Four Percenters (4 %) include the schooled servants squiring to the needs of the One Percenters.”

J          “The tax lawyers, obeisant judges, lecherous lobbyists, teeth whitening dentists, pliant politicians, public relations spin doctors, officious bureaucrats, tummy-tuck plastic surgeons, and their ilk.”

K          “As long as they obey and play, they get the pay.”

J          “They say.  The Fifteen Percenters (15 %) may stay a pay check or two ahead of calamity, yet many are never really economically secure or free of the nagging concerns that haunt them at three in the morning.”

K          “The butcher, the baker and the candle stick maker.  The good old Middle Class.  The good old Middle Class has been badly butchered, baked and left in the dark and the dirt.  Is it even as high as fifteen percent if you factor in the insecure position of so many of them?”

J          “Beneath them are the Eighty Percenters (80 %) who have desperately little chance of ever participating in the American dream.”

. . .

J          “The Dow and the Russell 5000 Index and such metrics measure the economic situation and security of the Five Percenters, not of the general public.  Assessing the real economy requires one to study metrics such as the U6 measure of unemployment of those who were making under $50,000 when they were fired or laid off, opioid use, child mortality rates, consumer debt loads, etc.”   

K          “The poor, the dispossessed, the downtrodden, the unwashed masses, [the] hoi polloi, the sheeple are summoned on election day for an hour to vote their fears and hopes and summarily disregarded the rest of the time.”

J          “Seems we could do better.”

. . .

[See “Shadow Stats” collected by John Williams and navigate the site and the sources.]

[See the e-commentary titled “The Microeconomics of Suburban Subsistence (February 7, 2005)”, “The Microeconomics of Suburban Subsistence: Three Years Later (February 4, 2008)” and “Justice Is a Middle Class Creation, Delusion and Aspiration (March 20, 2017)”.]

Bumper stickers of the week:

Feed the homeless to the hungry

The beatings will continue until morale improves

Are “Prices” A Language? Are Antitrust Laws Grounded In The First Amendment? How Do We Forestall The “Frightful Five” And Other Monopolies? Oh, And Happy Halloween! (October 30, 2017)

Posted in Amazon, Apple, Constitution, Economics, Facebook, First Amendment, Google, Internet, Language, Microsoft, Monopoly, Price, Radio, Technology on October 30, 2017 by e-commentary.org

. . .

K          “Prices for goods and services are a language spoken with numbers (7) not letters (L).”

J          “I love language.  French is the language of love and the language of diplomacy.  Accounting is the language of business.  So Prices are the language of a free market economy?”

K          “Yes.  Russian is one of the languages of literature.”

J          “So is French.”

K          “And English.”

. . .

K          “Monopolies distort Prices which distorts speech.  By distorting Prices, the public is making inaccurate and incomplete decisions and paying more for goods and services while the corporations are not internalizing externalities.”

J          “Price may just be the real Esperanto.”

. . .   

J          “The current monopolies are in part the consequence of acts of commission and even more often acts of omission by the government.”

K          “The problem with my analysis is that the First Amendment is a restriction on government activity not a requirement for government action.”

J          “So the Constitution is unavailing.  We are stuck with Congress, the executive agencies and the courts to protect us.”

K          “They do not speak our language.”

. . .

[See the interview by Terry Gross with the tech columnist Farhad Manjoo with “The New York Times” who cautions that the “Frightful Five” (Amazon, Google/Alphabet, Apple, Microsoft and Facebook) are more powerful than the governments on the “Fresh Air” radio program titled “How 5 Tech Giants Have Become More Like Governments Than Companies” on October 26, 2017.]

Bumper stickers of the week:

Spanish is the language a man uses to talk to his God;

French is the language a man uses to talk to his wife;

Italian is the language a man uses to talk to his mistress;

German is the language a man uses to talk to his mule.

And English is the language a man uses to fly a plane or to surf the web or to engage in international discourse.  You create it, you talk it.

And Price is the language a man and a woman use to value and exchange resources.

Second Annual Noble Prize In Eco-nomics (October 9, 2017)

Posted in Awards / Incentives, Economics, Economics Nobel, Nobel Prize, Noble Prize, Noble Prize in Eco-nomics on October 9, 2017 by e-commentary.org

. . .

K          “An award dedicated to acknowledging and celebrating the work of someone on the planet who really knows something about eco-nomics.  Eco-nomics is about making and sharing; e-con-omics is about taking and stealing.”

J          “The Noble Prize in Eco-nomics is a delightful and playful replacement for the discredited ‘Nobel’ Prize in Voodoo E-con-omics.  And I get it.  You get what you reward.  You need to reward what you want to get.  Who gets it this year?”

K          “The recipient of the second annual Noble Prize In Eco-nomics is . . . Norbert Häring of Planet Earth and Germany.  His considerable corpus of work is undergirded by the conviction that eco-nomics should be concerned with pursuing the public good not just producing goods.”

. . .

[See “There Is No Nobel Prize in Economics” in “AlterNet” by Yasha Levine dated October 12, 2012, “The Nobel family dissociates itself from the economics prize” in “Real-World Economics Review Blog” by Jorge Buzaglo dated October 22, 2010 and “The Beauty (Pageant?) of Economics” in “Federal Reserve Bank of Minneapolis” by Ronald A. Wirtz dated September 1, 1999.]

[See the e-commentary at “Announcing The First Annual Noble Prize In Eco-nomics (May 2, 2016)”, “Award Deadlines (Livelines?) (July 25, 2016)”, “From e-con-omics to eco-nomics? (August 1, 2011)” and “Skip the Nobel in Economics (October 6, 2009).”]

Bumper stickers of the week:

Eco-nomics is about good; e-con-omics is about goods

Eco-nomics is about making; e-con-omics is about taking

Eco-nomics is about making good; e-con-omics is about taking goods

“There is only one difference between a bad economist and a good one: the bad economist confines himself to the visible effect; the good economist takes into account both the effect that can be seen and those effects that must be foreseen.”  Claude-Frédéric Bastiat

Charlottesville . . . Chancellorsville? (August 14, 2017)

Posted in Economics, Education, Military, Race, Schooling, Schooling Industrial Complex, Trumpi on August 14, 2017 by e-commentary.org

. . .

K          “Hate may abate, but it will never sate.”

J          “Despite what is in the Constitution, hate is in our constitution.”

. . .

K          “Academia is one of the battlefields.  Education is part of the solution and may impart some tolerance and understanding.” 

J          “At core, the battle is economic.  To make it, one must be schooled.  Those not making it need to blame someone or something else for their circumstances.”

K          “Tolerance and understanding are easier to swallow if one also has some chow to swallow.”

. . .

K          “Two of the racist rabble rousers were schooled at the University that is still addressing and assessing its racist history.”

J          “So much for schooling.  Schooling can only do so much.”

. . .

J          “At Chancellorsville, Lee divided his armies.  In the Charlottesville campaign, Lee’s contemporary clans united their armies under the sham pretense of protecting his statue.”

K          “Scrutinize the flags, banners and gonfalons carried by the goons.  The White Supremacists, Neo-Nazis, Freikorps and other malcontents and discontents are mobilized and mobilizing for an uncivil war.”

J          “And awaiting the spark.  Donaldo Trumpi as President is doing nothing to provide them with economic opportunity and everything as the ‘Dog-Whistler In Chief’ to promote the conflict.”

. . .

J          “What heroes should we celebrate to replace Fort Benning and Fort Bragg?”

K          “Fort E. Shinseki and Fort S. Butler?”

. . .

K          “And yet we as a society must do everything reasonable to promote and foster the right of peaceful assembly – even for the goons – subject to reasonable time, place and manner restrictions.”

J          “But they were not assembling themselves, they were intimidating others.  And the authorities knew what would erupt when the two groups were allowed to collide.”

. . .

[This week, consider considering the e-commentary at “Rerouting History (February 15, 2016)”, “The Confederate Flag:  What Does It Mean To You? (July 6, 2015)”, “Celebrate Virginia’s ‘Celebrate Slavery Month’ (April 12, 2010)”, “King Daze (January 20, 2014)” “Columbus And The Redskins (October 14, 2013)” and Brown Is The New Black (February 18, 2008)”.]

Bumper sticker of the week:

Remove the statues; end the idolatry

Honesty And Efficiency . . . In Life And Law (July 31, 2017)

Posted in Courts, Economics, Judges, Judicial Arrogance, On [Traits/Characteristics], Perjury, Perjury/Dishonesty on July 31, 2017 by e-commentary.org

. . .    

K          “Economists are indifferent to honesty yet revere efficiency as a fetish.  Look at how inefficient the practice and pursuit of dishonesty is in our daily lives.  I have enough experience and am confident that one out of every ten of her statements is false.  Confirming the veracity of her statements consumes resources, both in time and money.  Of her ten statements, which one is false?  The seventh statement?  The second statement?  The fifth statement is the one in the middle and surely must be false.  Surely.  Probably.  Possibly.  Likely.”

J          “If you cannot rely on the veracity of every statement, then you cannot rely on the veracity of any statement.”

K          “The dilemma.  The expensive dilemma.  After nine honest statements, the next statement must be a lie.  Then, if or when it is a lie, can I rely on the next nine statements as truth?  However, the very next statement may be a lie followed perhaps by nine honest statements.”

J          “They are right.  Inefficiency is so inefficient.”

. . .     

K          “I have seen the handiwork of a judge who probably is not a fundamentally dishonest person who nonetheless wrote at least one blatantly dishonest decision.  He could not know.  And I know the truth, the facts and the law.  If that is the only data, is the judge accurately characterized as dishonest?”

J          “If someone is dishonest only ten percent of the time, is the person honest?”

. . .

J          “Joe DiMaggio said ‘There is always some kid who may be seeing me for the first or last time, I owe him my best.’  The judge did not care that you would only be seeing him once.”   

K          “And no camera lights were on him to keep him honest.”

J          “When you get right down to it, someone who is dishonest only ten percent of the time is presumptively dishonest.”

K          “Challenging the presumption is expensive, both in time and money.  Over the decades I have discovered that judges, all on the public payroll in America, are more dishonest more of the time than any other profession except real estate agents and used car salesmen.”   

J          “They are in the private sector and are expected to cant their sales pitch.  Judges may forget that they are in the public sector and are paid by the public.”

K          “Their power is unchecked.  There is no ethos of ethics or honesty in America today.”

. . .   

[See the e-commentary at “On Standards & Quality (July 20, 2015)”, “The Court Of Truth And Justice (CTJ) (August 29, 2016)”, “Assigning Blame:  The Lawyers: 50 Percent; The Non-Lawyer Public: 50 Percent; The Judges: 100 Percent (December 3, 2012)” and “Perjury, the American Way (February 20, 2006).”

Bumper sticker of the week:

If it feels good, do it