http://www.context.org/ICLIB/IC41/Hawken1.htmaedens wrote:How many economic theories treat resources as if they are finite? The O.E.C.D say “none” – that no such theory exists.
America’s Per Capita Government Debt Worse Than Greece,’ as well as Ireland, Italy, France, Portugal, and Spain:Higgenbotham wrote:http://www.context.org/ICLIB/IC41/Hawken1.htmaedens wrote:How many economic theories treat resources as if they are finite? The O.E.C.D say “none” – that no such theory exists.
When a few people have a corner on the money supply and they can artificially raise prices while at the same time real disposible income gets cut, that will extend the infinite resource paradigm just a little bit longer. Then when the population gets cut, that will buy a little more time.
This link is the little prick who perfected the shell game.Higgenbotham wrote:http://www.context.org/ICLIB/IC41/Hawken1.htmaedens wrote:How many economic theories treat resources as if they are finite? The O.E.C.D say “none” – that no such theory exists.
When a few people have a corner on the money supply and they can artificially raise prices while at the same time real disposible income gets cut, that will extend the infinite resource paradigm just a little bit longer. Then when the population gets cut, that will buy a little more time.
Old post:aedens wrote:This link is the little prick who perfected the shell game.
http://en.wikipedia.org/wiki/Cultural_hegemony
Hawken again:Warren Buffett still vociferously applauds the wisdom of the authorities on business television, which is still being beamed across the country, as being great for 309 million Americans.
Alright, this is a good essay, but he probably didn't anticipate the process that most of us didn't anticipate either.We are now heading down a centuries-long path toward increasing the productivity of our natural capital - the resource systems upon which we depend to live - instead of our human capital. We can no longer prosper by increasing human productivity. The more we try to do, the more poverty we will create.
We have spent the last century, and most of us, the last decades or so, working our tails off in order to make fewer and fewer people more and more productive using systems of manufacturing, distribution, and communication that use more and more stuff. We are all doing this precisely at a time when we have less and less stuff, and more and more people. Talk about speeding trains racing towards each other in the night.
So this next industrial revolution, a terrible term really, is about this great reversal. Not a reversal to little house on the prairie, but one to an elegantly designed and imagined interrelationship between human and living systems. We will do it because it's the only alternative that allows us to stick around as a species, which most of us want to do.
http://www.cfr.org/international-financ ... fed/p27425How about the Fed's longer-term predictions? The Fed started publishing the Board of Governors' and Reserve Banks' three-year forecasts in October 2007. At that time, the GDP growth forecasts among this group of 17 ranged from 2.2% to 2.7%. Actual 2010 GDP growth was 3%, outside the Fed's range.
The Fed forecasters told us that unemployment in 2010 would be in a range between 4.6% and 5%. In fact, it averaged about twice that, or 9.6%. The forecasters further predicted that both Personal Consumption Expenditures inflation (PCE, similar to CPI) and core PCE inflation would be in a range from 1.5% and 2%. The former came in at 1.3% and the latter at 1%, again outside the Fed's range. The Fed's scorecard on its 2007 three-year forecasts: 0 for 4.
In short, the Fed's premise that it can speak with authority about the future is flawed. During the two decades to 2006, its own experts were worse than outside ones in predicting one-year economic data. Since the start of the crisis in 2007, its three-year predictions have been worthless.
http://blogs.wsj.com/economics/2012/02/ ... s_businessMost Federal Reserve officials are fond of observing that even as they pursue a very aggressive and unprecedented monetary-policy path, their actions aren’t stirring up inflation.
In doing so, they’re countering critics who worry the central bank has gone too far in efforts to stimulate growth, and that current policies are running a significant risk of generating a future surge in price pressures. Fed officials have countered they have the tools to make sure their actions don’t fuel a break out in prices. They also note the data doesn’t show much worry about future inflation gains.
But a new survey of local businesses conducted by the Federal Reserve Bank of Atlanta, released Wednesday, suggests South-Eastern region business leaders may not share the Fed’s confidence about future inflation.
The survey of 168 firms found an average expectation inflation would hang close to the Fed’s target at 1.9% over the next 12 months. That was up a touch from the average expected annual gain of 1.8% uncovered in a similar survey a month ago, but it was still below the Fed’s preferred level for price increases of 2%.
The short run was not where the potential problem lies. Survey respondents predict inflation over the next five to 10 years to rise by 2.9%, a level that would problematic to the Fed. Of those who answered the question, the bias of regional companies clearly points to expectations that long term inflation risks are rising. Respondents said there was a 38% chance prices will rise between 1.1% to 3%, and a 29% chance of a gain between 3.1% and 5%. Those surveyed put a one in five chance on inflation rising by 5% or higher over the next five to 10 years.
“What our panel of firms appears to be telling us is that the risks to the inflation outlook–in both the near term and longer term–aren’t particularly balanced,” Atlanta Fed economists Mike Bryan, Laurel Graefe and Nicholas Parker write. “In the near term, they weigh the inflation risks more heavily to the downside. But looking over the next 5 to 10 years, the panel sees the inflation risks leaning decidedly to the upside."
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