tag:blogger.com,1999:blog-4900303239154048192.post5017457802342610723..comments2024-03-06T06:34:42.881-05:00Comments on EconoSpeak: Phil Mirowski Mortifies Nearly All EconomistsUnknownnoreply@blogger.comBlogger2125tag:blogger.com,1999:blog-4900303239154048192.post-19185624148509612362010-07-24T16:53:18.370-04:002010-07-24T16:53:18.370-04:00In reading that paper I found a lot of support for...In reading that paper I found a lot of support for my own totally ignorant formulations that have to do with "the art of the possible". Surely, if newly manufactured money is blasted into the pockets of those who have little of it and will spend it rather quickly, then there will be some inflation. Whereas, the Fed cannot lower interest rates below zero then the smart move is to __*CAUSE*__ inflation while allowing the Bush tax cuts to expire. And to keep on pumping until the rich people figure out that they are going to have to do something with their money other than buy T-Bills. Prior ti the Reagan disaster it was not possible for rich people to stay rich simply by puchasing T-Bills. Unless the tax system is made much more progressive than at present, the rate of inflation must be significantly higher than the 5 year T-Bill rate or there will be no investing. Current inflation rate is 1.05% and the 5 year T-Bill rate is 2%. And the banks and the very rich have no reason to risk anything at all. And that, in my estimation, is the cause of the continuing stagnation.TheTruckerhttps://www.blogger.com/profile/10346127768102862741noreply@blogger.comtag:blogger.com,1999:blog-4900303239154048192.post-61580932681094161712010-07-22T21:17:46.905-04:002010-07-22T21:17:46.905-04:00The link should be http://www.iasc-culture.org/pub...The link should be http://www.iasc-culture.org/publications_article_2010_Summer_mirowski.php.JW Masonhttps://www.blogger.com/profile/10664452827447313845noreply@blogger.com