Silver getting crushed today

As if belittling the ENTIRE EXISTENCE OF THE CONCEPT OF THE SCIENCE OF MACROECONOMICS isn’t the beginning of the problem here. SHEESH, Jim! It’s my degree, Jim. For cryin’ out loud, dude. There’s a Nobel Prize for it and everything! And I’m supposed to respect a man who denies the field’s existence!?!? Not doin’ It, Jim. Not now, not ever!

Note, Jim: I WORK in politics/policy, but my degree is in economics.

These Austrians/Randians are wingnut crackpots, period!

 

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No. This is where The Captains gush about the stock market.

 

Congratulations Kurt! I will remember to bring it up when you wander into my degree areas

 

Another perspective on 'macro' health . . .

https://www.forbes.com/sites/beltwa...gine-of-our-economy-think-again/#5efbd5076497

 

Wasn't there a consensus among the top fifty economists in the U.S that everything was ducky just before everything wasn't ducky?

 

Geology? Or is that an avocational passion? BTW, what is the cool specimen on your non-Halloween avatar?

 

Don't ask economists about consensus. They depart from orthodoxy only in their writings, usually. In interviews and surveys, they seldom step out of line. They believe by doing so they can MAKE bad things happen, ESPECIALLY in that "top 50" rarified air. Can they? I'm not sure. But it does sound a bit conceited, right?

Besides, we all know I caused the 2008/09 crash, anyway. I was hired by the Pennsylvania legislature and the stuff hit the fan almost immediately.

 

Just so you know, Forbes magazine is NOT "another perspective" on anything. Steve Forbes is perhaps the country's number one shameless Austrianism peddler. Number one as in highest public profile AND most shameless.

 

Noted. But I do try to look past the bias and affiliations for a fresh perspective on the data. 'Macro' still feels like an evolving science to me.

 

I imagine it would be to someone who has been spoon-fed Austrianism. To those not so afflicted, 'Macro' is as close to "universally accepted settled science" as anything ever gets. Make no mistake! Austrianism is a political ideology first, last and always. It merely puts on the vestments and language of economics as a disguise with which to ensnare the unwary. Austrianism was dead, cold, and on the scrap heap of history, stinking like the rotting corpse it was and is until it was re-animated Frankenstein monster-like by an extreme political ideology that needed it ”for parts”.

 

Got it. It's a weakness of mine to avoid fixed and entrenched positions on complex issues though that does provide a vast sense of intellectual security.

With Kurt on the warpath and pulling rank [unless there's someone on the forum who has studied economics as he has] the 'macro' debate is probably at a dead end.

If it were possible to come back to inflation . . . can anyone provide a historical example where overprinting fiat money [i.e. in consistent excess of GDP] actually caused across-the-board and significant inflation? In other words a top-down scenario? Because that is what a lot of PM holders count on.

 

I studied economics. But I agree with Kurt on macro stuff.

Look up Hyperinflation and you'll get examples of the scenario, though I've never studied if PMs were a "saving grace" as they are too illiquid in those regards and in reality a limited supply commodity which could technically do the opposite of what you would want to be done in the economy, and probably with far dire consequences. Usually a country would use another country currency or cut their valuations, take over salaries to stabilize, etc trying to bring stability.

 

Well I am about to unfollow this thread!!!

 

As mentioned above, every hyperinflation scenario I looked at the inflation started on the bottom, not the top.

 

Cowabunga !!

 

So you'll need to find a country that used the same currency as another that initiated hyperinflation. If you wait long enough the Euro might do that if the ECB keeps buying debt and more countries go on the verge of bankruptcy. The beginning stages of that might be when their banks start having profitability problems. lol

 

Here you're correct. The potential damage is all on the back end, not the front. What the Fed did AFTER the 08/09 collapse WOULD HAVE caused inflation IF (which it did not) all that money (an insufficient to fairly moderate amount of QE compared to the size of the economy) had gotten loose into the economy at large, rather than where it went, which was to shore up the balance sheets of "too big to fail" financial institutions so they could pass contrived "stress tests". See? There is plenty there to be critical of without going way out into "woo woo" land. Now with the Fed unwinding its portfolio of debt instruments, we can slowly get back to a normal state.

If stressing the yield earning power of low-risk investments is what the price-to-pay was, I'm more than okay with that.

 

Think back to when Austrianism first reared its ugly head and imagine what those contemporaries would think of the phrase "unfollow this thread". "What did he say?"

 

I said if I wanted to go to economics school or History class I well Would not I hated school. I will just go out and talk to the Cows when you guys get on your rampages.

 

FYI commercial doubts about a certain tax overhaul is shedding stocks and pushing PMs. Hope that's not too political, but that's what's in the articles. It's nice though that they are rebounding back positive.

PCLN certainly has dumped in the last few days due to it's balance sheet. I've been following since the stock was at $1/share and they were thinking of dumping the Captain.