Inflation Is At 0%

[Loren Pechtel]

That is a rather naive view of capitalism.

Not really. It's just pointing out that unlike the "God works in mysterious ways" quip, the reality of the "Invisible Hand" metaphor is similar to the "Blind Watchmaker" metaphor in that both presuppose no central planner of either the economy or evolution.

Exactly. The invisible hand is an emergent property that results from a large number of actors each acting in their self interest in non-fraudulent ways.

 

[Jimmy Higgins]

That is a rather naive view of capitalism.

Not really. It's just pointing out that unlike the "God works in mysterious ways" quip, the reality of the "Invisible Hand" metaphor is similar to the "Blind Watchmaker" metaphor in that both presuppose no central planner of either the economy or evolution.

Exactly. The invisible hand is an emergent property that results from a large number of actors each acting in their self interest in non-fraudulent ways.

Except money is like cholesterol. We already tried the LP, Derec school of compassionate capitalism in the 19th century. It failed so miserably we needed a Fed, OSHA, FDA, FCC, and a zoo of other regulatory agencies and regulations because if companies are allowed to sell sawdust as pure Ice Cream, they will.

 

[Loren Pechtel]

That is a rather naive view of capitalism.

Not really. It's just pointing out that unlike the "God works in mysterious ways" quip, the reality of the "Invisible Hand" metaphor is similar to the "Blind Watchmaker" metaphor in that both presuppose no central planner of either the economy or evolution.

Exactly. The invisible hand is an emergent property that results from a large number of actors each acting in their self interest in non-fraudulent ways.

Except money is like cholesterol. We already tried the LP, Derec school of compassionate capitalism in the 19th century. It failed so miserably we needed a Fed, OSHA, FDA, FCC, and a zoo of other regulatory agencies and regulations because if companies are allowed to sell sawdust as pure Ice Cream, they will.

Note that I said "non-fraudulent ways".

 

[Politesse]

Everyone talks about Smith and Marx. They do not study Smith and Marx.

 

[bilby]

That is a rather naive view of capitalism.

Not really. It's just pointing out that unlike the "God works in mysterious ways" quip, the reality of the "Invisible Hand" metaphor is similar to the "Blind Watchmaker" metaphor in that both presuppose no central planner of either the economy or evolution.

Exactly. The invisible hand is an emergent property that results from a large number of actors each acting in their self interest in non-fraudulent ways.

Except money is like cholesterol. We already tried the LP, Derec school of compassionate capitalism in the 19th century. It failed so miserably we needed a Fed, OSHA, FDA, FCC, and a zoo of other regulatory agencies and regulations because if companies are allowed to sell sawdust as pure Ice Cream, they will.

Note that I said "non-fraudulent ways".

Note that fraudulent dealings are an automatic and unavoidable consequence of "a large number of actors each acting in their self interest".

You might as well say that bank vaults are unnecessary, because not stealing money from banks is a consequence of a large number of actors each acting in their self interest in non-theft ways.

Adding the qualifier of "in non-fraudulent ways" renders your point both valueless and unassailable. I suspect you were hoping we would only notice the latter.

 

[laughing dog]

That is a rather naive view of capitalism.

Not really. It's just pointing out that unlike the "God works in mysterious ways" quip, the reality of the "Invisible Hand" metaphor is similar to the "Blind Watchmaker" metaphor in that both presuppose no central planner of either the economy or evolution.

Exactly. The invisible hand is an emergent property that results from a large number of actors each acting in their self interest in non-fraudulent ways.

Except money is like cholesterol. We already tried the LP, Derec school of compassionate capitalism in the 19th century. It failed so miserably we needed a Fed, OSHA, FDA, FCC, and a zoo of other regulatory agencies and regulations because if companies are allowed to sell sawdust as pure Ice Cream, they will.

Note that I said "non-fraudulent ways".

Note that fraudulent dealings are an automatic and unavoidable consequence of "a large number of actors each acting in their self interest".

You might as well say that bank vaults are unnecessary, because not stealing money from banks is a consequence of a large number of actors each acting in their self interest in non-theft ways.

Adding the qualifier of "in non-fraudulent ways" renders your point both valueless and unassailable. I suspect you were hoping we would only notice the latter.

Furthermore, markets can generate poor outcomes even when the participants are honest. The situation of external effects or lack of any human empathy come immediately to my mind.

 

[Derec]

Except money is like cholesterol.

What do you mean? Money modulates the fluidity of the cytoplasmic membrane? Money is the precursor for a variety of steroid hormones? Or what?

We already tried the LP, Derec school of compassionate capitalism in the 19th century. It failed so miserably we needed a Fed, OSHA, FDA, FCC, and a zoo of other regulatory agencies and regulations because if companies are allowed to sell sawdust as pure Ice Cream, they will.

Nothing I wrote implied that OSHA, FDA etc. are not needed. Or that there should be no regulation whatsoever.
But markets should be kept as free as feasible. Reasonable regulation is necessary, but overregulation strangles the economy. And the most extreme case of overregulation is central planning.

Central planning economies of the 20th century were the actual miserable failure. 19th century capitalism had its problems, but it was successful enough to generate enough wealth that expensive social programs and regulations could be afforded in the future. Central planning economies in actually existing socialist counties hardly worked at all. "We will pretend to work as long as they pretend to pay us" was a running joke in the Soviet block for a reason.

And btw., my main point is that it is central planning, rather than "Invisible Hand" of market-based economies that is more akin to your "God works in mysterious ways" metaphor. Care to comment on that?

 

[Jason Harvestdancer]

It may be true that inflation has flattened. I'm not convinced but that isn't my point right now.

The residual effects of the rather severe inflation over the last three years are still with us, and people are still getting sticker shock in the grocery store. It will take quite a long time for the effects of said inflation to be dealt with.

 

[TV and credit cards]

It may be true that inflation has flattened. I'm not convinced but that isn't my point right now.

The residual effects of the rather severe inflation over the last three years are still with us, and people are still getting sticker shock in the grocery store. It will take quite a long time for the effects of said inflation to be dealt with.

Consumer credit card debt is high and the personal savings rate is low. Holiday spending is expected to decline from last year. The post-covid binge looks like it's over and with the new year may come the hangover. I think inflation will no longer be an issue.

 

[Elixir]

I think inflation will no longer be an issue.

Lowered inflation has plenty of pain of its own, and of course it will be Biden’s fault in the addled minds of trumpsuckers and “I’m not a trumpsuckers” alike.

 

[TV and credit cards]

I think inflation will no longer be an issue.

Lowered inflation has plenty of pain of its own, and of course it will be Biden’s fault in the addled minds of trumpsuckers and “I’m not a trumpsuckers” alike.

I was actually going to add just that; Biden’s fault.

 

[Elixir]

I think inflation will no longer be an issue.

Lowered inflation has plenty of pain of its own, and of course it will be Biden’s fault in the addled minds of trumpsuckers and “I’m not a trumpsuckers” alike.

I was actually going to add just that; Biden’s fault.

Brandon is fucking us royally.
In 1973 gold was under $43 per ounce. Today it’s $2000!
Talk about inflation! That’s like five THOUSAND percent or something! We are VENESFUCKINGSUELA!!

Braaaaaannndonnn!
Obviously what we need is a fat orange career criminal mobster to show us the way!

 

[Cheerful Charlie]

It may be true that inflation has flattened. I'm not convinced but that isn't my point right now.

The residual effects of the rather severe inflation over the last three years are still with us, and people are still getting sticker shock in the grocery store. It will take quite a long time for the effects of said inflation to be dealt with.

And greedflation. Don't forget the greedflation.

 

[Cheerful Charlie]

In 1973, gold was $106.48 per troy ounce. In 2023 dollars that is $736.86. Gold today is $1993.10.

 

[Jimmy Higgins]

It may be true that inflation has flattened. I'm not convinced but that isn't my point right now.

The residual effects of the rather severe inflation over the last three years are still with us, and people are still getting sticker shock in the grocery store.

Severe? That you consider the inflation we've had recently as severe implies you aren't very familiar with inflation.

Sticker shock at the grocery store is an exaggeration. Trying to buy a car or home, however, that is where things are tougher and people are struggling.

 

[Tigers!]

Everyone talks about Smith and Marx. They do not study Smith and Marx.

But many yanks study Smith & Wesson avidly
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