It’s a start. How long will it take to turn the money into labor and useful things? The banks managed to distribute $42 Billion in nine months into other accounts.
I missed this article when it was published in 2011 and the notion that an action can simply be reversed is obviously wrong. While I have long thought the significance of Nixon’s action was overlooked (even by Nixon himself), it was the response that caused the errors, including the initial imposition of price restraints.
Now, fifty years later, the country is ironically awash in currency which is not being spent because the hoarders do not have the capacity to spend in a timely fashion. The infrastructure of investment has been destroyed in the interest of speculation. Reality has been replaced by ideas and ideas are simply not productive. Wishful thinking does not put dinner on the table.
We have not had a freeze in years. Tonight calls for 9 with snow. Wow. Scary. Shopped for rest of week. Wrapped pipes filled tub downstairs. Lots of drinking water. Made gumbo and chuck roast. Lots of veggies and chicken pieces for chicken soup. Baking our favorite cake and berries in freezer for quick cobbler.
Just want to note that while the Fed started collecting data on household savings, the EU only started in 1999.
Now the U.S. Senate is reluctant to distribute pandemic relief because household savings have grown to 20%.
Who runs Amy Barrett’s household? Her husband and his aunt. So she can go traipsing off to lecture and give speeches—just as if she were judging flower shows or quilting contests.
Republicans have only one interest. Status.
Learning during the pandemic.
An experiment in combining two images with some adjustment of the color. First try.
The financial class is convinced their woes are the result of rules that make their wheeling and dealing accountable to supervisors. They refuse to accept that the problem lies in the fact that they are dealing in worthless stuff and the effort to create artificial value by rationing the distribution of dollars is bound to fail.
Some economists describe industrial development as the work of men moving out of the house. (Never mind that in the U.S., initial industrial enterprise in the fabric mills of New England was carried out by women). On the other hand, an anthropologist describing the social organization of African societies in legislative bodies, referred to that as the important work of the men, while the women managed the household and traded in the market.
So, perhaps we have another inverse relationship here: the greater the power, the lower the performance. I say “another” because in the case of disutilities (goods and services the recipient do not positively want) the relationship between performance and profit is inverse. But, in that case, it is greater/better performance that results in lower profits.