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"The problem with socialism is you eventually run out of other people's money" - Margaret Thatcher "The curious task of economics is to demonstrate to men how little they really know about what they imagine they can design" - F.A. Hayek
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About Me
- Randall Parker
- I am a Professor of Economics at East Carolina University in Greenville, NC. My research focuses on macroeconomics and economic history in general and the economics of the Great Depression in particular. I have authored two books, Reflections on the Great Depression and The Economics of the Great Depression: A Twenty-First Century Look Back at the Economics of the Interwar Era and edited The Seminal Works of the Great Depression. I am currently working on my fourth book Interwar Historical Antecedents of Modern Inflation Targeting and I am the co-editor (with Robert Whaples) of The Handbook of Major Events in Economic History and The Handbook of Modern Economic History. I have also traveled the country giving speeches on the state of the macroeconomy and other economic issues to many trade and business associations. When I am not thinking about the economy I am either chasing ducks, handicapping horses or arranging a fine dining experience. Lastly, the opinions expressed on this blog are mine alone and do not reflect upon East Carolina University in any way or manner, in whole or in part, now and forever more under the canopy of heaven.
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4 comments:
Or maybe there was nothing the Fed could do to help anything in the first place. Why does everyone always assume the Fed's guns just aren't big enough? What if the guns are the problem.
If the price of bread was falling because supply was too high and demand too low, what would stopping the fall of prices do? Devaluing our currency is a process of socializing the losses of big banks. Deflation is not an endless death spiral it is the antidote to a lack of demand.
Great Jeffrey! Go tell that to the Japanese. I am sure they would love to hear what they have been missing for 20 years.
And your first paragraph could have been written by any of the real bills doctrine peeps who ran the Federal Reserve from 1929-1933.
God help us.
Already there are many complaints at the G20 of US dollars flooding into Asia, before any of the so-called money printing has taken effect. If the idea was to put more liquidity into the domestic economy, then its effect appears to have already been dampened before the Fed has even begun.
And the exchange rates are hilarious. The forex markets are telling us, "Hey, the dollar is starting to stink." The only thing that's somewhat positive is that they're saying, "But so does the Euro!"
I would suggest we all quit listening to our government whose ability to report economic data has become about as reliable as any communist regime and look at the prices of things around us. Sugar, Corn, Rice, Cotton, Coffee, Gold, Silver, Oil and the stock market are all up more than 10% in just the last 2 or 3 months. In what world is that not inflation? Milk costs me a dollar more today than it did just a few weeks ago - thats like a 30% increase. General Mills just announced that they are going to have to raise the price of cereal. How is this in any way good for the economy? My business will suffer as my costs go up. Explain to me how this is good.
Inflation is a tax - why would we want to raise taxes right now? If I am wrong PLEASE explain how so I can adjust my behavior in a way that will allow my business to benefit from the inflation the Fed is so hell bent on creating.
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