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pointsofdata posted:The deficit is back baby! does the deficit even matter? we're way beyond the threshold of owing gadzooks! amounts of money.
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Jan 19, 2021 20:40
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Roosevelt posted:does the deficit even matter? we're way beyond the threshold of owing gadzooks! amounts of money. not yet, but within the next decade as china overtakes us as a functioning country, yes. once the us is no longer the reserve currency of the world we could be really hosed
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Jan 19, 2021 20:42
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Arcteryx Anarchist posted:none of my administration in high school had doctorates in many places a masters is required to get a full certification as a teacher so that’s presumably why the EdD exists as a sort of teacher mba
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Jan 19, 2021 20:44
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Broken Machine posted:not yet, but within the next decade as china overtakes us as a functioning country, yes. once the us is no longer the reserve currency of the world we could be really hosed reserve currency of the world is a huge bonus but as long as we still have control over our own money the deficits don’t really matter all that much
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Jan 19, 2021 20:55
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Captain Foo posted:reserve currency of the world is a huge bonus but as long as we still have control over our own money the deficits don’t really matter all that much once we're no longer the reserve currency, our standard of living is going to plummet. people buy our debt now because they more or less have to. if that's no longer true, a lot of countries and rich people will divest from the us
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Jan 19, 2021 20:59
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Roosevelt posted:does the deficit even matter? we're way beyond the threshold of owing gadzooks! amounts of money. Of course it matters, democrats are in charge again!
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Jan 19, 2021 21:00
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Excited for a decade of austerity. Public transit is gonna be the first thing to go.
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Jan 19, 2021 21:34
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https://www.vox.com/the-goods/22168191/public-transit-funding-future-covid Welp, looks like the pandemic put the final nail in the coffin of that antiquated, obsolete "public transit" thing, folks. Onward and upward!
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Jan 19, 2021 21:35
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can’t let such an opportunity go to waste!
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Jan 19, 2021 21:41
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Broken Machine posted:once we're no longer the reserve currency, our standard of living is going to plummet. people buy our debt now because they more or less have to. if that's no longer true, a lot of countries and rich people will divest from the us we don’t have to issue that debt in the first place for most things
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Jan 19, 2021 21:44
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the real power is that a huge amount of international transactions are dollarized so we get to stick our fingers in them
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Jan 19, 2021 21:45
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money isn't real it is just a concept that is useful for determining resource allocation
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Jan 19, 2021 21:46
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Stereotype posted:money isn't real it is just a concept that is useful for determining resource allocation
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Jan 19, 2021 21:50
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mystes posted:It's mainly just useful for allowing sociopaths to gain control of the economy. woah woah woah now that’s private property
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Jan 19, 2021 21:54
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mystes posted:It's mainly just useful for allowing sociopaths to gain control of the economy. i mean at this point yeah pretty much. Most money is so far abstracted from any real tangible object that we are essentially just trading Space Bux. Most people don't notice this, since the money they are handling is pretty clearly tied to things (two dollars buys you a cheeseburger, six dollars buys you a six pack of beer, working for one hour gets you $15, etc.), but most money isn't doing stuff like that. Most money is like Collateralized Equity Shares or Stonks or something weird that refers to nothing but gives people doing literally nothing that helps anyone at all the ability to buy ten thousand cheeseburgers a day. I had a fight with someone that you shouldn't be able to make a million dollars a year because you just are absolutely not doing the work of 200 people getting paid $25/hour full time, I don't care how smart or hard working you are. They kept falling back on that if they were getting that much they must deserve it, in a horrible tautological loop. It's unsolvable and will definitely collapse under its own weight.
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Jan 19, 2021 22:00
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the stock markets themselves are perfect examples of pure ideology
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Jan 19, 2021 22:02
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money isn't real, but groceries are real, and taxes are real. you can steal the groceries, but at the end of the day you still gotta pay your taxes, and you need some money for that
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Jan 19, 2021 22:05
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what if instead of making a fortune on owning a factory, i make a fortune exchanging tokens that say i own part of a factory based on speculative appreciation
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Jan 19, 2021 22:05
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but as a partial owner, the money you spent for those tokens went toward financing some new equipment at the factory! you're not just speculating, you're investing! except 99.99% of the time your money didn't go to the factory, it went to paying off whatever idiot was speculating before you were
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Jan 19, 2021 22:07
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https://www.youtube.com/watch?v=JQuHSQXxsjM
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Jan 19, 2021 22:08
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i read his austerity book it was good
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Jan 19, 2021 22:09
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Austerity is an awful idea that has no actual rationale besides "gently caress the poor" and guarantees massive decreases in standard of living for everyone except the very rich
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Jan 19, 2021 22:10
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Stereotype posted:i mean at this point yeah pretty much. Most money is so far abstracted from any real tangible object that we are essentially just trading Space Bux. Most people don't notice this, since the money they are handling is pretty clearly tied to things (two dollars buys you a cheeseburger, six dollars buys you a six pack of beer, working for one hour gets you $15, etc.), but most money isn't doing stuff like that. Most money is like Collateralized Equity Shares or Stonks or something weird that refers to nothing but gives people doing literally nothing that helps anyone at all the ability to buy ten thousand cheeseburgers a day. it’s a huge pyramid scheme except the new investors who will prop it up for the generation haven’t been born yet
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Jan 19, 2021 22:19
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Stereotype posted:They kept falling back on that if they were getting that much they must deserve it, in a horrible tautological loop. and man oh man do they start wringing their hands and tugging at their collar and making EHHHHHH noises when you bring up the google chef
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Jan 19, 2021 22:21
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Stereotype posted:Austerity is an awful idea that has no actual rationale besides "gently caress the poor" and guarantees massive decreases in standard of living for everyone except the very rich Out of curiosity does "austerity" have a special meaning in economics that goes beyond "massively cut government services" I just assumed it was that, but it has occurred to me that economists like to use terms wrongly so I had better ask
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Jan 19, 2021 22:26
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Jonny 290 posted:and man oh man do they start wringing their hands and tugging at their collar and making EHHHHHH noises when you bring up the google chef The one I always bring up is that the CEO of Jiffy Lube makes $700k a year, while someone actually changing the oil in the cars makes $20k a year. Is the CEO doing as much work as 35 mechanics? Jiffy Lube makes money by changing the oil on cars, so what is the CEO doing that justifies him getting the compensation of 35 people who are actually making the money? The answer is always the tautology that they don't know but it must be something since they get paid that much. Jiffy Lube isn't even a very egregious example in comparison to most places, but it is very easy to understand.
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Jan 19, 2021 22:28
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trump may be leaving office tomorrow, but my very intelligent state voted in all the chuddiest turds possible for governor, senate, and house. the new gov is considering enacting a sales tax (we've never had one), which is a great way to steal from the poor in a state that has a very low nat'l average income. meanwhile i'm getting mailers from some shithead group promoting right-to-work laws and i've never thrown anything in the trash so fast
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Jan 19, 2021 22:29
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It's a pointless thing to argue because they'll all eventually just discover/fall back on "the CEO does important business stuff that makes the whole business run and creates the jobs thus he deserves a cut of the money from every employee" yada yada.
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Jan 19, 2021 22:30
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kinda wish I knew more about how things worked like for covid we borrowed a whole bunch of money what’s the difference between that and printing the same amount of money? does the debt pressure from borrowing it give it some kind of magic powers that means it’s less likely to cause inflation?
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Jan 19, 2021 22:32
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Sagebrush posted:It's a pointless thing to argue because they'll all eventually just discover/fall back on "the CEO does important business stuff that makes the whole business run and creates the jobs thus he deserves a cut of the money from every employee" yada yada.
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Jan 19, 2021 22:33
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Stereotype posted:The one I always bring up is that the CEO of Jiffy Lube makes $700k a year, while someone actually changing the oil in the cars makes $20k a year. Is the CEO doing as much work as 35 mechanics? Jiffy Lube makes money by changing the oil on cars, so what is the CEO doing that justifies him getting the compensation of 35 people who are actually making the money? also the CEO isn't burning his arms on interstate-hot exhaust manifolds and boiling oil all day long with no breaks
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Jan 19, 2021 22:33
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Sagebrush posted:Out of curiosity does "austerity" have a special meaning in economics that goes beyond "massively cut government services" It also technically means raising taxes. It's just a term that describes an attempt by the government to pay down its debts. Since debts aren't real it always results in reducing the velocity of money and ability of people to do work that is socially beneficial as currency is sucked out of the system We are in a recession if not a full depression so really we should be doing the exact opposite but boy that giant imaginary number that means nothing is so scary oh no
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Jan 19, 2021 22:34
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My sister told me she had a dream the other night that there was a place called Police Town and it was like a nuclear bomb testing range but for police brutality. Like plywood houses and furniture store dummies everywhere for cops to go in and test new methods of busting down doors and shooting civilians and beating up protesters A grim omen of the future, I fear
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Jan 19, 2021 22:38
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austerity means "paying germans money because that's how some of them are making it"
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Jan 19, 2021 22:39
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Sagebrush posted:My sister told me she had a dream the other night that there was a place called Police Town and it was like a nuclear bomb testing range but for police brutality. Like plywood houses and furniture store dummies everywhere for cops to go in and test new methods of busting down doors and shooting civilians and beating up protesters I think the vagrant holiday guy found this on that Washington prison island
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Jan 19, 2021 22:39
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echinopsis posted:kinda wish I knew more about how things worked lolno Money isn't real or worth anything. Wealth is a different matter altogether. If you print too much money people stop trusting your money stays at a price where it's a reliable medium of exchange, which will slow wealth transfer down to a halt, which is Bad. But the US would need to print several trillion dollars all at once to get there during a normal year. Right now? Far more.
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Jan 19, 2021 22:40
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Sagebrush posted:My sister told me she had a dream the other night that there was a place called Police Town and it was like a nuclear bomb testing range but for police brutality. Like plywood houses and furniture store dummies everywhere for cops to go in and test new methods of busting down doors and shooting civilians and beating up protesters That just a new CoD map
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Jan 19, 2021 22:40
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endlessmonotony posted:lolno if the us ceases to be a major player in the financial world, a good idea of what the future may hold for the us is the standard of living of india. maybe a bit better because we have a third of the population, but without having a strong currency, we'll have much less ability to use our dollars to actually buy things from other countries. like what happened to detroit except the whole country it depends a lot on if we get a handle on white supremacy and q and such. if we're still casting about like we are right now in a decade, the rest of the world will look elsewhere
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Jan 19, 2021 22:46
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Stereotype posted:The one I always bring up is that the CEO of Jiffy Lube makes $700k a year, while someone actually changing the oil in the cars makes $20k a year. Is the CEO doing as much work as 35 mechanics? Jiffy Lube makes money by changing the oil on cars, so what is the CEO doing that justifies him getting the compensation of 35 people who are actually making the money? isn’t the point, that a ceo is worth that much because of the value they bring into the company? like if that ceo manages the business into 2mil more profit than a ceo paid half as much, then the 750k is justified. think of it as his fee for bringing in more profit. I think they idea that a person turns a $10 piece of timber into a $50 chair and created $40 value and the worker gets $10 and the boss gets $30.. is too simple and doesn’t reflect what really happens because so much value is generated that can’t really be reflected in anything. if elon musk can generate million of dollars in stock value with a tweet, tying it back to anything else is just convenience to keep us slave monkeys content for another week not that I think that makes it ok or whatever. the entire notion behind publically traded companies have an obligation to only make profit is kinda reprehensible but idk what you’re gonna do about that.
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Jan 19, 2021 22:47
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Roosevelt posted:also the CEO isn't burning his arms on interstate-hot exhaust manifolds and boiling oil all day long with no breaks if the mechanics wanted to earn more money and have less burns they’d also be the ceo, but they’ve made their decision
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Jan 19, 2021 22:48
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