The Dayton Grassroots Daily show v. 26 presents a discussion of this post: http://market-ticker.denninger.net/archives/1752-There-Is-No-Way-Out-Of-This-Box…..html [1] from the site The Market Ticker by Karl Denninger. [2]
Greg Hunter likes to make sweeping generalizations blaming “Harvard grads” for making this financial mess- I prefer to place the blame on a political system run amok, with candidates serving the biggest donors (which in reality may be one and the same- no FEC database lists your educational vitae).
One way or another, easy credit has cost us a lot, and will cost our kids and their kids, on down the line. So what do we do now to fix things? Greg argues for privatizing street maintenance. I prefer the efficiencies of regionalization, and enforcing usury laws.
[youtube]https://www.youtube.com/watch?v=RKjRM9UNT2E[/youtube]Enjoy!
Screw up, move up? Sounds about right. Or kiss butt, move up. That works too.
It happens with the infrequency of f-5 tornadoes and Cleveland Browns’ triumphs but it has happened nonetheless. The Old Bandito is speaking of the fact that Greg Hunter is absolutely, positively right about the harm the Harvard grads do, and how stupid our elites are (many of them Harvard alum) for listening to them. This is best exemplified in David Halberstam’s Pulitzer winning history “The Best and the Brightest” which chronicles how a gaggle of clueless Cambridge educated policy wonks led this country on the disastrous slide that was the Vietnam War. Regardless of whether it was these whiz-kids tendency toward groupthink (they all had the same professors) or just the arrogance of thinking they couldn’t be wrong, these Harvard chuckleheads ignored everything that the generals, diplomats and American people advised them about to pursue their wrongheaded policies. Besides, who gives this particular University so much credence anyway? A look at Forbes’ list of top CEO’s and execs reveals that one is more likely to be a grad of a community college as an Ivy League school. The airplane was invented by two Dayton high school dropouts, and the two richest men in the world were a grad of the University of Missouri (Sam Walton) and a Harvard washout. Harvard grads do not toil endlessly refining inventions or small businesses; they gravitate to government like our current community organizer in chief and Harvard grad Barack Obama, and it has taken less than a year to reveal how clueless he is. Vacate Harvard and turn it into a nuclear waste dump and we will all be safer, saner and have a few more bucks in our collective pockets. And Greg can go back to being consistantly wrong again………
You guys should real read some Austrian school economics. Basically, things started a tumultuous path in 1913 when the fed was created and we began fractional reserve banking. Bank A receives a deposit of $1.00 and through fractional reserve our fed prints them up $20.00 to lend. Lets say that bank deposits that $20.00 in another bank and they get printed up $400.00 to lend. From the real work and savings of one individual working and saving $1.00, we lend out $400.00. Well, makes it easy to create boom cycles. Problem is the bust cycle that always follows. Because when our starting character needs his $1.00 back…………………….Oh shit, we no longer have that on reserve and have to go out and collect the $400.00 tied to that dollar.
Thanks for the love Old Bandito, but I think I am a great deal better than a blind squirrel. :)
Love your writing.
Greg- Since the early 1950s when he was perfecting his slap shot on frozen, rural lakes, the Old Banditos favorite people have always been hockey players. Granted, practicioners of this sport can be a fairly undereducated and uninteresting bunch. Hailing from backwaters with names like Moose Jaw, Flin Flon and Beauce, they often lack the sophistication and polish that sports fans find fascinating. But hockey players have one attribute that puts them on a different plateau from athletes in other sports. And that attribute is the ability to stand toe-to-toe at center ice trading roundhouse rights and uppercuts with an opponent, and after the game, head to the nearest pub with that same advesary and trade dirty jokes and laughs while downing copious amounts of ignorant oil. The punches are real and meant to sting, but it is rarely personal. As the old saying goes, this season’s foe is next season’s roomie. So it in this spirit that the barbs were levied. Thanks for the compliment and thanks for not taking the digs personally. Besides, the post stated you were wrong about some things some of the time. This is in stark contrast to David Esrati, who is wrong about just about everything all of the time……….
Thanks and your timing is impeccable. Here is an article that draws similar conclusions.
@icebandit- Good thing I’m a hockey player.