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Venezuela Inflation

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  • #16
    Originally posted by rogue06 View Post
    Considering the sudden infatuation with socialism by our youth it would be really useful if there were some historic and present day examples of just how much a failure that system is when it has been implemented.
    Like Bolivia, where the economy had been stagnant for decades, and then after a democratic socialist government came into power in 2005, the economy grew at 12% per year for the next 12 years straight?

    Comment


    • #17
      Originally posted by Mountain Man View Post
      They are reaping the fruits of socialism and a government controlled economy.
      Problem with that statement is that the US is not entirely NOT a socialist country with a central bank that doesn't control the economy for political purposes (Yellen initiating policies for Obama, and now Powell clearly doing it for Trump). The difference is the size (hence our unprecedented debt), and the fact we have the global reserve currency.
      "I was the CIA director. We lied, we cheated, we stole, it was like... we had entire training courses. It reminds you of the glory of the American experiment." - Mike Pompeo, Secretary of State (source).

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      • #18
        Point of information: without the petrodollar and reserve currency system, the US would have long be in hyperinflation too with all the money-printing and conjuring.

        Originally posted by seer View Post
        And the fact that there were international sanctions, not just the US.
        Point of information: seriously? the US often initiates such sanctions in standard quid-pro-quo diplomacy.
        Remember that you are dust and to dust you shall return.

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        • #19
          Originally posted by demi-conservative View Post
          Point of information: without the petrodollar and reserve currency system, the US would have long be in hyperinflation too with all the money-printing and conjuring.



          Point of information: seriously? the US often initiates such sanctions in standard quid-pro-quo diplomacy.
          I don't know about hyperinflation, but without the Fed bank the stock market wouldn't be anywhere near as high as it is, the U3 employment number wouldn't be as low as it is (even though we all know the U3 doesn't accurately represent true employment or the true state of the economy), and the measly 2% average GDP number would probably be in the negative.
          "I was the CIA director. We lied, we cheated, we stole, it was like... we had entire training courses. It reminds you of the glory of the American experiment." - Mike Pompeo, Secretary of State (source).

          Comment


          • #20
            Originally posted by seanD View Post
            I don't know about hyperinflation
            I take a simple approach. Suppose the US was unable to constantly borrow so much money to fund its expenditure. The amount of money conjuring needed to cover the multitrillion over-budgetary spending would result in hyperinflation.
            Remember that you are dust and to dust you shall return.

            Comment


            • #21
              Originally posted by seanD View Post
              I don't know about hyperinflation, but without the Fed bank the stock market wouldn't be anywhere near as high as it is, the U3 employment number wouldn't be as low as it is (even though we all know the U3 doesn't accurately represent true employment or the true state of the economy), and the measly 2% average GDP number would probably be in the negative.
              They're all rather useless or inaccurate figures. GDP is also mostly useless as economic indicator without accounting for debt, since GDP can always be pushed up by borrowing to spend.

              Originally posted by seanD View Post
              Problem with that statement is that the US is not entirely NOT a socialist country with a central bank that doesn't control the economy for political purposes (Yellen initiating policies for Obama, and now Powell clearly doing it for Trump). The difference is the size (hence our unprecedented debt), and the fact we have the global reserve currency.
              Right, the Cold War rhetoric is just pointless.
              Remember that you are dust and to dust you shall return.

              Comment


              • #22
                Originally posted by demi-conservative View Post
                They're all rather useless or inaccurate figures. GDP is also mostly useless as economic indicator without accounting for debt, since GDP can always be pushed up by borrowing to spend.



                Right, the Cold War rhetoric is just pointless.
                I quite surprised a diehard Trump supporter is admitting all this. This doesn't reflect too positively on Trump's fake economic boasting.
                "I was the CIA director. We lied, we cheated, we stole, it was like... we had entire training courses. It reminds you of the glory of the American experiment." - Mike Pompeo, Secretary of State (source).

                Comment


                • #23
                  Originally posted by seanD View Post
                  Problem with that statement is that the US is not entirely NOT a socialist country with a central bank that doesn't control the economy for political purposes (Yellen initiating policies for Obama, and now Powell clearly doing it for Trump). The difference is the size (hence our unprecedented debt), and the fact we have the global reserve currency.
                  Your post is worded oddly, especially with the multiple instances of "not" obscuring its meaning ("not entirely NOT a socialist country with a central bank that doesn't") that I am honestly confused as to exactly what position it is taking. Could you clarify what you mean?

                  Comment


                  • #24
                    Originally posted by Terraceth View Post
                    Your post is worded oddly, especially with the multiple instances of "not" obscuring its meaning ("not entirely NOT a socialist country with a central bank that doesn't") that I am honestly confused as to exactly what position it is taking. Could you clarify what you mean?
                    At best, US is a mixed economy. Though I honestly don't know how anyone could even say it's slightly socialist looking at the debt. It humors me how both the left and right pretend that US is not a socialist country when it clearly is. Even the corporate capitalist aspect of the country is up for debate when we consider federal reserve policies and its effect on the economy and the markets (and I'm even putting aside the banker bail-outs of 2008, which is a whole separate issue).
                    "I was the CIA director. We lied, we cheated, we stole, it was like... we had entire training courses. It reminds you of the glory of the American experiment." - Mike Pompeo, Secretary of State (source).

                    Comment


                    • #25
                      Originally posted by Leonhard View Post
                      It really took off

                      I mean... I know the fact Venezuela's economy is hooched should be a tragedy, but there's still one lingering thought as I watch this video listening to that song.

                      Are Venezuelan Marxists yelling out, "DO YOU LIKE. MY KARL (My Karl)?!"

                      I'll see myself out
                      Mercenary Maxim 37: There is No 'Overkill.' There is merely 'Open Fire,' and 'I need to Reload.'

                      Proud Anti-Fascist. Even Prouder Anti-Communist. You've been Warned.

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                      • #26
                        Originally posted by seanD View Post
                        This doesn't reflect too positively on Trump's fake economic boasting.
                        See this post.
                        Remember that you are dust and to dust you shall return.

                        Comment


                        • #27
                          Originally posted by Starlight View Post
                          That is very sad for the people in Venezuela. My thoughts are with them. It must be very hard on them. Apparently they are now using other currencies for most transactions as a substitute.
                          Yay socialism!

                          Comment


                          • #28
                            Originally posted by Terraceth View Post
                            Your post is worded oddly, especially with the multiple instances of "not" obscuring its meaning ("not entirely NOT a socialist country with a central bank that doesn't") that I am honestly confused as to exactly what position it is taking. Could you clarify what you mean?
                            Socialism vs free market capitalism is a false dichotomy. The current state of capitalism is nowhere near free market, with big companies being allowed to go billions in the red by investor money and slowly eat up smaller competitors or destroy them with scale and unsustainable pricing. The idea that only government can 'intervene' and 'distort' the market may have been theoretically appealing in the past, but just doesn't hold up in today's world.
                            Last edited by demi-conservative; 11-23-2019, 07:23 PM.
                            Remember that you are dust and to dust you shall return.

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