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Genesis Posts: 71391 Incept: 2007-06-26 
KD^2 
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http://market-ticker.denninger.net/archi....
---------- "The monetary base in ALL modern monetary systems is the sum of unencumbered assets against which one is both WILLING AND ABLE to borrow." - Me
2008-12-07 21:31:16
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Gigi Posts: 543 Incept: 2007-08-26
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Well said Gen.
2008-12-07 21:49:49
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Endodoc Posts: 726 Incept: 2007-07-31 
Online Online
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I agree with all of your points. Well written.
2008-12-07 22:03:12
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Logicaloutlaw Posts: 614 Incept: 2008-01-23
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Nice. Hopefully "somebody" reads it. ---------- All the money you make will never buy back your soul. - Bob Dylan, Masters Of War
2008-12-07 22:08:17
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Keewaydin Posts: 1547 Incept: 2007-08-22 
Just a fleshwound!
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Nicely done. Hope your voice finds an ear.
2008-12-07 22:10:43
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Captbill Posts: 485 Incept: 2008-07-22
Arizona's West Coast
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I could be mistaken but shouldn't Tort reform be part of the health care reform? The mal-practice insurance rate has sky-rocketed in the last ten years and people sue Dr.s on a whim with attorneys ready at the beckon call to file suits. Look at how many unnecessary C-sections are done today (to be on the "safe side") These same law firms are BIG donors to the political elite to keep things the way THEY want them. And the political elites themselves...are..attorneys too. Again, I could be wrong...nothing new there...great Ticker--thanks for all the thought and time you give those. Last modified:
2008-12-07 22:17:18 by captbill
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Genesis Posts: 71391 Incept: 2007-06-26
KD^2
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Tort reform is a big deal but its a separate part of legal reform; first and foremost is getting recognition of the problem and Health Care is a BIG ONE. Parity with the "elite" will go a long way towards that. It won't fix it, but its a start. ---------- "The monetary base in ALL modern monetary systems is the sum of unencumbered assets against which one is both WILLING AND ABLE to borrow." - Me
2008-12-07 22:17:47
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Kickthecan Posts: 356 Incept: 2008-11-06
Seattle Online
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You've done a great job of pulling together the most pressing issues. The section on energy in particular had me nodding in agreement.Quote:This, however, is a lie on both fronts; first, the “depression”, that is, a contraction of GDP to sustainable levels (rather than the fraud of claiming GDP growth when in fact all that has grown is debt) is going to happen anyway... This sounds like you're thinking a depression is 100% certain now. Is that correct?
2008-12-07 22:19:31
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Genesis Posts: 71391 Incept: 2007-06-26
KD^2
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Contraction in GDP as credit expansion has ceased is a certainty. ---------- "The monetary base in ALL modern monetary systems is the sum of unencumbered assets against which one is both WILLING AND ABLE to borrow." - Me
2008-12-07 22:20:33
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Snooze Posts: 1652 Incept: 2007-07-09
florida
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Quote:True economic prosperity comes from converting the positive carry of the earth (and sun) into goods and services, not from building bridges and/or pushing paper. Thank you....and properly pricing those gifts of nature creates the credits that flow through the production/consumption cycle to form the capital base that limits the need for debt expansion that ultimately drags down GDP with interest carrying costs as the debt accumulates because not enough money was earned by the price of the raw materials. ---------- We're on a journey - and we don't know it - back to a nation of communities where your character really matters, and where character rests on whether your deeds comport with truthfulness......KUNSTLER
2008-12-07 22:28:45
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Genesis Posts: 71391 Incept: 2007-06-26
KD^2
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Price controls never work. ---------- "The monetary base in ALL modern monetary systems is the sum of unencumbered assets against which one is both WILLING AND ABLE to borrow." - Me
2008-12-07 22:33:08
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Wthef Posts: 620 Incept: 2008-02-25
philadelphia
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great ticker as usual, shall we warm up the fax machines?
---------- "I had to look at her today and sat there staring at her bronze naked body laying in the sun, a flaming red candle in her hand she took me in. Her figure consumed me 36-32-34 and said "take me" I stumbled forward as I engaged her stare and she pulled me down towards her. I ripped off my shirt and dropped my pants, we f
2008-12-07 22:35:00
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Genesis Posts: 71391 Incept: 2007-06-26
KD^2
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Have at it. ---------- "The monetary base in ALL modern monetary systems is the sum of unencumbered assets against which one is both WILLING AND ABLE to borrow." - Me
2008-12-07 22:37:10
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Synchronicity Posts: 483 Incept: 2008-07-20
40° 15' 1
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Gen, An outstanding, comprehensive, viable proposal and analysis of problems! Let us hope that your proposal/s have a chance for the sake of this country and everyone of us. Applause regarding equal health care for which CONgress has access available to average joe/jane. ---------- the forgotten man...."He is the man who is never thought of...He works, he votes, generally he prays---but he always pays..." Wm. G. Sumner, 1883 ...It took man 5000 years to put wheels on his luggage...
2008-12-07 22:39:07
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Daozenrod Posts: 303 Incept: 2008-11-18 Atlanta
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Good. Please, let us repeal all the price controls, artificial price supports and the like. By all means, let the market --composed of all of us-- determine prices without allowing the price manipulators to do what they have been doing all along. The Price controls we already have certainly haven't worked.
2008-12-07 22:41:33
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Snooze Posts: 1652 Incept: 2007-07-09
florida
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My rebuttal is to be found within the chart of Debt as a % GDP. From 1942 to 1952 during a period of extreme annual deficits due to war spending...the ratio of debt to GDP continued to fall. This was accomplished with parity pricing of raw materials. That was discontinued in 1953 and the result is dramatically evident in the graph.
---------- We're on a journey - and we don't know it - back to a nation of communities where your character really matters, and where character rests on whether your deeds comport with truthfulness......KUNSTLER Last modified:
2008-12-07 22:44:42 by snooze
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Genesis Posts: 71391 Incept: 2007-06-26
KD^2
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Correlation is not causation. ---------- "The monetary base in ALL modern monetary systems is the sum of unencumbered assets against which one is both WILLING AND ABLE to borrow." - Me
2008-12-07 22:43:59
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Allclear Posts: 4264 Incept: 2007-09-18
Online
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Quote:There are many who argue that “the rich must pay their fair share” and other similar platitudes that devolve down into taking more from the most productive members of society. Huh? Which productive members are we talking about here? What percentage of "successful" CEOs and the like have used their success monetarily to reward their workers? How many tax loopholes have they found to enrich themselves? How many subsidies have they gotten from the gov even though they were shown to be profitable? We're talking about the top 1% paying more into the system, as well as their companies by eliminating the swiss cheese accounting procedures. I have zero problem with taxing the uberrich with what I have just witnessed over the past 18 months. ---------- Many of the truths we cling to depend greatly on our point of view...Obi-Wan
2008-12-07 22:53:23
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Blackswan Posts: 3601 Incept: 2007-11-06
Ponzi Roller Coaster
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Great work as usual KD. I have wondered for years how much of the economy is total bull**** (aside from the debt/credit bubble). For instance think about all the lawyers, financial paper shufflers (throw SOX in there too), and the many government jobs responsible for nothing more then taking up space and creating red tape. I know not all of these professions and jobs create nothing but so many really are just a drag on society and not a necessary evil. A cleansing in these areas would be great. ----------
2008-12-07 22:54:32
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Genesis Posts: 71391 Incept: 2007-06-26
KD^2
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If you want 5 million more jobs to disappear, that's exactly how you make it happen. I've never had a poor man give me a job, or even an average man. It has always been a rich man. The idiocy of taxing the guy who is going to employ you as a punitive measure is beyond words. He DOES NOT need to deploy his capital in a business - he can literally sit on his ass and live off it, and then YOU are the one who is ****ed. ---------- "The monetary base in ALL modern monetary systems is the sum of unencumbered assets against which one is both WILLING AND ABLE to borrow." - Me
2008-12-07 22:55:56
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Daozenrod Posts: 303 Incept: 2008-11-18 Atlanta
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All "parity pricing" does is lock prices into a relationship for years. Can you say arranged marriage? Progressives wished a 16:1 relationship between gold and silver. Now that corn is super high, let us parity price stuff to it, so all our prices can rise for no reason. Locking things in now--as they are--casting this messed up crap in cement is not one of my priorities. The reason the ratio changed in that time period (29-52) is people completely stopped using credit for insane purposes.
2008-12-07 22:57:42
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Opalchip Posts: 93 Incept: 2007-08-13
San Francisco
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IMHO - One of the all time best Tickers. Let's hope someone gets it through to Obama. Getting it through to Richardson directly would be a big positive, too, as I think he's got a better handle on reality than many.
2008-12-07 23:11:01
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Micronin127 Posts: 607 Incept: 2008-01-21
Swampscott, MA Online
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I think there should be an 'N' in Keysian. Also, regarding health care, I believe that a government run health care system modeled after England's system would be preferable to what we have. Foundation Principles: 1. Everyone gets care. 2. No one gets a bill. I know it does little to address an entitlement mentality, but I fear that genie isn't just out of the bottle but has left the building. Where do the savings come from: 1. Care is rationed. Capitation enforces a dollar limit to provide care to a population. 2. Waiting lists for non-emergency procedures would be necessary. 3. Bulk discounts for prescription drugs and limitations on the formulary. If a drug company charges too much for a wonder drug... it isn't covered. 4. Limitations on jury awards for medical malpractice. 5. Limitations on provider network. You may not be able to choose any doctor and you may not be able to go to Massachusetts General Hospital to get your stitches removed. Don't get me wrong, everyone would get preventive care and no one is going to put you on a waiting list if you are having a heart attack. They don't do that in England. What they do is spend 8% of GDP on health care and achieve better outcomes than we do. We spend 14% of GDP on health care. In England, employers though not required to provide health insurance will often offer as a benefit a supplemental insurance policy that gives its employees access to a broader network of doctors and also to expedited care. This is sometimes decried as two-tier, but I view it as the perfect balance of socialism and capitalism. I mean everyone gets care and no one gets a bill, that's the socialism. But if you pay for a supplemental health insurance policy or earn one through hard work, why shouldn't you receive the benefits, that's the capitalism. I completely agree with your tax policy section and feel if the corporate tax rate were 0% and the payroll tax were 0% and employers were not required to provide health insurance because a system was in place so that eveyone got care and no one got a bill... Americans would be put to work in droves. Americans would be less desperate and scared too. Can you imagine working your whole life to provide for your family and then suddenly in your mid-50s you lose your job because Wall Street bankers cooked up some really brilliant financial alchemy and it blew up in their face... and then the government made matters worse by moving all the losses to the government's balance sheet. Now you are out of work and without health insurance. A single serious episode such as a heart attack or stroke would likely wipe out a lifetime of savings and bankrupt you. That is scary and people will become desperate. I don't like Obama's proposals for health care because they will cost too much and they retain the basic fee-for-service structure which makes them unsustainably expensive. I didn't like McCain's because it felt like a Robin Hood gimmick to tax people who had somehow earned a good job and had great health benefits so that we could offer a tax credit to uninsured folks to buy a crappy policy. Let's face it $5000 a year buys you a crappy policy. And you are still in a position to fight with an insurance company over each claim and there is complex billing and benefit plan structures that few people really take the time to understand. I also agree with the part about nuclear energy being the only true solution to energy independence. I hope that more people echo that sentiment. Not all infrastructure is bad it as you point out they choose to upgrade the electrical grid and convert all rail from diesel to overhead electricity. Thanks again for all you do to keep this forum up and running and for all your intelligent posts! Last modified:
2008-12-07 23:27:01 by micronin127
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Opalchip Posts: 93 Incept: 2007-08-13
San Francisco
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It's "Keynesian" actually.
2008-12-07 23:29:00
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Statusquojoe Posts: 2397 Incept: 2008-11-20
Land of the fees Home of the slaves.
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Hey Gen great ideas, even though I would rather eliminate fractional reserve banking entirely, I know I am an Austrian newbie eh? But you should include one point: how does the transition from Federal Reserve Notes to the new dollars work? Since the newly formed 10 banks will be outside the Federal Reserve system, the new notes wouldn't be Federal Reserve Notes they must be something else akin to Treasury Notes. What would be the exchange rate between the new notes and FRNs is this a fixed exchange rate or does the market determine the exchange rate? If the market determines the rate how do you prevent the cartel from manipulating the rate to derail the new banks? If the government fixes the rate, isn't that sort of the same old trick of "fixing" things? Just curious. ---------- "In short, you are the definition of moral hazard." Senator Bunning to Bernanke
2008-12-07 23:44:38
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