Venezuela Inflation

[demi-conservative]

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.

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.

[seanD]

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.

[Terraceth]

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?

[seanD]

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).

[Chaotic Void]

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

[demi-conservative]

This doesn't reflect too positively on Trump's fake economic boasting.

See this post.

[Sparko]

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!

[demi-conservative]

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.