This is why it is impossible to have an honest negotiation with the Democrats

[ribosoma]

The burden of proof regarding your interpretation of the Bernanke quote lies on you. It wasn't a discussion between Friedman and Bernanke, it was a speech given by Bernanke alone. If you choose to bend the context to fit your worldview, that's fine, but it's conjecture, and therefore not worthy of any serious discussion.

Steve Keen's 'Debunking Economics' can probably assist those who want some real insight into the economic crisis we are in. Listening to the guys who deliberately crashed the system feign incredulity over how this came to be is a useless endeavor, in my opinion.

http://www.youtube.com/watch?v=qG3CU1st_l8

[The Ghost of Championship]

Originally Posted by ribosoma

The burden of proof regarding your interpretation of the Bernanke quote lies on you.

I can't hold your hand. If you don't want to learn you don't want to learn.

Originally Posted by ribosoma

Steve Keen's 'Debunking Economics' can probably assist those who want some real insight into the economic crisis we are in. Listening to the guys who deliberately crashed the system feign incredulity over how this came to be is a useless endeavor, in my opinion.

http://www.youtube.com/watch?v=qG3CU1st_l8

Is that the guy who wants to go back to gold standard depressions? He wants the economy to collapse, right?

[ribosoma]

Originally Posted by The Ghost of Championship

I can't hold your hand. If you don't want to learn you don't want to learn.



Is that the guy who wants to go back to gold standard depressions? He wants the economy to collapse, right?

Yes, the guy who has lectured on the fallacy of returning to the gold standard wants to bring back the gold standard. And, as an Economics professor, he just can't wait for the economy to collapse, which is why he is lecturing economists around the world in ways to heal the economy.

Literally, the very first video you see at the top of the page when you Google "Steve Keen" is this one:

http://www.youtube.com/watch?v=X-N0EnY0qjI

Who needs their hand held, again?

[mcsluggo]

Originally Posted by ribosoma

The burden of proof regarding your interpretation of the Bernanke quote lies on you. It wasn't a discussion between Friedman and Bernanke, it was a speech given by Bernanke alone. If you choose to bend the context to fit your worldview, that's fine, but it's conjecture, and therefore not worthy of any serious discussion.

Milton Friedman was teh founder of the monetarist school of economics. In one of his seminal papers (written with his eventual wife) he proposed that the major cause of the Great Depression (the 1930s one) was a failure of the central banks of the time to have an appropriate monetary response to the original shock to the economy (the stock market crash and subsequent bank pressures). The money authorities at the time were very worried about the health of the banks, and about widespread bank failures, and their response was to increase the reserve requirements imposed on banks. This had the effect of severely cutting back money supply, just as the economy was contracting, ---leading to the the economy contracting even more, and for an expanded period of time---- voila, recession becomes great depression.

Bernanke was tipping his hat to that seminal paper. Every single economist in the country reecognized this fact... it is entirely uncontroversial. (Bernanke did not take the next ste and agree with Uncle Milty and the monetarists that Monetary Policy failures were the root cause of all economic fluctuations)

[ribosoma]

Originally Posted by mcsluggo

Milton Friedman was teh founder of the monetarist school of economics. In one of his seminal papers (written with his eventual wife) he proposed that the major cause of the Great Depression (the 1930s one) was a failure of the central banks of the time to have an appropriate monetary response to the original shock to the economy (the stock market crash and subsequent bank pressures). The money authorities at the time were very worried about the health of the banks, and about widespread bank failures, and their response was to increase the reserve requirements imposed on banks. This had the effect of severely cutting back money supply, just as the economy was contracting, ---leading to the the economy contracting even more, and for an expanded period of time---- voila, recession becomes great depression.

Bernanke was tipping his hat to that seminal paper. Every single economist in the country reecognized this fact... it is entirely uncontroversial. (Bernanke did not take the next ste and agree with Uncle Milty and the monetarists that Monetary Policy failures were the root cause of all economic fluctuations)

See above. I'm very familiar with the official interpretation of history as told by those who make it happen. I've read my college economics textbooks, as well.

[mcsluggo]

Originally Posted by ribosoma

See above. I'm very familiar with the official interpretation of history as told by those who make it happen. I've read my college economics textbooks, as well.

you seem to be implying that you have made a deeper interpretation of this point somewhere else in this thread... but I am unable to find it.

[The Ghost of Championship]

Originally Posted by mcsluggo

Milton Friedman was teh founder of the monetarist school of economics. In one of his seminal papers (written with his eventual wife) he proposed that the major cause of the Great Depression (the 1930s one) was a failure of the central banks of the time to have an appropriate monetary response to the original shock to the economy (the stock market crash and subsequent bank pressures). The money authorities at the time were very worried about the health of the banks, and about widespread bank failures, and their response was to increase the reserve requirements imposed on banks. This had the effect of severely cutting back money supply, just as the economy was contracting, ---leading to the the economy contracting even more, and for an expanded period of time---- voila, recession becomes great depression.

Bernanke was tipping his hat to that seminal paper. Every single economist in the country reecognized this fact... it is entirely uncontroversial. (Bernanke did not take the next ste and agree with Uncle Milty and the monetarists that Monetary Policy failures were the root cause of all economic fluctuations)

Holy shit! there are two people here who don't have a backwoods interpretation of money? This has never happened in the history of the interworlds.

Originally Posted by mcsluggo

you seem to be implying that you have made a deeper interpretation of this point somewhere else in this thread... but I am unable to find it.

I could be wrong but I think r's only point was an attack on my flippant faith in the Fed "savior", which is very valid.