Joliver
E-Fighter Extraordinaire
- Joined
- Dec 3, 2013
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When it comes to fiscal & monetary policy, 29 (non-interventionism) is the total opposite of 08 (intervene).
The depression of 29 did indeed end because of the war. Specifically, thanks to the fiscal stimulus necessary to prepare for the war. Had that stimulus arrived earlier, then you may not have had a depression at all.
Without banking reform (including tax dollar bailout), you weren't going to get any sort of recovery in 08. It was a necessity. QE, I'm with you, has overinflated the value of pretty much everything and goes with the "paper recovery" analogy.
It's only "crony-capitalism wealth distribution" if you don't know how to participate and benefit from it.
I was a broke graduate around 08-09. I borrowed 25 grand from my grandfather (under the false guise of funding post-grad studies) and put it all into the market. That was the first step to me achieving the financial independence that I have today. People who were smart enough to do the same thing earlier this year would've seen the same results, but quicker.
This is capitalism at its best. No "crony" in sight.
“The new law (federal reserve--the PRIVATE entity that controls the nation's money supply) will create inflation whenever the trusts want inflation. From now on depressions will be scientifically created.” --Charles A. Lindbergh
You need to read "the creature from Jekyll island" and "money for nothing." Between 1923 and 1929, the Federal Reserve inflated the money supply by 62%. When JP morgan published the "insolvency rumor" that forced smaller financial institutions to make margin calls to stay solvent and maintain Reg T , the markets sold off. Hence thats why I said "buy a farm or factory for a few dollars." Most couldn't...it was a bank "shakeout." Morgan and Big Bank Inc consolidated their iron grip on US finance.
22% of every US dollar ever created by the fed was created this year. For those who don't know history are doomed to repeat it.
Also you say it's only "crony-capitalism" if you don't know how to participate. Patently false. There are quite a few people that know me personally on this forum. I'm a serial entrepreneur. I've owned 4 different businesses in 3 different industries and been successful throughout. So trust me when I say I started a business on a major junction at an interstate. It was coop power, municipal water, county sewer. They drained my lifeblood. Several people on UG probably remember me bitching over a $75k last minute impact fee two weeks before I opened. I gritted my teeth and paid it. Walmart moved in later...they got 30 years of tax abatement....publix got the same deal. I got ****ed....and you would have too.
Covid-19 shows up. I'm ordered to close. Walmart, publix....every major corp stays open. I go to jail for opening. I laid off everyone. I won't reopen.
I'm not some day trader playing capitalist...I built something with blood sweat and tears. I had employees with benefits and I paid a fair wage. Their lives were upended. So don't tell me about capitalism vs crony-capitalism vs socialism. I pink slipped people, sold the assets, and walked away never to reopen just like a lot of other small businesses did. I don't know many people that will volunteer to do it again. I won't. That's economic contraction via government intervention on the small...not the large lobby corps. CRONY-CAPITALISM.
And I know everything is hyperinflated. I'm a commodities and real estate guy. I've watched the dollar shit and buying power fall. I didn't actually make money on gold....it's just that gold is always going to be gold and the dollar is going to be trash.