by T Michael Lutas via Quora Assuming that the petroyuan actually takes off, the US will have an inflationary impulse as petrodollars cycle back to the US at last and US Fed interest rates have to rise in order to soak them up. Assuming that the Fed doesn’t completely mishandle things, it will be a short term bump depending on the amount of petroyuan contracts. Strategically, the bigger the petroyuan, the less room China will have to continue on its current economic road, something that will greatly advantage the United States, if the US is smart enough to take advantage of it. China depends on economic manipulation to keep its economy going at a level far beyond what foreigners are comfortable with. China can survive the disapproval of these foreign governments and private economic players because the vast majority of yuan are kept within the borders of China where short selling yuan is not legal. The larger the yuan market outside of the PRC government control, the more likely someone will replicate George Soros’ feat when he broke the english pound. If anyone succeeds, they will make Soros look like a pauper. Alternatively, China could clean up its act, keep honest economic books, and merrily advance its way to real world power. But it keeps those books crooked for a reason. It is unlikely that the CCP would survive in its current role if those economic bookkeeping reforms were to happen. It is very likely that the CCP knows it because keeping crooked books is a tremendous source of inefficiency and economic misallocation for China and this is commonly known.
Category: Economics, Finance, and Political Economy
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—“How will the petroyuan affect the future of the American economy?”—
by T Michael Lutas via Quora Assuming that the petroyuan actually takes off, the US will have an inflationary impulse as petrodollars cycle back to the US at last and US Fed interest rates have to rise in order to soak them up. Assuming that the Fed doesn’t completely mishandle things, it will be a short term bump depending on the amount of petroyuan contracts. Strategically, the bigger the petroyuan, the less room China will have to continue on its current economic road, something that will greatly advantage the United States, if the US is smart enough to take advantage of it. China depends on economic manipulation to keep its economy going at a level far beyond what foreigners are comfortable with. China can survive the disapproval of these foreign governments and private economic players because the vast majority of yuan are kept within the borders of China where short selling yuan is not legal. The larger the yuan market outside of the PRC government control, the more likely someone will replicate George Soros’ feat when he broke the english pound. If anyone succeeds, they will make Soros look like a pauper. Alternatively, China could clean up its act, keep honest economic books, and merrily advance its way to real world power. But it keeps those books crooked for a reason. It is unlikely that the CCP would survive in its current role if those economic bookkeeping reforms were to happen. It is very likely that the CCP knows it because keeping crooked books is a tremendous source of inefficiency and economic misallocation for China and this is commonly known.
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Production or Consumption?
by Ely Harman Women participating in economic production, (beyond a very low level where their specializations are most helpful, or until marriage) are not participating in production but participating in consumption – especially the consumption of their genetic inheritance, in exchange for a single lifetime of careerism and sensation seeking. But all the status and memories they accumulate that way will die with them. I don’t see what was wrong with the post agrarian norms, where men were responsible for all of the war and politics and most of the economic production, while women were responsible for most of the reproduction and caretaking. That worked well enough for thousands of years. I think the main reason it’s been abandoned is that defection is individually rational, but collectively irrational. Nearly everyone would be better off, in their own estimation, if defection were effectively barred, though they may be better off still if they were able to defect while no one else could (fails existential possibility and reciprocity.
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Production or Consumption?
by Ely Harman Women participating in economic production, (beyond a very low level where their specializations are most helpful, or until marriage) are not participating in production but participating in consumption – especially the consumption of their genetic inheritance, in exchange for a single lifetime of careerism and sensation seeking. But all the status and memories they accumulate that way will die with them. I don’t see what was wrong with the post agrarian norms, where men were responsible for all of the war and politics and most of the economic production, while women were responsible for most of the reproduction and caretaking. That worked well enough for thousands of years. I think the main reason it’s been abandoned is that defection is individually rational, but collectively irrational. Nearly everyone would be better off, in their own estimation, if defection were effectively barred, though they may be better off still if they were able to defect while no one else could (fails existential possibility and reciprocity.
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NO, LABOR IS DEAD WEIGHT NOT VALUABLE Thats nonsense, since all the money in the
NO, LABOR IS DEAD WEIGHT NOT VALUABLE
Thats nonsense, since all the money in the world will eventually find someone to do the work.
Empirically, we pay people in proportion to how many people (or what materials) that they organize. This is irrefutable. So the market calculates labor as nearly valueless. And differences in compensation between states a reflection of stages of development (choices of labor.)
In other words, we pay people according to their vaue and their value is in ordganizing people and things to produce stuff that others will pay for having organized people and things.
Labor flees to cheap countries with unskilled people for precisely the reason that it is of no value.
Marx died knowing he was wrong. He’d read Menger and understood he’d failed. He just couldn’t tell Engels or he’d starve. We know that because we can see his notes and when he stopped writing. He stopped writing when he understood his entire edifice was built on falsehoods.
The dirty secret of history is that those civilizations that produced the most eugenic agrarianism created the highest standards of living. Labor is not only valueless it’s dead weight. If you cannot organize people and things you are not valuable.
Source date (UTC): 2018-04-04 21:55:00 UTC
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The only Possible Means of Institutionalizing Scale Is Markets in Everything
1 – “All human organizations evolve to maximize rents, until it is impossible for those organizations to adapt to change or shocks.” 2 – “Organizations that collapse due to the maximization of rents, and inability to adapt to shocks, do not recover.” 3 – “Collapse is caused by competing organizations with fewer or lower accumulated rents – seeking military economic religious and demographic expansion.” 4 -“Collapse is preventable by extermination of rents, by the preservation of markets for association, reproduction, production, production of commons, production of defense.” 5 – “Markets in everything are producible by a government that shifts from redistributive(liberal), to productive(classical), to warfare (fascism) in response to changing circumstances.” 6 – “Unfortunately, the human intuition is to pursue decreases in effort to calculate, and to maximize regularity, so that fringe opportunities are of the lowest cost to seize with the lowest need to organize to exploit them. And therefore, the human intuition is false (counter) at scale – as in all things. Those who seek regularity seek the luxury of freedom from adaptation”. 7 – “ergo the only possible means of institutionalizing scale is markets in everything, under a government unable to institutionalize policies that provide discounts in exchange for reducing the ability to adapt to shocks.” 8 – “that which does not kill you does in fact make you stronger, and the process of continually maintaining and building strength to resist the vicissitudes of man and nature, is produced via negativa : by preservation of competition in al things using markets in all things.”
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Scandinavia
Everything good about Scandinavia existed before their ‘experiment’. Everything bad about Scandinavia has occurred because of their experiment. Geographic insularity breeds economic, social, political, and military complacency.Wealth allows greater expression of folly. That’s bad.https://mises.org/library/scandinavian-unexceptionalism-culture-markets-and-failure-third-way-socialism# -
Scandinavia
Everything good about Scandinavia existed before their ‘experiment’. Everything bad about Scandinavia has occurred because of their experiment. Geographic insularity breeds economic, social, political, and military complacency.Wealth allows greater expression of folly. That’s bad.https://mises.org/library/scandinavian-unexceptionalism-culture-markets-and-failure-third-way-socialism# -
By the means Trump is forcing: Renegotiation of trade and monetary policy
By the means Trump is forcing: Renegotiation of trade and monetary policy.
Source date (UTC): 2018-04-04 17:33:57 UTC
Original post: https://twitter.com/i/web/status/981585679581933568
Reply addressees: @Superhero_sky
Replying to: https://twitter.com/i/web/status/981584587808587776
IN REPLY TO:
@Superhero_sky
@curtdoolittle So how do you think the cultural dispute between the United States and China will be resolved in the end?
Original post: https://twitter.com/i/web/status/981584587808587776
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Because we have simply shifted warfare by violence, to warfare by trade, to warf
Because we have simply shifted warfare by violence, to warfare by trade, to warfare by credit and currency, and now warfare by information and technology. Markets proxy violence: the great cycle of man: pursuing and exhausting all opportunities until only defection is profitable.
Source date (UTC): 2018-04-04 14:59:09 UTC
Original post: https://twitter.com/i/web/status/981546721158234112
Reply addressees: @jeffreyatucker
Replying to: https://twitter.com/i/web/status/981528844082515968
IN REPLY TO:
@jeffreytucker
It’s remarkable to think that no one seems able to stop the trade insanity caused by one dude. How is this even possible?
Original post: https://twitter.com/i/web/status/981528844082515968