I've seen this article before, there is no single post-1933 example of deflation with significant economy growth. Not a single freaking one. And pre-1933 examples are mostly caused by rapid industrialization which provided economy growth that overrode even deflation-related depression.
Inflation _forces_ you to invest money, rather than hoard it. That's the crucial difference.
There aren't many rich people who don't like living like rich people, to live like a rich person you have to spend lots of money and not hoard it.
Most rich people do not spend all their income. And Japan example (10 years of deflation and counting) shows that these spirals are self-sustaining and debilitating for the very fabric of society.
So, you have to dig at least 100 years for arguments for the gold standard? Why not go 2000 years back to Diocletian? There is even less reliable econometric data for that period, after all.
Oh, and during 1930-2010 economy grew about 100 times with price dropping correspondingly. With THE largest economy and productivity expansion in the course of human history.
The problem with deflation is that it's not uniform. Most people simply do not have enough savings to benefit from deflation. However, rich people who do not need to expend a significant part of their income for immediate needs can and do hoard currency.
Bretton Woods was a joke, it simply attempted to do the impossible. And predictably failed miserably once everyone realized that rates had never been fixed.
Something like this is happening right now with Euro, since it has nicely recaptured all the disadvantages of the gold standard.
You might check your history. Gold standard in the US was repealed in 1933 and the war started quite a bit later and by that time economy has almost recovered from the Great Depression.
Consequently, Hitler came to power after two grueling years of _deflation_ in Germany. And no, this is a historical fact relevant to the issue at hand, I'm not Godwining the thread.
Not really. Telecom standards are an example of natural evolution of very long-living standards (consider this - phone networks predate the Internet itself!) and carry a lot of interoperability baggage. Besides, lots of modern standards were designed in 80-s and so they rely on contemporary technologies like ASN, that makes them hard to implement but is entirely understandable.
They have not fabricated any studies in their FDA submission. Pre-approval studies have also shown no adverse cardiovascular effects. And FDA revoked drug's certification once it was found that it really does have bad side effects.
Where was your doctor educated? Maybe by the dolphins in the Ocean Educatorium near your beach? Do you think he'll be able to perform a heart surgery if you need it?
American houses are generally built with VERY sound-conducting walls. Which also have approximately zero thermal insulation effectiveness.
I've lived in Russia where all houses have thick walls (because of these pesky -40C winters) and are much quieter. You can't block all the noise (especially low-frequency road noise), of course.
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Yes, the Great Depression ended about 6 months after Roosevelt's election. Ended means "economy stopped falling" which is the accepted definition.
I've seen this article before, there is no single post-1933 example of deflation with significant economy growth. Not a single freaking one. And pre-1933 examples are mostly caused by rapid industrialization which provided economy growth that overrode even deflation-related depression.
And before 1913 we had clockwork crises: http://en.wikipedia.org/wiki/List_of_recessions_in_the_United_States#Free_Banking_Era_to_the_Great_Depression
A crisis every 10 years, who wouldn't love it!
There aren't many rich people who don't like living like rich people, to live like a rich person you have to spend lots of money and not hoard it.
Most rich people do not spend all their income. And Japan example (10 years of deflation and counting) shows that these spirals are self-sustaining and debilitating for the very fabric of society.
So, you have to dig at least 100 years for arguments for the gold standard? Why not go 2000 years back to Diocletian? There is even less reliable econometric data for that period, after all.
Oh, and during 1930-2010 economy grew about 100 times with price dropping correspondingly. With THE largest economy and productivity expansion in the course of human history.
The problem with deflation is that it's not uniform. Most people simply do not have enough savings to benefit from deflation. However, rich people who do not need to expend a significant part of their income for immediate needs can and do hoard currency.
Bretton Woods was a joke, it simply attempted to do the impossible. And predictably failed miserably once everyone realized that rates had never been fixed.
Something like this is happening right now with Euro, since it has nicely recaptured all the disadvantages of the gold standard.
Gold is not used as a currency anymore, so no.
But a deflationary spiral with exactly the described scenario was exactly the thing that had led Hitler to power in Germany. I'm not joking: http://howhitlercametopower.com/how-hitler-came-to-power-excerpts/germanys-use-of-deflation-for-political-ends/
You might check your history. Gold standard in the US was repealed in 1933 and the war started quite a bit later and by that time economy has almost recovered from the Great Depression.
Consequently, Hitler came to power after two grueling years of _deflation_ in Germany. And no, this is a historical fact relevant to the issue at hand, I'm not Godwining the thread.
Because you need a computer right now. That's a bad analogy.
Now, imagine that your computer would become faster by itself every day. Would you buy a new computer then?
The first drone to assassinate the president wins the competition.
Not really. Telecom standards are an example of natural evolution of very long-living standards (consider this - phone networks predate the Internet itself!) and carry a lot of interoperability baggage. Besides, lots of modern standards were designed in 80-s and so they rely on contemporary technologies like ASN, that makes them hard to implement but is entirely understandable.
Except that real-life libertarians are invariably self-absorbed assholes. And thankfully, the amount of assholes is not that large even in the US.
They have not fabricated any studies in their FDA submission. Pre-approval studies have also shown no adverse cardiovascular effects. And FDA revoked drug's certification once it was found that it really does have bad side effects.
Can you give examples of FDA's oversight?
We already did this with the Huygens/Cassini probe.
Anything non-nuclear won't produce enough power for enough time on Titan. Classic nuclear reactor is even more complex and is a total overkill.
Anyway, RTGs are not a rocket science. They're basically are lumps of Plutonium or other isotope surrounded by thermocouples.
Still, they were probably educated in a university in or near some other city.
We have temperatures that cold too, in the midwest/central states like Minnesota and North Dakota.
Also in Alaska. Everyone always forgets about Alaska! I've been in Minnesota and Alaska, and houses there are much better than the average US ones.
Yep, so no matter what you do, big diesel trucks are still going to be annoying.
Still, they're much less annoying than a high-pitched motorcycle whine.
How are we supposed to do that? The term "ugly American" exists for a reason.
Well, there are all those lax US gun control laws...
Important? Riding around on a farting ass-hauler to show how small is your dick is not important.
Is it so hard to say "half a liter" which is equal to pint for all practical drinking purposes?
Where was your doctor educated? Maybe by the dolphins in the Ocean Educatorium near your beach? Do you think he'll be able to perform a heart surgery if you need it?
American houses are generally built with VERY sound-conducting walls. Which also have approximately zero thermal insulation effectiveness.
I've lived in Russia where all houses have thick walls (because of these pesky -40C winters) and are much quieter. You can't block all the noise (especially low-frequency road noise), of course.
And you also need to get rid of assholes.
So we're in agreement that you're a total asshole?
Good. That's the first step on the road to recovery.
Yes, yes. You've made it absolutely clear that you're a total asshole, so full that shit is inside your brain.
I wish someones starts to road repair with mechanical picks outside your window at 2am. And does this for 2 months, each night.