Japan: To fight deflation, abolish cash.

[Roughneck]

Re: Japan: To fight deflation, abolish cash.

Is the elimination of cash about controlling interest rates or people? As governments get stressed for funds and are taxing everything, eliminating cash generates revenues because you can track and tax the underground economy. The technology is in place, debit cards etc. But wait someone can steal your debit card, maybe we sould implant an rf chip with gps tracking of course.Sounds like science fiction and conspiracy theory stuff. The really scary thing is that all the technology exists.

[touchring]

Re: Japan: To fight deflation, abolish cash.

I believe Robert Mugabe learned how to inflate and re-inflate and accelerate inflation and camoflauge inflation through the curriculum at the London School of Economics. Robert Mugabe is the world's all-time master at hyper-inflation with an inflation rate in Zimbabwe in late winter of 2009 higher than any rate ever before witnessed in world history, in any country, anywhere.

Let's put the finger of blame for the starvation and hyper-inflation in Zimbabwe squarely where it belongs: i.e, onto the inflationist or Keynsian economic curriculum taught at the LSE... Interesting to note that Robert Mugabe is now sending his daughter to receive her economics education at the London School of Economics.:rolleyes:

Well done!

Zimbabwe unemployment soars to 94%
http://www.google.com/hostednews/afp...cSGu_8W3YrP8wA

Barter trade is now the name of the game.
Zimbabwe girls trade sex for food
http://news.bbc.co.uk/2/hi/africa/8096874.stm

[prezone]

Re: Japan: To fight deflation, abolish cash.

I've lived in Japan.. Good luck with trying to abolish cash... Everyone uses cash they can see feel and touch and while there is many cashless payment systems they are not popular and credit cards are frowned upon. Pure fantasy...

[Ghent12]

Re: Japan: To fight deflation, abolish cash.

I took issue with blaming the LSE for Mugabe's tyranny; I highly doubt the crimes he has been committing are taught as part of the curriculum.

But, regarding Greenspan: There are disparate views within any academic department, as there should be. Greenspan gravitated towards the lessaiz faire. He probably would have regardless of where he attended school. I do not blame the department: professors should be allowed to teach what they think they have learned; students should be allowed to sort through it.

How can you say that Greenspan gravitated towards lessaiz faire? My kool-aid senses are tingling, and I will counter with Schiff kool-aid: Greenspan was the teacher in the kindergarten classroom and left the room, but only after giving pixie sticks and soda to everyone. Now we have a mess.

[Munger]

Re: Japan: To fight deflation, abolish cash.

How can you say that Greenspan gravitated towards lessaiz faire? My kool-aid senses are tingling, and I will counter with Schiff kool-aid: Greenspan was the teacher in the kindergarten classroom and left the room, but only after giving pixie sticks and soda to everyone. Now we have a mess.

No one forced Greenspan to learn what he learned. And no one should. You libertarians should be agreeing with me. Are YOU going to choose what people are allowed to learn and teach?

[occdude]

Re: Japan: To fight deflation, abolish cash.

I guess the argument goes like this. If what your doing isn't working, just do more of it. Excuse me, I think Einstein said "the definition of insanity is trying the same thing over and over again expecting a different result". They are going to destroy that economy. Japan has tied its fortunes to Keynsianism and if it lowers IR to -4 percent, people would have to pay to save their money when the problem is not liquidity but solvency. The Japanese government cant get enough of harming their own population. This is a very bad idea, but Havard is never short on bad ideas. It illustrates how inflation doesn't have to have rising consumer price levels to tank an economy. Can you imagine pulling out your savings now and deploying it in the current world economic model which states that everyone caters to the American market which is currently tapped and cash poor? How absolutely moronic. They should float rates and see where the money goes. I guarrantee you, it wouldn't be going into making more American bound Toyotas, yet they can't take the pain of readjustment, of just being wrong. Too much pride I guess. Lets see if pride pays the bills.

[nero3]

Re: Japan: To fight deflation, abolish cash.

With that much cash floating around in japan, it is not that difficult to get hyperinflation, if the speed the money is spent pick up due to some unforeseen event.

[Ghent12]

Re: Japan: To fight deflation, abolish cash.

No one forced Greenspan to learn what he learned. And no one should. You libertarians should be agreeing with me. Are YOU going to choose what people are allowed to learn and teach?

I'm not exactly sure what you are saying. The problem is that Greenspan didn't learn anything, and we are going to pay the piper for not heeding economic law. I have no problem with letting people learn anything they want, but the real issue is that if they are learning to fail, then they should suffer the failure. Greenspan's failure will outlive him, like most of us. It's not about controlling what is taught, it's the opposite! Quit covering up the one fundamental truth of economic law.

All these central planning economics degrees will, with enough time and information, be seen for the fraudulant products they are. They are called economic degrees, but their best descriptor would be control. A fully-informed person would only choose a failed philosophy in economics if they either did not want to succeed or wanted a byproduct, something other than a successful economy (i.e. political power).

[Munger]

Re: Japan: To fight deflation, abolish cash.

I'm not exactly sure what you are saying. The problem is that Greenspan didn't learn anything, and we are going to pay the piper for not heeding economic law. I have no problem with letting people learn anything they want, but the real issue is that if they are learning to fail, then they should suffer the failure. Greenspan's failure will outlive him, like most of us. It's not about controlling what is taught, it's the opposite! Quit covering up the one fundamental truth of economic law.

So you are asserting there is some cover up by academia. That they know a fundamental economic truth but are hiding it. Sorry - I don't buy it.

All these central planning economics degrees will, with enough time and information, be seen for the fraudulant products they are. They are called economic degrees, but their best descriptor would be control. A fully-informed person would only choose a failed philosophy in economics if they either did not want to succeed or wanted a byproduct, something other than a successful economy (i.e. political power).

Of course. If only you had been there to inform Greenspan of the TRUTH - that the subject of his study was but a thinly veiled sham - then surely he would have come around. :rolleyes: