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*** August 2012 low content thread ***

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Student replied on Tue, Aug 28 2012 9:51 AM

Wheylous, haha! Indeed. I can't wait till next year when the new ones come out.

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Wheylous replied on Tue, Aug 28 2012 11:27 AM

Yesss!

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Ron paul interview on RNC.

He is so principled, still hasnt endorsed romney.

“Since people are concerned that ‘X’ will not be provided, ‘X’ will naturally be provided by those who are concerned by its absence."
"The sweetest of minds can harbor the harshest of men.”

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TheFinest replied on Tue, Aug 28 2012 10:59 PM

 

This fairly old documentary took place in my city more than a decade ago. It shows an incredibly badass public defender taking on three corrupt police detectives who used disgusting means to charge a fifteen year old innocent black man with murder.

 

It's really satisfying to watch those three thugs get their case ripped to shreads by the defense.

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ThatOldGuy replied on Tue, Aug 28 2012 11:00 PM

Wow, the MSM aren't hiding it. The first words:

We interrupt this Tampa coronation ...

If I had a cake and ate it, it can be concluded that I do not have it anymore. HHH

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Clayton replied on Tue, Aug 28 2012 11:09 PM

Ron Paul to Romney/Ryan:    \m/

 

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Clayton replied on Tue, Aug 28 2012 11:16 PM

We interrupt this Tampa coronation ...

Dude WTF!!!! I didn't even catch that until you mentioned it!

It's a real-life fnord! Agh!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

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gotlucky replied on Wed, Aug 29 2012 10:40 AM

A 68-year-old bank employee fired for 'stealing' TEN CENTS from a laundromat when he was a TEENAGER 

In compliance with a new federal law that forbids insured depository institutions, like Wells Fargo, from hiring people with criminal histories, the Des Moines branch of the company ran all of their employees fingerprints and background checks.
 

When it comes back to Mr Eggers, the company spokesman said that they have to comply with federal regulations, which were put into place in an effort to protect customers from possible fraud or identity theft.

'We don't have discretion to grant exceptions in situations like this,' Angela Kaipust told ABC.

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my economics professor this semester is a former VP and COO of the federal reserve dallas.  His economist 'hero' is paul volker.  He said he worked very closely with volker when he was working at the fed in DC.  He also said he debated ron paul once on the gold standard.  This is his last class before retiring.  He wrote our class' book "american monetary system: financial institutions, markets and monetary policy.  He of course was for the bank bailouts.  He says he keeps an open mind about the gold standard, but its shocking just how long people used a dead metal as money.  He also doesnt like lecturing and loves to debate during classes.

Needless to say, Im excited about this class.  

.

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grant.w.underwood:
its shocking just how long people used a dead metal as money.

...as opposed to a living metal?

 

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Malachi replied on Wed, Aug 29 2012 6:38 PM
""but its shocking just how long people used a dead metal as money.""

People are surprised when their expectations are contravened. What does this professor expect people to choose to use as media of exchange, in the absence of legal tender laws?

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hah thats what i was thinking.  just propaganda to make it look like gold is a stupid idea.

i did get to defend the gold standard a little today.  he said something along the lines 'one terrible thing about the gold standard is that there is such a strict limitation on injecting an economy that is in bad shape',  so i got a laugh in and asked isnt that the point? and dont you think that is exactly why people want a gold standard?

he then mention mass market failures and the great depression.  some other economic wizkid chimed in and changed the subject with, 'how do people protect themselves from inflation by buying gold if gold prices inflate with everything else?  people are just so stupid in believing that.'  HAHA.

professoor added ' ya i dont understand it either!  and any monetary gain gets  a capital gains tax on top of it.'

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also on a side economic question.

a subjective value theory isnt an austrian exclusive idea is it?  what otther schools of thought believe in it?

does keynesian believe in subjective value? if not on earth do they believe.  During the lecture it was really bordering an objective value theory

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grant.w.underwood:
professoor added ' ya i dont understand it either!  and any monetary gain gets  a capital gains tax on top of it.'

If I had a clip of Homer Simpson cringing, that's what I'd post.

 

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 oh oh oh i almost forgot one of the best lines EVER: 'buying gold is also unamerican because what they are really doing is betting against the US dollar'

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grant.w.underwood:
a subjective value theory isnt an austrian exclusive idea is it?  what otther schools of thought believe in it?

No, I've never heard of Jevons or Walras really being considered Austrian.  You can get more info here.

 

does keynesian believe in subjective value? if not on earth do they believe.  During the lecture it was really bordering an objective value theory

Yeah it's a tough line you have to walk when you're not a self-proclaimed Marxist, but you somehow think there are constants when it comes to human behavior.

 

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Malachi replied on Wed, Aug 29 2012 7:12 PM
John McCain at convention: "more America!"
Keep the faith, Strannix. -Casey Ryback, Under Siege (Steven Seagal)
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thx jj

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RagnarD replied on Wed, Aug 29 2012 7:30 PM

""but its shocking just how long people used a dead metal as money.""

People are surprised when their expectations are contravened. What does this professor expect people to choose to use as media of exchange, in the absence of legal tender laws?

 

He did say the professor was in favor of bailouts, so the obvious answer is living people. :P

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Fephisto replied on Wed, Aug 29 2012 8:57 PM

I can't believe I didn't know about this site until today:

 

http://www.rodong.rep.kp/InterEn/

 

North Korean web-news.

Latest Projects

"Even when leftists talk about discrimination and sexism, they're damn well talking about the results of the economic system" ~Neodoxy

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Malachi replied on Wed, Aug 29 2012 9:06 PM
Condi is talking about "american exceptionalism" now at the rnc haha
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gotlucky replied on Wed, Aug 29 2012 9:10 PM

I listened to her for about a half a minute on the radio. Bored me fast.

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Malachi replied on Wed, Aug 29 2012 9:23 PM
I mostly wanted to see christie blow up on somebody, piers morgan maybe
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How about PR bashing Obama for everything he voted for?

If I had a cake and ate it, it can be concluded that I do not have it anymore. HHH

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old guy you know those are just minor details.  What really matters is that he does P90X and is REALLY into fitness.

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P90X?

5,4 ... 3,2 ... and 1

(Besides, I think you're missing the point: Ryan's playlist begins with AC/DC and ends with Zeppelin)

If I had a cake and ate it, it can be concluded that I do not have it anymore. HHH

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Malachi replied on Wed, Aug 29 2012 10:03 PM
P90x is a good reason to make fun of him
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John James replied on Wed, Aug 29 2012 11:10 PM

ThatOldGuy:
How about PR bashing Obama for everything he voted for?

 

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Clayton replied on Thu, Aug 30 2012 12:00 AM

High-Tech “Mind Readers” Are Latest Effort to Detect Lies

Dan Dennett discusses this. I love his punch line.

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http://www.cracked.com/forums/topic/117896/photoplasty-1-9.4.12-campaigns-candidates-wish-they-could-run

My humble blog

It's easy to refute an argument if you first misrepresent it. William Keizer

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Wheylous replied on Thu, Aug 30 2012 8:30 PM

SD's back!

Also, I like this one from the link:

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Clayton replied on Thu, Aug 30 2012 9:37 PM

LRC blog linked to a speech given by the Queen to Parliament back in May. She refers to the Parliament as "My Government". There are a lot of people who - incredibly to me - actually believe that the Queen has no political power. "She's not a part of the government." Well, duh, she's not a part of the government just like she's not a part of Buckingham Palace - she owns the Government, it belongs to her, it is her property. "My Government." And she has governments in more than a dozen other territories around the world.

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Clayton replied on Thu, Aug 30 2012 11:19 PM

Great Mises daily... congratulations Daniel James Sanchez.

Ron Paul has taken a snowball and turned it into an avalanche. The opportunities are endless. If there were just one thing I could get all the young people that RP has activated to think about, it would be political disaggregation (secession) and reducing the territorial size of government to localize it and increase the say that individuals have in the policies they are subjected to. Imagine an alert, activated minority of the public, fully aware that the world will not end if the Federal government were simply disbanded outright. I think that's a worthy goal in terms of "what next?"

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Wheylous replied on Fri, Aug 31 2012 8:33 AM

http://finance.yahoo.com/news/emergency-tax-rich-roils-britain-163209092.html

Deputy Prime Minster Nick Clegg, leader of the Liberal-Democrat Party, has proposed a one-time tax on the wealth (rather than the incomes) of high-net-worth Britons. The details aren't clear, but Clegg says the country is facing an economic war caused by a prolonged recession, and needs to tax the rich in order to avoid social unrest.

Also known as "screw it, we just want your money."

Also, "one-time"? It's never one-time.

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gotlucky replied on Fri, Aug 31 2012 5:34 PM

Nielsio:

 

Returning to the cash register hypothetical, we are looking at a person with a reputation, that was built up through many years. This person most likely also has a career and prospects for the future. If he does not have an income through production and trade, then he may be relying on friends and family or other institutions who are investing in him. And after this event he has many thousands of purchases (trades) he wishes to make in the future. If he were to take an amount of money, all of this would be put in jeopardy. How much money gained now, that one may or may not get away with stealing, is it worth risking ruining one’s entire future?

Another element in this scenario is that the more money is taken, the higher the risk of being found out. This is because a big amount missing may be spot upon the owner returning, and he can run outside to ask other people about who was in his store. This further lowers the potential gain by stealing.

Gordon stated in his hypothetical that the person knew he wouldn’t be found out, but is that how reality works? How do you know there is no hidden camera? How do you know when the owner returns? How do you know nobody else will walk in? How do you know nobody will recognize you as you walk out? We do not know the future, and have to constantly speculate on it.

Great post, Nielsio. The key point to any action, whether it is social or adversarial, is that every individual calculates the costs and benefits. When someone is considering an action branded as criminal behavior, he has to calculate in terms of risk versus reward. By assuming away the risk of being caught, Gordon completely changes the analysis of the criminal-to-be. People don't just consider the benefits and rewards, they also consider the costs and risks for their actions. So while in that particular scenario the invididual might decide to be a thief, all we can learn is that the benefits outweighed the costs for that particular individual.

I do want to point out, that in one sense, Gordon didn't assume away risk, as he said, "You have good reasons to think he won’t be able to catch you." He does use the word think, but I think you are right that he really is changing the rules of the game nonetheless. Just because you think you won't get caught doesn't mean there isn't risk. So either the thief-to-be considers the gains worth the risk or he doesn't (I'm not dealing with people who are against theft, as they just consider the costs to always outweigh the benefits).

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