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#11
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PING: Some thoughts for Economist Olson [long]
"oly" wrote in message ... .... We are busy today (take a look at fdic.gov and you might guess why). Your job must be a growth industry right now. I will expand on "worthlessness" later. I do mean worthless, not "worth less". Please do. |
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#12
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Some thoughts for Economist Olson [long]
"Mr. Jaggers" lugburzman[at]yahoo[dot]com wrote in message ... Does the TART bill have anything to do with legalizing prostitution? OOOPS, "TARP" no "TART" Thank goodness we caught that in time! 8). I actually started to read with a lot more interest until now... :-( |
#13
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Some thoughts for Economist Olson [long]
Michael Benveniste wrote:
"Mr. Jaggers" lugburzman[at]yahoo[dot]com wroteL 1) You (we) need to distinguish between our paper assets becoming "worthless" and their becoming "worth less." That they would become "worth less" is understandable; an increase in the money supply, which is contemplated by the government, will be inflationary, and continue, or perhaps even accelerate, the decline in the value of paper assets, making them "worth less" tomorrow than they were today. In my wallet today is a 50 billion dollar "special agro-cheque" issued by the Reserve Bank of Zimbabwe on 15-May-2008. At today's spot price and exchange rate to USD, the note is worth about about 2.67 _trillionths_ of a gram of gold. That's well less than a dollar per atom of gold. The inflation rate in Zimbabwe is around 10% a day. That works out to an inflation rate of about 128,330,558,000,000,000 percent. That's real life proof that "worth less" can deteriorate into worthless. A legitimate question might be, "At what point in the descent would it be reasonable to change the designation from "worth less" to "worthless"? James |
#14
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Some thoughts for Economist Olson [long]
"Mr. Jaggers" lugburzman[at]yahoo[dot]com wrote in message ... Michael Benveniste wrote: "Mr. Jaggers" lugburzman[at]yahoo[dot]com wroteL 1) You (we) need to distinguish between our paper assets becoming "worthless" and their becoming "worth less." That they would become "worth less" is understandable; an increase in the money supply, which is contemplated by the government, will be inflationary, and continue, or perhaps even accelerate, the decline in the value of paper assets, making them "worth less" tomorrow than they were today. In my wallet today is a 50 billion dollar "special agro-cheque" issued by the Reserve Bank of Zimbabwe on 15-May-2008. At today's spot price and exchange rate to USD, the note is worth about about 2.67 _trillionths_ of a gram of gold. That's well less than a dollar per atom of gold. The inflation rate in Zimbabwe is around 10% a day. That works out to an inflation rate of about 128,330,558,000,000,000 percent. That's real life proof that "worth less" can deteriorate into worthless. A legitimate question might be, "At what point in the descent would it be reasonable to change the designation from "worth less" to "worthless"? Someone said when the largest denomination bill no longer has any purchasing power. I'd have to say $100 ain't what it used to be! In 1969 I earned $100/week and managed to live on that (albeit frugally). Try doing that today! |
#15
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Some thoughts for Economist Olson [long]
"RWF" wrote in message ... "Mr. Jaggers" lugburzman[at]yahoo[dot]com wrote in message ... Michael Benveniste wrote: "Mr. Jaggers" lugburzman[at]yahoo[dot]com wroteL 1) You (we) need to distinguish between our paper assets becoming "worthless" and their becoming "worth less." That they would become "worth less" is understandable; an increase in the money supply, which is contemplated by the government, will be inflationary, and continue, or perhaps even accelerate, the decline in the value of paper assets, making them "worth less" tomorrow than they were today. In my wallet today is a 50 billion dollar "special agro-cheque" issued by the Reserve Bank of Zimbabwe on 15-May-2008. At today's spot price and exchange rate to USD, the note is worth about about 2.67 _trillionths_ of a gram of gold. That's well less than a dollar per atom of gold. The inflation rate in Zimbabwe is around 10% a day. That works out to an inflation rate of about 128,330,558,000,000,000 percent. That's real life proof that "worth less" can deteriorate into worthless. A legitimate question might be, "At what point in the descent would it be reasonable to change the designation from "worth less" to "worthless"? Someone said when the largest denomination bill no longer has any purchasing power. I'd have to say $100 ain't what it used to be! In 1969 I earned $100/week and managed to live on that (albeit frugally). Try doing that today! In 1962 I lived on $78 per month, before taxes and the obligatory contribution to my Unit Fund as well as the Savings Bond thingy. Of course the three meals and a bunk were priced right, but I had to pay for my own laundry and dry cleaning. And the occasional beer. So, let's see. That left about $50 for laundry and beer. Hell, I had it better than I do today! |
#16
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Some thoughts for Economist Olson [long]
RWF wrote:
"Mr. Jaggers" lugburzman[at]yahoo[dot]com wrote in message ... Michael Benveniste wrote: "Mr. Jaggers" lugburzman[at]yahoo[dot]com wroteL 1) You (we) need to distinguish between our paper assets becoming "worthless" and their becoming "worth less." That they would become "worth less" is understandable; an increase in the money supply, which is contemplated by the government, will be inflationary, and continue, or perhaps even accelerate, the decline in the value of paper assets, making them "worth less" tomorrow than they were today. In my wallet today is a 50 billion dollar "special agro-cheque" issued by the Reserve Bank of Zimbabwe on 15-May-2008. At today's spot price and exchange rate to USD, the note is worth about about 2.67 _trillionths_ of a gram of gold. That's well less than a dollar per atom of gold. The inflation rate in Zimbabwe is around 10% a day. That works out to an inflation rate of about 128,330,558,000,000,000 percent. That's real life proof that "worth less" can deteriorate into worthless. A legitimate question might be, "At what point in the descent would it be reasonable to change the designation from "worth less" to "worthless"? Someone said when the largest denomination bill no longer has any purchasing power. I'd have to say $100 ain't what it used to be! In 1969 I earned $100/week and managed to live on that (albeit frugally). Try doing that today! I could make big progress in my coin collection with $100 a week, even today. James |
#17
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Some thoughts for Economist Olson [long]
Bruce Remick wrote:
"RWF" wrote in message ... "Mr. Jaggers" lugburzman[at]yahoo[dot]com wrote in message ... Michael Benveniste wrote: "Mr. Jaggers" lugburzman[at]yahoo[dot]com wroteL 1) You (we) need to distinguish between our paper assets becoming "worthless" and their becoming "worth less." That they would become "worth less" is understandable; an increase in the money supply, which is contemplated by the government, will be inflationary, and continue, or perhaps even accelerate, the decline in the value of paper assets, making them "worth less" tomorrow than they were today. In my wallet today is a 50 billion dollar "special agro-cheque" issued by the Reserve Bank of Zimbabwe on 15-May-2008. At today's spot price and exchange rate to USD, the note is worth about about 2.67 _trillionths_ of a gram of gold. That's well less than a dollar per atom of gold. The inflation rate in Zimbabwe is around 10% a day. That works out to an inflation rate of about 128,330,558,000,000,000 percent. That's real life proof that "worth less" can deteriorate into worthless. A legitimate question might be, "At what point in the descent would it be reasonable to change the designation from "worth less" to "worthless"? Someone said when the largest denomination bill no longer has any purchasing power. I'd have to say $100 ain't what it used to be! In 1969 I earned $100/week and managed to live on that (albeit frugally). Try doing that today! In 1962 I lived on $78 per month, before taxes and the obligatory contribution to my Unit Fund as well as the Savings Bond thingy. Of course the three meals and a bunk were priced right, but I had to pay for my own laundry and dry cleaning. And the occasional beer. So, let's see. That left about $50 for laundry and beer. Hell, I had it better than I do today! So, tell us why you wasted any of that on laundry. 8) James |
#18
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Some thoughts for Economist Olson [long]
"RWF" wrote in message ... Someone said when the largest denomination bill no longer has any purchasing power. I'd have to say $100 ain't what it used to be! In 1969 I earned $100/week and managed to live on that (albeit frugally). Try doing that today! If it were true that $100 is not what it used to be then why do fast food restaurants, and many stores refuse to accept $100 bills? Because a hundred bucks still buys you plenty of goods and services that's why. $100 is not worth what it used to be for sure, but it is far from worthless. D |
#19
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Some thoughts for Economist Olson [long]
"Mr. Jaggers" lugburzman[at]yahoo[dot]com wrote in message ... Bruce Remick wrote: "RWF" wrote in message ... "Mr. Jaggers" lugburzman[at]yahoo[dot]com wrote in message ... Michael Benveniste wrote: "Mr. Jaggers" lugburzman[at]yahoo[dot]com wroteL 1) You (we) need to distinguish between our paper assets becoming "worthless" and their becoming "worth less." That they would become "worth less" is understandable; an increase in the money supply, which is contemplated by the government, will be inflationary, and continue, or perhaps even accelerate, the decline in the value of paper assets, making them "worth less" tomorrow than they were today. In my wallet today is a 50 billion dollar "special agro-cheque" issued by the Reserve Bank of Zimbabwe on 15-May-2008. At today's spot price and exchange rate to USD, the note is worth about about 2.67 _trillionths_ of a gram of gold. That's well less than a dollar per atom of gold. The inflation rate in Zimbabwe is around 10% a day. That works out to an inflation rate of about 128,330,558,000,000,000 percent. That's real life proof that "worth less" can deteriorate into worthless. A legitimate question might be, "At what point in the descent would it be reasonable to change the designation from "worth less" to "worthless"? Someone said when the largest denomination bill no longer has any purchasing power. I'd have to say $100 ain't what it used to be! In 1969 I earned $100/week and managed to live on that (albeit frugally). Try doing that today! In 1962 I lived on $78 per month, before taxes and the obligatory contribution to my Unit Fund as well as the Savings Bond thingy. Of course the three meals and a bunk were priced right, but I had to pay for my own laundry and dry cleaning. And the occasional beer. So, let's see. That left about $50 for laundry and beer. Hell, I had it better than I do today! So, tell us why you wasted any of that on laundry. 8) They wouldn't let you have beer in the brig. |
#20
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Some thoughts for Economist Olson [long]
"Bruce Remick" wrote in message ... "RWF" wrote in message ... "Mr. Jaggers" lugburzman[at]yahoo[dot]com wrote in message ... Michael Benveniste wrote: "Mr. Jaggers" lugburzman[at]yahoo[dot]com wroteL 1) You (we) need to distinguish between our paper assets becoming "worthless" and their becoming "worth less." That they would become "worth less" is understandable; an increase in the money supply, which is contemplated by the government, will be inflationary, and continue, or perhaps even accelerate, the decline in the value of paper assets, making them "worth less" tomorrow than they were today. In my wallet today is a 50 billion dollar "special agro-cheque" issued by the Reserve Bank of Zimbabwe on 15-May-2008. At today's spot price and exchange rate to USD, the note is worth about about 2.67 _trillionths_ of a gram of gold. That's well less than a dollar per atom of gold. The inflation rate in Zimbabwe is around 10% a day. That works out to an inflation rate of about 128,330,558,000,000,000 percent. That's real life proof that "worth less" can deteriorate into worthless. A legitimate question might be, "At what point in the descent would it be reasonable to change the designation from "worth less" to "worthless"? Someone said when the largest denomination bill no longer has any purchasing power. I'd have to say $100 ain't what it used to be! In 1969 I earned $100/week and managed to live on that (albeit frugally). Try doing that today! In 1962 I lived on $78 per month, before taxes and the obligatory contribution to my Unit Fund as well as the Savings Bond thingy. Of course the three meals and a bunk were priced right, but I had to pay for my own laundry and dry cleaning. And the occasional beer. So, let's see. That left about $50 for laundry and beer. Hell, I had it better than I do today! That undercuts your long running argument about US currency retaining its value. |
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