The Great Depression Online

Great Depression Online Archive Issue:

Take this Job and Shove It

Great Depression Online
Long Beach, CA
January 30, 2009

Inside This Issue You Will Discover…

*** A Class-A Killjoy
*** Working the Fiscal and Monetary Angles
*** Take this Job and Shove It
*** And More

A Class-A Killjoy

President Obama’s stimulus bill passed through the House without a hitch on Wednesday.  The world wants it.  So they shall get it. 

The price tag…$819 billion.

Of course that’s before the Senate has had the chance to lard it up.  By the time this is signed into law, it could be upward of $1 trillion.

“Where are we going to get the money?” asked Representative Neugebauer of Texas…demonstrating that he’s a Class-A killjoy.  This must be the last man in Congress to understand that such questions are of little concern in today’s all powerful central government. 

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We know the answer to where we’ll get the money…we’ll rob it from our children.  We’ll saddle the unborn, future generation up with a back breaking pile of debt so big they’ll spend every waking moment slaving away just to service the interest.  Then we’ll die.  For as the godfather of stimulus, John Maynard Keynes, said, “in the long run we are all dead.” 

…except for some of us, we like to point out…in the long run some of us are always still here.  And not considering the future generation, in out opinion, is immoral.

Working the Fiscal and Monetary Angles

“This recovery plan will save or create more than three million new jobs over the next few years,” said the President in a written statement delivered moments after the vote.  By our figures, that comes out to $273,000 per job.  Seems like an expensive way to get three million more souls to line up at the government trough.

And while the House and the President were busy shaping fiscal policy, the Federal Reserve was busy working the monetary angle.  On Wednesday they signaled that the federal funds rate would stay at the ridiculous 0-percent low for “some time.”  They also noted that they’re poised, ready and waiting to buy longer-term Treasury securities.

In fancy central banker talk, this is known as quantitative easing.  By buying longer-term Treasury securities, they expand the money supply.  And to do so, they won’t even have to borrow from future generations…they’ll just print up the money and create it out of thin air.

It would be a pretty neat trick if it didn’t happen to destroy capital.

Take this Job and Shove It

We like to keep things real simple around here…

There’s quality.  And there’s quantity.  You can have one.  Or you can have the other.  But you can’t have both.

A greater quantity of money sacrifices its quality.  Money that was already in existence – like that in your savings account – becomes less valuable following such central bank shenanigans.

And in some instances it becomes a lot loss valuable.  When that happens all hell breaks loose.

For example, last fall Iceland’s currency collapsed.  They’d gotten in over their heads on some loans from the IMF.  Then, just as Iceland’s economy hit an iceberg, the IMF forced them to raise interest rates.  Not long after that an angry mob took to the streets. 

Then, on Monday, something incredible happened.  Iceland Prime Minister, Geir Haarde, walked out on the job.  No two week notice.  No transition plan.  No golden handshake.  Haarde had had enough. 

If he didn’t say it to his countrymen, he must have thought it…

Take this job and shove it.


M.N. Gordon
Great Depression Online

P.S.  Don’t miss these startling new forecasts for 2009 – a wind-powered car, oil prices at $160 per barrel, and a dramatic +100% rebound in shipping stocks.  Check out all 11 Surprising Investment Predictions for 2009 here: 11 Surprising Investment Predictions for 2009.


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