Today I learned about capitalism

[DAlembert]

Again, I'm wondering if you would be so blasé about laughing about that in person. I'd imagine there'd be more than a few who'd rather like to knock the smirk from your face.

I mean, you're plenty brave on the other side of a keyboard.

Unlike you I will not be advocating violence in any form. The current 20 to 40s have never seen a downturn. Well here it comes and unemployment is part of life for many...not blase just experienced it , tightened the belt saved for a rainy day and survived and came out the other side. No smirk here but maybe I have lived a bit longer than you.

 

[Gethelred]

Unlike you I will not be advocating violence in any form. The current 20 to 40s have never seen a downturn. Well here it comes and unemployment is part of life for many...not blase just experienced it , tightened the belt saved for a rainy day and survived and came out the other side. No smirk here but maybe I have lived a bit longer than you.

...

Which is why you laughed about a story about my father being laid off after 25+ years of loyalty to his boss how, exactly?

You want to defend being a prick, go right ahead. Reflecting on 'economic realities' or some such other generalist bullshit doesn't change the fact that you were being a prick, and you're doubling down further now.

 

[Bestbird]

Hopefully the lesson learnt with the current crisis is that you don't privitise essential services

 

[DAlembert]

...

Which is why you laughed about a story about my father being laid off after 25+ years of loyalty to his boss how, exactly?

You want to defend being a prick, go right ahead. Reflecting on 'economic realities' or some such other generalist bullshit doesn't change the fact that you were being a prick, and you're doubling down further now.

.
Ok just to set you straight. You put a haha on one of my posts. So I put one on yours. It just happened to be about your poor old dad...I did not even read it.
You would think after 25 years in the same job he would have put enough away to get through a short period of unemployment. So FO and go and troll someone else.

 

[Gethelred]

.
Ok just to set you straight. You put a haha on one of my posts. So I put one on yours. It just happened to be about your poor old dad...I did not even read it.
You would think after 25 years in the same job he would have put enough away to get through a short period of unemployment. So FO and go and troll someone else.

That just there is extremely childish, and demonstrates your lack of character.

If you wanted to apologise/explain - as you've done here - that would've been one thing. You've doubled down with each subsequent post, and you've barely apologised here, throwing yet another barb or two in there. Had you done this a post later, this exchange could've ended right then and there.

There is something extremely ironic in you accusing anyone of trolling you, given a) you started this exchange, and b) your history of being provably wrong in this thread.

Feel free to put me on ignore, you weak minded *******.

 

[NSWCROW]

.
Ok just to set you straight. You put a haha on one of my posts. So I put one on yours. It just happened to be about your poor old dad...I did not even read it.
You would think after 25 years in the same job he would have put enough away to get through a short period of unemployment. So FO and go and troll someone else.

Poor poor form dude

 

[Firestorm13]

View attachment 842628

Going by the meme and the loons that liked it, they have zero idea about economics...

there has never been a successful socialist government

 

[kranky al]

Going by the meme and the loons that liked it, they have zero idea about economics...

there has never been a successful socialist government

Scandinavian countries wave and say hi

 

[Gethelred]

Scandinavian countries wave and say hi

Not to mention that labelling a government in a modern context socialist/capitalist is rather difficult, as they all have mechanisms by which they restrain or unleash markets and their functions.

But then, expecting nuance from what appears to be another sockpuppet is probably asking too much.

 

[Marcel Proust]

Unfettered capitalism is every part as bad as unfettered socialism.

We tend to generally swing trying to find the balance. At the moment we’re a too far on the capitalism side. Billionaires are the only ones getting richer.

But this stuff changes over generations.

has it been tried yet?

couldnt be much worse

 

[Marcel Proust]

Scandinavian countries wave and say hi

If Sweden called it SWEDENISM instead of social-democracy or whatever its titled and the seppos copied perhaps theyd have some sort of health system by now?

 

[Northalives]

Hopefully the lesson learnt with the current crisis is that you don't privitise essential services

and that dog-whistling and enacting civil rights destroying legislation is just a means of scaremongering and oppressing those who you deem to be a risk to your regime under such enabling legislation.

Where are the essential services to face biological and chemical terrorist attack? Why aren't we prepared for such an eventuality given how we are in the "grip of a terrorist nightmare with those Muslim ogres massing at our borders"? What would happen if the Sydney Harbour bridge was blown up during peak hour? Would the market come to the rescue?

Do you reckon Australians are bright enough to understand just how vulnerable and f***ed up our country has become under unbridled capitalism with liberal doses of xenophobia and bigotry thrown in to help the pig dog's agenda?

 

[DaRick]

Scandinavian countries wave and say hi

Not really socialist are they?

More like welfare-state capitalist states, rather than the crony capitalism you see in the US/Mexico.

(Don't get me wrong; I think their system is infinitely better than that of the US.)

 

[Northalives]

If Sweden called it SWEDENISM instead of social-democracy or whatever its titled and the seppos copied perhaps theyd have some sort of health system by now?

View attachment 845516

The septic's answer to everything is to buy guns! There has been another big increase in gun buying in the the land of the scum to fight against this Coronavirus. Maybe they can shoot their way to health by shooting the ill and the ailing?

 

[DaRick]

The septic's answer to everything is to buy guns! There has been another big increase in gun buying in the the land of the scum to fight against this Coronavirus. Maybe they can shoot their way to health by shooting the ill and the ailing?

Probably worrying about home invasions from their more...ahem, desperate countrymen.

 

[kranky al]

Not really socialist are they?

More like welfare-state capitalist states, rather than the crony capitalism you see in the US/Mexico.

(Don't get me wrong; I think their system is infinitely better than that of the US.)

Yeah but binary idiots like the guy i was replying to dont get the whole - a little bit from a and a little bit from b

theres just socialism vs not socialism

nuance isnt their thing

f}##% if im interested in living under communism unless they have automated everything - i own a business and for most of my life worked for myself.

but thats all they see - kgb vs the forces of freedom

 

[Northalives]

Probably worrying about home invasions from their more...ahem, desperate countrymen.

Check this out:

 

[Firestorm13]

Scandinavian countries wave and say hi

Scandinavian countries are not socialist?

Under the traditional definition of socialism that requires government ownership and distribution of the means of production, the Scandinavian countries—Denmark, Finland, Norway and Sweden—are not socialist, as Democratic presidential contenders

www.mtexpress.com

Sorry Bernie Bros But Nordic Countries Are Not Socialist

As much as liberals like to use Nordic countries as examples that socialism and successful societies can co-exist, the reality is that these countries are not socialist, or even farther along the spectrum toward socialism than most other developed countries.

www.forbes.com

Sorry do you understand the basics of the world?

 

[Firestorm13]

 

[kranky al]

‘When you want to know how things really work, study them when they’re coming apart.’
― William Gibson, Zero History

A crisis has its own way of focusing our minds on what matters and what doesn’t. It still feels like such early days and who knows what’s over the edge of this thing, really, but our relationships, our politics, our infrastructure—everything—is facing a stress test unlike anything we’ve ever experienced.
The outlines of some things become clear immediately; while panic buying captured the headlines, a quieter surge of self-organised kindness has welled up from all quarters. Fast-moving, adaptive, and suddenly everywhere: people are working out how we build community when we’re not even allowed to see or touch each other. Some of it is digital—like the thousandfold mutual aid groups that have come to life on social media, or the people curating trusted sources of information amidst the panicky blizzard. Some of it is analogue—like the trailer with some eskies in it just up our laneway, where neighbours are now leaving surplus fresh produce for each other to take and swap.
Wondering this morning whether this emergent rediscovery of the care economy will be able to scale rapidly enough to hold fast, realising that of course it can, and the proof is all around us. At institutional scale, that’s what a public healthcare system is. That’s what fire and emergency services do. That’s the principle that underlies public education, public transport, public broadcasting, the social safety net: all of it. Pool our collective resources, and those things will be there when we need them, from the zucchinis in the trailer, to the ICU in a major teaching hospital.
There’s an obvious flaw in this beautiful system: how do we defend it from the lazy, the freeloaders, the people who extract from this collective generosity but don’t put anything back? It’s an old and knotty problem, one that this bastard pandemic now forces us to confront.
Here’s how it works in practice. On Wednesday March 18, the Australian government announced a $715 million rescue package for the nation’s stricken aviation sector. Qantas management, grateful for the assistance, immediately sacked 20,000 workers, cushioning the blow for their investors by casting two thirds of its employees into the street. Amazon—a trillion dollar company run by the world’s richest and least interesting man—is doing an online fundraiser to get other people to support its desperate workforce. The dynamic is familiar everywhere: a tax-avoiding queue of investors and oligarchs miraculously redeveloping a taste for the social safety net they’ve been hacking away at for four decades.
Since the mid-1970s, the ethic of public health, public welfare and mutual aid has been under sustained attack by the same people now desperate for a public bailout. The doctrine of neoliberalism views our whole society as a rich site of extraction: healthcare systems to be broken up and run for profit, public transport degraded in favour of private cars, welfare systems converted into poverty traps to ensure a pool of desperate low-wage labour. It goes well outside the boundaries of greed into the realm of the actively parasitic. Run down the public hospitals, set up private ones and then get taxpayers to subsidise them. Do the same thing with schools. It’s an ideology that allowed private interests to mine the childcare and aged care sectors for profit, blew a massive crater in the national broadband network, and even in the wake of the bushfires was seething with hatred for public broadcasters.
They’ve spent four decades trying to convert what should be universal essential services into a for-profit free-for-all, and now we’re staring at the consequences. It’s not just taking from the trailer and not putting anything back; it’s cleaning it out and then selling us back what they took.
With our minds thus focused, it becomes starkly apparent who matters in this economy, and who has had their proboscis stuck in for the free feed. This is when we realise that without healthcare workers, teachers, cleaners and delivery drivers, the amenity we take for granted ceases to exist. People doing night fill in supermarkets and people at the front-end of service delivery, but also the publicly funded researchers working around the clock on a vaccine, and the artists and performers we’re all turning to now in order to stay afloat amidst months of social isolation.
Hedge fund managers? Bank CEOs? Think tank ‘fellows’ who would throw you under a bus if a price signal told them to? Not so much. If you want to know what the lazy extractive freeloaders are whispering into Morrison’s ear, you could do much worse than skim Centre for Independent Studies front-man Tom Switzer’s piece in the Fin: it’s a miserable recital of the same deadening neoliberal wish-list that got us here: ‘…lower taxes, slash excessive regulatory red tape, reduce adversarial workplace regulation…’
All of this is just dismal code for more predator capitalism. Enough.
The way we get through this is by rediscovering the value of community, of the public good, and of collective wellbeing. We get through it by looking out for each other, and by getting organised. We’ll get through it by taxing obscene wealth, nationalising essential services since the private sector seems suddenly unable to provide them, and making sure that everyone—employed or not—is able to weather this thing in safety and dignity. Even in a pandemic, collective organising pays off, as demonstrated by the Australian Unemployed Workers’ Union and everyone who backed them in getting the Jobseeker Payment doubled.
In a crisis, things that seemed impossible suddenly become imaginable, and then they become achievable. Stay in touch. Wash your hands. Join your union. Look out for each other, with love, and put some fresh food in the trailer if you have any to spare. There’s a whole world to win.

 

[kranky al]

Scandinavian countries are not socialist?

Under the traditional definition of socialism that requires government ownership and distribution of the means of production, the Scandinavian countries—Denmark, Finland, Norway and Sweden—are not socialist, as Democratic presidential contenders

www.mtexpress.com

Sorry Bernie Bros But Nordic Countries Are Not Socialist

As much as liberals like to use Nordic countries as examples that socialism and successful societies can co-exist, the reality is that these countries are not socialist, or even farther along the spectrum toward socialism than most other developed countries.

www.forbes.com

Sorry do you understand the basics of the world?

Binary idiots....

 

[AM]

Interesting piece from a peak capitalist organisation.

Conventional capitalism is dying: Macquarie warns

Macquarie analysts say the world could be tilting back toward an economic system that’s more like communism.

10:46AM March 19, 2020

Macquarie Wealth Management, the stockbroking arm of the beating heart of Australian capitalism, Macquarie Group, has warned that “conventional capitalism is dying” and the world is headed for “something that will be closer to a version of communism”.

In a series of notes sent to investors, Macquarie analysts and researchers said a number of policies announced in recent days, including cash payments to US residents, credit guarantees for businesses in Germany, and a Swedish stimulus worth 6 per cent of the Nordic country’s economy to keep banks lending to companies, were a sign that governments were shifting towards “neo-Keynesian” and Modern Monetary Theory policies, including a universal basic income guarantee.

The European Central Bank also announced a €750bn ($1.44 trillion) asset purchase program as President Christine Lagarde said “extraordinary times require extraordinary action” and that there would be “no limits” on the central bank’s commitment to protecting the single-currency union.
Across two notes, titled “A world of no historical parallels –- Making up rules & policies as we go” and ‘Tear at the fabric: Glimpses of the future are here for all to see”, Macquarie analysts said the shift towards a more fundamental change in the way the economy functioned was evidenced by the way central banks and governments “belatedly recognised” that copying the policy responses of the global financial crises a decade ago were “not going to be enough”.

The US is expected to announce a stimulus plan worth close to $US1 trillion, while Scott Morrison has been forced to return to the drawing board after realising the initial $17.6 billion support program would do little to stave of destruction of the Australian economy.

On Thursday Reserve Bank announced an unprecedented quantitative easing program after cutting interest rates by 25 basis points to a new record low, while the government is likely to provide further detail on a rescue package for workers whose jobs have been obliterated by the coronavirus pandemic.

“We have been arguing that conventional capitalism is dying, or at least mutating into something that will be closer to a version of communism,” Macquarie analysts wrote.

“This transition will be marked by cross-currents and external shocks. Ultimately, a fusion of monetary and fiscal levers will lead to MMT-style policies, effective nationalisation of capital, universal income guarantees, and deep changes in work practice.”

“Eventually, we will also leave behind a period of substandard productivity, as soon as we stop ‘warehousing labour’ in temporary jobs. However, in the meantime, conventional policy and investment prescriptions will be of little use,” Macquarie said.

“Today’s economic and investment strategies are built around concepts of a monetary world and the ultimate primacy of the private sector, and its ability to navigate well-defined business and capital market cycles … Alas, the world has already moved far away from these principles.”

Macquarie said the “bedrock” features of economic and financial analysis such as leading indicators, the Federal Reserve model, the Phillips Curve of labour and inflation analysis, risk premiums were no longer useful as the world was now flooded with three to five times more money and debt than gross domestic product.

“We are drowning in capital, and the objective is no longer efficient utilisation, but rather ensuring that it does not freeze and remains liquid,” Macquarie said.

“Also role of labour and conventional vs digital capital is being drastically altered while a generational change drives far greater preference for fairness and support, rather than freedom and choice. Even if theoretical policy answers are right, they will be rejected.”

Modern monetary theory, which has gained prominence in the US led by advocates such as Bernie Sanders and Alexandria Ocasio-Cortez, argues that unemployment is the result of governments spending too little while at the same time collecting taxes.

Instead, governments should spend to subsidise wages and embark on national programs, while raising taxes on incomes to keep inflation lower if needed.
Part of the theory could include a universal basic income, in which every citizen regardless of work or wealth, would receive a set stipend from the government.

“One of the more frequent questions that clients ask: What other historical periods can we look at to better understand our path?” Macquarie said.

“Unlike natural sciences, economic rules are not immutable, but rather bend under the pressures that societies face. What is regarded as acceptable in one era is disregarded in another & therefore prescriptions from one period will be unacceptable in another, even though some might actually yield more efficient outcomes.

“Unlike physics, economics does not progress according to well-known rules but rather attempts to satisfy prevailing societal mood. Homo Economicus is not a rational agent, but a confused beast, and economics is an outgrowth of societies, rather than a conventional science searching for truth.”

Macquarie said the amount of government assistance was growing at an “exceptionally rapid pace” as credit markets froze, companies stared into oblivion and as workers were laid off, and would likely exceed the $US1.7 trillion spent in the first round of the GFC.

“While proposed bailout of vulnerable industries (eg airlines) is in line with strategies in ‘09, today, there is far greater emphasis on income, including direct disbursement to citizens,” the analysts said.

“The key is that COVID-19 seem to be successfully breaking the irrational taboo against borrowing and preoccupation with debt sustainability

“It is also forcing closer co-operation between fiscal and monetary arms that overtime will fuse into one (a la China). New world of nationalised capital & MMT is beckoning. It will bring different investment styles, although the twilight between the two systems will still persist for years.”

 

[Firestorm13]

Interesting piece from a peak capitalist organisation.

Conventional capitalism is dying: Macquarie warns

Macquarie analysts say the world could be tilting back toward an economic system that’s more like communism.

10:46AM March 19, 2020

Macquarie Wealth Management, the stockbroking arm of the beating heart of Australian capitalism, Macquarie Group, has warned that “conventional capitalism is dying” and the world is headed for “something that will be closer to a version of communism”.

In a series of notes sent to investors, Macquarie analysts and researchers said a number of policies announced in recent days, including cash payments to US residents, credit guarantees for businesses in Germany, and a Swedish stimulus worth 6 per cent of the Nordic country’s economy to keep banks lending to companies, were a sign that governments were shifting towards “neo-Keynesian” and Modern Monetary Theory policies, including a universal basic income guarantee.

The European Central Bank also announced a €750bn ($1.44 trillion) asset purchase program as President Christine Lagarde said “extraordinary times require extraordinary action” and that there would be “no limits” on the central bank’s commitment to protecting the single-currency union.
Across two notes, titled “A world of no historical parallels –- Making up rules & policies as we go” and ‘Tear at the fabric: Glimpses of the future are here for all to see”, Macquarie analysts said the shift towards a more fundamental change in the way the economy functioned was evidenced by the way central banks and governments “belatedly recognised” that copying the policy responses of the global financial crises a decade ago were “not going to be enough”.

The US is expected to announce a stimulus plan worth close to $US1 trillion, while Scott Morrison has been forced to return to the drawing board after realising the initial $17.6 billion support program would do little to stave of destruction of the Australian economy.

On Thursday Reserve Bank announced an unprecedented quantitative easing program after cutting interest rates by 25 basis points to a new record low, while the government is likely to provide further detail on a rescue package for workers whose jobs have been obliterated by the coronavirus pandemic.

“We have been arguing that conventional capitalism is dying, or at least mutating into something that will be closer to a version of communism,” Macquarie analysts wrote.

“This transition will be marked by cross-currents and external shocks. Ultimately, a fusion of monetary and fiscal levers will lead to MMT-style policies, effective nationalisation of capital, universal income guarantees, and deep changes in work practice.”

“Eventually, we will also leave behind a period of substandard productivity, as soon as we stop ‘warehousing labour’ in temporary jobs. However, in the meantime, conventional policy and investment prescriptions will be of little use,” Macquarie said.

“Today’s economic and investment strategies are built around concepts of a monetary world and the ultimate primacy of the private sector, and its ability to navigate well-defined business and capital market cycles … Alas, the world has already moved far away from these principles.”

Macquarie said the “bedrock” features of economic and financial analysis such as leading indicators, the Federal Reserve model, the Phillips Curve of labour and inflation analysis, risk premiums were no longer useful as the world was now flooded with three to five times more money and debt than gross domestic product.

“We are drowning in capital, and the objective is no longer efficient utilisation, but rather ensuring that it does not freeze and remains liquid,” Macquarie said.

“Also role of labour and conventional vs digital capital is being drastically altered while a generational change drives far greater preference for fairness and support, rather than freedom and choice. Even if theoretical policy answers are right, they will be rejected.”

Modern monetary theory, which has gained prominence in the US led by advocates such as Bernie Sanders and Alexandria Ocasio-Cortez, argues that unemployment is the result of governments spending too little while at the same time collecting taxes.

Instead, governments should spend to subsidise wages and embark on national programs, while raising taxes on incomes to keep inflation lower if needed.
Part of the theory could include a universal basic income, in which every citizen regardless of work or wealth, would receive a set stipend from the government.

“One of the more frequent questions that clients ask: What other historical periods can we look at to better understand our path?” Macquarie said.

“Unlike natural sciences, economic rules are not immutable, but rather bend under the pressures that societies face. What is regarded as acceptable in one era is disregarded in another & therefore prescriptions from one period will be unacceptable in another, even though some might actually yield more efficient outcomes.

“Unlike physics, economics does not progress according to well-known rules but rather attempts to satisfy prevailing societal mood. Homo Economicus is not a rational agent, but a confused beast, and economics is an outgrowth of societies, rather than a conventional science searching for truth.”

Macquarie said the amount of government assistance was growing at an “exceptionally rapid pace” as credit markets froze, companies stared into oblivion and as workers were laid off, and would likely exceed the $US1.7 trillion spent in the first round of the GFC.

“While proposed bailout of vulnerable industries (eg airlines) is in line with strategies in ‘09, today, there is far greater emphasis on income, including direct disbursement to citizens,” the analysts said.

“The key is that COVID-19 seem to be successfully breaking the irrational taboo against borrowing and preoccupation with debt sustainability

“It is also forcing closer co-operation between fiscal and monetary arms that overtime will fuse into one (a la China). New world of nationalised capital & MMT is beckoning. It will bring different investment styles, although the twilight between the two systems will still persist for years.”

It’s called globalisation!

 

[Gethelred]

Interesting piece from a peak capitalist organisation.

Conventional capitalism is dying: Macquarie warns

Macquarie analysts say the world could be tilting back toward an economic system that’s more like communism.

10:46AM March 19, 2020

Macquarie Wealth Management, the stockbroking arm of the beating heart of Australian capitalism, Macquarie Group, has warned that “conventional capitalism is dying” and the world is headed for “something that will be closer to a version of communism”.

In a series of notes sent to investors, Macquarie analysts and researchers said a number of policies announced in recent days, including cash payments to US residents, credit guarantees for businesses in Germany, and a Swedish stimulus worth 6 per cent of the Nordic country’s economy to keep banks lending to companies, were a sign that governments were shifting towards “neo-Keynesian” and Modern Monetary Theory policies, including a universal basic income guarantee.

The European Central Bank also announced a €750bn ($1.44 trillion) asset purchase program as President Christine Lagarde said “extraordinary times require extraordinary action” and that there would be “no limits” on the central bank’s commitment to protecting the single-currency union.
Across two notes, titled “A world of no historical parallels –- Making up rules & policies as we go” and ‘Tear at the fabric: Glimpses of the future are here for all to see”, Macquarie analysts said the shift towards a more fundamental change in the way the economy functioned was evidenced by the way central banks and governments “belatedly recognised” that copying the policy responses of the global financial crises a decade ago were “not going to be enough”.

The US is expected to announce a stimulus plan worth close to $US1 trillion, while Scott Morrison has been forced to return to the drawing board after realising the initial $17.6 billion support program would do little to stave of destruction of the Australian economy.

On Thursday Reserve Bank announced an unprecedented quantitative easing program after cutting interest rates by 25 basis points to a new record low, while the government is likely to provide further detail on a rescue package for workers whose jobs have been obliterated by the coronavirus pandemic.

“We have been arguing that conventional capitalism is dying, or at least mutating into something that will be closer to a version of communism,” Macquarie analysts wrote.

“This transition will be marked by cross-currents and external shocks. Ultimately, a fusion of monetary and fiscal levers will lead to MMT-style policies, effective nationalisation of capital, universal income guarantees, and deep changes in work practice.”

“Eventually, we will also leave behind a period of substandard productivity, as soon as we stop ‘warehousing labour’ in temporary jobs. However, in the meantime, conventional policy and investment prescriptions will be of little use,” Macquarie said.

“Today’s economic and investment strategies are built around concepts of a monetary world and the ultimate primacy of the private sector, and its ability to navigate well-defined business and capital market cycles … Alas, the world has already moved far away from these principles.”

Macquarie said the “bedrock” features of economic and financial analysis such as leading indicators, the Federal Reserve model, the Phillips Curve of labour and inflation analysis, risk premiums were no longer useful as the world was now flooded with three to five times more money and debt than gross domestic product.

“We are drowning in capital, and the objective is no longer efficient utilisation, but rather ensuring that it does not freeze and remains liquid,” Macquarie said.

“Also role of labour and conventional vs digital capital is being drastically altered while a generational change drives far greater preference for fairness and support, rather than freedom and choice. Even if theoretical policy answers are right, they will be rejected.”

Modern monetary theory, which has gained prominence in the US led by advocates such as Bernie Sanders and Alexandria Ocasio-Cortez, argues that unemployment is the result of governments spending too little while at the same time collecting taxes.

Instead, governments should spend to subsidise wages and embark on national programs, while raising taxes on incomes to keep inflation lower if needed.
Part of the theory could include a universal basic income, in which every citizen regardless of work or wealth, would receive a set stipend from the government.

“One of the more frequent questions that clients ask: What other historical periods can we look at to better understand our path?” Macquarie said.

“Unlike natural sciences, economic rules are not immutable, but rather bend under the pressures that societies face. What is regarded as acceptable in one era is disregarded in another & therefore prescriptions from one period will be unacceptable in another, even though some might actually yield more efficient outcomes.

“Unlike physics, economics does not progress according to well-known rules but rather attempts to satisfy prevailing societal mood. Homo Economicus is not a rational agent, but a confused beast, and economics is an outgrowth of societies, rather than a conventional science searching for truth.”

Macquarie said the amount of government assistance was growing at an “exceptionally rapid pace” as credit markets froze, companies stared into oblivion and as workers were laid off, and would likely exceed the $US1.7 trillion spent in the first round of the GFC.

“While proposed bailout of vulnerable industries (eg airlines) is in line with strategies in ‘09, today, there is far greater emphasis on income, including direct disbursement to citizens,” the analysts said.

“The key is that COVID-19 seem to be successfully breaking the irrational taboo against borrowing and preoccupation with debt sustainability

“It is also forcing closer co-operation between fiscal and monetary arms that overtime will fuse into one (a la China). New world of nationalised capital & MMT is beckoning. It will bring different investment styles, although the twilight between the two systems will still persist for years.”

That first sentence, containing a quote, is something I never thought I'd see in my lifetime.

A banking economist, suggesting that we might see all that, and admitting that it would resemble communism. Imagine that!

 

[Gethelred]

It’s called globalisation!

I rather think the point you're making could do with some elaboration. You're arguing with a piece from a prominent Australian economist/banker that monetary systems could resemble communism. Between you and me, I don't think three words and an exclamation point is gonna do it.