Prudence for Dummies: Just Read It

Monday, October 7, 2013

Just Read It

I don't see a link in Monty's post, so go here and read David Stockman's remarks from 9/26/13.

It's fairly long, and Stockman spares no one, including his old boss, or himself, for that matter. Truth.

Read it, and sigh. Tears will spoil your aim.

2 comments:

John LienOctober 7, 2013 at 11:17 PM
That's quite a summary of where we've been. We're hosed. Can't say I understood the machinations concerning what the Fed is vs. what it should have been. But I got the gist of it.

Don't want to come across sounding like an OWSer but Wall Street types appear to be pretty much greedy, evil, parasites.
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mushroomOctober 8, 2013 at 8:16 AM
It's why I switched to calling the government-financial-media complex fascists instead of socialists.

The Fed, and the world, for that matter, have gotten by with a lot because of the rise in productivity -- especially what has been done with computers and robotics. Computing power is still rising supposedly, but the productivity boost from computers and labor globalization seems to be tailing off. I think that's what's eventually going to bring the whole thing down.

I kind of get the feeling that maybe the fifty years between 1950 and 2000 was essentially a function of the upheaval wrought by WWII. The Great Depression could be the Central Bank Keynesian norm.
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The PFD Recommended Viewing and Reading List --- Suggestions are welcome

The Secret of Roan Innish -- suggested by Farmlog's John Lien
The Incredibles
The Man Who Shot Liberty Valance
Secondhand Lions
The Book of Eli Finally got around to watching it myself. "It's ca-at."
The Road -- I haven't seen the movie, but I can recommend the book
Blackhawk Down -- The modern battlefield
Last of the Mohicans (1992) -- "Find yourself a musket."
The World's Fastest Indian -- Ingenuity and determination and motorcycles
Iron Will -- "Run longer. Sleep less." And, finally, a use for fruitcake.
The Apostle -- Because redemption is real
Jeremiah Johnson -- I cannot believe I left this one off.
Walking Tall -- I prefer the original based on the short life of man who just wanted to do the right thing.
Treasure of Sierra Madre -- Gold will change a man. Fruit trees are better.

Quotables

Don't believe them, don't fear them, don't ask anything of them -- Solzhenitsyn

Tyrannos omnes oportet perire — “It is fitting that all tyrants perish”

The true Christian should not resign himself to the inevitable: he should trust in the impertinence of a repeated prayer. -- Don Colacho

Political tags — such as royalist, communist, democrat, populist, fascist, liberal, conservative, and so forth — are never basic criteria. The human race divides politically into those who want people to be controlled and those who have no such desire. The former are idealists acting from highest motives for the greatest good of the greatest number. The latter are surly curmudgeons, suspicious and lacking in altruism. But they are more comfortable neighbors than the other sort. -- Robert A. Heinlein

When law and morality are in contradiction, the citizen finds himself in the cruel dilemma of either losing his moral sense or of losing respect for the law -- Bastiat

The tank, the B-52, the fighter-bomber, the state-controlled police and military are the weapons of dictatorship. The rifle is the weapon of democracy.

If guns are outlawed, only the government will have guns. Only the police, the secret police, the military. The hired servants of our rulers.

Only the government -- and a few outlaws.

I intend to be among the outlaws. --Edward Abbey from “The Right to Arms”