[FoRK] 2009 Distribution of Wealth in the US

Wulf Losee wulfconsumer at gmail.com
Mon Nov 8 10:50:31 PST 2010


I suppose I should be amused by the economic pundits who regularly post on
FORK, but this current round of delusional thinking is so obviously
counter-factual that I can't resist commenting. I suppose it's not
delusional, but people (like Adam Beberg) seem to have been brainwashed by
Freshwater economic dogma. It's kind of sad to see so many otherwise
intelligent people get it so wrong -- especially when there's all sorts of
data out there that shows how wrong they really are.

Here's a nice graph from Krugman today showing that both core and CPI price
indexes have been trending downward since this recession took hold.

http://krugman.blogs.nytimes.com/2010/11/08/more-fredding/

Krugman has over and over again diproved the arguments of the inflation
hawks with hard data...

http://krugman.blogs.nytimes.com/2009/11/16/the-madness-of-the-inflation-hawks/

 Money is cheap right now. Print more money. Let the dollar devalue. The
Chinese, EU, and Japanese are all keeping their currencies devalued at the
expense of the US economy. We've actually got stronger economic fundamentals
right now than Asia or Europe. It's the perfect time to play economic
hardball...

With 10 percent unemployment (probably much higher due to the way the Feds
measure it), we've got a long way to go before we need to worry about
buggaboos like inflation.

cheers!
--Wulf


> --- On Sat, 11/6/10, Adam L Beberg <beberg at mithral.com> wrote:
>
> >
> > That will go up soon soon, because the lower 20% are about
> > to die of starvation in the cold thanks to the money
> > printing, so there will be a higher percentage of rich
> > people, hurray!
> >
> > From BLS via JPMorgan:
> >
> http://www.zerohedge.com/sites/default/files/images/user5/imageroot/gono/After%20Tax%20Income%20On%20Food.jpg
> >
> > Only about 50% inflation to go and it's not a problem
> > anymore, not that we haven't already had lots of inflation:
> >
> > http://money.cnn.com/data/commodities/
> >
> > It's great that throughout history the poor have been so
> > happy to accept inflation and starve quietly and calmly.
> >
>


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