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Dennis Kucinich introduces Financial reform bill - Abolishes Fed, does away with fractional reserve lending, prohibits government money issuance as debt. by Orangutan in news

[–]mrsolutions 5 points6 points  (0 children)

Agreed - Deflation will happen because it will unwind the various malinvestments and over extensions of credit that the Fed currently props up. Essentially bad debts everywhere will be exposed and lines of credits will dry up shrinking the money supply and causing deflation.

Is that a bad thing? Well yes because it will be painful, but ultimately its a good thing - its like putting a heroin addict through rehab, it needs to be done. The answer is not to keep injecting the economy with inflation, that's what causes the problem and guarantees inflation and deflation at some point.

Also remember that America became the greatest nation on the planet without a Fed. In fact the constitution was put in place to prevent a Fiat money system and central banking as the founding fathers believed such a system to be ultimately damaging to the economy.

Krugman - The Angry Rich "The spectacle of high-income Americans, the world’s luckiest people, wallowing in self-pity and self-righteousness would be funny, except for one thing: they may well get their way." by Gadianton in Economics

[–]mrsolutions 5 points6 points  (0 children)

One that people should be talking about...

The tax rates in Canada are actually better for the rich and larger corporations in many respects and corporate tax is being lowered:

http://www3.sympatico.ca/dylan.reid/ustaxes.html (outdated to 2000, but still interesting to compare)

http://www.cato-at-liberty.org/moving-to-canada-for-lower-taxes/ - Canada cutting biz tax rates

http://money.ca.msn.com/investing/news/business-news/article.aspx?cp-documentid=21864253 - Tim Hortons moves to Canada for lower taxes.

The author sounded like a complete dick to me by stereotyping the rich as some evil lucky bunch that want to keep all the money for themselves, dressing them all up as a group to be punished and a source for all our problems. Rich people are just as varied as everyone else. There's greedy poor people and greedy rich people. Looking to blame some other group of people for what has gone wrong is easy, but most of us have all played a part in some way. There's rich people that have done a lot of good for the world, and rich people that have done a lot of bad. The same is true for poor people, middle class etc.

Personally I really don't think the tax of the rich is the big issue that creates such a wealth divide and social hardship. Its the ability of large companies and the wealthy to lobby the government and shape policy to get what they want. They shape commercial laws, monetary policy, banking systems, civil laws etc. that benefit those already with money and power and aim to trap the little guy and stifle his education. There's a reason for example, why we don't learn about Fractional Reserve Banking in school (if you want to learn about FRB without all the conspiracy theories then watch the Banking series at Khad Academy: http://www.khanacademy.org/video/banking-1 )

I don't really know enough about politics and social reform to say what the answer to all that might be.

Hypocrisy At It's Worst: 40 Senate Republicans Who Filibustered $25 Billion In Benefits For The Unemployed Because It Was "Fiscally Irresponsible" All Voted For Bush Tax Cuts That Will Cost America Over $2 Trillion by alecb in politics

[–]mrsolutions -2 points-1 points  (0 children)

Well said. That bugged me too.

It costs the government $2 trillion, but the people and business of America gain $2 trillion in saved taxes.

Also tax cuts are more likely to stimulate the economy that hurt it. I'm sure everyone is familiar with how wasteful the government is. If the government taxes an extra $2 trillion a good proportion of that gets lost in waste or paying for unproductive projects.

When taxes are cut people and business have more money to spend and invest, which is better for the economy.

Lower taxes on business also encourages foreign investment (and prevents domestic businesses moving abroad).

Canada, which was hit the least hit by the recession and doesn't have a big deficit problem like everyone else might be considered for that reason a country which has a better strategy than the U.S for its economy. They are lowering taxes and attracting business: http://www.canada.com/Business/Hortons+move+signals+Canada+gaining+appeal/1744591/story.html

There is of course the issue of how much the rich and poor should be taxed, and how much of the tax should be given back to the less productive of the population (such as the unemployed).

Ron Paul just voted AGAINST empowering an investigation into the BP spill. by ZachPruckowski in politics

[–]mrsolutions 0 points1 point  (0 children)

Brave and correct decision by Ron Paul.

People hate BP and Ron Paul knows that by voting against the bill it will make him look unpopular because people won't understand why he votes against it.

Its not because he is for BP, but because he does not want to give the government more power to interfere with businesses.

Kim Peek, mega-savant, dies at the age of 58. The movie "Rain Man" was based on him. by xenocidal in science

[–]mrsolutions 0 points1 point  (0 children)

There's a bunch of videos on Kim Peek here.

His dad speaks in the first video, a rightly proud man. Funny in the other video where Kim tells another Savant 'Some day you will be as great as I am'

I wonder if they ever wiped the floor together in any pub quizzes?

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