“By a continuing process of inflation, governments can confiscate, secretly and unobserved, an important part of the wealth of their citizens. There is no subtler, no surer means of overturning the existing basis of society than to debauch the currency. The process engages all the hidden forces of economic law on the side of destruction, and does it in a manner which not one man in a million is able to diagnose.”
– John Maynard Keynes
From the article:
“If that’s “success“, we would hate to see what Keynesian failure looks like.”
– This Is What Keynesian “Success” Looks Like: Soaring Part-Time Jobs, Record Low Real Wages (ZeroHedge, May 17, 2015):
Though we noted the plight of the Japanese worker in a previous post, a plight which arrived in the US some five years ago yet which the mainstream still refuses to acknowledge, the punchline may have been somewhat diluted. So here it is again, without much additional commentary.
When it comes to the consequences of Japan’s QE, now in its third year, the head of the BOJ has been very clear:
- KURODA: BOJ’S EASING IS HAVING INTENDED EFFECTS: 5/14/2015
- KURODA: JAPAN IS APPROACHING FULL EMPLOYMENT: 5/13/2015
- RODA: JAPAN ECONOMY IMPROVED CONSIDERABLY AFTER QQE POLICY: 5/13/2015
In short: Keynesian policies (courtesy of the sage advice of none other than Paul Krugman), coupled with some $80 billion in monetarism monthly, have been a smashing success. At least that’s the propaganda. Now, here is Japan’s “full employment” truth.
Exhibit A: soaring part-time jobs:
Exhibit B: … consisting of “senior citizens and housewives“
And Exhibit C: working for record low real wages.
If that’s “success“, we would hate to see what Keynesian failure looks like. Perhaps we should just look to the US economy for the answer.
Debauching the currency……they have certainly done that. $198.00 worth of groceries……..less than five bags of groceries. The only extras were the bottled water and the cat litter……..No inflation?
I went to get new glasses. I have a pair of frames I really like…..for which I paid a great deal of money. I went to an eye doctor closer to where I live due to a broken leg. They told me on the phone they would provide lenses of a new prescription to fit my frames.
When I got there, one idiot took me into a room and wrote on a computer for 30 minutes……I got so disgusted, I would have walked out. I told him I needed an ointment for my eyes from a condition I had since I was a child.
Then, the doctor spent less than two minutes with me, using the data from the technician to write me a prescription. He did not give any attention to my eye condition, nor did he give me a prescription for the ointment. When I got outside, I told the receptionist that I needed the ointment…..the doctor had other patients…….screw you…..
Finally, I got into the optics department, and was told since I bought my last eyeglasses elsewhere, I had to buy a new set of frames. The prices……$800.00 or more…….plus the price of the lenses. Medicare pays nothing towards a new pair of eyeglasses. Total price….over $1000.00……or go blind.
I am calling the former place on Monday. I was very unhappy with the service.
But, it is everywhere. Our money is worth nothing……Over $1000.00 for a decent pair of glasses? Yet, we have no inflation?
Everywhere I look the prices are through the roof. Congress gets raises, but not the working people. When will people have had enough?
I have said this before, three corporations control all media outlets. They allow no truth to penetrate to the masses……..I am so tired of it all, I am glad I am close to the end of my life. I see no hope anywhere.