{"id":60416,"date":"2016-09-27T05:30:30","date_gmt":"2016-09-27T10:30:30","guid":{"rendered":"http:\/\/www.shotinthedark.info\/wp\/?p=60416"},"modified":"2016-09-25T08:40:08","modified_gmt":"2016-09-25T13:40:08","slug":"60416","status":"publish","type":"post","link":"http:\/\/www.shotinthedark.info\/wp\/?p=60416","title":{"rendered":"The Economics Of Duh"},"content":{"rendered":"

Joe Doakes from Como Park emails:<\/p>\n

\n

Liberals think 2% inflation is a good thing<\/a>, it keeps the economy growing.<\/span><\/p>\n

That’s insane.<\/span><\/p>\n

The definition of “money” is “a store of value.” \u00a0The whole point of using a monetary system instead of a barter system is to maintain the<\/span><\/p>\n

value of money. \u00a0Inflation erodes the value of money.<\/span><\/p>\n

If there’s 2% inflation and you get no cost-of-living adjustment in your wages, then at the end of the year you can buy 2% less stuff because the<\/span><\/p>\n

money you earn isn’t enough to buy the same amount of stuff at the new, higher prices. \u00a0Everybody knows this but they accept it because we’re<\/span><\/p>\n

conditioned to accept it.<\/span><\/p>\n

Suppose instead there was 0% inflation, but your employer cut your wages 2% each year. \u00a0End result would be the same – the smaller amount money<\/span><\/p>\n

you earn isn’t enough to buy the same amount of stuff. \u00a0But would people shit a brick? \u00a0Damned right. \u00a0They’re working just as long, just as<\/span><\/p>\n

hard, but they’re losing ground.<\/span><\/p>\n

To me, it’s so obvious I want to scream. \u00a0How can Liberals not see this?<\/span><\/p>\n

Joe Doakes<\/span><\/p>\n<\/blockquote>\n

“Liberal economist” is another word for “economic phrenologist”.<\/p>\n","protected":false},"excerpt":{"rendered":"

Joe Doakes from Como Park emails: Liberals think 2% inflation is a good thing, it keeps the economy growing. That’s insane. The definition of “money” is “a store of value.” \u00a0The whole point of using a monetary system instead of a barter system is to maintain the value of money. \u00a0Inflation erodes the value of […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[68,16],"tags":[],"class_list":["post-60416","post","type-post","status-publish","format-standard","hentry","category-capitalism-v-socialism","category-conservatism"],"_links":{"self":[{"href":"http:\/\/www.shotinthedark.info\/wp\/index.php?rest_route=\/wp\/v2\/posts\/60416","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/www.shotinthedark.info\/wp\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/www.shotinthedark.info\/wp\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/www.shotinthedark.info\/wp\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/www.shotinthedark.info\/wp\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=60416"}],"version-history":[{"count":2,"href":"http:\/\/www.shotinthedark.info\/wp\/index.php?rest_route=\/wp\/v2\/posts\/60416\/revisions"}],"predecessor-version":[{"id":60429,"href":"http:\/\/www.shotinthedark.info\/wp\/index.php?rest_route=\/wp\/v2\/posts\/60416\/revisions\/60429"}],"wp:attachment":[{"href":"http:\/\/www.shotinthedark.info\/wp\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=60416"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/www.shotinthedark.info\/wp\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=60416"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/www.shotinthedark.info\/wp\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=60416"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}