{"id":8737,"date":"2015-06-03T05:40:19","date_gmt":"2015-06-03T10:40:19","guid":{"rendered":"http:\/\/olduvai.ca\/?p=8737"},"modified":"2015-06-03T05:40:19","modified_gmt":"2015-06-03T10:40:19","slug":"from-whence-cometh-our-wealth-the-peoples-labor-or-the-feds-printing-press","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=8737","title":{"rendered":"From Whence Cometh Our Wealth\u2014\u2013The People\u2019s Labor Or The Fed\u2019s Printing Press?"},"content":{"rendered":"<h3 class=\"entry-title\"><a href=\"http:\/\/davidstockmanscontracorner.com\/from-whence-cometh-our-wealth-the-peoples-labor-or-the-feds-printing-press\/\" target=\"_blank\">From Whence Cometh Our Wealth\u2014\u2013The People\u2019s Labor Or The Fed\u2019s Printing Press?<\/a><\/h3>\n<p>It is hard to believe that in these allegedly enlightened times\u00a0this question even needs to be asked. Are there really educated adults who believe that\u00a0by dropping helicopter money conjured from thin air, the central bank can actually make society wealthier?<\/p>\n<p>Well, yes there are. They spread this lunacy from the most respectable MSM platforms. And, no, I\u2019m not talking about professor Krugman and his New York Times column. At least, he pontificates from a Keynesian framework that has a respectable, if erroneous, intellectual\u00a0heritage.<u><\/u><\/p>\n<p>What I am talking about here\u00a0is the mindless bunkum issued by so-called financial journalists who swish around Wall Street and Washington exchanging knowing tidbits with policy-makers, deal-makers and each other. Call it the bubble finance\u00a0\u201cnarrative\u201d, and recognize that its gets more uncoupled from economic facts, logic and plausibility with each passing day in the casino.<\/p>\n<p>The estimable folks at The Automatic Earth put a bright spotlight on this crucial\u00a0matter this morning, even if not by design. Their trademark daily\u00a0vintage photo was a 1911 picture of a family including all the kids picking berries in the field; they were making GDP the old fashioned way.<\/p>\n<p>In its\u00a0usual manner, the site\u2019s\u00a0\u201cdebt rattle\u201d list of links to timely reads followed, and the first was\u00a0a Bloomberg View opinion piece called<strong>\u201cQE\u00a0For\u00a0The People: Monetary Policy For The Next Recession\u201d<\/strong>\u00a0by one Clive Crook.\u00a0It was actually a case for literally dropping central bank money from\u00a0the skies to enable policy-makers to\u00a0better \u201csupport demand and keep their economies running\u201d.<\/p>\n<p>In thoughtfully supplying a photo of a helicopter in full flight to accompany Crook\u2019s discourse, the Bloomberg graphics department crystalized the essential\u00a0economic issue of our times. Namely, whether wealth is made by the Berrie Pickers\u00a0or the Money Printers.<\/p>\n<p>&nbsp;<\/p>\n<p>&#8230;click on the above link to read the rest of the article&#8230;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>From Whence Cometh Our Wealth\u2014\u2013The People\u2019s Labor Or The Fed\u2019s Printing Press? It is hard to believe that in these allegedly enlightened times\u00a0this question even needs to be asked. Are there really educated adults who believe that\u00a0by dropping helicopter money conjured from thin air, the central bank can actually make society wealthier? Well, yes there [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2],"tags":[124,5980,3598,5979,2120,353,5981,538,1921,614,3247,661,662,868,5982],"class_list":["post-8737","post","type-post","status-publish","format-standard","hentry","category-economics","tag-central-banks","tag-clive-crook","tag-contra-corner","tag-contracorner","tag-david-stockman","tag-gdp","tag-helicopter-money","tag-money-printing","tag-new-york-times","tag-paul-krugman","tag-printing-press","tag-qe","tag-quantitative-easing","tag-wealth","tag-welath"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/8737","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=8737"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/8737\/revisions"}],"predecessor-version":[{"id":8738,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/8737\/revisions\/8738"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=8737"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=8737"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=8737"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}