RealityLicks
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Joined: 10/23/2007
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ORIGINAL: RealityLicks
Merc, isn't one of the functions of a central bank to guard the economic wellbeing of your country? You make it sound as though you can't wait for a recession to begin, doubtless because you can make a buck?
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ORIGINAL: MercnbethWhat now - personal attack? Not that making a buck should be considered a bad thing;
That's not a personal attack, wasn't meant as one, anyway. I'm trying to figure out why you see a benefit in a recession. Bear in mind, intervention or no intervention, no-one knows where the bottom is yet. And in the last thread we met on, you talked about the "opportunities" you saw in all this and that is my point of reference.
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Tell me how turning your future and everyone else's future over to the government contributes to global or individual success?
I didn't posit that because the fact is mixed economies of varying models are the environment we all exist in. You'd have a hard time convincing people across Europe, America and the world that they had turned everything over to the government, especially in light of the democratic ideal being exported at present in Iraq.
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You want a challenge? Run a business in this economic environment. My company's contributions are limited by my size however there is no benefit that I get that my employees don't also enjoy. My contributions to society aren't limited to the taxes I pay. But my contributions are focused on those who help themselves and don't expect perpetual entitlement. Talk obviously is very cheap.
Well, I'm self-employed, which isn't quite so grand but in principle is the same thing. And in lean times, like 18 months ago, I've had to do a consultancy and punch the clock for someone else because I had no alternative. Talk isn't cheap. I volunteer time and energy to two grassroots organisations, one of which we're turning into a registered charity, a not for profit organisation which can do some of the work local government can't or won't do. I can't hand out money but I consider my time to be just as valuable.
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But unlike you, I'll answer the direct questions.
Personal attack?
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No the function of a central bank is to administer and manage funds. Any social responsibility is a symptom of the problem we are now facing. Social manipulation, like income re-distribution will never impact either end of the economic spectrum. It will however squeeze out the middle and place them at one of the polar ends. That is exactly what is occurring.
Supporting the corporate welfare going to the banking industry insures that polarization will continue.
That's your theory but time-honoured tradition has the central banks acting otherwise, so we'll wait for the proof to come in from a completely laissez-faire state.
To my mind, social responsibility is a condition of membership in society. It seems to me you want your rights to be preserved but not your responsibilities - only then what happens when unscrupulous people fail to shoulder their responsibilities? Economic blight which could have been avoided.
I believe the fault is in allowing unsustainable practices to become widespread - in other wordds, greed has overtaken prudence and I'm simply not convinced that innocent people should suffer as a result.
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