And Now For My Next Magic Trick… NO Inflation! And now for my next trick… I will now show you how

And Now For My Next Magic Trick… NO Inflation! And now for my next trick… I will now show you how (Full Version)

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pahunkboy -> And Now For My Next Magic Trick… NO Inflation! And now for my next trick… I will now show you how (1/17/2011 6:31:52 PM)
And Now For My Next Magic Trick… NO Inflation! And now for my next trick… I will now show you how the government steals our entire life’s work through the manipulation of the inflation numbers. These statistics/lies, may seem like “little white lies,” but they are at the core of the massive global corruption.

willbeurdaddy -> RE: And Now For My Next Magic Trick… NO Inflation! And now for my next trick… I will now show you how (1/17/2011 7:26:13 PM)
The infantile level of thinking in this link can be shown in an 11 word quote. "The more dollars are in circulation, the less they are worth."

pahunkboy -> RE: And Now For My Next Magic Trick… NO Inflation! And now for my next trick… I will now show you how (1/17/2011 7:34:27 PM)
quote: ORIGINAL: willbeurdaddy The infantile level of thinking in this link can be shown in an 11 word quote. "The more dollars are in circulation, the less they are worth." You are a comedian right? LOL

TheHeretic -> RE: And Now For My Next Magic Trick… NO Inflation! And now for my next trick… I will now show you how (1/17/2011 7:35:46 PM)
Nope. No inflation to be seen here. Prices are right where they were. Of course, the 5 lb bag of sugar now weighs 4 lbs, a half gallon of ice cream is now 1.5 quarts, and the miserable bastards have shrunk my hard cider from a 12 oz. bottle to an 11.2. But the prices aren't going up.

willbeurdaddy -> RE: And Now For My Next Magic Trick… NO Inflation! And now for my next trick… I will now show you how (1/17/2011 7:36:36 PM)
quote: ORIGINAL: pahunkboy quote: ORIGINAL: willbeurdaddy The infantile level of thinking in this link can be shown in an 11 word quote. "The more dollars are in circulation, the less they are worth." You are a comedian right? LOL No, youre an economic infant if you think that the money in circulation is the sole determinant or cause of inflation.

servantforuse -> RE: And Now For My Next Magic Trick… NO Inflation! And now for my next trick… I will now show you how (1/17/2011 7:38:56 PM)
I think PA is becoming a conservative.

CarpeComa -> RE: And Now For My Next Magic Trick… NO Inflation! And now for my next trick… I will now show you how (1/17/2011 7:39:13 PM)
quote: ORIGINAL: willbeurdaddy The infantile level of thinking in this link can be shown in an 11 word quote. "The more dollars are in circulation, the less they are worth." All other things held constant, this statement is correct. The article is largely bunk, but this was a poor choice for 'infantile thinking'. A better choice for poor thought processes would be this; quote: Gas right now is at about $3.00 a gallon and as of last September, the value of the 1964 90% silver quarter was at about $3.00. Today, that same quarter is worth about $5, which tells me that we are going to have $5 gas this year.

pahunkboy -> RE: And Now For My Next Magic Trick… NO Inflation! And now for my next trick… I will now show you how (1/17/2011 7:41:54 PM)
Willie wonka and the candy factory made a world where everything was chocolate. Maybe we can get him.

Musicmystery -> RE: And Now For My Next Magic Trick… NO Inflation! And now for my next trick… I will now show you how (1/17/2011 8:03:07 PM)
quote: All other things held constant, this statement is correct. That's a silly statement itself. All other things held constant eliminates all of the context. MV = PQ, to keep things simple. The money supply simply isn't the sole determinant of inflation.

willbeurdaddy -> RE: And Now For My Next Magic Trick… NO Inflation! And now for my next trick… I will now show you how (1/17/2011 8:27:37 PM)
quote: ORIGINAL: CarpeComa quote: ORIGINAL: willbeurdaddy The infantile level of thinking in this link can be shown in an 11 word quote. "The more dollars are in circulation, the less they are worth." All other things held constant, this statement is correct. The article is largely bunk, but this was a poor choice for 'infantile thinking'. A better choice for poor thought processes would be this; quote: Gas right now is at about $3.00 a gallon and as of last September, the value of the 1964 90% silver quarter was at about $3.00. Today, that same quarter is worth about $5, which tells me that we are going to have $5 gas this year. We agree on all counts! (Except that in reality all other things are never constant. Even just announcing an increase in money supply has effects on "other" things).

PyrotheClown -> RE: And Now For My Next Magic Trick… NO Inflation! And now for my next trick… I will now show you how (1/17/2011 8:37:05 PM)
shucks, thought this was gonna be a thread bout the Japanese black face magic show from a while back

CarpeComa -> RE: And Now For My Next Magic Trick… NO Inflation! And now for my next trick… I will now show you how (1/17/2011 8:41:56 PM)
quote: ORIGINAL: Musicmystery quote: All other things held constant, this statement is correct. That's a silly statement itself. All other things held constant eliminates all of the context. MV = PQ, to keep things simple. The money supply simply isn't the sole determinant of inflation. Actually, that statement (or, 'all else being equal') is a phrase you will run into a lot with economics. It has to do with the fact that it is very hard to discuss a dynamic and complicated system if you don't lock down most of the variables.

willbeurdaddy -> RE: And Now For My Next Magic Trick… NO Inflation! And now for my next trick… I will now show you how (1/17/2011 9:32:02 PM)
quote: ORIGINAL: CarpeComa quote: ORIGINAL: Musicmystery quote: All other things held constant, this statement is correct. That's a silly statement itself. All other things held constant eliminates all of the context. MV = PQ, to keep things simple. The money supply simply isn't the sole determinant of inflation. Actually, that statement (or, 'all else being equal') is a phrase you will run into a lot with economics. It has to do with the fact that it is very hard to discuss a dynamic and complicated system if you don't lock down most of the variables. Which is why economic theory is so difficult to apply in the real world, and the biggest problem with the Austrians, who eschew empirical data. It is also why my company's modeling is strictly empirically based. And while the past doesnt necessarily predict the future, it does a helluva lot better than pure theory does. (And economics is less complex than the climate, so you know how impotent those theoretical models are.).

Musicmystery -> RE: And Now For My Next Magic Trick… NO Inflation! And now for my next trick… I will now show you how (1/18/2011 6:24:18 AM)
quote: ORIGINAL: CarpeComa quote: ORIGINAL: Musicmystery quote: All other things held constant, this statement is correct. That's a silly statement itself. All other things held constant eliminates all of the context. MV = PQ, to keep things simple. The money supply simply isn't the sole determinant of inflation. Actually, that statement (or, 'all else being equal') is a phrase you will run into a lot with economics. It has to do with the fact that it is very hard to discuss a dynamic and complicated system if you don't lock down most of the variables. And that's why your assessment is simplistic--and inaccurate as a necessary rule. Honestly, you believe that if the money supply were held strictly constant, price levels would never change? It IS a factor--but hardly to the exclusion of all else. And again, in the real world, all else isn't constant. People also don't make decisions on purely economic reasons. Nonpecuniary aspects matter.

Termyn8or -> RE: And Now For My Next Magic Trick… NO Inflation! And now for my next trick… I will now show you how (1/18/2011 7:39:46 AM)
"Actually, that statement (or, 'all else being equal') is a phrase you will run into a lot with economics. It has to do with the fact that it is very hard to discuss a dynamic and complicated system if you don't lock down most of the variables. " Agreed. But that doesn't mean anything to CERTAIN PEOPLE who will jump at any chance to pick on Hunky. Pay them no mind when the start with their supposedly "mature" stance of namecalling. T

Musicmystery -> RE: And Now For My Next Magic Trick… NO Inflation! And now for my next trick… I will now show you how (1/18/2011 7:43:12 AM)
Given that pahb's "arguments" are all jabs at the people who disagreed with him, I'd say he deserves what he gets.

Termyn8or -> RE: And Now For My Next Magic Trick… NO Inflation! And now for my next trick… I will now show you how (1/18/2011 7:57:17 AM)
"Honestly, you believe that if the money supply were held strictly constant, price levels would never change? " For one I said certain people. You chose to respond. And in the quote above, which is from you, is an assumption. Now to be as cool as possible about this, I think "people" should stop reading between the lines and read the lines. Just a hint, to "people". That means everybody. If "people" are going to continue to attack each others' sanity and intelligence in every disagreement this forum will devolve in an online version of the Jerry Springer Show. Doesn't matter who does it, I guess I have on occasion, but I try to avoid it. T

Musicmystery -> RE: And Now For My Next Magic Trick… NO Inflation! And now for my next trick… I will now show you how (1/18/2011 8:12:05 AM)
quote: For one I said certain people. You chose to respond. For two, I wasn't responding to you. Have a nice cup of chamomile. And yes, the person to whom I was responding quite clearly claimed, "all things constant," that inflation was solely a function of the money supply. It isn't, and reasons why not already provided. I think he may be misunderstanding Milton Friedman, who did preach that inflation is always a monetary phenomenon, and made a good case for it--but that's NOT the same as saying inflation is always a function of the money supply. MV = PQ. And coming through a jobless recovery, velocity isn't likely to be constant, while quantity takes time to recovery (first we exhaust existing inventory). Those factors are deflationary. Where a lot of confusion arises is that inflation measures are broad based, and while they reflect overall levels, they do not accurately reflect individual impact (part of what I raised in the other thread about individual vs. aggregate decisions). For example, I live in the country, my home is paid for, I have most of what I need, and consequently, my main expenditures are gasoline, heating fuel, and produce. Since petroleum prices have risen sharply in the past decade, I feel this increase intensely (even with good fuel efficiency in both my car and home), and had to change my financial planning to reflect it (also a factor in deciding to develop my own orchards and gardens). But that doesn't mean the country is facing 30% inflation (hypothetically, to illustrate), just because I'm hit where my money goes. At the same time, it does show why farmers are being hit especially hard.

pahunkboy -> RE: And Now For My Next Magic Trick… NO Inflation! And now for my next trick… I will now show you how (1/18/2011 12:18:17 PM)
It can take 6 months for inflation to show up from the wholesale level to the shelf. I hope there isn't any-- but I suspect that we are going to get hit hard. So for now we wait.

mnottertail -> RE: And Now For My Next Magic Trick… NO Inflation! And now for my next trick… I will now show you how (1/18/2011 12:20:24 PM)
Dude. You might not have noticed this whilst gnawing on silver, but for the middle and lower classes, inflation has been running rampant for years. Your two biggest consumables, food and gas have been going up up up since the war in Iraq.

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