Warren E. Buffett Thanks 'Uncle Sam'

[canuckamuck]

I like it when someone can pull up a script or song lyrics that really help to make the poster's point rock solid.

Jazzbo uses them to make it seem like he is not even paying attention.

[jazzbo]

I pay attention as little as possible ...

[gregb]

... and whatever opinions I might have to refute those of someone like Dr. Bernanke (PhD, MIT) I do not rely on a link to Wikipedia to buttress my position against hi published peer-reviewed papers.

Unfortunately, a peer review only helps to discover flaws in logic. When the very postulates themselves are wrong, and all the peer reviewers start with the same wrong postulates, the whole peer review process is nothing more than a circle jerk where some idiots shower praise on other idiots.

It takes someone from outside the system in this case to point out the entire discipline is a fraud and should be trashed in its entirety.

Unfortunately, I would probably trust a Wikipedia article before any moron who got a degree in economics. You don't have to agree with me, just recognize that there are many very intelligent people out there who don't accept that the field of economics has any basis at all in reality. Modern economics has no more basis in fact than astrology. Start with flawed postulates, and you get Ben Bernacke thinking the way to fix an insolvent banking system is by printing money. When your beautiful theories lead you to such obviously wrong conclusions, it is time to admit the theories are simply wrong.

Of course, an economist who has invested years of his life in the study and pursuit of this obviously flawed subject is incapable of doing this. Thus, the rest of us sit back and watch while the global economy burns, and morons like Bernacke get paid millions of dollars to make the situation that much worse.

[jazzbo]

Ergo: It takes a moron from outside the system to recognize a moron within the system.

[Chunky1]

Why don't you explain (without film lyrics) why the Austrian Economists are wrong.

[jazzbo]

I have never said one way or the other whether they are wrong or right -- The only thing that is veridical is that after about 80 or so years they remain a fringe component of the academic, political, and financial establishment... explain that.

... although if Dick Armey ever makes it into power I guess they'll get their chance.

Edited November 21, 2010 by jazzbo

[Chunky1]

just one point. i want to go back to comment about inflation. i think that goods and commodities are clearly rising in dollars despite bernanke's attempt to play the "cpi" card, however, commodities are not rising because of demand for more dollars. they are rising because people are trying to get rid of their dollars. so we are seeing rising prices but not because of economic expansion. it's at the root a lack of confidence in the usd. the early stages of hyperinflation.

[jazzbo]

people are trying to get rid of their dollars...

People... which people? ... Kuhn GB's 'very intelligent people'? How can they get rid of their dollars if nobody else wants them ...

... only thing for sure is if newsletter-type guys really 'in the know' are telling you that you should be trying to get rid of your dollars, THEY already have.

Edited November 22, 2010 by jazzbo

[jazzbo]

Just assume that anything posted on this Forum by the 'usual suspects' is coming from the back-end of the daisy chain.

[Chunky1]

<deleted> r u talking about which people? did u miss china's commodity shopping spree? did you miss bank of russia buying gold? did you miss the price of every commodity?

fairly clear to all non-keynesians that the usd is not doing too good in terms of confidence.

[Chunky1]

i have been buying paper gold for 4 years and physical gold the past 2 years. where on the daisy chain does that put me? but hold onto your usd bonds and cds

[jazzbo]

I worked with Freeport McMoran 30 years ago ... where does that put me?

but I guess 4 years ago is about when G. Gordon Liddy et al started advertising gold on Fox so at that point you just joined the crowd.

Edited November 22, 2010 by jazzbo

[jazzbo]

Post #71 but hold onto your usd bonds and cds

Post #27 Get as much USD and shares of GM as you can Jazzbo.

Post # (I give up) you probably dont have any money invested anywhere.

Post #55 unless you give me some kind of sign that you arent a complete idiot i am going to have to stop responding.

Post #47 prepare to lose money then.

I have nothing to prove ... You certainly write as one angry guy with something to prove although I'm not sure what ... did they maybe run out of your Thorazine prescription again?