Since a recent trip to Dubai, which took about 110% of my brainpower for a couple of weeks, I've been a bit slack in keeping up with Uncle Gary. So today I thought I'd redress the balance:
The Federal Reserve System's Party Line
Uncle Gary nails the Federal Reserves basic plan as being basically (1)Inflation and (2)Blarney. If these two fail, they try a third track, (3)Lies.
Pushing on a String
Mass deflation? You've got to be joking. Uncle Gary tells how the Federal Reserve is buying up major swathes of the US economy with newly printed paper and how this is going to lead to massive inflation.
The Next Bubble Is Here. Have You Bought In?
The Northster castigates those who believe the recovery has started.
Mish Shedlock on Gold, Inflation, and Deflation
Uncle Gary takes the brilliant Mish Shedlock to task for his beliefs in deflation, and then asks him ten questions.
The Myth of the Kondratieff Wave
The Northster tells us to avoid believing proponents of the mysterious K-wave. (It would be interesting to hear what Uncle Gary thinks of the Elliot Wave, something I'm very much tempted to believe in.)
Shredding Your Safety Nets
It's my pet theory that Old Ambrose responds on his own Labourgraph posts under the pseudonym of Charles Lee. Of course Charles Lee may actually be Charles Lee, but whoever Charles is, he seems to believe in welfare safety nets, as evidenced by his response to my comment in this post. If he were to read this piece by Uncle Gary he would realise that if things get much worse, then there will no longer be a safety net for anyone, never mind the deserving poor, because the entire 'safety net' has recently been lashed on the banks, instead of letting them go bust as they should have been, and that soon there will be no welfare left for anyone, including the banks. When governments have no tax income, can no longer borrow money off anyone, and eventually cannot even pay for the paper to roll through their printing presses, then how can anyone think that any welfare will be left? Whatever's left will be used to fund the police and army to keep the government in power, as best they are able; for everyone else it will be every man for himself. Fortunately, I think the UK will actually fare slightly better than the US, but only because we do not have the world reserve currency, and because this means our government will run out of money before the US one does. But it's not too much consolation. We're still going to be screwed, and the longer we leave it until we severely cut back on government consumption spending, the closer we will get to the forthcoming American experience.
Green Shoots and Greenbacks
Green shoots? Don't make me laugh. To have spent so much and to have seen so little in return is absolutely laughable. Governments have been doing the equivalent of spending a million dollars and then jumping up and down, all cock-a-hoop, because they have managed to purchase a basic Ford 'Ka', without air conditioning and without a decent radio. Yes, with all that outlay you're bound to get something. But the beginning of the recovery? What a laugh. Well, it would be a laugh if wasn't such a disaster.
What I Should Have Said to Meryl Streep
Going off-topic, Uncle Gary comes up with some rules for how to approach celebrities, should you meet them. I won't say how I first met Professor Robert Higgs, at a beach bar in Turkey, but it involved a belly dancer and a lack of Turkish lira in my pocket. That's perhaps a better way to meet a celebrity, than Uncle Gary's way, but if you're short of a belly dancer, then perhaps the Northster's way is best. And OK, so yes, meeting a prominent Austrian professor may not be in the same league as meeting Bruce Willis, but in my crazy world, Professor Robert Higgs is much more important than any Hollywood Film Star.