zombieslayer
13 years ago




Based on that standard (paying and taxing), then, Saudi Arabia would stand at the top of the world in terms of "smart-ness". A place that has no taxes whatsoever, and one where most jobs come with a home provided (meaning no rental payments), health-care, travel expenses, and food-allowance. Hell, gas in Saudi is as cheap as water there. Clearly, however, Saudi cannot be classified as the place where the smartest of the smart go.

I think you are overlooking the role of reputation - American universities and their university affiliated centers have the biggest reputations around the world. Along with that comes money, access to bigger grants, and the greater possibility of name recognition and self-prestige.

To be fair Zombie, your example can be said to be true of Asia during the spread of Sanskrit, Rome during the spread of Latin, and Ancient Greece in the early stages of modern civilization. Not because of any particular tax-rate and pay scale, but rather the modality of knowledge production always favors a specific metropole because of style, standards, and resources.

America is that metropole in our era.

"all_about_da_packers" wrote:



AADP - We have the world's best economy and we've gotten smart people over the past 100 years to come over here. That's why we're smart. And yes, you hit the nail on the head with your last two paragraphs. Our low taxes (relatively) and strong economy are stealing the smartest of the smart Europeans.

And of course the universities steal top talent as well. I personally know some pretty smart folk from around the world who will be American citizens shortly who literally work with Nobel Prize winners at a certain famous university.

I'm not for no taxes. Taxes are a necessary evil. They just need 2 things - more privacy, and to be drastically lower. We should have a 10% Nat'l Sales Tax + state taxes and that's it. The government must learn to spend less. It's just like when I lose my job, I'm forced to spend less. Yet when the government can't manage money, it's our problem.

For the record, I was just making the case for lower taxes and just using the USA and Europe, showing how Europeans come here to escape taxes and make more money. Your Saudi Arabia example is excellent. But alas, a whole different topic. They live right on top of gold (black gold). Right now there's pretty much nothing more valuable.

+1. I enjoy debating with you.
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DakotaT
13 years ago




Oh, and good to spar with ya again Troy[/color] ::wink:

"vikesrule" wrote:



From who's ass do you pull your stats? How many acres of land has Minnesota given to the Federal Government for reservoirs to hold back flood waters. How many missiles does Minnesota house for national defense. What exactly does Minnesota offer the rest of the country except rusted out cars and pathetic football team? Quit biting the hand that feeds you VR, remember the lights could go out in Minnesota without ND power.

I know you missed me, maybe someday you'll explain why you took such a long vacation.
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Wade
  • Wade
  • Veteran Member
13 years ago

Of course, as oil prices increase (as they will), a lot of that "technically and fiscally" unrecoverable stuff stops being technically and fiscally unrecoverable.

"vikesrule" wrote:



And we should listen to an erudite economist why?.... Isn't that akin to believing the weather forecaster? ::wink:

"Wade" wrote:



Er, actually I'm a historian who happens to teach economics.

But the funny thing is, when prices go up...things that didn't used to be substitutes tend to become relatively more attractive.

:)
And do not be conformed to this world, but be transformed by the renewing of your mind, that you may prove what is that good and acceptable and perfect will of God.
Romans 12:2 (NKJV)
Wade
  • Wade
  • Veteran Member
13 years ago


I'm not for no taxes. Taxes are a necessary evil.

"zombieslayer" wrote:



You commie pinko liberal, you. (duck)

:wickedfart:
And do not be conformed to this world, but be transformed by the renewing of your mind, that you may prove what is that good and acceptable and perfect will of God.
Romans 12:2 (NKJV)
wpr
  • wpr
  • Preferred Member
13 years ago
If I owned of of the 188,251 homes in NO. they could pay me $516,528 instead of $1,329,787. I would then get the hell out of there and never come back. I would save the government over $800,000. :pottytrain2:
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vikesrule
13 years ago

Er, actually I'm a historian who happens to teach economics......

"Wade" wrote:



Paul Krugman would not approve. ::wink:
Wade
  • Wade
  • Veteran Member
13 years ago

Er, actually I'm a historian who happens to teach economics......

"vikesrule" wrote:



Paul Krugman would not approve. ::wink:

"Wade" wrote:



Well, er...um...so? :)

I doubt Ben Bernanke would either. ๐Ÿ™‚
And do not be conformed to this world, but be transformed by the renewing of your mind, that you may prove what is that good and acceptable and perfect will of God.
Romans 12:2 (NKJV)
vikesrule
13 years ago

Er, actually I'm a historian who happens to teach economics......

"Wade" wrote:



Paul Krugman would not approve. ::wink:

"vikesrule" wrote:



Well, er...um...so? :)

I doubt Ben Bernanke would either. :)

"Wade" wrote:



Speaking of Bernake, what's your take on the Federal Reserve Wade?

......Perhaps a little Murray Rothbard?


Money, Banking and the Federal Reserve 
Wade
  • Wade
  • Veteran Member
13 years ago

Er, actually I'm a historian who happens to teach economics......

"vikesrule" wrote:



Paul Krugman would not approve. ::wink:

"Wade" wrote:



Well, er...um...so? :)

I doubt Ben Bernanke would either. :)

"vikesrule" wrote:



Speaking of Bernake, what's your take on the Federal Reserve Wade?

......Perhaps a little Murray Rothbard?


Money, Banking and the Federal Reserve 

"Wade" wrote:



Rothbard and the Austrians get it about 1/3 right.

The problem isn't bankers. The problem isn't the lack of a gold standard. The problem isn't fractional reserve banking. That's 1/3 that they get wrong.

The problem is that the Fed has a monopoly institutionally protected. That we don't have free banking anymore. If a bank offers too many loans for its reserves, then it ought to fail. In a market with banks competing to have their notes accepted as money, there's a natural check in the system.

When you have one bank with special power -- e.g., the Fed -- there's no such check. Instead, you're dependent on that one bank getting the mixture of reserves and lending right by controlling the issue of its notes. Centralized policy making is great if you guess right. But if you don't get it right, you just destabilize the system more.

That's the 1/3 of story that the video gets correct. The intervention of the monopolist central banker, which is invariably imperfect in timing, amount, and direction of intervention, increases uncertainty and messes with people's expectations of the value of money.

The other 1/3 that the Austrians get wrong, however, is their equating "destabilizing the business cycle" with "controlling the money supply, inflation, interest rates". The central bank does destablize things...but not because it controls the economy, but because it doesn't. Because it can't.

The amount of money, the value of each piece of money is determined primarily not by the Fed, or not even by the Fed and the great banks. The value of money and interest rates are determined by the people who use it (or don't use it). Borrowers as well as lenders, producers and spenders.

The "dollar" has value not because the Fed says it does, but because _WE_ agree it does. And whether we agree that it does depends primarily on what kind of production capacity we have.

Weimar in the 20s, South America in the 70s and 80s, Zimbabwe today....they countries "money" lost their value as a medium of exchange not because they lacked "gold". They lost value because their economies weren't capable of producing enough value.

Despite huge increases in the money supply between 1980 and 2005, we saw no serious decline in value of the dollar because the productive capacity of America and the world (the transactions that give the dollar its value) grew to unprecedented levels.

And the Fed -- or all the central bankers of the world combined -- simply don't have power to shape that productive capacity in a predictable way. They can have effects on its growth, but only via increasing uncertainty.

What do I think of the Fed? I don't think the solution is "getting rid" of the Fed -- even if I could resist my natural scorn and skepticism that government is capable of doing such a thing.

I think the solution will have to be far more revolutionary. It is to ignore the Fed and its notes. If you want to take dollars in payment of debts, fine. If you don't, don't. The Fed only has power to the extent we accept its notes.

The underground economy is likely already in the tens of trillions of dollars. Add in the ease of transacting electronically, just make money like any other competitively provided good. Contrary to "Gresham's law," the system now gives _us_ -- not the central bankers, but we who would borrow and lend, produce and spend -- the power to drive out the bad money with good.

We no longer have to wait for a Weimar disaster followed by greater tyranny.
And do not be conformed to this world, but be transformed by the renewing of your mind, that you may prove what is that good and acceptable and perfect will of God.
Romans 12:2 (NKJV)
zombieslayer
13 years ago



You commie pinko liberal, you. (duck)

:wickedfart:

"Wade" wrote:



Academics. Sheesh.

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