Economics Thread
- Thread starter sturg33
- Start date
nsacpi
Expects Yuge Games
the price of everything has fallen relative to the price of gold
do we want to subject ourselves to that...history suggests otherwise
back in the good old days of the gold standard we had:
1) the panic of 1837
2) the panic of 1873
3) the panic of 1893
4) the panic of 1907
All related to the monetary systems in place at the time, in particular the gold-backed currency system. Often leading to very long and deep crises compared to modern recessions because of the inelasticity or lack of flexibility inherent in such a currency system. The Panic of 1873 gave rise to something that was known as The Long Recession. The Panic of 1893 pushed the unemployment rate up to 25%. We should be careful what we wish for.
do we want to subject ourselves to that...history suggests otherwise
back in the good old days of the gold standard we had:
1) the panic of 1837
2) the panic of 1873
3) the panic of 1893
4) the panic of 1907
All related to the monetary systems in place at the time, in particular the gold-backed currency system. Often leading to very long and deep crises compared to modern recessions because of the inelasticity or lack of flexibility inherent in such a currency system. The Panic of 1873 gave rise to something that was known as The Long Recession. The Panic of 1893 pushed the unemployment rate up to 25%. We should be careful what we wish for.
Last edited:
sturg33
I
Good thing we've never had an financial crashes since. And good thing fast food costs $15 now
sturg33
I
Yes the buying power of the currency being reduced by 98% since that change is well worth it
nsacpi
Expects Yuge Games
i'd say it is the purchasing power of the paycheck that matters
if the paycheck grows faster no one is going to be bothered by 2-3% inflation
now very high inflation is destabilizing and will hurt an economy, but that's a different thang
btw once upon a time (the good old days of the gold standard) we had deflation, which gave rise to populist movements of various sorts...indeed, many historians would say that the deflation of the post Civil War era was the primary driver of those populist movements, including the Populist Party (sometimes known as the free silver party)....history is an interesting thang
The free silver movement was a desperate attempt to get out from the straightjacket of the gold standard, which was causing large segments of society to suffer. The iconic moment that has come down in the history books is William Jennings Bryan speech declaring "You shall not crucify mankind upon a cross of gold." High school history classes should spend a little more time on this period and the issues that animated it.
Last edited:
chop2chip
Well-known member
The supply of steroids the US government keeps injecting into Intel to keep it alive may be running low
nsacpi
Expects Yuge Games
It is part of the healthy functioning of capitalism that some previously great companies and industries vanish under the waves. We could save Intel. We could save all the toaster and sneaker factories. We can even bring them back from the dead if we want to. But it wouldn't be good policy.
sturg33
I
they are one of my largest clients and it is freaking ugly over there
chop2chip
Well-known member
Innovator’s dilemma in a nut shell. Pretty impressed how they missed both the chip design and foundry boats after having a massive head start in both.
nsacpi
Expects Yuge Games
the intersection of the gamer niche for graphics cards and AI is one of those things that involve a lot of what historians sometimes call contingency...a lot of thangs have to line up...being in the right place in the right time...but yeah having your eyes open does help
chop2chip
Well-known member
It was a running joke for 20 years how each update to Intel’s CPU product line showed no noticeable performance increase. But it didn’t matter because they had no competitors.
They could have cornered the GPU market early on if they cared. Meanwhile, Nvidia up to 4.4 trillion market cap and Intel is 80 billion and falling fast.
Former Intel CEO Andy Grove is on the short list of best business leaders of the last 100 years. Pretty wild how far they’ve fallen since him.
zitothebrave
Connoisseur of Minors
Intel missed the mark on the mobile chip market and the revolution it would bring to portable and energy conservation computing. They also had no interest in playing the GPU game which is fine, but missing the mark on ARC architecture was a flop. They could have developed their own competitor and just didn't.
nsacpi
Expects Yuge Games
The number of Americans receiving unemployment benefits for at least a week rose to the highest level since November 2021 in the latest sign of widening cracks in the labor market.
Workers who have received benefits through a “continued claim” for unemployment insurance jumped to 1.97 million in late July, up from 1.85 million in early January, according to Labor Department data released Thursday. New filings for unemployment claims remain low, rising by just 7,000 last week.
The figures reinforce the increasingly weaker labor market landscape. Even without a large pickup in layoffs, many Americans cannot find new work and are facing longer bouts of unemployment. A separate jobs report released last week showed that employers are hiring at close to the slowest pace in more than a decade, excluding the pandemic.
continuing claims up 120,000 or over 5% since January...more fake data from the BLS
Workers who have received benefits through a “continued claim” for unemployment insurance jumped to 1.97 million in late July, up from 1.85 million in early January, according to Labor Department data released Thursday. New filings for unemployment claims remain low, rising by just 7,000 last week.
The figures reinforce the increasingly weaker labor market landscape. Even without a large pickup in layoffs, many Americans cannot find new work and are facing longer bouts of unemployment. A separate jobs report released last week showed that employers are hiring at close to the slowest pace in more than a decade, excluding the pandemic.
continuing claims up 120,000 or over 5% since January...more fake data from the BLS
Checkmate, lib. According to the source of “Author’s Calculations” we’ve gone from zero to $1,174 in monthly net median household income increases in three months.
nsacpi
Expects Yuge Games
Interesting essay that looks at the myth that international trade and globalization have hollowed out the middle class.
www.noahpinion.blog
We have policies being made on a flawed premise. America is in fact the big winner from the current international trading system. That's why people outside this country are so baffled by our eagerness to tear down this system. We live in a very rich country. And although inequality has risen, even if you take out the very rich people have been getting ahead. As the data on median incomes show in the essay. Real median personal income is 50% higher than it was 50 years ago. We are 50% richer than our grandparents' generation. Do we really want to blow that up because we aren't manufacturing toasters and sneakers anymore?
Globalization did not hollow out the American middle class
The protectionist narrative is more myth than fact.
www.noahpinion.blog
We have policies being made on a flawed premise. America is in fact the big winner from the current international trading system. That's why people outside this country are so baffled by our eagerness to tear down this system. We live in a very rich country. And although inequality has risen, even if you take out the very rich people have been getting ahead. As the data on median incomes show in the essay. Real median personal income is 50% higher than it was 50 years ago. We are 50% richer than our grandparents' generation. Do we really want to blow that up because we aren't manufacturing toasters and sneakers anymore?
Last edited: