22 Jun 2010

Money vs. Wealth

All Posts, Financial Economics, Shameless Self-Promotion 9 Comments

I heard the host and a guest on NPR’s “Marketplace” talking about people taking their money out of stocks and putting it into checking accounts, so I thought I’d set them straight. But the “user contributed tag” at the end of the article says:

“this is dumb as hell you seriously dont understand basic economics lol robert murphy is a retard”

(Note that this guy had to contribute several tags, to wit, ‘this is dumb as hell’ and then ‘you seriously dont understand basic economics lol’ etc. Some may have put ‘lol’ as a separate tag, but this guy doesn’t play by the rules. He keeps you guessing.)

9 Responses to “Money vs. Wealth”

  1. Taylor says:
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    Nothing a little IP-based public embarrassment can’t cure! So, sic Jeff Tucker on the indigent and let’s see who he is.

  2. Bob Roddis says:
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    As a professional collector of anti-Austrianisms, I’ve determined that our opponents have two invariable responses.

    1. The response of the sophisticate: “These Austrians just don’t understand textbook economics!” (Krugman, DeLong, Baker etc…)

    2. The response of the non-sophisticate: “this is dumb as hell you seriously dont understand basic economics lol robert murphy is a retard”

    I guess they told us.

  3. RG says:
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    Why couldn’t the perpetrator be a her?

    Although I think it is a guy, and that guy wrote this: http://www.thenation.com/print/article/36491/goodbye-keynes-hello-hoover

  4. Mike O'Grady says:
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    Mr. Roddis,
    As a reverend, a doctor, and an individual who can and does use his brain, I approve your analysis of the dichotomy of anti-Austrianisms.
    -Rev. Dr. O’Grady, Ph.D.

  5. azmyth says:
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    I recognize that tone of voice – it’s Paul Krugman!

  6. Michael Suede says:
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    I appreciate the Fed because I am too stupid to spend my own money.

    It is a superior society that provides a mechanism for important people to spend money on my behalf without my consent through the process of debt monetization.

    Without the Fed to monetize debt, society would devolve into a post-apocalyptic waste land run by criminal leather clad biker gangs.

  7. Minority Report says:
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    How cool of you to point this out, not! Delete this before somebody posts it to 4chan.

    • Michael Suede says:
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      Sir, please.

      4Chan is made up of highly intelligent sophisticated users. I think we should invite them to comment on matters of economic importance.

      Perhaps create a working paper on central banking in a fiat fractional reserve system that 4Chan users can edit like a wiki.