Intolerant Zen: The Art of Accepting Nothing

Just a couple of quick things. The Bubble to beat all Bubbles is being inflated to disastrous levels.

There is no question that a determined central bank can get rid of deflation. It is simply a question of printing enough money. Economists have another term to describe the monetization of government debt. The history of “seigniorage” goes back to the debasement of the coinage under the Roman emperors. Seigniorage is really a tax on holders of money and government debt which is paid via inflation. When carried to excess, it leads to hyperinflation.

Wow... The United Banana Republic of America. U.S. likely to lose AAA rating: Prechter

In some local news, Pennsylvania Governor Ed Rendell has proposed a 30% hike in personal income taxes. Finally some legislators are getting the joke. We do not need state and federal government funding all kinds of arts and entertainment. If I want to give PBS money I do, if my library has a fund drive I donate as I can. We should not rely on government involvement for these things. People have come to expect these as entitlements, they are not. And for the most part all these government dollars come with strings attachewd that really outweigh the benefit.