A little classical wisdom for our broad-minded readers...
I wrote this as a comment to Joel's missive yesterday. The unfortunate part is, his missive had SO many comments and mine was at the end of the day. So not too many people got to read it.
Thank god for copy and paste. All I had to do was take a key piece out of Bill's article today, and my argument still stands. Clowns abound.
"We read quickly, not wanting to waste time, but curious; the financial press is more likely to peddle misconceptions than to dispose of them. Sure enough, the article is a pot-pourri of error: the debt is not too high…it doesn’t need to be paid off… it’s not bad for the economy…there’s no crisis coming…and everybody does it."
Stupidity doesn't stop at the US border.
In our neck of the woods, the Manitoba government made automobile insurance a ward of the state. Back about 52 years ago. They called it Autopac back then, but renamed it to Manitoba Pulic Insurance Corporation. LoL. A government corporation. No better example of the word "oxymoron."
The irony of it all? They shouldn't have stopped at incorporating the Insurance company, but continued on incorporating the government itself.
Ironically, the Insurance company always makes money. The government itself is $30B in debt.
A few weeks back 1700 "unionized" government insurance company's staff went on strike. Of the 1800 or so employees, over 700 of them make an average CAD wage of over $95k. Only managers did not strike as they form the opposition to those on strike.
The most interesting thing is the disparity in running a profitable organization, even if technically run by the government. The CEO of MPIC made over $350k in 2021 according to that document. In the same year, the premier of the province, the guy who runs the government, made just under $200k.
That pretty well tells all.
Boot the elected officials from the government. Its a senseless system based on popularity and/or outrageous promises. Setup a board of directors made from the MOST profitable companies in the province and search for a CEO that can run the government like a business.
A profitable one.
Not that anyone knows me or cares what I think. But I can vouch for Classical Wisdom as a repository of ancient thought applicable to our troubled time.
I recently read an instant classic on a familiar subject. Anyone interested in real economics would do well to start here:
JPM bank as the poster by for the big banks owned and regulated by the FED.
"Until the Glass-Steagall Act is restored, the U.S. financial system will continue to be precariously held together with hastily crafted emergency lending programs from the Fed and bank mergers from hell arranged by desperate and/or compromised regulators."
Good idea regarding the CLASSICAL WISDOM, one might hope the ones in need of wisdom will
take the time to wise up!
Bill, thanks for the invite to "Classic Wisdom". I am a 91 year old veteran and am beginning to enjoy the classics. So sorry to have discovered them so late in my life. I tried to join the newsletter,m but my computer rebelled when I tried. Would you mind re sending me the link?
An old sage said: "It is only where experience fails that revelation is needed". Thank you for helping some of us beginner learners?
Good analysis, much of it sadly obvious to those paying attention. Appreciate the subtleties presented, however, filling out the consequences. So, what ancient text are you referring to? Curious minds need to know!
A solid “Cross Selling across the Millennia.”
I love and value both subscriptions.
Agnostic can have a few meanings one of which at one time identified : a person who holds the view that any ultimate reality (such as God) is unknown and probably unknowable.
I've since learned God is knowable even to the extent of knowing God on a personal level through His Towrah. Towrah contrary to all 3 Abrahamic religions does not mean nor does it contain a single law. Towrah is simply teaching, instructions, direction, and guidance proved by God for the express purpose of leading the reader to know their creator. Towrah.provides the answer to the ultimate question, Why are we here and for what purpose? With answers like this there's no room for faith or belief and this is precisely why all religions have obfuscated the truth. They replace the truth will rituals that require attendence, obedience and parting with money, which in turn the member is provided with false hope and emotional support. According to God no religious person has ever or will ever exist in His presence, He said that on the first tablet given to Moseh.
According to Towrah the religious person will end up in the same place as will the atheist, destruction of body and soul at the end of mortal life.
Something to consider, SBA loans given to businesses without real estate asset were never in the 3%-5% range. This class of SBA loans start at 7.25%, when the rates go up two percent SBA follows suit from a higher number. My current SBA loan is currently adjusted to 10.5% interest. The current balance is low enough that further increases are not a worry. However, when the SHTF or starts to the banks are going over the cliff and from where I'm standing this will not be a slow process.
As an Atheist, I deeply appreciate this.