Not to be offensive or anything, but I don’t like feminists.* Today, I just experienced a small reason why. A friend of mine on facebook shared a blog article by a self-proclaimed “feminist economist” who praised deficit spending as a “Grrrl’s best friend,” because it stimulates the economy. One of her points was literally that we can always have as much money as we want because, don’t you know, we have these magical things called bonds! How wonderful is that! (How often have we heard that line before?)
*An intelligent, competent, reasonable, and respectful woman is great. It’s just that feminists are generally the opposite of these traits.
I’m not going to link to the post because I’m not a big fan of giving positive SEO signals to search engines for worthless content. However, google “feminist economist grrls best friend” and it’ll be your first hit if you want to read it.
Well, I took issue with this mess of an article for its poor economics and lack of intelligent reasoning. So much so that I again violated the rule that “I should not care if someone is wrong on the Internet.” I decided to post a lengthy comment that was admittedly opinionated and significantly opposing the viewpoint of the original post, but I figured she’s a feminist economist, so she could take it. And if she’s a good open-minded liberal, I figured my comment would be accepted. There was no profanity, no name-calling, no threats, nothing that could be interpreted as anything but an opinionated presentation of an opposing view.
I mean, if you can’t take the heat…
Anyway, I saved my comment as a precaution just in case it wouldn’t be accepted. Sure enough, I just checked the post and my comment is gone while a ton of new comments are in. So, it’s safe to assume that mine is out.
Not to fear. Here’s my comment re-posted.
For those who think this might be spiteful, it’s really not. I’m just pointing out the:
A) Horrible reasoning by those who like to advocate deficit spending
B) Inconsistency of the “open-minded” mantra
C) The lack of backbone by this particular feminist…
..who just doesn’t know how to take the heat.
“Here are the facts: U.S. government borrowing creates interest-bearing assets. The bonds are bought with dollars, the interest on them is paid in dollars and, at maturity, the bonds are paid off in dollars. Since the U.S. government is both sovereign in its own currency and the sole issuer of dollars, it can never run out of them. How could it?”
In simple language, it’s called counterfeit money. U.S. government monetary policy is in no way any different from what a counterfeiter would do. If I were to just cut up random bits of paper and say, “Here, use this, it’s worth $100!!!” you’d look at me like I was crazy. But the feds do it and all of a sudden, simply because the feds do it, it turns worthless paper into some form of valuable currency.
Here’s a simple fact: to my knowledge, most (if not all) nations that have introduced paper fiat currency into their economic system have always suffered severe inflationary whiplash afterwards. Of course, these nations introduced paper fiat currency because they wanted to spend more by creating money out of thin air. Well, they accomplished that goal, but it eventually crushed their economy.
I would like to thank the author for pointing out that U.S. infrastructure is failing, specifically bridges,
aviation, and dams. News flash: most of these infrastructure projects are built, maintained, run by, or overseen in some part by the federal government. If you want to make such projects safer and more cost efficient (but I guess the author doesn’t care about the latter, since it isn’t consistent with a “MAXING OUT MY CREDIT CARDS…LOLZ!” philosophy), then privatize them.
The fundamental error of the author is that she believes that government somehow magically can violate economic and mathematical principles that the rest of us can’t. Another news flash: government is run by humans subject to the same physical and social laws that govern the rest of us. It’s amazing how in a modern society that has long ago left behind such ancient and ridiculous practices as child sacrifice, chants and amulets to ward off evil spirits, mystical oracles, and roaming druid priests, we still chant the hymns of political magic as if we expect to escape mathematical and economic laws by wishing they weren’t there.
Very poorly thought out article.
Special thanks to Shaun Connell of Stand Strong Research for pointing out the existence of this article and joining me in finding it absurd (I figured if I was going to share a link on this post, I’d actually do it to some worthwhile content).
P.S. My long-in-coming “Love Wins” review will hopefully be done this weekend at some point. Depending on how high-quality it is, it may end up on my Yahoo Contributor page, but regardless, I will let you know of its existence.