Rick Santelli - Legend

[Phatscotty]

Duct tape is holding our economy together


Debt and our children

CNBC’s Rick Santelli, the man commonly credited with sparking the Tea Party, on Monday spoke with Rep. Allen West (R-FL), a Tea Party favorite, about revitalizing the U.S. economy.

a few hints dropped on the Global QE coming our way at the end of the week

[BigBallinStalin]

Haha, I never heard of Rick Santelli.

He's an interesting guy

[Phatscotty]

Haha, I never heard of Rick Santelli.

He's an interesting guy

Are you seriously telling me you have never seen this one? Or maybe you didn't realize it was the same guy...?

February-ish, 2009


Nobody knows for sure, but this was definitely one of the first shots heard around the world, and definitely encompasses what allllll this is alllllll about

[Nola_Lifer]

If the economy tanks, I'd rather have a farm with my own well with crops already planted. Gold won't mean a thing if your starving to death and no one has food.

[BigBallinStalin]

If the economy tanks, I'd rather have a farm with my own well with crops already planted. Gold won't mean a thing if your starving to death and no one has food.

You'd probably need a nuclear war to happen, in order to justify investing in a farm for that reasoning. All other exogenous shocks* would still leave plenty of capital for the division of labor to continue, thus sidestepping the regression to subsidence agriculture.


*another exception: hostile alien invasion, the outcome of which is similar to a nuclear war.

[Nola_Lifer]

If the economy tanks, I'd rather have a farm with my own well with crops already planted. Gold won't mean a thing if your starving to death and no one has food.

You'd probably need a nuclear war to happen, in order to justify investing in a farm for that reasoning. All other exogenous shocks* would still leave plenty of capital for the division of labor to continue, thus sidestepping the regression to subsidence agriculture.


*another exception: hostile alien invasion, the outcome of which is similar to a nuclear war.

Pretty sure there were lots of starving people during the Great Depression.

[BigBallinStalin]

If the economy tanks, I'd rather have a farm with my own well with crops already planted. Gold won't mean a thing if your starving to death and no one has food.

You'd probably need a nuclear war to happen, in order to justify investing in a farm for that reasoning. All other exogenous shocks* would still leave plenty of capital for the division of labor to continue, thus sidestepping the regression to subsidence agriculture.


*another exception: hostile alien invasion, the outcome of which is similar to a nuclear war.

Pretty sure there were lots of starving people during the Great Depression.

Sure, but that doesn't change the fact that gold was still extremely useful--even during those disastrous times. Its relative value compared to the US dollar was immense. Gold could buy you many things during that time because the price of US paper dollars were highly inflated.


For your scenario about gold being useless to be true, then we'd have to have some disaster where only subsistence agriculture were the only means to live, which means that nearly all stocks of capital would have to be destroyed. But even in a barter economy, gold still has its uses as a medium of exchange. See Carl Menger's the Origin of Money.

[Phatscotty]

If the economy tanks, I'd rather have a farm with my own well with crops already planted. Gold won't mean a thing if your starving to death and no one has food.

how are you going to acquire seeds and plows and horses? What if one of your pigs die unexpectedly? What if you have your record crop, just at the same time everyone else has a record crop the same as yours? What if the blacksmith has enough of your crop to last him through the year, and won't take corn as payment? Because if nobody had food, then that would mean you too, because you would have no way to protect it.

[Nola_Lifer]

If the economy tanks, I'd rather have a farm with my own well with crops already planted. Gold won't mean a thing if your starving to death and no one has food.

how are you going to acquire seeds and plows and horses? What if one of your pigs die unexpectedly? What if you have your record crop, just at the same time everyone else has a record crop the same as yours? What if the blacksmith has enough of your crop to last him through the year, and won't take corn as payment? Because if nobody had food, then that would mean you too, because you would have no way to protect it.

Seeing that my crop was already planted, I'd get the seeds from the crop that was planted. Yes, you don't have to buy seeds they come free. I never said I was trying to sell my crops only to feed myself. I can preserve the extra. What about the blacksmith? How do you know I can't protect it. Do you know where my farm is? Do you know where my guns are?

If the economy tanks, I'd rather have a farm with my own well with crops already planted. Gold won't mean a thing if your starving to death and no one has food.

You'd probably need a nuclear war to happen, in order to justify investing in a farm for that reasoning. All other exogenous shocks* would still leave plenty of capital for the division of labor to continue, thus sidestepping the regression to subsidence agriculture.


*another exception: hostile alien invasion, the outcome of which is similar to a nuclear war.

Pretty sure there were lots of starving people during the Great Depression.

Sure, but that doesn't change the fact that gold was still extremely useful--even during those disastrous times. Its relative value compared to the US dollar was immense. Gold could buy you many things during that time because the price of US paper dollars were highly inflated.


For your scenario about gold being useless to be true, then we'd have to have some disaster where only subsistence agriculture were the only means to live, which means that nearly all stocks of capital would have to be destroyed. But even in a barter economy, gold still has its uses as a medium of exchange. See Carl Menger's the Origin of Money.

Even if I have all the gold in the world, you'd be a dumb farmer to trader your food for something you can't eat unless you have excess which you should store or preserve through a variety of ways.

[BigBallinStalin]

If the economy tanks, I'd rather have a farm with my own well with crops already planted. Gold won't mean a thing if your starving to death and no one has food.

You'd probably need a nuclear war to happen, in order to justify investing in a farm for that reasoning. All other exogenous shocks* would still leave plenty of capital for the division of labor to continue, thus sidestepping the regression to subsidence agriculture.


*another exception: hostile alien invasion, the outcome of which is similar to a nuclear war.

Pretty sure there were lots of starving people during the Great Depression.

Sure, but that doesn't change the fact that gold was still extremely useful--even during those disastrous times. Its relative value compared to the US dollar was immense. Gold could buy you many things during that time because the price of US paper dollars were highly inflated.


For your scenario about gold being useless to be true, then we'd have to have some disaster where only subsistence agriculture were the only means to live, which means that nearly all stocks of capital would have to be destroyed. But even in a barter economy, gold still has its uses as a medium of exchange. See Carl Menger's the Origin of Money.

Even if I have all the gold in the world, you'd be a dumb farmer to trader your food for something you can't eat unless you have excess which you should store or preserve through a variety of ways.

No one is going to trade something on which they survival depends on; however, if they can fetch a good price for it, they may lower their standards. So, let's ignore the unlikely scenario that one person could have all the gold in the world, and let's focus on "you'd be a dumb farmer to trader your food for something you can't eat." This isn't true, because duh, no one eats gold, you use it as a medium of exchange--in this scenario.

You'd be a dumb farmer to not trade for something which you could immensely profit from, thus offsetting the marginal costs of having a little less food.

[Baron Von PWN]

everyone knows the default currency is bottlecaps. gold... psh fools!

[Nola_Lifer]

everyone knows the default currency is bottlecaps. gold... psh fools!

+1 You can never have enough food.