Category: econocaste

economics .. the short version, since the long is wasted on the young

Extremes

Posted on Posted in econocaste, nowhere

“The short-lived bubble economy at the end of the 1980s was a period of collective hysteria, a crazy time of frothy fortunes, pie-in-the-sky projects, and lavish living that suddenly evaporated. The impact of the crash of the stock market and land prices has had profound consequences, hammering banks, businesses, investors, borrowers, customers, and employees.”
—Jeff Kingston on Japan’s “lost decade.”

“I cut my leg with a circular saw (…) I knew I had cut myself, but I didn’t feel any pain (…) It was some kind of extreme emotional state.”
—Yamatsuka Eye describing Hanatarash’s second live performance in Osaka, 1984.

What Say You…

Posted on Posted in econocaste

I was a student at a time when vulgar economics was in a particularly vulgar state. … There was Great Britain with never less than a million workers unemployed, and there was I with my supervisor teaching me that it is logically impossible to have unemployment because of Say’s Law. Now comes Keynes and proves that Say’s Law is nonsense — someone else

401 qué

Posted on Posted in bead game, econocaste

The 401(k) is a result of the 1978 congress trying to provide a tax break to those higher wage earners (in a large Rochester company) on deferred income. The code was two years old when an employee benefits consultant, Ted Benna, thought it could be used to build a great retirement plan, replacing sections of their existing profit-sharing plan.

The client didn’t bite, but Ted talked and now millions of people use a 401(k). This tax loophole for deferred incomers is widely touted now by the Right To Wealth Elites as the salvation for their masses.