Parliament debate 2020/2021

[Voodooman]

2 hours ago, Yewheng said:

End of the day if you watch the YouTube austrian economics vs mainstream economics. Mainstream economics is catorised of kenysan, Chicago and etc.. These economics theory's all uses data to prove the point and predict the future. You go watch the whole YouTube and understand la.. Lazy to type already. Everything is in the YouTube on the explainion. End of the day this is what it is. Can only say we are now in a very dangerous situation of going to a downward spiral if majority of the people can't see the difference between each of the difference of economic theories and what it actually mean. 

Austrian or Ostriches economics?  😂

[Yewheng]

11 minutes ago, Voodooman said:

Austrian or Ostriches economics?  😂

End of the way we want the best out of our country right. But from what I am seeing in parliment. It is inevitable that we are now at the tipping point of going downhill sprial. 

 

 

[Voodooman]

1 hour ago, Yewheng said:

End of the way we want the best out of our country right. But from what I am seeing in parliment. It is inevitable that we are now at the tipping point of going downhill sprial. 

 

 

There are many issues but please don't recommend Austrian economics, the school has closed. 

A lot of assumptions used by Austrian economic theory have been debunked (just google Austrian economics debunked). Tell me one country that is following this school of thoughts to manage its economy. Even America has abandoned it, from Paul Krugman to Milton Friedman. 

Ironically, socialism may be the savior of capitalism.  Otherwise it is going to be fascism. 

[inlinesix]

10 minutes ago, Voodooman said:

There are many issues but please don't recommend Austrian economics, the school has closed. 

A lot of assumptions used by Austrian economic theory have been debunked (just google Austrian economics debunked). Tell me one country that is following this school of thoughts to manage its economy. Even America has abandoned it, from Paul Krugman to Milton Friedman. 

Ironically, socialism may be the savior of capitalism.  Otherwise it is going to be fascism. 

Take the best of capitalism and rojak with the best of socialism.

 

[Victor68]

On 9/3/2020 at 1:48 PM, Fcw75 said:

Yah, my friend also asked me....if he is PM because of his father, what does that make him? Ultimate Free Rider? 超级无敌？

He have just explained the meaning of free rider lor

[Weez911]

https://berthahenson.wordpress.com/2020/09/03/the-pm-is-pissed-off/

[Lethalstrike]

15 hours ago, Jamesc said:

Which Socialist policies cause economic and social problem all around the world?

You don't like HDB?

You don't like CPF?

You don't like Medicare?

You don't like Government schools?

You don't like your Vaccinations?

You don't like SBS? SMRT?

Trump also don't like Socialist policies

so you like Trump policies?

Which Trump policies you like?

Don't like to wear masks. 

Thus US of A is facing the brunt of Covid-19 infections. 

[Albeniz]

12 hours ago, Jamesc said:

Aiyah I teach you many times already.

Austrian economics and you are the only person that calls its Austrian economics is Moneterism or Classical economics or Neo classical economics.

Classical economics failed and so they re named it Neo classical economics and when that failed they renamed it Moneterism from Professor Milton Friedman of the University of Chicago. 

The failure of Classical economics is basic psychology. In a recession the gov lowers interest rates to almost zero thinking if money is so cheap entrepreneurs will borrow lots of money because its cheap to build factories and thus create lots of jobs.

The basic failure is this - no matter how cheap borrowing money is - a businessman will not borrow money no matter how cheap to build factories and create jobs IF they THINK people will not buy their product.

Now in a recession people don't have money and if they don't have money they are not going to buy things. The only thing they will buy is food.

So how to get the economy going in a recession? Government and consumers NEED to spend money. Government can build more schools, roads, hospitals etc and that creates jobs and when people have jobs they will spend the new income they get and their spending will be income to other people and sales and revenue to other companies.

Or the government can give everyone say an extra $20 every week. Everyone gets more money and we will spend it. Go for a haircut or take take the kids to Macs or for ice cream and that more sales and income to the barber, macs or the ice cream shop owner.

These people get more money and they will spend it and that's income to other companies and other people.

Every one spending more means increase economic activity and a booming economy. That means more good jobs and the country huat.

Just playing with interest rates does not and cannot pull us out from a recession.

Monetary policy need fiscal policy and fiscal policy is government and consumer spending.

Plain and simple why Monetary policy on its own cannot revive a stalling economy.

Keynesian economics which you keep criticising is just like driving a car.

So fitting for a car forum.

When the economy is slowing down is like a car slowing down and need to press the accelerator. That's government pumping money into the economy.

When too much economic activity like a car going too fast need to brake and that''s the government increasing interest rates to cool the economy from inflation.  

Wow! Sifu!

 

4 hours ago, Kopites said:

 

 

11 hours ago, Jamesc said:

 

[Wt_know]

jamesc for president !!!  

Edited September 5, 2020 by Wt_know

[Fcw75]

[Mustank]

12 hours ago, Jamesc said:

Aiyah I teach you many times already.

Austrian economics and you are the only person that calls its Austrian economics is Moneterism or Classical economics or Neo classical economics.

Classical economics failed and so they re named it Neo classical economics and when that failed they renamed it Moneterism from Professor Milton Friedman of the University of Chicago. 

The failure of Classical economics is basic psychology. In a recession the gov lowers interest rates to almost zero thinking if money is so cheap entrepreneurs will borrow lots of money because its cheap to build factories and thus create lots of jobs.

The basic failure is this - no matter how cheap borrowing money is - a businessman will not borrow money no matter how cheap to build factories and create jobs IF they THINK people will not buy their product.

Now in a recession people don't have money and if they don't have money they are not going to buy things. The only thing they will buy is food.

So how to get the economy going in a recession? Government and consumers NEED to spend money. Government can build more schools, roads, hospitals etc and that creates jobs and when people have jobs they will spend the new income they get and their spending will be income to other people and sales and revenue to other companies.

Or the government can give everyone say an extra $20 every week. Everyone gets more money and we will spend it. Go for a haircut or take take the kids to Macs or for ice cream and that more sales and income to the barber, macs or the ice cream shop owner.

These people get more money and they will spend it and that's income to other companies and other people.

Every one spending more means increase economic activity and a booming economy. That means more good jobs and the country huat.

Just playing with interest rates does not and cannot pull us out from a recession.

Monetary policy need fiscal policy and fiscal policy is government and consumer spending.

Plain and simple why Monetary policy on its own cannot revive a stalling economy.

Keynesian economics which you keep criticising is just like driving a car.

So fitting for a car forum.

When the economy is slowing down is like a car slowing down and need to press the accelerator. That's government pumping money into the economy.

When too much economic activity like a car going too fast need to brake and that''s the government increasing interest rates to cool the economy from inflation.  

真言！

[Mustank]

This whole place a lot of 高手

Very scary one 

[Volvobrick]

16 hours ago, Jamesc said:

All the people that got Covid didn't need to pay for their treatment.

This is Socialism.

Are you saying all of them should pay for their hospital bills?

How about the migrant workers?

They should also pay for the medical treatment?

Migrant workers should be adequately insured. If not, when they not sick, bosses and dorm operators happily pocket all the profits. When sick, throw the problem to the govt and let other taxpayers foot the bill, socialising the costs. 

成何体统! 

[Mustank]

13 hours ago, Jamesc said:

So how to get the economy going in a recession? Government and consumers NEED to spend money. Government can build more schools, roads, hospitals etc and that creates jobs and when people have jobs they will spend the new income they get and their spending will be income to other people and sales and revenue to other companies.

Or the government can give everyone say an extra $20 every week. Everyone gets more money and we will spend it. Go for a haircut or take take the kids to Macs or for ice cream and that more sales and income to the barber, macs or the ice cream shop owner.

These people get more money and they will spend it and that's income to other companies and other people.

Every one spending more means increase economic 

should not give money

should spend money for exchange people do work 

[Jamesc]

2 hours ago, inlinesix said:

Take the best of capitalism and rojak with the best of socialism.

 

Socialism is the best of Capitalism and Communism.

Now Communism people think Mao green suits or Mao little red book.

I guess Mao like colours.

But Communism in economic terms just mean a planned economy.

So Socialism combines the price mechanism with some form of planning.

If you have primary schools then you have to look at how many babies are born this year and know how many students will be in Primary 1 in 6 years time.

Then you have to plan to have enough classrooms and seats.

In a Covid epidemic if we just left it to the Free Markets there will not be enough bed and if there is a shortage of ICU beds then it will go the riches person that can pay the most of the ICU bed.

It will be a bidding war just like the COE.

If we have the discredited Austrian model then rich people will survive Covid and poor people will die on the streets.

[Jamesc]

7 minutes ago, Volvobrick said:

Migrant workers should be adequately insured. If not, when they not sick, bosses and dorm operators happily pocket all the profits. When sick, throw the problem to the govt and let other taxpayers foot the bill, socialising the costs. 

成何体统! 

Yes very much so.

Just like the US banks. Gamble on housing market, it goes up the bank directors pay themselves millions in bonuses. The housing market crash, the banks lose billions and the tax payers have to pay the billions.

Privatize profits and socialize losses. 

[Jamesc]

14 minutes ago, Mustank said:

should not give money

should spend money for exchange people do work 

How to choose what work people do?

In China there are lots of government companies that make steel or concrete.

But there are too many of these factories producing too much steel and concrete but the gov still pumps in money because they don't want social unrest if millions of people lose their jobs and no more income.

So the problem for the gov is how to choose what work people should do?

Which industries should they support and which companies?

Now got no one flying so SIA 96% of the planes on the ground.

Should gov keep pumping money or let it go bust?

[Albeniz]

24 minutes ago, Volvobrick said:

Migrant workers should be adequately insured. If not, when they not sick, bosses and dorm operators happily pocket all the profits. When sick, throw the problem to the govt and let other taxpayers foot the bill, socialising the costs. 

成何体统! 

I give you a "like" and applaud you for the appropriate use of the last 4 Chinese characters.