Beck's economic illiteracy: 'We're in inflation now!'
By David Neiwert Tuesday Mar 17, 2009 5:45am
Glenn Beck believes he's a sage of the market because he says he warned people to get out when the market was at 14,000. And so he's been ranting and raving for the past month, warning about the impending "Economic Apocalypse" headed our way, complete with cute nuclear-missile graphics.
But that doesn't mean he actually knows diddly about economics or the economy. Because he clearly doesn't.
Yesterday on his Fox News show, Beck invited on Stephen Mosher of the Population Research Institute -- a "pro-life" organization set up to "debunk" concerns about overpopulation* -- to talk about the dire economic situation and why Obama is taking us taking us down the road to economic perdition. Mosher believes Obama's policies will bring about global inflation:
Mosher: Well, first of all, I do believe we face fairly substantial inflation over the next couple of years, because we're spending beyond our means, right? We're running up the bill on the credit card, and we keep going back to the bank -- not the Bank of America, or AIG -- we own it. We go back to China and say, 'Lend us more money, lend us more money.'
Beck: OK, what does it mean, a 'substantial inflation'? We're already, uh, we're already in inflation. What does substantial inflation mean to you?
Um, hate to tell you guys this, but deflation, not inflation, is the dire economic problem we currently face. The problem is global: in the U.S., in Europe, and China too. The only reportage on inflation to be found these days is about how it's been flat -- nearly nonexistent -- for a record period of time, which is why everyone's so worried.
Not that anyone in their right financial mind would take economic advice from either of these characters. The same could be said for Beck's political advice. And anyone who watches Fox News deserves what they get anyway.
___
*Their own blurb reads: "Founded in 1989, the Population Research Institute is a non-profit research and educational organization dedicated to objectively presenting the truth about population-related issues, and to reversing the trends brought about by the myth of overpopulation. Our growing, global network of pro-life groups spans over 30 countries."
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I think someone is a Glen Beck fan on this website from all the postings he's given. Why give this nutcracker more PR, less is best.
He doesn't matter.
It's Beck Beck Beck every damn day...GAH!
Well...I can see why they have so many threads about him...I mean he IS a total right wing moron....and constantly gives us material...
Derivatives: $190k for every person on Earth!:
http://www.siliconvalleywatcher.com/mt/archiv...
Hans Solo: "I'm getting a bad feeling about all this..."
course, they misinterpret socialism on a regular basis. socialism is basically when government takes over industry, not when no one is allowed to make more money that anyone else (thats communism).
then again, people seem to be misinterpreting a 3% tax increase for people making 250k up as communism, so *shrug*
until thousands were killed
go ahead, stick your heads in the sand...will be easier to chop off
And if we progressives are going to counter his (and other) ridiculous claims, we HAVE to know what is being spewed over the airwaves. I don't know about you, but I am sick of hearing average Americans repeating these lies and myths as if they were fact. So the next time you see a post about Beck, or BillO, or Coulter, or any of the other rabid right nutjobs, consider these to be intelligence assessments of the opposition. Know your enemy and you can defeat him.
his brand of idiocy is almost painful...
It is painful; very, very painful!
I stand corrected...
I have all kinds of people asked me if I watch Glenn Beck, or Beck said this. Because of these posts and because I listen to his radio show I can bring up some of the crazier stuff that he has said to rebut their bullshit.
I have a friend that I used to work with, before our jobs went to Mexico, that I ran into the other day. He had went out and bought a gun and said that things are getting bad and that sooner or later we will have to take back our country. He said that Obama was turning this country into a socialist nation. Then, he ask me if I ever watched Glenn Beck and told me to check out his 9-12 thing. By the time that I got home, he had sent me a link to Glenn Beck's site. I wouldn't say that Glenn Beck is irrelevant.
I run into some saying that down here, but after persuasively explaining why we need to invade the Cayman's instead (and could do it easily with one brigade) with a straight face ... they usually go away confused and questioning.
Honestly, confused and questioning is exactly what any Beck listener should be, not armed and fearful.
Given all the recent postings about this Beck fellow I watched his show for the first time - that was the desired outcome of all those posts wasn't it?
Very boring program but clearly cut from the same bolt of cloth as Limbaugh, O'Reilly, and etc. There's no conspiracy just method. See just like Disney cranks out kid demographic shows in the hopes of finding the next Miley Cirus, Fox cranks out shows like this. They aren't gaining market share or audience. It's the same audience. If they go with the same host for too long even the target audience starts to drift away so they need to bring in a "new" host, same as the old host to stay in business.
So dig into the archives and recycle all the old posts about this topic (Fox, Limbaugh, O'Reilly, and so on) so you can keep your target audience.
We truly get it...this fucker's a madman. Beck's rant's are beyond lying...his wife should keep a loaded pistol on her.
this site is named "Crooks and Liars"
Or did you think this was a My Little Pony fansite instead? ;-)
the "My Little Pony" website that Beck may frequent isn't quite what you may have had in mind. ;o)
Actually hyper-inflation is always a possibility with high population growth and world trade agreements.
But that would be a result of stephen mosher's policy proposals not President Obama.
http://www.youtube.com/watch?v=xS5o0bZT4zY
Actually, over the long term, they're right: overpopulation is an overrated concern since projections show the population beginning to drop this century.
The reason for this is, of course, because of greater freedom and educational opportunities for women, and availability of birth control. Which, I suspect, Mr. Mosher would have issues with.
Yeah, 9 billion by 2050...and then it drops off.
In the meantime, the 6 Bill+ are fucking the planet over. Soil loss/erosion, ocean acidification, desertification, death of coral reefs, dead zones in ocean.
the stupid...it hurts...it hurts!!!
Last night near the end of BillO's show he had Dennis Miller on and even Miller made fun of Beck. Actually, it was pretty funny when Miller did his imitation of Beck and all his strangeness.
Missed that. I watch BillO, but I usually turn him off when Dennis Miller is on....he's just not funny, and I don't really give a crap what he thinks. I'll have to try to find a clip of that, though. I thought it quite hilarious when Shepherd Smith made fun of idiot Beck.
By the way, David....I'm getting Error 404s when I try to load the videos...maybe it's Beck that's causing this!
Dang! Fixed it.
Thanks!
The Idiot Beck strikes again.
You might as well pluck a worm out of the ground and make it a teevee host, that's about the value of Beck. These Faux people are trolls, it's always the best policy to ignore the trolls.
http://www.youtube.com/watch?v=ag8ZGmu5cv8&fe...
about this cretin. His network should be besieged with letters, emails, and phone calls.
Faux News gets a lot of email in protest about that cretin....but, unfortunately, that idiot cretin also seems to have a large following.
I just don't get it. First, the guy is an ignoramus, yet so many like him. I read on the Daily Beast this morning that he is now 3rd in viewership, after Hannity and O'Really, on FAUX. Second, even if you do agree with the idiot dunce, how can one put up with his antics?
I don't know anyone who acts like him. It's very sad and very scary when people follow this guy...it's a cult.
Does ANY photo of Glenn Beck exist where he's not making an orangutan face?
Ya sure about that?
http://www.hedweb.com/animimag/orangbig.jpg
RACIST!!
;)
in 1989, the Population Research Institute is a non-profit research and educational organization dedicated to objectively presenting the truth about population-related issues, and to reversing the trends brought about by the myth of overpopulation. Our growing, global network of pro-life groups spans over 30 countries."
AAAAAAAAAHGGGGGGGGGGHHHHHHHH!!! These couldn't possibly be the same fucks who denied birth control and sex education to those most hit by unwanted pregnancies through rape and ignorance, the spreading of disease and the passing of the HIV virus from mother to child, could it?
Lilith, Lilitr, Abitr, Amorpho, Khods, Strige, Tltoi Pritza...
Lilith
I have that image already stored in my My Pictures.
Back atchoo:
http://www.monsalvat.no/lilith1.jpg
(Looks a lot like the Pre-Raphaelite Dante Rossetti or Sir Edward Burne-Jones.
no, sorry, this guy is right (Beck is wrong)
when countries stop loaning us money, and all the debt piles up, the only way to pay for it is to monetize it and the dollar plummets
this would create massive inflation
if all the trillions being funneled into banks makes it out into the real economy, this would create massive inflation
we're in deflation now, but there is the potential for inflation in the next couple of years
And having somebody change his diapies at home.
I know it's a gross image to conjure up but I just can't help but think it everytime I look at his weird, contorted baby-waa-waa visage.
EEEEEEEEEEuuuuuuuuuuuuuuuuwwwwwwwwwwwwwwwwwwwwww! Beck in diapers!!!!!!!!!!!!!!!!!!!!!
it's a thought that nags at me everytime I see this overgrown crazed infant. It always looks like he needs a changing and fast...
YIKES.
Magic Morman LDS Sacred Panties are now disposible!
But on another hand, what are we gonna do with all Psycos around, when we get single payer health care. I mean all those Right-wing radio and TV folks, who are batshit crazy. I mean they will really work up the program.
Oh....you got me on that one--I was rolling--too funny!
http://www.youtube.com/watch?v=DXybGTkh3tY&fe...
but now you have to live with knowing that every time I see or hear Beck, I will think of him in diapers as well!
I think it's hilarious--LMAO!
Have a sort of giant-sized infant look about him....especially when he starts his ridiculous blubbering. Ick.
Not so macho, for sure. I can't imagine he incites much passion in his wife--(if he has one)--what a creep.
Now why'd you have to go and put that image in my head? A wife?
The wife changing the diapies?
Ack! My eyes! My brain!
I got tears streaming down my face, and I'm simultaneously nauseus! It's hilarious....and very disturbing.
I wonder if he's a thumbsucker while she's changing his diapers...staring up at her dewy-eyed with his legs in the air?!!
ACCCKKK!!!!!!
http://dailycartoonist.com/wp-content/uploads...
http://www.youtube.com/watch?v=zt8PDTUNyPE
....Our growing, global network of pro-life groups spans over 30 countries.
Back when there WERE only 30 countries.....
proselytize and cause grevious harm to these societies?
Disgusting.
told them it was ok...
scary but probably true. I can just picture the morning, afternoon and evening ritual now.
"Oh tell us great sky god...I just painted a crazy-ass picture of your likeness last week along side octomom. We lie prostrate at your feet waiting for your next directions."
*shudder*
yeah...that's pretty much it...
and they also pray that their bearded sky god will strike down us heathen libruls!
Mark 16:15 (King James Version)
15 And he said unto them, Go ye into all the world, and preach the gospel to every creature.
More my cup o' grog:
http://www.paralumun.com/witchcraft.htm
and
http://www.sacred-texts.com/eso/bob/subman.htm
But I was raised a Mormon like beck.
404 error for Glenn Bec movie
It's really better if you and I don't watch.
inflation of ego.
This guy is a clown. I suppose it's good to keep up to speed with what this asshat is saying. But the guy is just looking for publicity.
The scary part is how many believe what he coughs up.
OK, off to work. have a good day folks. And don't take this asshat too seriously. He's like a petulant child.
He's just a huckster given a microphone. Think of Joe the Plumber writing the evening news and you get the idea of the lack of dimension. Fox will never be anything but a shopping network as long as Beck, OReilly, Hannity, and Doocy are on the payroll.
When's the last time you bought groceries ?
(threading mistake - this was a reply to wheyghey)
values of homes lately?
The difference is- why did those homes go up in value in the first place? Housing prices were way too high during an inflationary boom- of course they have to come down. Its a fantastic thing that housing prices come down as well so that finally people can afford to buy houses without going into massive debt. I never heard of anyone complaining about prices constantly falling in the technology sector.
Sure, not every commodity or consumer good has lower prices. Deflation, in our screwed up fiat money system, is when the distribution of money is lower, meaning people have less money to spend and some prices are lowered to compensate. Inflation is when the money supply is too high and prices start rising to compensate.
People tend to think of rising prices as inflation, when it's really the effect of inflation.
as much as I dislike Beck's approach to various issues, I think we are going to get hyper-inflation once the evil fucks have wrung all the profits they can get from deflation.
Keep in mind, there's money to be made under either circumstance.
"Reluctantly" agreeing with Beck... why wasn't I surprised?
LOL.
Broke your heart just sayin it, dinnit?
........as HELL. The cryin' bit was classic.
If SOMEBODY will just dive into his past we will see how big of a hypocrite he really is. Until that day......have fun with the madness.
It only seems like inflation when products are adjusting their costs for cost of living increases, whilst our wages remain stagnant.
We are selling Treasury Bonds to China to pay for this mess.
Why not some form of propaganda program to push bond sales in the U.S? If Americans were encouraged to Buy bonds at this time China's money wouldn't be needed and we wouldn't be farther in debt to them.
During WW-II we had War Bonds to help pay the cost.
What better way can we Americans help the country?
I know they don't pay a bag full of interest but in return we would be helping ourselves in an economic crisis.
As a means to keeping our trade status with China secure...perhaps.
They (China) just now realized that we (the US) might have difficulty paying back even what we have already borrowed. That leaves Japan and the Saudi's, with the offshored bankers as the only non-domestic purchasers. Japan's exports have dropped and fallen off a cliff, oil is trading at what now?
He's right, we need to sell Treasuries domestically to have a prayer of funding anything. It needs to become more patriotic to hand your money to the government than .. oh say .. Madoff. It will be a hard sell.
Glenn Beck makes Alex Jones sound sane. That's quite a feat.
one thing is for certain, for the ruling class this economic clusterfuck is going splendidly. the state has rushed to protect financial institutions, allowed the big banks to get bigger, further concessions by labor (UAW)--truly we have seen the 'privatization of profit and the socialization of risk' in big bold letters (AIG in particular, obviously TARP, etc.)
there is a little hope: the EFCA would help in knocking back the power of our corporate overlords. not to mention the increasing public anger and complete distrust of those that, not too long ago, were held up america's capitalist-hero-class. when the country stops seeing off-shore-happy, labor-slashing, benefit-reducing, wage-decreasing CEOs as being people to look up to and starts seeing them for the corrupt crooks they are, it is a good place to start.
I really don't get it.
.
you're stuck in a crowd of mentally unstable people it usually pays to keep your eye on the craziest one.
Hmmm.
You want me to do posts of more substance? Perhaps posts about Dick Cheney, or Karl Rove, or the Employee Free Choice Act, or Mark Sanford, domestic terrorism, or Stephen Colbert?
Because I'm already doing that. Just in the past few days.
Look, I'm not going to stop covering Glenn Beck until he recedes into his deserved obscurity, and hopefully we can expose enough people to his idiocy that we can hasten that day. But pretending he's not there, that he's not getting these huge ratings and drawing in a lot of people to some real extremist right-wing populism, is simply not an option for us.
http://www.youtube.com/watch?v=mR4ze_FVH_w
David
Keep up the good work, Glenn needs to be institutionalized rubber room, what scares me is he has followers
He's already got the rubber pants.
Spotlight on Beck is fine. Media covering media is worthy. I can think of one thing you miss. So what if we know he's looney, and some people complain to Fox. Controversy sells.
Every time you list a segment of his that is objectionable, also list every advertiser that had a slot that aired in the segment. Every one.
Organized letters and boycotts might help move this from "thought-provoking controversy!" to "you really ought to dump this guy now before he becomes a bigger liability".
dipped in sour milk, rolled in baby powder and wrapped in magic underwear.
Now extra absorbant!
A little inflation would be a good thing. The moneybags would have to start making loans, or lose wealth.
They don't understand why this site has so much Beck?
Beck has a lot of the repugs listening to him; they're taking their $ out of the market (although typically AFTER they've lost a load on the Bush induced big drop) and stuffing their matresses. Excellent. The party has been mentally bankrupt for some time, now Beck will help his followers to become financially bankrupt.
Beck = Dumb Ass = Idiot.
when the news source is a soap opera. The "new source" is not in fact a source of news, it is complete and utter bull crap. We are losing brain cells and cycles having debates with retards. These people should be living out of cardboard boxes.
Notice how so much of the currency in your wallet is fairly brand-new? Notice how prices for just about everything are up? That's inflation, not deflation. The reason for that is the Treasury printing up Fed Reserve Notes at breakneck speed. It's a wonder they don't have fires breaking out at Treasury.
Increases in fiat currency with nothing but IOU's to back them make for inflation. It's why Bush the Lesser ordered the Treasury to stop reporting the actual money supply in America. People were getting jittery as far back as two years ago.
What's got our foreign investors edgy is the more paper money, the more inflation, and the less value their investments have, and they have less incentive to loan us more money to keep our system afloat. (It's not being kept floating thanks to the tax base, as that's shrinking, thanks to the crisis and those damned tax cuts for the Uber-Wealthy.)
All the stimulus plans in the world won't help if those foreign creditors won't pony up again. If they don't, just printing more money could lead to Weimar Republic, USA. Mr. Obama needs to calm those foreign investors with assurances we won't go hog-wild with the Treasury printing presses...hence his go-slow approach.
That's what's been happening.
If that cash wasn't at hand and deflation deepened, wages would go down, too. However, people would still be locked into loan terms that don't deflate, so there would be a lot more defaults on loans, then more businesses would shut down, followed by higher unemployment, further deflation...a plummet right down to the ground.
Dickhead, Beck, had a partial lobodomy after birth.
Glen Beck must be one of them idiot geniuses, the way he gets right down do it. Yes, Mosher, how substantial is substantial? Also, if I have a really really short string, how much longer would my really really short string be if I made it longer? In centimeters, not inches.
Who are these fucking morons?
Haven't they read the scientific studies that show that if everyone on earth lived like North Americans, we'd need 6 or 7 more planet earths?
There's too many fucking people on the planet. I don't know how the population is going to be reduced, but it has to as soon as peak oil hits. Personally, I have no children for this reason. People are selfish, and driven by the selfish gene (see Richard Dawkins).
EDIT: My parents are Jehovah's Witnesses, and even they believe that at some point, "Be fruitful and multiply" in Genesis will have been fulfilled. One of their preachers even said, if you are pouring a cup of coffee, do you keep pouring as soon as it hits the rim? Although, they are crazy too because they think that all the people who have ever died will be resurrected for a "second chance". So they think that the earth will have 100 billion people on it some day I guess.
Prove to me that homo sapiens will not go extinct in 100 years. I'm very cynical these days.
It doesn't take an economist, and I happen to be one to figure out that falling prices is a good thing. Unless you are one of those "limosine" liberals or maybe it just depends upon what Think Tank released that hackneyed "sky is falling" assessment.
Then again, I'm not wealthy. Matter of fact, I'm of just the socio-economic background this website is supposing to advocate. Then again, John Amato isn't an economist which is blatantly obvious when he rants about unions. Unions do create unemployment, not to mention it's use of thugs(governmental and NON!) to get its own way.
The board of this Blog needs some serious and honest study of economics if it wants to be taken seriously.
there is a total misunderstanding about inflation, deflation and the price of things. inflation or deflation has to do with the supply of money. if the money of zero maturity (MZM) expands year over year or even month over month thats inflationary. if it contracts to less than the previous year or month its deflationary. if the velocity of increase slows down it is disinflationary. we have inflation because the money supply is increasing yet still the price of many goods and services are down. this is because there is a lack of demand for these products. if i dont need or want a house or car the price of these items higher or lower is irrelevant. people unable or unwilling to purchase goods or services have more immediate impact on the price of things than inflation or deflation. my one cent input.
I agree, Nemo.
1. My impression is that our family's food costs have risen significantly in recent months.
2. Nobody has decided to lower our rent, or electric bill, or heat, or insurance bills (certainly not health!), or phone bills.
3. Our taxes are going down -- what? 3-4 percent. My wife took a 10% pay cut this year. Everybody in her company did.
Let's see: food, housing, heat, electricity, phone, car and health insurance. Nope, no savings there. Where are the great bargains again?
I guess it's better having a job than not having a job, but the point of deflation seems to be that nobody's buying anything. Not that everything is suddenly a bargain or even that companies are particularly afraid to continue raising prices. Which tells me that deflation and inflation are quite different creatures instead of a continuum along the same scale. We can have both at the same time?
My credit card calls it inflation, while my debt card calls it deflation.
First if we define inflation as the INCREASE in money supply and not as rising prices- then we do have massive inflation. Please try to understand this point- rising prices doesn't cause inflation.
INFLATION CAUSES RISING PRICES.
The actual price increases that come from increases in the money supply don't happen all at once and it takes time- and eventually it will happen and it will be very painful.
There are deflationary pressures now because we've had an INFLATIONARY boom for the past decade- so its only natural that deflation occurs. Prices dropping isn't the problem- IT IS THE SOLUTION and its great that some prices are falling(like housing, unfortunately we're trying to prop those prices back up so that no one can afford them). China is not "suffering" from deflation- their citizens are benefiting from lower consumer prices. In what way or logic is that a bad thing?
No economy has been destroyed by "deflation" in history ever. Massive inflation, however, has time and time again accomplished that very well. Just look at Zimbabawe which was about the same value as the British pound in 1980- and known as the bread basket of Africa. Now they're suffering from the most ridiculous inflation rates in history- and that's why people complain about printing money and deficit spending. The deflation boogeyman is ridiculous- and without the high purchasing power of the dollar in the great depression- life would have been much harder. Deflation didn't cause the Great depression- it was a blessing that your money had high value.
Show me anyone who's real purchasing power has increased, other than certain savers without positions depressed stocks. The overwhelming majority of people who save have had massive asset loss in the #1 source of their savings: the house they own. While at the same time they've taken a hit on pay.
Food does not cost less. Utilities do not cost less.
As a country whose economy is 70% consumption based, and most all of that financed through credit and debt, deflation is "good" in the sense it corrects an imbalance in our priorities for spending. We shouldn't be such a consumption pig country. But the flip side, is if deflation lasts too long, or is too strong, there is even more real asset loss for both savers and debters. Debters even lose out as their debt becomes more valuable (to the lender), and more difficult to pay off as wages go down.
Inflation is the way to get back to status-quo, back to consumption, back to normalcy. You may not like normalcy, but you can't change it over 18 months and expect people to not have a fit.
And further it's ridiculous to say that people in the depression were lucky to have deflation. The depression has been dissected thoroughly and the way out of those problems is through spending. Inflation is not required, but would be tolerated. Hyperinflation is to be avoided, which is what you're referring to. But the idea that deflation is the way to fix this has been soundly rejected, because it's been tried. Now if you think it's OK to wait a decade or so before we recover, you're entitled to your opinion, but recognize that people who understand what you're asking for will opine that you're a complete dipstick.
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