Pericles wrote;
>I would be - albeit cautiously - optimistic about growth right now.
>Most of the signs are positive, at least.

Growth means more energy available.
Well there will be until we use up the spare capacity that was
generated by the recession. It started out as about 4 Million barrels
a day, but has decreased to about 1 Mbd.

Since the whistle blowers at the IEA woke everyone up last week there
has been a lot of rethink. I will be interested to see what the
experts have to say when the figures are all recalculated on reality.

To see how fast asleep our pollies are read this;

http://anz.theoildrum.com/

The senate vote was 36 to 6 to suck their thumbs.

Pericles posts more nonsense, and more relativism.Why cannot the individual create money from nothing like the corporate banks?
To depreciate a currency at a rate of 25% pa over 96 yrs via creating money from nothing, is pure theft.

Why can't the individual do exactly what the banks and Govts do?
Ron Paul Pericles, represents the economy of Texas,which is 25% bigger than Australia.Is he also an economic illiterate in your judgement?

I strongly recommend that you learn a little more about the topic, Arjay.

Apart from sounding like a cracked record (which, now I think about it, is a phrase that you are too young to understand), you continue to talk in empty slogans.

>>.Why cannot the individual create money from nothing like the corporate banks?<<

But that's exactly what happens when you get the bank to lend you some money.

The bank will look at the security that backs up your application - it might be a house, or a business with cashflow - before they "create" the money that you use to build an extension, expand your business or whatever.

There's no difference at the Bank level. They have to look at their lending limits as determined by their reserve requirements, as well as the nature of the loan itself, to avoid being exposed too much to a particular industry, city, currency or whatever.

So in effect, it is not the Banks that are "creating the money from nothing" - it is you.

And we've been here before, haven't we...

>>To depreciate a currency at a rate of 25% pa over 96 yrs via creating money from nothing, is pure theft.<<

If the dollar had "depreciated" at 25% per annum over 96 years, it would now be "worth" $0.000000000101

You keep forgetting to compound, don't you?

The actual amount is 3.2975% per annum

Now that's not so bad, is it? Especially considering that we have had two world wars and a depression since 1913.

>>Ron Paul Pericles, represents the economy of Texas,which is 25% bigger than Australia.Is he also an economic illiterate in your judgement?<<

Ron Paul represents nobody but himself. He has no official position to represent Texas on anything whatsoever, let alone its economy.

He is merely a noisy, chip-on-the-shoulder activist who represents Texas' 14th Congressional District, whose largest city is Galveston (pop: 60,000).

Far from being "25% bigger than Australia" Ron Paul's remit covers a population of around 300,000 people.

That's about the size of Wollongong.

But you never do very much fact-checking, do you Arjay?

The actual average infaltion was until 2 yrs ago 3.4%.We had this converstaion before and you agreed.In flation compounds like interest.You get inflation build upon inflation.So 3.4% pa coumpounds to 2500% over 96 yrs.The US $ is now depreciation faster because of the policies of Bernanke who could not manage a riot.

Why don't you try arguing the facts Pericles instead of denegrating things of which you have so little knowledge?

I do know some facts, Arjay.

>>Why don't you try arguing the facts Pericles instead of denegrating things of which you have so little knowledge?<<

And one of those is that Ron Paul's Congressional District is about the size of Wollongong.

It is also a fact that you said:

>>To depreciate a currency at a rate of 25% pa<<

When you really meant 3.3%

How can we possibly take seriously anything you say?