Essential Economics for Politicians
- Thread starter Bruddah IZ
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Bruddah IZ
DA
Desperate Measures to Stop Devastating Overtime Rules
https://fee.org/articles/desperate-measures-to-stop-devastating-overtime-rules/
Our salaried employees enjoy being salaried and treated like adults. They are given tasks to do, and they decide how and when to do them. Nobody looks over their shoulders with a stopwatch telling them how long they have to drink coffee.
Sure, they have some weeks that are very busy and which require long hours, but if they want to come in late for a few days in a row, leave early, or take an extra week off during the slow season, they get that flexibility too.
They get the flexibility to work from home or pursue job-related training opportunities. If they need to take a couple hours off to pick up a sick child from school or take care of some errands, they have that option.
Effective December 1, however, I have to take away that flexibility and freedom.
https://fee.org/articles/desperate-measures-to-stop-devastating-overtime-rules/
Our salaried employees enjoy being salaried and treated like adults. They are given tasks to do, and they decide how and when to do them. Nobody looks over their shoulders with a stopwatch telling them how long they have to drink coffee.
Sure, they have some weeks that are very busy and which require long hours, but if they want to come in late for a few days in a row, leave early, or take an extra week off during the slow season, they get that flexibility too.
They get the flexibility to work from home or pursue job-related training opportunities. If they need to take a couple hours off to pick up a sick child from school or take care of some errands, they have that option.
Effective December 1, however, I have to take away that flexibility and freedom.
Bruddah IZ
DA
Obama's Overtime Rules Will Kill Telework
https://fee.org/articles/obamas-overtime-rules-will-kill-telework/?utm_medium=popular_widget
Consider what could be a real-life example: Peter, a fellow at a think tank who earns a salary of $45,000 a year. Now if he works late one night, he can come in later the following day, or take extra time off. He can duck out of the office to get a haircut without reporting to his boss. If he feels sick, he can ask to work from home. He can come home for dinner and catch up with his work in the evenings. His employer is free to say, “Peter, you worked a lot of evenings this week. Take some extra days off with your family over Thanksgiving.”
On Dec. 1, Peter and his employer will no longer be able to have such an arrangement. Along with others who make under $47,476 annually, Peter will have to keep track of his hours by clocking in and out. Because of his employer’s requirement to track his hours, telecommuting will be difficult. If he works longer in one particular week, his employer will not be legally allowed to give him “comp time” (time off instead of the extra hours), but will have to pay him overtime instead.
https://fee.org/articles/obamas-overtime-rules-will-kill-telework/?utm_medium=popular_widget
Consider what could be a real-life example: Peter, a fellow at a think tank who earns a salary of $45,000 a year. Now if he works late one night, he can come in later the following day, or take extra time off. He can duck out of the office to get a haircut without reporting to his boss. If he feels sick, he can ask to work from home. He can come home for dinner and catch up with his work in the evenings. His employer is free to say, “Peter, you worked a lot of evenings this week. Take some extra days off with your family over Thanksgiving.”
On Dec. 1, Peter and his employer will no longer be able to have such an arrangement. Along with others who make under $47,476 annually, Peter will have to keep track of his hours by clocking in and out. Because of his employer’s requirement to track his hours, telecommuting will be difficult. If he works longer in one particular week, his employer will not be legally allowed to give him “comp time” (time off instead of the extra hours), but will have to pay him overtime instead.
Bruddah IZ
DA
Obama’s Egregious Overtime Rules Attack Prosperity and Worker Rights........
https://fee.org/articles/obama-s-eg...-and-worker-rights/?utm_medium=popular_widget
The Department of Labor’s new regulation regarding working hours ranks among the most outrageously destructive actions by the Obama administration in its two-term history. It is going to profoundly affect the lives of many millions of people, shattering dreams and smashing the human rights of workers to negotiate, produce, and achieve.
By executive fiat, the Department has now said that time-and-a-half rules on worker pay apply to workers earning up to $47,476 per year (such specificity!) whereas they used to apply only up $23,660. The new rules apply to salaried as well as hourly workers. High-level executives (along with teachers and doctors) are exempt (how people will be classified is determined by a complicated test).
https://fee.org/articles/obama-s-eg...-and-worker-rights/?utm_medium=popular_widget
The Department of Labor’s new regulation regarding working hours ranks among the most outrageously destructive actions by the Obama administration in its two-term history. It is going to profoundly affect the lives of many millions of people, shattering dreams and smashing the human rights of workers to negotiate, produce, and achieve.
By executive fiat, the Department has now said that time-and-a-half rules on worker pay apply to workers earning up to $47,476 per year (such specificity!) whereas they used to apply only up $23,660. The new rules apply to salaried as well as hourly workers. High-level executives (along with teachers and doctors) are exempt (how people will be classified is determined by a complicated test).
Bruddah IZ
DA
"If there were no debts in our money system, there wouldnʻt be any money"-- Mariner Eccles, Governor of the Federal Reserve System in 1941
Bruddah IZ
DA
If all the Bank loans were paid, no one could have a bank deposit, and there would not be a dollar of coin or currency in circulation.--Robert Hemphill, Credit Manager of the Federal Reserve bank in Atlanta, 1936
B IZ, I have trouble figuring out what you're saying. Sometimes you appear to question the wisdom of government monetary policies. Other times you seem to object to any government intervention. For government to make wise policies,
I have trouble discerning your positions. Sometimes you appear to question the wisdom of government monetary policies. Other times you seem to object to any government intrusion to the extent you almost sound like an anarchist. The former is out of my depth. On your latter point of view, I feel confident enough to have a discussion
Bruddah IZ
DA
In any event, there is a large degree of truth in the claim that our fiat money, fractional reserve banking system, is one in which debt is intertwined with money. This system features the utterly perverse properties that massive increases in indebtedness give rise to a euphoric boom (as the money supply grows ), while periods of frugality and debt payment coincide with periods of depression (as the money supply contracts). This is not a feature of the market economy, but instead a result of government intervention in the monetary and banking arenas.--Carlos Lara & Robert Murphy, How Privatized Banking Really Works
Could you expound?
Bruddah IZ
DA
The attachment should be helpful in explaining the "former".
http://consultingbyrpm.com/uploads/HPBRW.pdf
Knowledge keeps me from being an anarchist while sounding like one to those who lack it.
Bruddah IZ
DA
Read Chapter 16, page 225, in the attached .pdf. Although the entire book really is a good read for understanding the boom and bust cycles that we see in the U.S. and around the world.
If I ask your position on a religious issue, giving me a copy of the Bible doesn't answer my question, does it? Can you just say in short, dumbed down language whether you think it's possible for free market to be truly free without government?
Bruddah IZ
DA
LOL!!
Bruddah IZ
DA
Is it a religious economic issue?
I read the part you recommended.
"In a pure market economy, there are strong checks against fractional reserve banking, which prevent any one bank from issuing an excessive number of unbacked notes." Pa 240. Tell me how its validity is verified by the financial crisis of 2008.
Didn't Glass Steagall Act precisely function as checks against fractional reserve banking? Didn't its repeal lead to market derivatives such as credit default swaps lead to the 2008 financial crisis? Weren't they the products of unregulated free market that led to the financial crisis? Is it not true that repeal of the Glass Steagall contribute to the financial crisis?
Neither. It's just a metaphor to your habit of giving links as an answer to a question.
Another question for you BIZ.
Is the value of fiat money affected by more than supply and demand? Does the velocity of circulation affect the value of money? If so, a vigorous market by itself would create inflation, doesn't it? If so, does it really matter if it's fiat money or commodity money? Whether it's fiat money or commodity money, what are free market checks against inflation? And how do they work?
Is the value of fiat money affected by more than supply and demand? Does the velocity of circulation affect the value of money? If so, a vigorous market by itself would create inflation, doesn't it? If so, does it really matter if it's fiat money or commodity money? Whether it's fiat money or commodity money, what are free market checks against inflation? And how do they work?
Bruddah IZ
DA
No. It did not. What would be a "strong check" against fractional reserve banking?
LOL You asked me that question? The quote comes from the passage you recommended, and implicitly endorsed - never figured out the difference between "endorse" and "support" and "vote for" in this election cycle. I thought Glass Steagall was a strong check if fractional reserve banking is a concern to you. Or Lara and Murphy.
I'm not well versed in the monetary market or regulation. Fractional reserve banking is a reality of modern economics as I understand it, or any monetary system (that should answer your question partially what is the modern economic reality), but apparently it's what leads to all the woes of the financial market according to Lara and Murphy. You recommend it for understanding of the boom and bust cycles. According to Lara and Murphy, switching to commodity money would avoid fractional reserve banking. Or does it? Doesn't the velocity of circulation lead to inflation, or functional fractional reserve banking anyways in a completely free market? Hence my question, what strong checks are they talking about?
My elementary understanding of the monetary market, with logic and common sense, leads me to conclude that fractional reserve banking is nothing more than a byproduct of any monetary system. Focus on that is a bit superficial, isn't it?
Bruddah IZ
DA
In a pure market economy, each Federal Reserve Note or Dollar is backed up by a real asset like Gold. Nixon closed the Gold window at the Fed in 1971. 2008 was not about validating a pure market economy. On the contrary, it was about the Fed expanding access to an increased money supply in the early 20's to set the U.S. Stock Market up for the Great Depression in the early 30's. American hubris bought stocks on margin in the early 20's and, homes with little to no money down in the early to mid 2000's. Both markets crashed. Both crashes caused by the Fed. Hence the title of Chapter 16, Government Distortions.