Wednesday, March 2, 2011

Exception: Ignorance

I consider myself to be a fairly non-judgemental person. Specifically, I am willing to hear both sides to any story. Both sides of the political spectrum can hold my interest. What I have no interest, or consideration for, is incompetence. Unfortunately, this manifests itself often these days in Glen Beck. While he is probably best known for one of the fastest ways to raise blood pressure, I normally ignore his political, nonsensical rants, however, don't try to explain inflation, the gold standard, the Bretton Woods agreement, and the modern day monetary system with cupcakes and fail. There is enough of a gaping hole in the minds of the American public about economics as it is. Beck, you didn't need to dig a deeper hole and spoil the tasty innocence of cupcakes along with it.

Apparently Beck hasn't received the memo that the United States currency is no longer backed by gold, cupcakes, or any other material good. In addition, our assets are stagnant now? I suppose if you wanted to look at the most extreme snapshot of time, then sure, but that doesn't fit with Beck's argument. While we are up to our eyeballs in debt, the nation's assets are constantly growing. Lastly, he almost has an argument with wanting to examine the prices of other commodities such as butter, gas, and cotton which have increased in price. However, the CPI basket is not made up of three individual items, and this past year while food prices have increased, housing and other expenses have remained relatively stable. The current inflation rate is around 1.63%. Historically, that's pretty good since our average inflation rate is normally around 3%. It is especially good compared to 14% in 1980 and 12% in 1975.

Glenn Beck, please stop misleading the minds of the American people. My fellow citizens, please stop watching him. At the very least, leave innocent deserts out of your presentations. If you have to bring food into this, try using some Swiss cheese. It's more representative of your argument style.

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