Boeing chief must have engineering background, Emirates boss says

Re:Boeing chief must have engineering background, Emirates b... by hayst4ck on Wednesday March 27, 2024 @05:46AM (#39837108)

Apparently in 1971 the Bretton-Woods agreement[1] was "suspended" and America went off the gold standard. Because the US dollar became both a fiat currency[2] and a reserve currency[3], it meant that we could print as much money as we like. Printing money directly fuels corruption and income inequality. Rather than reconciling bad decisions and balancing a budget, you just print more money. Financialization[4], a force which frequently gets referenced in Boeing threads, is just another consequence of poor monetary policy, as is decline of Rule of Law[5].

Ray Dalio's Principles for a Changing World Order is the best explanation I've seen for the general state of America and its clear decline (45m): https://www.youtube.com/watch?v=xguam0TKMw8

[1]https://en.wikipedia.org/wiki/Bretton_Woods_system [2]https://en.wikipedia.org/wiki/Fiat_money [3]https://en.wikipedia.org/wiki/Reserve_currency [4]https://en.wikipedia.org/wiki/Financialization [5]https://en.wikipedia.org/wiki/Rule_of_law

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Re:Boeing chief must have engineering background, Emirates b... by tpm on Wednesday March 27, 2024 @05:53AM (#39837153)

There is plenty of corruption and income inequality regardless of money printing velocity. What would be the causal link between them? There was huge corruption in former Eastern/Soviet Block countries where prices were more or less stable. There was huge inequality in gold-standard feudalism.

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Re:Boeing chief must have engineering background, Emirates b... by hayst4ck on Wednesday March 27, 2024 @06:02AM (#39837218)

Ray Dalio's video explicitly explains the causal link between printing money and corruption.

Printing money (as a fiat reserve currency) implies the decline of rule of law and therefore corruption, but corruption does not imply that money was printed, nor does the lack of printing money imply low corruption.

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Re:Boeing chief must have engineering background, Emirates b... by tpm on Wednesday March 27, 2024 @08:14AM (#39838030)

> "corruption does not imply that money was printed, nor does the lack of printing money imply low corruption."

If corruption is independent of money printing, "Printing money directly fuels corruption" is not a true statement.

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Re:Boeing chief must have engineering background, Emirates b... by hayst4ck on Thursday March 28, 2024 @05:11PM (#39857357)

I think if you draw out the logical statements I've made one implication correctly. I claimed A implies B is a true statement and that if A implies B is true, that doesn't mean B implies A or ~A implies ~B. (although ~B does imply ~A if A implies B).

True:

  A implies B: Printed money implies a rise of corruption
  ~B implies ~A: Low corruption implies money wasn't printed

False:

  B implies A: A rise in corruption implies printed money
  ~A implies B: Not printing money implies low corruption

I did not say A and B are independent, I said A implies B, not A IFF B.

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Re:Boeing chief must have engineering background, Emirates b... by wazoox on Wednesday March 27, 2024 @06:00AM (#39837203)

Exactly. Emmanuel Todd says it in his own way : in the US your best bet is always to work in or around finance, because printing money became the main business in the country. That's also why the US must import engineers massively, for instance. That's why the military industry is under such pressure, because it can't rely upon huge numbers of Indians, Chinese or Russians to conceive and build its airplanes, missiles and nuclear submarines.

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