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There is really nowhere to go. PGMA, whether she likes it or not, is by all means a lameduck by now with only 2 years to go. Like in the US, no self-respecting president ever believes he nor she has not reached lameduckness with just a few years to go till Kingdom Come.

The enemies of PGMA are happy. But their great problem is the power of the presidency. The rice shortage or non-shortage (but real escalating world rice prices) was a boon for the administration as many see it even if there is a wave of impending price hikes in fuel oil prices to boot. The ZTE revival is no longer practical but there is “daw”, a deeper agenda to it: the so-called expose of fuel oil scam (the mother-of-all-f**g-sh*t-scams,

I ponder back to 2000 and 2001 when the boss ERAP and his i-love-you-i-hate-you she male whip, Ping Ping Lacson, were imagining ways to make rice sell at P50 per kilo, the dollar at an unbelievably low(?) or very high exchange…

The prices of commodities at an all time high. That would have been the day! ERAP and LACSON would muse to themselves. Then it happened. But they never saw the light shining on them like halos. The shit hit the fan and blasted their faces instead.

So for PGMA and the opposition combined, there is really nowhere to go but limbo. For the regular Juan de la Cruz, there is really nowhere to go but the pits. Let the poor tighten their belts and as they teach in freshman year at UPLB give the masses the alternative to revolution … masturbation.

If you don't like getting aids or hiv anyhow, what is better than masturbation?

Practice safe sex! Let's masturbate!

Then, at least, we won't be having any revolution at all. It sucks!

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So still a lot of bluster and no real answer. Woods' one challenge is too much — “um, um, doesn't he know the WHOLE THING is a moral question” seems to be the best people can do.

This goes to show that the question itself is not actually being understood.

The difficulty involves a confusion over the nature of economics. The phenomena that economics touches upon, which include money, banking, exchange, prices, wages, monopoly theory, and many other topics, are themselves replete with moral significance. But the positive, scientific statements about these phenomena that constitute the discipline of economics are necessarily value neutral. Describing the workings of fractional-reserve banking is a positive task, not a normative one. Discussing whether such a system is desirable is a normative task, and qualitatively separate from explaining the mechanics of that system. One cannot make an intelligent comment about the former unless he understands the latter, and it is the latter with which economics, properly understood, concerns itself.

Likewise, economic policy may possess a moral dimension, but not a single proposition of economic theory involves a moral claim. For example, Frank Knight conceived of capital as a homogeneous unit whose individual processes occurred synchronously, and therefore could be understood without introducing time into capital theory. F.A. Hayek, as well as the Austrian School of economics to which Hayek belonged, conceives of capital as a series of time-consuming stages of higher and lower order, with the highest-order stages the ones most remote from consumers (mining and raw materials, for instance) and the lowest-order stage immediately preceding the sale of the finished product.

Nothing in the Deposit of Faith even comes close to deciding this and countless other important economic questions one way or the other. Not even the most uncomprehending or exaggerated rendering of papal infallibility would have the pope adjudicating such disputes as these. Yet misunderstandings or ignorance regarding such seemingly abstruse points are so often at the heart of the policy recommendations that bishops’ conferences propose and papal encyclicals can seem to imply.

The statements of some bishops' conferences and even certain papal encyclicals seem to assume that their suggestions will accomplish their stated ends and increase the well-being of the least among us. That assumption, in turn, implies that the only thing standing between today and a more prosperous future is sufficient political will rather than constraints imposed by the very nature of things. That merely assumes the very thing that needs to be proven. And it begs the question yet again to declare that authority has spoken and the matter is closed – the very matter at issue is whether these subjects are of a qualitative nature to be susceptible of ecclesiastical resolution in the first place. If the law of returns, for instance, is an objective fact of nature (which it is), then the pope himself cannot declare it to be false, or expect success from policy prescriptions that ignore it, any more than he can fashion a square circle. It is no insult to papal authority to exclude the possibility of square circles.

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Oil prices slip below $105 per barrel as latest data give mixed read on …
Washington Post
Benchmark crude prices fluctuated as traders digested the news. The contract for May delivery lost 81 cents at $104.94 per barrel in afternoon trading on the New York Mercantile Exchange. Prices have jumped 24 percent since the middle of February, …
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