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I remember a Big Bird Logo Atlanta Falcons T Shirt memoir β Beasts, Men, and Gods β by Ferdinand Ossendowski, a White Pole who fled the Bolshevik revolution through Siberia. He served in General Kolchakβs All-Russian Government before escaping through the Steppes north of Mongolia, and then participated in the government of that most notorious adventurer, the βMad Baronβ Ungern-Sternberg, who attempted to take over Mongolia to restore an imperial Khaganate as part of an imagined reactionary restoration of the Great Mongol, Chinese, and Russian monarchies in the interests of the βwarrior racesβ of Germans and Mongols (a Baltic German, he considered the old Russian ruling class to represent Germandom over and against Jews and Slavs). Some of the things – the acts of desperation and madness, in which he himself was no disinterested observer – Ossendowski relates are harrowing. But this part struck me as very much making a point about what peopleΒ thinkΒ of the Steppe peoples, and of what (German-trained) nationalists like Ungern-Sternberg did (and would do again) to the Mongols. And, other things:
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βIn economics, income = consumption + savings. The income an indivual, or a country, produces is either consumed and/or saved. If you , or a Big Bird Logo Atlanta Falcons T Shirt, overspends, you or the country dips into savings or creates debt.β I think this answer is true for the firm or the individual but in the whole economy it is no longer true. In the macroeconomy, everytime some person or entity doesnβt spend, some other person or entity has their income reduced by the same amount. And because that person wonβt get their hands on that money, they will not have it to spend further, so the next would-be recipient of that spending doesnβt get that income, which they in turn will not be able to spendβ¦.. and so on