Thread: CoronaVirus ==> Empty Shelves

Regarding the FB GFC purchase - what should they have spent it on? Wasn’t the idea to give people money to spend in the shops?
As long as they spent it and didn’t hoard it, they were doing what it was designed to do IMO.

Originally Posted by Lappa

.....Then there’s the case of the Govt order that all gyms must be closed, so a gym owner closes his gym to clients but starts making videos from his gym for his clients to use at home (with no clients at the gym) but the police close him down because gyms have to be closed.?

My first reaction was that this was just an urban myth, but then I noticed that you posted it, Lappa.

How credible is your source?

I agree Lappa

But also consider my GFC handout went straight onto my now paid off home loan, some may believe this was a wiser choice.

I now have more money to spend on more luxury items now.

So really the GFC handout will help the economy through this challenge.




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One thing has become apparent from this pandemic is that no country has a monopoly on panic buyers, snake-oil salesmen or scam artists. My granddaughter called me yesterday and told me of the swathe of posts which have appeared on Social Media giving "medically warranted" advice on how to beat the virus. The one I particularly liked was to drink warm water and eat hot, spicy food to flush out the virus from your lungs. This showed a nice misunderstanding of the human internal plumbing arrangement. The latest disaster has been in Iran where the rumour spread (Social Media?) that drinking neat alcohol (methanol) would protect against the virus. It seems that some parents have been giving this to their children which has resulted in blindness and death. We also had our first report here in NZ of the low-life scammers who have been operating in the South Island claiming to be collecting money for the Red Cross. When you think of our doctors, nurses and other health care workers who are putting themselves at risk you realize the truth in the old saying that cream always rises to the top. Unfortunately, so does scum. Pete

Originally Posted by Lappa

Regarding the FB GFC purchase - what should they have spent it on? Wasn’t the idea to give people money to spend in the shops?
As long as they spent it and didn’t hoard it, they were doing what it was designed to do IMO.

A loaf of bread would have benefited the economy IMO. That would have had a flow on effect right from the shopkeeper to the bakers to the delivery driver to the flour mill to the farmer to the local shopkeepers supporting the farmer and many people in between. Buying an imported espresso machine from Italy doesn't fit the criteria IMO. If you think it does then please include me in the handout because there's plenty of things I'd like to buy to stimulate the economy...

[QUOTE=riverbuilder;2179735]

Originally Posted by NeilS

Latest estimates by whom?[/Coronavirus: Bali coronavirus cases set to explode, Indonesia could have 250,000 undetected cases

make of that what you will 路♂️

Tabloid journalism at its worse. Just a beat up of unsubstantiated sensationalism.

No sources are quoted. The only "fact" is from an unattributed graph that shows a peak new infection rate of 14 cases per day. Extrapolating 14 to "hundreds of millions" needs some rather rubbery logic.

Originally Posted by GraemeCook

My first reaction was that this was just an urban myth, but then I noticed that you posted it, Lappa.

How credible is your source?

Online yesterday and in the newspaper today. Also a statement from the police.

Originally Posted by forrestmount

I agree Lappa

But also consider my GFC handout went straight onto my now paid off home loan, some may believe this was a wiser choice.

I now have more money to spend on more luxury items now.

So really the GFC handout will help the economy through this challenge.

Glad to see my taxes were put to good use. I had to pay off my own mortgage. (and I didn't get the handout) ��

Originally Posted by Tccp123

A loaf of bread would have benefited the economy IMO. That would have had a flow on effect right from the shopkeeper to the bakers to the delivery driver to the flour mill to the farmer to the local shopkeepers supporting the farmer and many people in between. Buying an imported espresso machine from Italy doesn't fit the criteria IMO. If you think it does then please include me in the handout because there's plenty of things I'd like to buy to stimulate the economy...

Your example is one way of distributing the Stimulus but in the coffee machine example the shop they bought the coffee machine from probably employed a person whose wages could be paid because people suddenly could afford an extravagant coffee machine. So the employee or employer then went and spent some of his/her wages on a loaf of bread that helped the baker, the Miller, the truck driver and the farmer who grew the wheat.
In other words, it got there in the end.

Originally Posted by Lappa

Your example is one way of distributing the Stimulus but in the coffee machine example the shop they bought the coffee machine from probably employed a person whose wages could be paid because people suddenly could afford an extravagant coffee machine. So the employee or employer then went and spent some of his/her wages on a loaf of bread that helped the baker, the Miller, the truck driver and the farmer who grew the wheat.
In other words, it got there in the end.

Following that logic then paying off your mortgage is an equally valid response. Then why not give it to everyone? Surely it makes no difference who spends the money as long as it's spent?

Originally Posted by Tccp123

Surely it makes no difference who spends the money as long as it's spent?

I am neither rich nor poor, just somewhere reasonably comfortable in the middle of it all. I would get by without any stimulus payments.

But I happen to be in a group which will each receive 2 x $750 stimulus payments. Although I do not need them I can surely use them and my hand will not shake in the slightest when I get them.

Of course I will spend it responsibly. It is the right thing to do.

Originally Posted by Tccp123

Following that logic then paying off your mortgage is an equally valid response. Then why not give it to everyone? Surely it makes no difference who spends the money as long as it's spent?

All the above references, before Doug’s, I believe are to the stimulus package brought out by Rudd due to the GFC. Anyone who had filed a tax return for the previous year, plus pensioners etc got it, from my recollection.
Why is this new one from ScoMo, appears to be aimed at those on Govt support - I don’t have a definite answer, I can only speculate, as can anyone else that was not privy to the papers and cabinet discussions.

Originally Posted by Tccp123

Following that logic then paying off your mortgage is an equally valid response. Then why not give it to everyone? Surely it makes no difference who spends the money as long as it's spent?

You may be on the cusp of understanding the concept. The same thing has been said a number of times now in this thread - money needs to circulate through the ENTIRE economy - even to sex workers, to cite something of an extreme!

It is not just essential items that keep the economy running. It is everything. There is no good reason why a person who sells luxury goods should be more financially damaged than anyone else. If they are then they won't be around for you to make those purchases that you desire. ANd they won't have their own income to spend on whatever they need or want to, like the oft-mentioned loaf of bread. Should they only purchase basic bread or is it allowable to purchase artisan bread?

I think we need a lot less pontificating about how people spend their money. It is, after all, their choice. As an example, there would be many people who would say "Oh poor you!" when they heard someone complaining about not being able to have their usual weekly eat-out meal these days. Eating out once a week isn't exactly high-brow, but there are many, many people who just can't (previous to this situation).

I think you're right. It's finally starting to dawn on me. And when the money runs out just print some more!!