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http://www.winterspeak.com/ - Thoughts on human interaction over the next 25 years
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Banks have access to reserve accounts at the Fed, which enable them to lend unconstrained by reserve requirements. When you or I make a loan, we are limited to how much we can lend out by how much we have. Banks can lend out as much as they want because they loan gets deposited into another ...
Stocks
Since I grew up there, I feel I can add something to the commentary about Dubai. Firstly, Dubai is one Emirate (Kingdom) of the 7 that make up the country, the UAE. Imagine it as a State if Federalism really existed. Secondly, Dubai does not have that much money, but loads of marketing savvy, ...
Other
In lieu of a Thanksgiving post, I give you this excellent thread, where you can enjoy JKH schooling me on the importance of real assets while the charming Nick Rowe avoids being schooled at all. Read all the comments, they are worth it.
Other
Climate fraud finally made it to the New York Times . Hundreds of private e-mail messages and documents hacked from a computer server at a British university are causing a stir among global warming skeptics, who say they show that climate scientists conspired to overstate the case for a human ...
Other
British Retail Consortium
There's a long and ultimatily unsatisfying thread over at Nick Rowe's . Sadly, I cannot recommend it. One clear idea emerged -- the confusion around "savings" and "investment". If you get some money and don't spend it, then it's clearly savings. If you get some money and you use it to buy ...
Stocks
I concluded a very enjoyable exchange with Nick Rowe from Worthwhile Canadian Initiative. You can check it out here . The crux of the discussion was the failure of monetary policy: we're at ZIRP and yet the economy keeps getting worse. How can we reduce interest rates below zero? What is the ...
Other
There is so much right with this post: “All speakers are equal but some of the speakers are more equal then others” The more I exposed to the different loudspeakers, the more I’m learning that the horn-loaded loudspeakers are the most interesting creatures. Nope, not because they might or ...
Other
winterspeak.com - 22 days ago
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winterspeak.com —
While Lloyd Blankfein claims bankers are worth Billions,
even as they destroy Trillions, it's worth taking a...
look at what the public purpose of banking is. Chicago economists, sit back down, the public purpose of banking is not to enrich their ...
(more)
The Public Purpose of Banking
Comments
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interfluidity
found this 22 days agofound this
When I first typed in the title, I wrote "Gold" instead of "God". Freudian slip (if I were an Austrian). Just a quick quote from Vanity Fair on Larry Summers , the man behind Geithner: Summers has plenty of other things figured out as well, including the origins of the current financial crisis, ...
Government
Lawrence Summers
Gold
I don't know what the difference is between "neo" chartalism and straight up chartalism. Either way, Nick Rowe tries to split the difference between conventional monetary policy, which focuses on the Fed setting interest rates and thus managing money in the private sector via lending, and ...
Other
The Obama/Goldman Sachs administration has brought its bonuses back, but unemployment continues to ratchet upwards. The headline number today of 10.2% is dreadful. The Economist is far to sanguine on the turnaround being imminent . Employment will not improve for a long while, maybe decades, ...
