tag:blogger.com,1999:blog-2761684730989137546.post6785789380799338295..comments2024-03-28T07:50:06.102-04:00Comments on Mike Norman Economics: William Hogeland- Thank Alexander Hamiltonmike normanhttp://www.blogger.com/profile/03296006882513340747noreply@blogger.comBlogger1125tag:blogger.com,1999:blog-2761684730989137546.post-45678815810888287602011-04-19T07:55:44.798-04:002011-04-19T07:55:44.798-04:00From the ND2.0 article"
"as Secretary, h...From the ND2.0 article"<br />"as Secretary, his plan was hardly to pay the debt down (many of his biographers to the contrary) but to fund it. <b>Which as those of us with credit cards know</b>, is another thing altogether."<br /><br />Inappropriate use of the 'household analogy" in a fiat monetary regime as Hogeland does not mention convertability. This calls into question Hogeland's whole premise here imo. Govt sector liabilites of some form and level have to stay established for the economy to function properly.<br /><br />At another point: " federal taxation is one of the Constitution’s central purposes."<br /><br />Yes this is not a "bad thing" per se though. From Prof Wray's work we know that this is critical in establishing your country's currency value/legitimacy.<br /><br />I've spent a long weekend with the family here in Williamsburg, VA. At one of the Colonial Williamsburg museums they have a collection of "moneys", coinage, that was used in that pre-constitutional era in the colonies. I took some pix and will do blogs on it later but to sum it up briefly imo: CHAOS<br /><br />I think Hamilton was on the right track, but of course "the devil" is in the details..... and distributional problems of course can occur...Matt Frankohttps://www.blogger.com/profile/11978352335097260145noreply@blogger.com