tag:blogger.com,1999:blog-2761684730989137546.post8627000980550639691..comments2024-03-28T07:50:06.102-04:00Comments on Mike Norman Economics: Is the ECB’s Target2 critical for the euro’s future? A debate between Felix Salmon and Marshall Auerbackmike normanhttp://www.blogger.com/profile/03296006882513340747noreply@blogger.comBlogger18125tag:blogger.com,1999:blog-2761684730989137546.post-26979663419952256702012-06-18T10:01:23.304-04:002012-06-18T10:01:23.304-04:00I enjoyed NF's latest book "Civilization&...I enjoyed NF's latest book "Civilization" and his killer apps theme until he screwed it up in the last chapter with his economics prescription. But we must forgive him as he comes from Harvard and doesn't know any better.Chewituphttps://www.blogger.com/profile/05912166063718393059noreply@blogger.comtag:blogger.com,1999:blog-2761684730989137546.post-67800714014984176882012-06-18T08:19:47.108-04:002012-06-18T08:19:47.108-04:00"Senior Research Fellow at Jesus College"..."Senior Research Fellow at Jesus College"<br /><br />Well then maybe this fellow should do some research into how Jesus viewed deficits...<br /><br />8 "Or what woman <b>having ten drachmas</b>, if she should ever be losing one drachma, is not lighting a lamp and sweeping the house and seeking carefully till she may be finding it?<br />9 And, finding it, she is calling together the friends and the neighbors, saying 'Rejoice together with me that I found the drachma which I lose!'<br />10 Thus, I am saying to you, there is coming to be joy in the sight of the messengers of God over one sinner repenting." Luke 15<br /><br />Where did this house frau get the ability to save these 10 drachmas if the govt that issued the drachmas wasn't running a deficit?<br /><br />Why didn't the Lord, instead of using this process whereby a woman of the house would seek to save state currency as a supportive analogy, take this opportunity to scold the drachma issuing monetary authority for running a deficit?<br /><br />NF apparently thinks that even Jesus thought "money" was exogenous, which means NF thinks Jesus is a moron, hence it is <i>NF</i> that then becomes the <i>real</i> moron.<br /><br />Too bad for NF, thankfully we are not morons.Matt Frankohttps://www.blogger.com/profile/11978352335097260145noreply@blogger.comtag:blogger.com,1999:blog-2761684730989137546.post-7212660836016650162012-06-18T06:38:41.059-04:002012-06-18T06:38:41.059-04:00Niall Ferguson believes that any kind of "mon...Niall Ferguson believes that any kind of "money printing" by the government is necessarily inflationary. This odd belief leads him to reach his ridiculous conclusions, i.e. that the as yet unborn will pay heavily for our 'debts'. <br /><br />He has zero understanding of basic monetary economics. The man is an offensive, idiotic joke.<br /><br />Scott Fullwiler tears NF's stupid ideas to pieces in his paper "interest rates and fiscal sustainability".Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-2761684730989137546.post-66816281169534682832012-06-17T22:03:56.781-04:002012-06-17T22:03:56.781-04:00Greek Vote breakdown by age:
18-34 SYRIZA 33%, N...Greek Vote breakdown by age: <br /><br />18-34 SYRIZA 33%, ND 20% <br />35-54 SYRIZA 34%, ND 24% <br />55+ ND 39%, SYRIZA 20%Matt Frankohttps://www.blogger.com/profile/11978352335097260145noreply@blogger.comtag:blogger.com,1999:blog-2761684730989137546.post-40441787696955524292012-06-17T19:32:21.284-04:002012-06-17T19:32:21.284-04:00It seems Greeks are the abused child - wanting to ...It seems Greeks are the abused child - wanting to be beaten even more because that's love; and the only place a meal can come from?jrbarchnoreply@blogger.comtag:blogger.com,1999:blog-2761684730989137546.post-16979907255185824892012-06-17T18:39:53.084-04:002012-06-17T18:39:53.084-04:00Oh this is rich from NF:
"The heart of the m...Oh this is rich from NF:<br /><br />"The heart of the matter is the way public debt allows <b>the current generation of voters to live at the expense of those as yet too young to vote or as yet unborn.</b>"<br /><br />HA! ROTFLMAO!<br /><br />It's not us doing all of the work today.... It's the UNBORN still in the womb! HA! What are they doing in there??? All those expectant moms thought they were just kicking around, but no, NF informs us that they are WORKING in there! HA!<br /><br />What a moron!!!<br /><br />This is amazing...Matt Frankohttps://www.blogger.com/profile/11978352335097260145noreply@blogger.comtag:blogger.com,1999:blog-2761684730989137546.post-89694380916964145842012-06-17T18:05:04.248-04:002012-06-17T18:05:04.248-04:00Right, Matt. NF is a history prof rather than an e...Right, Matt. NF is a history prof rather than an economist. He is in way over his head.<br /><br />Niall Ferguson, MA, D.Phil., is Laurence A. Tisch Professor of History at Harvard University. He is also a Senior Fellow at the Hoover Institution, Stanford University, and a Senior Research Fellow at Jesus College, Oxford.<br /><br /><a href="http://www.niallferguson.com/site/FERG/Templates/General2.aspx?pageid=5&cc=GB" rel="nofollow">From his cv</a>Tom Hickeyhttps://www.blogger.com/profile/08454222098667643650noreply@blogger.comtag:blogger.com,1999:blog-2761684730989137546.post-47369798250652275902012-06-17T17:45:46.869-04:002012-06-17T17:45:46.869-04:00No historians (however some economists do) imo ful...No historians (however some <i>economists</i> do) imo fully appreciate the significance of Lincoln going over to Greenbacks to provision the US during the civil war.... this is "glossed over" imo, or treated as some sort of insignificant historic anomaly, or 'stop-gap measure' by moron mainstream historians who look like they have been brainwashed to think "money" is exogenous...<br /><br />History in FACT, thru the archeology record for all intents never depicts systems of exogenous "money" as far as I can tell.<br /><br />rspMatt Frankohttps://www.blogger.com/profile/11978352335097260145noreply@blogger.comtag:blogger.com,1999:blog-2761684730989137546.post-66065835963700371812012-06-17T17:31:19.631-04:002012-06-17T17:31:19.631-04:00It goes beyond NF imo Tom.
He fancies himself som...It goes beyond NF imo Tom.<br /><br />He fancies himself somewhat of a historian i guess in addition to some sort of economist.<br /><br />ANYONE in the academe of History, who interprets the history within an assumption of exogenous "money" is also a moron I'm afraid who is training more young people to be morons too.<br /><br />This part of the academe of history is a disgrace in addition to the academe of orthodox economics... looks like NF has a foot in both moron camps.<br /><br />This widespread mental phenom just continues to amaze...<br /><br />rspMatt Frankohttps://www.blogger.com/profile/11978352335097260145noreply@blogger.comtag:blogger.com,1999:blog-2761684730989137546.post-65554070087216806932012-06-17T17:17:21.841-04:002012-06-17T17:17:21.841-04:00Ferguson: "If young Americans knew what was g...Ferguson: "If young Americans knew what was good for them, they would all be in the Tea Party."<br /><br />We already knew the man was clueless. This lowers him to moron status.Tom Hickeyhttps://www.blogger.com/profile/08454222098667643650noreply@blogger.comtag:blogger.com,1999:blog-2761684730989137546.post-46790675288837395682012-06-17T16:30:48.258-04:002012-06-17T16:30:48.258-04:00Off topic, but there's an absolute corker of a...Off topic, but there's an absolute corker of an article here by Niall Ferguson: "Why the Young Should Welcome Austerity": http://www.bbc.co.uk/news/world-18456131#TWEET160751<br /><br />Enjoy!Bennoreply@blogger.comtag:blogger.com,1999:blog-2761684730989137546.post-34421408103979785622012-06-17T15:55:32.779-04:002012-06-17T15:55:32.779-04:00Seems they both agree.Seems they both agree.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-2761684730989137546.post-88607926102642471262012-06-17T13:53:17.439-04:002012-06-17T13:53:17.439-04:00Matt: ""World Bank chief warns of euro&#...Matt: ""World Bank chief warns of euro's 'Lehmans moment'"<br /><br />Maybe 'Minsky Moment' or perhaps 'Moron Moment'..."<br /><br />I am concerned about a <a href="http://en.wikipedia.org/wiki/Creditanstalt" rel="nofollow">Credit-Anstalt </a>moment. If you aren't clear on the significance of that, have a look at the link.<br /><br /><i>Being very successful, it [C-A] became the largest bank of Austria-Hungary. It declared bankruptcy on May 11, 1931. It has been said that this event resulted in a global financial crisis and ultimately the bank failures of the Great Depression</i>Tom Hickeyhttps://www.blogger.com/profile/08454222098667643650noreply@blogger.comtag:blogger.com,1999:blog-2761684730989137546.post-61988142002762260572012-06-17T12:31:42.462-04:002012-06-17T12:31:42.462-04:00Thanks, Ramanan. I updated the post with Salmon...Thanks, Ramanan. I updated the post with Salmon's response.Tom Hickeyhttps://www.blogger.com/profile/08454222098667643650noreply@blogger.comtag:blogger.com,1999:blog-2761684730989137546.post-72681359269201836012012-06-17T09:04:59.923-04:002012-06-17T09:04:59.923-04:00"World Bank chief warns of euro's 'Le..."World Bank chief warns of euro's 'Lehmans moment'"<br /><br />Maybe 'Minsky Moment' or perhaps 'Moron Moment'...<br /><br />http://www.ekathimerini.com/4dcgi/_w_articles_wsite2_1_17/06/2012_447450Matt Frankohttps://www.blogger.com/profile/11978352335097260145noreply@blogger.comtag:blogger.com,1999:blog-2761684730989137546.post-89161238983940300932012-06-17T09:00:24.269-04:002012-06-17T09:00:24.269-04:00This from the article which may support Marshall&#...This from the article which may support Marshall's pov:<br /><br />"while it has become particularly difficult to open an account abroad: Besides the usual bureaucratic obstacles, <b>the time of response by foreign banks has grown considerably when it comes to new accounts.</b>"Matt Frankohttps://www.blogger.com/profile/11978352335097260145noreply@blogger.comtag:blogger.com,1999:blog-2761684730989137546.post-46911886232625986532012-06-17T08:53:29.239-04:002012-06-17T08:53:29.239-04:00Looks like the mattress is another option (at leas...Looks like the mattress is another option (at least for mom & pop):<br /><br />"Banks take extra care to keep ATMs full of cash"<br /><br />http://www.ekathimerini.com/4dcgi/_w_articles_wsite2_1_16/06/2012_447336Matt Frankohttps://www.blogger.com/profile/11978352335097260145noreply@blogger.comtag:blogger.com,1999:blog-2761684730989137546.post-77409116181978032292012-06-17T08:30:05.876-04:002012-06-17T08:30:05.876-04:00New post by Salmon:
http://blogs.reuters.com/feli...New post by Salmon:<br /><br />http://blogs.reuters.com/felix-salmon/2012/06/15/dont-fear-target2-fear-its-opponents/Ramananhttp://www.concertedaction.com/noreply@blogger.com