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Jacques René Giguère
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W. Peden: Just for history: when I studied in the UK (long ago) we were told that universities were grouped in "White stone" (Oxbridge)(for the old ruling class), "red brick" (for the 19th century industrial bourgeoisie, Durham being the oldest) and "grey cement" (postwar educationnal boom for the working classes). Is this expression still current? And is there a name for the fourth generation(polytechnic turned universities?) My whirlwind tour took me to East Anglia (Norwich), Cardiff, York and Galashiels (now Borders)
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Germany waging WWIII from bases in South America? Sorry for the Germans but the U.S. corporations did it first...
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Philippe: what's mine is mine. Even though and even more if I got it free for no discernible reasons...
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Apart from the Rhine crossing and the Phillipines operation, the rest were tactical and not strategic operations.
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Nick:" suppose BoC promised to convert BMO money into BoC money at par, regardless. So the BoC is the one that pegs the exchange rate. If I were in charge of BMO, I would then print BMO money like crazy, to make lots of profits, and if my customers wanted BoC money I would just get more from the BoC and give it to them." Which is what happened with the "Affaires des piastres" during the Indochina War. It was even said that it was a reason why the war lasted so long. https://fr.wikipedia.org/wiki/Affaire_des_piastres ( a less complete text in english available by clicking the english button in the language menu on the left of the page) I am not a monetary guy but at least I'll play the historian...
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Many of the dead Turoleans were overage men unfit for duty except as member of "police units". In european military parlance, a "police unit" is not made of "policemen" but precisely of men unfit for anything except parading around occupied areas as a show of force. They were militarily useless and were killed for nothing, which make the subsequent atrocity even more senseless... As for being "SS", at this point, the SS were slowly beginning to grab control of everything, effecting a rampant coup d'état, and very often newly raised units were put under SS designation and command, regardless of any "aryanness" idiocy. There were SS units made up of Albanians or Bosnians... The Nazis were by then so deep in folly, they couldn't even get their madness straight... No regrets for being rid of the XXth century.
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No one with a time horizon longer than one will bet on a strategy where the Markov chain will inevitably produce a 0 result at some point. That's why there is no lottery with a $10K ticket for an extremely large payoff. No one, except Mitt Romey would propose such a bet. And he was ridiculed. And Putin has not won on Ukraine. He merely showed that, after supply lines had been established, everybody will be againsy him. For such small hills we sometimes chose to die.
After Arnhem,it was obvious that mass parachute drops were usually worst thann useless, never to be used again in any war. And letting you competent subordinate do their job is your first task as a leader. So, Ike never interven directly, depriving McCarhy of "the elite are against me" argument and never block anyone else from underminig McCarhy. And so Mc Carthy overextended himself.
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Maurice Lechat: In my whole carreer,and I always worked as an economist, I rarely used high-level stats or econometrics. At this moment, I am administering a colleague exam and I wonder If I could pass the exam myself , insert a half-wink here,( a student just left, having capitulated...). In our "Introduction à l'économétrie" course, we often joked that we could get an A by reading Johnson first chapter and a B by not falling asleep. Some days, it seems that after almost 40 years, all I remember is that the critical value of the D-W test is 2.16. But must it be at,below or above? And is homoscedastic marriage legal in Canada? On a more serious note,out of approximately forty graduating students in our class, 4 were in the "Économétrie pure" stream. At a later reunion, a couple of them told us that they wished they had taken what they " real economics " course. They were tired of manipulating numbers they didn't understand. Call it the Kotcherlakota syndrome...
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genauer: that was my point. All the talk about military budget, share of GDP or whatnot means nothing much. Those who can project forces are potentially dangerous to the extent of their abilities. The others are honestly doing their basic job of protecting themselves.
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Germany,Turkey or Korea could barely project a couple of brigades 200 kms away and keep them supplied. Russia, for all its posturing and Republican idiocy is still in the same situation as always:bottled up in the Black and Baltic Seas with no real means of projecting beyond its shore (where are its logistics bases?). They can be a nuisance in Crimea and the Tatars will be miserable for decades. But hey have used essentially all their projection forces. They could use the same argument for sending troops to Donetsk and yet they don't. Because they don't have either troops or logistics lines. And NATO,besides political will and unity can't send more than a couple divisions to Kiev. It took six months to build up for the Kuwait war and the facilities were way better...
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How many of these secretaries were doctors and lawyers daughters who worked there to meet doctors and lawyers? How many were hired because they were doctors and lawyers daughters? After all, after marriage they were expected to fit in socially. How many had gone to Radcliffe to meet Harvard men, dropping out and then receiving the (in)famous Ph.T (put husband through diploma)? Yep,a real graduation ceremony in the '50's
Toggle Commented Feb 14, 2014 on Love & class at Stumbling and Mumbling
Determinant: On the road, working. I'll pontificate tomorrow...
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Frank 08.56: The PSST is altered. Everybody should benefit in the end. But there might be unequal gains. Since people do not think in a solely Pareto way but also take into account relative gains, you can have opposition from the ones who gains least.
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Ideally, we check by both and see what stick. We could also try GDP/cap to see if there is an effect.
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What about weighing the data? Can we really put DK and US as equivalent points?
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Min: Yes you are. Current account surplus and deficits are possible when you use money and set up a bank account where you stash your surplus and draw down your deficits. And the current account imbalance is possible because you are either lending (capital account deficit meaning you are not collecting your due in goods and services for now)or borrowing (you promise the pay later in goods and services). Of course, the original movement may come from the capital account: you wish to invest abroad and so send your goods there (that is you send currency which the foreigner use to buy your goods) or the foreigner invest here , gives you currency and you buy foreign goods with foreign currency. Basic international trade and balance of payments stuff.
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Determinant,Min: in the short run and financially, you must export to get the foreign exhange needed to pay for exports. In the long run, when you stop being autarkic, you no longer produce your own bananas but import them. Increased efficiency rise your apple production. The excess is exported.Same for the other country. What remains is to find the terms of trade that will distribute the surplus between the market players.
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Determinant: in the short run and financial sense, exports pay for imports. In the long run and economic sense, imports, by promoting efficiency, enables us to export.
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Lord:"perhaps sterilization of the flows through a sovereign wealth fund are warranted. I agree these are difficult questions though." A majority share of the oil wealth acrue to the provinces. For let's say AB, a sovereign fund might consist of canadian assets in Ontario.For a province , canadian assets are foreign, and C$ is a foreign currency. A sovereign fund in C$ sterilize the situation from a rovincial standpoint but does nothing from the BoC perspective.
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Nick:" True. IOUs signed by Nick Rowe are not used as a medium of exchange. IOUs signed by the Bank of Canada (whether they are paper or electronic IOUs) are used as a medium of exchange by both people and commercial banks. Commercial bank IOUs are promises to pay Bank of Canada IOUs, at a fixed exchange rate." So thanks for confirming what I said about debit cards...
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Nick: at the end of the day, banks settle their accounts with central bank money because it is more efficient to do it once a day. But deep down, each debit card move is about shifting central bank money between banks. At least seen from an IO guy...
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Nick: in this weird world, we call the Bank of Canada "Bank" even though it's not a bank and does nothing a bank does, thus causing much confusion. And the electronic money is used by teenagers with debit card (old financially established guys use credit card).
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JP_Koning: as long as we confuse the unobservable "pure inflation rate" with a price index whose measurement we don't adjust fast enough,yes. As Nick told me a couple years ago, Luxembourg can have the nominal price of oil it wants. I was too busy to reply at that time that yes Luxembourg can have the nominal price of oil in Luxemburger dinar or Grand-Ducal sesterces or whatever cowrie shell they use. But they can't have the real price they want. And targeting the CPI while you can't constantly update the basket is trying to get a real price. And you just can't.
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