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Jacques René Giguère
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"Ike respected de Lattre, Leclerc and company as fighting soldiers." Not De Gaulle, winner at Montcornet. Not de Gaulle who spent more time on the front lines in two wars than Ike ever did? (In fact Ike and De Gaulle went on very well and were very happy when both were presidents at the same time in the late '50's.)
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As Agatha Christie once said: "I never imagined that one day I would be rich enough to have a car or poor enough and not have a servant."
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So we will threaten both workers and robots that the other will work for nothing.
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Simon: indeed. Despite all those Joris Ivens documentaries on how peasants with baskets built dams http://en.wikipedia.org/wiki/How_Yukong_Moved_the_Mountains, the Chinese used bulldozers. If there is a value for time, you will go with machines.If making machines is cheaper than making humans, nobody will ever use humans. The comparative advantage will work out between various machines. We don't mine all ores. Some stay in the ground and are simply called rocks. In my area, mines are closing. Out of ore, mine closure produce millions of tons of instant rock.
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And of course, in business classes, they usually teach that trade is good because firms export more. My students, even the best ones, always have problems understanding that the point of trade is importing. (I am all for economies of scale, but let's wait for the second trimester).
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Kathleen: for a national gunment with its own central bank, somme deby objective, however defined, may be appropriate. For provincial ones, who deal in "real things" including paying for human capital, debt objectives make no sense as they become a capital objective which may need to be raised or lowered according to real needs, not those of a macro-stabilisation policy.
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Nick: even capitalized pension plan rest on assumption over future returns, bets on future GDP growth, bets on future interest rate, future risk premium and so on. Not only debt but most assets are metaphysical. It's hard to predict the future, espacially if it hasn't happened yet.
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How do we count debt? A province or city sign a long term contract with a private operator. Is that a debt? Do we substract the "value" of service rendered while we don't do it if the service is provided directly? Or do we coun,t the value of the borrowing/equity needed by the private contractor? Debt might be a metaphysical concept. Can we use it as a policy objective or an intrument? Musing from an humble IO guy,
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TMF: the costs of the bankruptcy of a bank debtor are shifter to shareholders, depositors, employees and so on. Classic pass-through analysis.
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Determinant: He was my student...
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Avon: she is a wonderful girl. But outside whatever is relevant to her kindergarden class ( where she is marvelous) and interior decorating she is totally clueless about anything and everything. I also at that time to one of my party member who told me that he voted NPD because our MP was a "bad MP". I told him "You've known that for 10 years and you know the new one will be even worse." He said "...." (I am looking for the proper emoji....)
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Avon: a former girlfriend of mine, unversity graduate, never read a newspaper political news and never listened to any tv news. When I asked her why she voted for Jack Layton in 2011, her answer was direct and simple :"I don't know.".
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Frances: The snow is of february texture.And there are no crocus here even in summer...
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Avon: with constant macro instability, regular large scale bank failures, machine-gunning of the workers, poisonous milk and meat and infant mortality that would not be tolerated in modern Afghanistan.There is a reason why the unwashed masses asked for change...And massive free land stolen from the Indians with the necessary genocide, though nobody much cared. As an aside, my family doubling its income from 1955 to 1970 was not bad either.
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Avon: why limit ourselves to illimited funding of parties? Let's cut the middleman out and buy the politicians directly, as was done throughout history. With the guillotine every 200 years.
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TMF: central banks don't need equity. They are not bank. They were but no longer are.They evolved out of them when the biggest ones acted in the spirit of salus populi suprema lex esto. They issue money out of thin air. Turtles all the way down. Tha't the beauty of it. Some CB, like Switzerland still don't understand. The Swiss are beginning to pay for that ununderstanding.
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Nick:"Jacques Rene: that is roughly how I would describe it too (minus the bit about cronies!). But do we really want to nationalise the whole banking system?" Nationalize the loan-allocating system? Maybe not,though comparing the effect of the Chinese crony system with the New-York-London bonus industry isn't that clear...Too many people working overtime to make deals.There is something for 9-5 civil service work ethic. Anyway,do not confuse payment system and credit system. Even though we have unfortunately conflated the two.
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Nick: my students all use debit cards (old guys like me use credit cards). When they buy something at the dépanneur, the account between them and the dep is settled by their respective "banks" moving their balances at the BoC through the Canadian Payments Association. Both students and dep owner have an account at the Boc. That one account is called BMO and the other BN is merely a) a political device so we don't have a "communist monopoly bank" like Cuba and b) a convenient way to pay some crony $20M as "bank president" instead of $ 200K as assistant deputy minister in the Banking Ministry. Musing of a humble IO guy.
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Bob: it's the beginning of a beautiful friendship. Is there some nazis we can take care of?
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I am canadian. That Ben thinks so well of the supine CBC made me realise how low the BBC must have sunk in my absence...
Toggle Commented Mar 17, 2015 on Media deference at Stumbling and Mumbling
Boothe is a righty. He may have apolitical agenda but think as an economist. ANd the whole point is not about economic efficiency or even cutting taxes. It's about getting votes. Tounderstand boutique tax credit you need the age old marketing maxim :"I want YOU in the Army", "This Bud's for YOU!" "Darling it's OUR song". He may have shark eyes but politically Harper is a crooner: look the girl in the eyes while you sing.
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Frances: why are you talking about this in terms of economics? Whether it economically work or not, it's beside the point. It's rewarding the base. Making it refundable even though those who need the refundability don't have the means to enroll their children simply feed the aspirational side of the poorest. "If I coulsd have enroll my child, I would have received the credit. Praise to our great emir Stephen bin Harperovitch." As long as the recipient think it has value, it's ok. Soldiers die for a piece of metal on their chest for having defended defending the honor of a piece of cloth.
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Nick: the unemployed may pan for gold at low cost (untrue given the troble of getting to the Yukon but still). Bitcoin mining is not not for the ordinary unemployed and is costly. But gold and bitcoin are (bad pun alert) bit player. But there is no way you can mine euro. At least as long as The Amazing Merkel and Her Ordoliberal Circus play at Brussels-Frankfurt auditorium. Tickets are limited and payable only in Golden Delicious apples. Available from Wolfgand Schaüble after he has spread the orchard with Agent Orange. (God, how I enjoy mixing my metaphors with bad sarcasm.)
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If you have to dig phones to get them into circulation, you're into a gold standard-bitcoin-euro model. So gold-bitcoin-euro are not money. (musing of an humble IO guy.)
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Timlagor: about a month ago, I found myself in a restaurant in QUébec City, where I had gone last spring during another trip. In the middle of the meal, I realized I had ordered the exact same things as the last time. Creature of habit or rationnally making the same choice when faced with the same options? As for the Far Side, two I remember is the one where the female pooddle's father ask the dog "So you work in the security department of a metal recycling firm?" and the one with the female monkey asking her husband about the blond hair. Hope the long lnk work...) He sent Goodall the original as an apology and she was delighted... https://www.google.ca/search?q=the+far+side+jane+goodall&espv=2&biw=909&bih=582&tbm=isch&imgil=YEPwSMwOfFchUM%253A%253BdCaGvmFzh_QVHM%253Bhttp%25253A%25252F%25252Fideonexus.com%25252F2011%25252F09%25252F19%25252Fcelebrating-the-uns-international-day-of-peace-with-dr-jane-goodall%25252F&source=iu&pf=m&fir=YEPwSMwOfFchUM%253A%252CdCaGvmFzh_QVHM%252C_&usg=__6a3sJ-L0399RAdxvnF5mLjgAppE%3D&ved=0CCwQyjc&ei=2i4HVbDGM7CBsQSmhoH4AQ#imgrc=YEPwSMwOfFchUM%253A%3BdCaGvmFzh_QVHM%3Bhttp%253A%252F%252Fideonexus.com%252Fwp-content%252Fuploads%252F2011%252F09%252FJaneGoodallFarSide.gif%3Bhttp%253A%252F%252Fideonexus.com%252F2011%252F09%252F19%252Fcelebrating-the-uns-international-day-of-peace-with-dr-jane-goodall%252F%3B386%3B509
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