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Jacques René Giguère
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Jamie:" it is the production of the capital that is most important. Otherwise there is nothing to move around but whatever we can find lying around. That's the problem for pensioners. If no-one is producing pizza then pensioners can't eat pizza no matter how much they have invested or saved for their retirement." Years ago, there was serious discussion in Québec about woman staying home accumulating credit toward the RRQ system (equivalent to CPP). It was shot down by femisit claiming that it would be bad for women. In the meanwhile, fertility is co0ntinuing to crash and so are the vialbility of pension plans, whatever the actuaries might say.
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Nick: "And I vaguely remember it's still the law in Germany, that kids must support desitute parents?" No need to go that far. As a Québec resident, even of the other solitude persuasion, it's good to know: Civil code of Québec art. 585 Art. 585. Married or civil union spouses, and relatives in the direct line in the first degree, owe each other support. Courts enforce this obligation. Formerly covered grand-parents and grand-children but eliminated in 1994. http://www.justice.gouv.qc.ca/english/publications/generale/extraits-codes-a.htm
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Bob,Bob,Bob...Steve Jobs during the Ocuupy movement. Nobody cried harder than the occupiers. All of them recognized that, whatever his personnnal flaws, he had created lot of value, a minuscule portion he kept for himself, the rest being distributed in consumer surplus. Everybody got richer. Pure wealth creation. Now, is Loth able to show the Lord a single hedge fund manager who a) created wealth b) in such a way that such wealth was distributed in the form of consumer surplus so that c) his death would be greeted with tears by almost every leftie on the planet? Try your best because otherwise, we so much !"/$%? because He is a Lord of Justice...
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BobSmith: much of the 1% are professionnal and small business people : true but that's not where the action is. It's at the 0.1, 0.001 and 0.0001. I talked with a friend, a car dealer. I told him how some people are too poor to buy Nissan Versa (I change the brand to preserve his identity inmy small town). Those who buy Versa should have boughr Sentra, the Sentra should have an Altima and the Altima shoud be driving Maxima. He understoood how hea 0.5%ter have been so totally robbed by the 0.001. To another one ,I showed him how his 17-chair hair salon should have been a 34-chairs. They have more in common with ordinary workers than the Masters of the Universe.
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"Farmers are among the freeest. You can still sell your wheat and barley. I am less free as a prof than if I had stayed on the farm." Those guys might beg to differ http://www.reuters.com/article/2015/02/23/us-usa-grains-rents-insight-idUSKBN0LR0EX20150223?feedType=RSS&feedName=domesticNews
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It's not about the billionnaires that Barbara Ehrenreich wrote the book Fear of falling: the inner life of the middle class. http://www.amazon.ca/Fear-Falling-Inner-Middle-Class/dp/0060973331/ref=sr_1_3?s=books&ie=UTF8&qid=1424641262&sr=1-3&keywords=fear+of+falling
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But the euro, in its basic concept, is german ordoliberalism ( a fancy name for 19th century hard-right) mixed with french gold obsession. They are responsible, if only because they are the bigger one and set the rules. Not understanding your own rules consequences is not an excuse but an indictment.
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Humans are always not that far from murder and mayhem. In the early 90's Sarajevo and Baku were among the city in the world with the highest level of ethnic mixing as shown by intermarriage. We know hoe it turned out. Today, Bosniak are now speaking a "different" language" as they refuse to call it serbo-croation. "To paraphrase someone "Baku is a faraway place about which we know nothing" but the Armenian-Azeri war was as bad as the Yugoslavian affairs.) So anything that do not positively absolutely bting higher peace should be viewed with suspicion. As Krugman said, the Germans are clearing the way for Golden Dawn.
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Marcus: in german view, moralizing and denying a century of macro is the point of showing leadership.
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As Martin Wolf recently wrote: "If you have your own currency, you can have your own society model." (from memory.) That model include having your CB screwing up in its own way. ANd nobody noticing much.
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Stolen work of art among big drug dealers and NY-London appartments for Russian oligarchs...
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So GB Senior used all the good genes and left nothing for his sons?
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Military justice is to justice as military... is to...
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Why buy an index fund? The most indexed fund possible is the whole GNP. That's why glopoutnik (sorry CB) should buy the least particular asset, gunmint bonds when things are good. So that gunmint can buy things to give to people (don't call it fiscal policy it would frighten the horses) or cut taxes (I am old, Nick, but the american custom of immediate tax rebate is swell). And we do it through gunmint because people would not understand a "bank" giving money because we have still not changed the letterhead to "Glopoutnik of Canada" even less to Glopoutnik Nationale de Suisse (there is seemingly no word in german for that concept. Maybe no possible word...)
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"Leftists believe that capitalism overproduce pollution." Oh where are thou my Pigou when I try to explain that taxes on pollution were once the epitome of capitalist conservatism...
I can,t do better than Bill. Glopoutniks ( unfortunately called Central banks because tradtion and people not understanding they are not banks)) are nwe devices, less thsan two centuries old. They were not invented for a goal according to a theoretical construct (unlike spoutniks). They were a typical british muddle through (the 1825 crisis). Nobody knew they would be needed later. Nobody kbew they would have to stop being a "bank". Nobody thought they were inventing a new thing that needed a new non-confusing name. Sometimes whorfism rule: the word define the thought. People say Central bank but think bank, see Banque Nationale de Suisse. Those who were the first to need and invent one, the Bank of England and its offshoot in the former Empire , being the first, are now the most advanced in their thinking. It will be a long and hard slog. Like the Reformation-Counter Reformation that convulsed Europe for three centuries. Like the similar convulsion of another large religion now. In the end, people will understand but a lot of damage will be done by the Landsknehts. Coffee has not yet kicked in so sorry for the rambling of a humble IO guy.
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greg: busy schedule. I'll try.
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greg:I like AMScientist. In the days before blogs, when letters to the editors were screened and few were published, I had one there showing the analogy and similarity between the equilibrium in the electric grid and the way airlines send you through weird connections (for once, my dual nature physicist-economist being useful.)
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Nick: don't confuse American Scientist, http://www.americanscientist.org/ the journal of the Sigma Xi Society with Scientific American, a shadow of its former self. The article was a modelization of how increasing inequality leads to markets crashing due to lack of distributed purchasing power. Somewhat analogous to a predator so efficeitn it kill all its prey then die of hunger.
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greg: this seems like an article I saw in American Scientist, years back. I'll try to find it but I am on the raod for a few days so maybe no result.
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Nick: oh no! not the return of the kinky demand curve?! Vade retro satanas said the humble I/O guy...
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Compared that with the nearly 68000 trucks captured from the British at Dunkirk. Which let the Heer limp along as the least motorized of all great powers and overlook the dismal german industrial production record compared to their adversary. As J.K. Galbraith showed in his classic October 1946 Fortune magazine article "Germany was badly run."
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Asset, like liabilities are on a spectrum. On a balance sheet, they are ranked by liquidity and its counterpart exigibility. You can even move the dividing line. When Air Canada discovered that Aeroplan points weren't a liability to be redeemed (that is putting obstacles to their redemption so as to never pay them) but a marketing asset that could be sold... (the Milton maneuver)
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" the first generation to start money is better off too (much better off, because it gets the transfer when old but makes no transfer when young.)". Much better off but they invented a useful scheme. It's their just compensation. Asset of noone? Maybe but asset of everyone. It's a useful scheme. It has value and so is an asset. To everyone as a network. Musing of a humble I/O guy hoping he is not making a fool of himself...
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Canadians were merely liberating the Netherlands...
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