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Becky Hargrove
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Kevin, Simon's response does not change the fact that fiscal policy cannot generate adequate growth, because by its very nature it remains in a beta position to money creation. The Fed continues to short growth because it is not yet convinced that time value matters. By restoring time value and making it a direct source of wealth in its own right, the inadequacy of helicopter money can also be overcome.
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It would seem that retirements only became necessary after mental and physical activities were artificially segmented out amongst individuals More of our physical consumption and activity occurs while we are relatively young, and retirement was needed for hard physical work. However the averages in retirement years were drawn from everyone, with the result that those who had mental work retire earlier than they want to, physical workers later than they need to. Whereas, it is possible to keep one's body healthy with physical and mental work through the course of a lifetime, gradually decreasing the intensity of both: retirement as it is currently constructed might not be needed any more. Plus, a reintegration of physical and mental work for all individuals would allow a return of the elder in the commmunity.
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Given the news out of Europe now, it's easy to see how people might really want to separate their money from the whims of the financial world. "No haircuts" may have taken things a bit too far.
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"Is this democratic? Of course not." Wouldn't it be easier to become real, honest to goodness democratic nations if we actually got the monetary histories and economic theory we need to be realistic voters while we are still young. The fact that hasn't been deemed necessary goes a long way to exlain the current crop of Republican presidential candidates in the U.S.
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It's great to have good broadband for the first time, so as to see the faces behind now familiar names. Thanks for making The Agenda available.
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Diseases are so different in the kinds of demands they make on economic systems, it's almost like everything you think you know about money and healthcare gets thrown out the window as you get older. And I have heard stories about people who divorced to get better access to Medicare, that is really sad. One thing I share with my parents is the desire to stay away from the doctor's office as much as possible. My Dad never signed up for Medicare when he was young and the times he's had to go to the doctor he really gets hit in the pocketbook. But there are more doctors in the U.S. now who are going to a far less expensive cash-only basis. I hope I can find some of those when the time comes.
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Recently my mother has had a series of nurses coming out for management of just-diagnosed diabetes. (U.S.) Of course we got all the usual recommendations, but the one Mom had trouble with: testing with (those very expensive) blood test strips. Mom could not figure out how to poke her finger all that well, nor did she want to, and all I could see were taxpayer dollars going up in smoke with every test strip. Today, as kindly as possible, we agreed to call it a day with the nurses. I explained to them that the real 'battle' to be fought was making sure Mom ate as healthy as possible, and of course Dad feels the same way. They must have thought I was terrible. But then they're not the ones who spend hours a day with the core battle: five fruits and vegetables a day, instead of only sugar snacks.
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Frances, Thanks so much - that is a true compliment for someone who is in many ways self taught, although I stand on the shoulders of countless book authors. I actually argue for knowledge rights, i.e. the right to use what we have learned to help others in lateral ways. The lateral use of knowledge may assist people from having to fall back on property as a first line (origin) of wealth in the developed world, by adding wealth beyond the efficiencies of production.
Toggle Commented Oct 23, 2011 on The unwanted gift at Worthwhile Canadian Initiative
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I cannot seem to get away from this post, for I want to revisit the idea of malinvestment. One person's malinvestment is another person's current economic reality. It really depends on where a person resides in terms of income, and multi-tiered cities and towns of the future could do a better job of reflecting income disparities. While different incomes may at first seem to imply rich places and poor places that does not have to be the case at all. Each town could come to resemble a snowflake in that first the inhabitants would agree upon certain levels of infrastructure, simpler residential and building requirements, and then proceed from there to pursue similar intellectual challenges that would create the town's snowflake pattern. Whereas, the malinvestment of sticky markets keeps people on limited tracks that do not allow intellectual exploration. Sticky markets insist certain goods be provided within the same context of scale and cognitive perimeters. One will not find the (relatively) pure market forces of a dollar store in housing, health and education. But the paradox of the sticky market is that - as individuals, we end up with less of the kinds of housing, education and health services than we actually want. So, in considering malinvestment, maybe it's not just about the 'next big thing' that matters but rather, the whole economic environment that multiple 'things' exist in.
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I owe an apology to you and someone I teased last week who suggested a 'floor' for the middle class, in that I suggested a floor for lower classes without explaining myself. I don't mean a floor in terms of handouts by someone else (like government) but a floor that we can create by our own skills and incentive through our own economic environments. For the individual with little money, this would be their primary link to the economy that is in fact money based, which would then free them for reciprocity that goes beyond the money based economy.
Toggle Commented Oct 23, 2011 on The unwanted gift at Worthwhile Canadian Initiative
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"In hopes that in 40 years time he'll drop by" - this also is telling, in that even within family the ability to spontaneously reciprocate only goes so far, and that is only natural in terms of stubborn wills and self respect. Reciprocity has been a part of my studies for the past seven years, as I still remember the looks on the faces of some friends who reluctantly received gifts from me. At the time my own economic situation was more precarious than I realized, and they knew it already. This is why I also work on systems to improve the distribution of reciprocity, for we will most certainly need them in the future, as it becomes harder for institutions to fulfill those economic activities. People need not be so uneasy with one another if they at least have a similar economic 'floor' by which they can stand and reach out to one another.
Toggle Commented Oct 23, 2011 on The unwanted gift at Worthwhile Canadian Initiative
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A quick add: your designations of (passive)land and (active)capital are more vital than perhaps you imagine. It may well be possible to create economic scenarios in which more active frameworks are designated, that all participants understand and work within, in terms of the ways ownership might be approached.
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You're right, the Austrian argument is but a place to begin. The first thing I saw this morning online was a graph of GDP ups and downs, I just sat and stared at it for a while. I believe we can move ahead by creating more flexible interpretations, structures and vehicles for ownership itself. What does that mean in practical terms? What exists for us to buy needs to more closely match the resources we actually have at any given moment. When someone wants to build a restaurant for instance, that does not necessarily mean they wish to become a caretaker of a dilapidated old structure at the same time, or take on mortgage or rent that forces them to be open eight days a week in an environment that cannot support that much business. A charter city might create grids of electrical and plumbing which people could rent both for residential and commercial use. The investment would come in the form of modular pieces that people could actually put together themselves to create what they want, pieces that can allow the individual to take full use of the production capacity of our current technological system. When people move on, they dissemble the parts and sell those still fully functioning to the next user. NGDP targets will not be like pushing on a string if people can grow from the place they are now, instead of having to jump over a huge chasm everytime and hoping they can make it to the other side.
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A lot of emotion has taken place already on left and right and it has to do with different viewpoints of sticky markets. The reason this is so important is the fact that sticky markets (in both services and housing/commercial construction) are very capable of undermining capitalism if at some point they are not opened up. How does this happen? Both left and right see part of a picture of what could potentially be sustainable economic systems. If wages are brought up, it might be easier to buy a house. But then the housing market sees that wages have gone up and that makes it easier for houses to get bigger and prices to therefore go up, so the expectations of left and right chase each other until sustainable markets become even more difficult. Some on the left miss the economic aspect of what happens, and some on the right miss the aspects of sticky markets (housing, health and education)that crush incentives to survive. Both services and residential/commercial markets need to be offered in simpler and more attainable forms that create circles of sustainability.
Toggle Commented Oct 19, 2011 on Markets, emotions & logic at Stumbling and Mumbling
This post made a lot of sense to me, as I have been one of those who wished for more deflation in housing...there does not seem to be real solutions for housing as it currently exists or banks would not need to be destroying them. However, even though the United States has not experienced true hyperinflation, the prices have been rising in such a way over the years that they have actually overwhelmed people. Now, when the average citizen hears that it will take a trillion dollars to take care of X, the immediate reaction is 'no way'. But a trillion dollars does not mean what it once did, not even close. Perhaps the large numbers tend to freeze up people on economic action as much as anything. At such a point in time, sometimes nations make headway by simply changing up the numbers, i.e. calling a trillion dollars something a lot smaller. That one action could ultimately change the size of a central bank.
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Oct 15, 2011