This Levy News has (at least) three good pieces: two by Kregel, on lessons from the Eurocrisis and on regulators' role in the LIBOR 'scandal' - Geoffrey will...
16716
Geoffrey Gardiner
geoffrey276927
Aug 21, 2012 5:47 pm
I do indeed agree with Kregel. Economists seem to me to get unnecessarily uptight about rent. They seem to think it is an unnecessary burden on the economy....
16717
D.J.Bezemer
d.j.bezemer@...
Aug 21, 2012 6:58 pm
Geoffrey, In your example there is no rent in the Classical sense. In Classical theory, rent is collected by those who 'love to reap where they never sowed' as...
16718
Prof. Richard Werner
rawjapan2005
Sep 6, 2012 8:27 am
Dear All, Robert Fischer wants to draw our attention to three articles about the web of interbank connections, and implications, namely 1. Stefano Battiston et...
16719
Gunnar Tómasson
gunnar.tomasson
Sep 6, 2012 12:07 pm
Thanks for sharing these links, Richard. I will be interested to see whether the international banking system may have moved towards what I have been toying...
16720
Geoffrey Gardiner
geoffrey276927
Sep 10, 2012 10:22 am
I now have the paper you and Michael wrote. Very good indeed. It should arouse great interest. But to me the thing is far simpler: Loans raise demand; paying...
16721
Geoffrey Gardiner
geoffrey276927
Sep 10, 2012 10:27 am
Michael, Apologies for not answering sooner. Yes, you are right to prod me but I have already missed the dates for both conferences. Geoff From: Michael Hudson...
16722
Dirk Bezemer
d.j.bezemer@...
Sep 10, 2012 11:12 am
Agreed! Should we expect cpi inflation - more inflation that is, becase there is already much inflation than is recognized in the official figures? that...
16723
Michael Hudson
peshinesmith
Sep 11, 2012 12:30 pm
This is from Yves Smith¡¯s popular site, Naked Capitalism. Michael TUESDAY, SEPTEMBER 11, 2012 Getting Economics to Acknowledge Rentier Finance The economics...
16724
Gunnar Tómasson
gunnar.tomasson
Sep 15, 2012 2:03 pm
Stephen A. Zarlenga, author of The Lost Science of Money and founder of the American Monetary Institute, sought an answer to this question "by examining the...
16725
Michael Hudson
peshinesmith
Sep 15, 2012 2:24 pm
Dear Gunnar, I¹ve tried for years to explain how to view money and credit in accounting terms. Steve Z. thinks that because money is not debt THAT ANYONE...
16726
D.J.Bezemer
d.j.bezemer@...
Sep 15, 2012 2:40 pm
Gunnar, and all, You should read the thoughtful paper "The Chicago Plan Revisited" by Jaromir Benes and Michael Kumhof. It is an IMF working paper ( WP/12/202)...
16727
Gunnar Tómasson
gunnar.tomasson
Sep 15, 2012 2:57 pm
Dirk, and all, I read the paper a few days ago. The concept of a steady growth of money (however defined, Mx or My) as guiding principle for monetary policy...
16728
D.J.Bezemer
d.j.bezemer@...
Sep 16, 2012 7:34 pm
1. The 'Volcker Shock' was a bid to stop inflation by raising interest rates WITHIN the existing system of private money issuing. That makes it incomparable to...
16729
Gunnar Tómasson
gunnar.tomasson
Sep 16, 2012 10:57 pm
Dirk. As I recall it, the objective of the Volcker experiment was to keep the growth rate of some monetary aggregate within pre-determined bounds. There was no...
16730
Dirk Bezemer
d.j.bezemer@...
Sep 18, 2012 8:47 am
dear Gunnar, If the institutional framework prevents private debt growth, then that is the grounds for supposing that the impact of a given rate of growth of...
16731
Geoffrey Gardiner
geoffrey276927
Sep 18, 2012 5:47 pm
Michael, I picked up a copy of Paul Kriwaczek’s book ‘Babylon’, published in 2010. Sadly he has died, I understand. The book seems good, and I notice the...
16732
Michael Hudson
peshinesmith
Sep 18, 2012 6:47 pm
Not over-optimism but ³the norm.² Remember the BM conference re China: They printed out the payment sheets IN ADVANCE for what they ESTIMATED the yield of...
16733
Geoffrey Gardiner
geoffrey276927
Sep 23, 2012 10:27 am
I am amazed that the level of understanding of bank bookkeeping is so low, or should one say non-existent? I have printed out the paper in the hope that by...
16734
D.J.Bezemer
d.j.bezemer@...
Sep 23, 2012 7:37 pm
Geoffrey, I am happy you bite because we need top minds asessing this plan. You may judge too fast. The plan (in my reading) is to turn banks into investment...
16735
D.J.Bezemer
d.j.bezemer@...
Sep 23, 2012 7:58 pm
Another problem occurs to me: Under the Chicago Plan, would Allocator-banks still be deposit taking institutions? If they are, there is nothing to stop banks...
16736
Gunnar Tómasson
gunnar.tomasson
Sep 23, 2012 11:13 pm
Conclusion. The problems of the euro and the U.S. dollar have been building up for years and decades, respectively. If insanity is doing the same thing over...
16737
Prof. Richard Werner
rawjapan2005
Sep 24, 2012 8:54 am
Dear Gunnar, So that’s clearly too much power in the hands of too few unelected people, and hence a non-starter. Just see what the excessively powerful ECB...
16738
Geoffrey Gardiner
geoffrey276927
Sep 24, 2012 9:46 am
The IMF Working Paper WP/12/202 by Jaromir Benes and Michael Kumkof. Kumhof, by the way, is a York Graduate, notwithstanding his surname, and is an Associate...
16739
Gunnar Tómasson
gunnar.tomasson
Sep 24, 2012 9:50 am
Dear Richard. I envisage a rule-based BANCOR centered World Central Bank much like the accounting departments of the U.S. Federal Reserve System and the...
16740
Geoffrey Gardiner
geoffrey276927
Sep 24, 2012 10:15 am
Dirk, ‘Existing money’ is owned by bank customers, not by banks. (Remember EVERY new bank loan creates completely new money.) So you are going to direct...
16741
Gunnar Tómasson
gunnar.tomasson
Sep 24, 2012 10:19 am
Dear Geoffrey. Thank you for this excellent analysis. The core of modern mainstream economics is built on Paul A. Samuelson's Foundations of Economic Analysis...
16742
Geoffrey Gardiner
geoffrey276927
Sep 24, 2012 11:53 am
Yes, Dirk, you have now hit the nail. But as you will have seen from my longer comment these two writers have found a way of making sure all deposits created...
16743
Dirk Bezemer
d.j.bezemer@...
Sep 24, 2012 12:19 pm
Geoffrey, and all, We agree where the merits and demerits of the paper are. I summarize: 1. It is noteworthy that for the first time in history an IMF working ...
16744
Geoffrey Gardiner
geoffrey276927
Sep 24, 2012 2:00 pm
Actually re point 5 I recall they got it right, following Randy's view, and mine, that the central bank must provide whatever liquidity is needed Geoff ... ...
