Monthly Archives: June 2010

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Sobering thoughts about the price level

Money’s key function is means of exchange (beats bartering). Most money is created by the financial system. When it creates a loan, ‘new’ money is created. (A new entry is created in the asset ledger of the financial institution, which … Continue reading

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“Predictions of a Bond Market Bubble are Wrong”

If you can access it, be sure to read Predictions of a Bond Market Bubble are Wrong, by David Rosenberg writing in today’s FT. It clarifies much confusion about the inflation/deflation outlook and is consistent with the periodic emphasis here … Continue reading

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Message to new visitors to this site, June-July 2010

I am by training and background a professional economist. In 2005 I began writing a dissertation on the international monetary dimensions of the Great Depression. As recently as 2009 I was downplaying the notion that my studies had much to say … Continue reading

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Is it 1931 or 1937?

more to come

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Excerpt from the Italian economists’ joint letter

We believe … that the present direction of economic policy may soon prove to be unsustainable. If the conditions do not exist for the realisation of a development plan based on the objectives outlined, there will be an extemely high risk of … Continue reading

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Skidelsky (Keynes’s biographer) on today’s re-hearsing of 1931

Abridged by Brad de Long. (Politicians) talk about the need to restore “confidence in the markets”. The argument here is that deficits do positive harm by destroying business confidence… fear of higher taxes, fear of default, fear of inflation…. The … Continue reading

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Thursday fixtures (all times BST)

17 Jun, 12.30 Argentina v South Korea World Cup Group B 17 Jun, 15.00 Greece v Nigeria World Cup Group B 17 Jun, 19.30 France v Mexico World Cup Group A

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Moody’s cuts Greece; “We’re not nearly as gloomy as others in the market”

Moody’s today cut Greece sovereign debt to ‘junk’ status, citing threats to growth. “If they still need to take additional measures to reduce the debt because of slow growth, that would be a difficult political decision … because obviously that … Continue reading

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Logo ripped from Slovenia national side

Slovenia’s Milivoje Novakovic evades a tackle by Algeria’s Hassan Yebda. Photo: Reuters/Christian Charisius. Italy’s Giorgio Chiellini fights for the ball with Paraguay’s Lucas Barrios. REUTERS/Carlos Barria 

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