Meta tags:
Headings (most frequently used words):
november, 2014, the, to, of, in, sunday, saturday, tuesday, monday, thursday, friday, g7, and, growth, new, arthurian, economics, debt, wednesday, for, left, first, not, columns, go, an, economic, rates, since, relative, gdp, monetarism, charlemagne, accumulation, google, translate, blog, archive, links, labels, 30, 29, 27, 25, 24, 23, 21, 18, 17, 16, 15, 14, 13, 12, 11, 10, trying, get, damn, door, open, some, little, things, ve, learned, about, thankful, installation, should, have, default, section, chapter, does, require, use, computers, why, spreadsheet, up, down, like, building, rows, across, how, understand, model, extremely, persistent, slowdown, long, run, 1970s, rooting, inflation, role, state, real, adjusted, total, bullshit, public, private, 1916, 1970, this, was, direct, challenge, keynesian, style, fiscal, policy, ushered, few, minor, changes, money, volume, trade, time, europe, dark, ages, ended, when, came, along, until, there, nothing, give, prior, onset, financial, crisis, annual, adjustment, locating, peak, that, at, start, versus, moment, yves, is, right, don, dwell, on,
Text of the page (most frequently used words):
the (964), and (310), that (193), was (116), for (116), you (104), but (78), this (76), debt (76), money (73), have (71), with (62), not (61), from (54), are (51), there (50), when (48), one (45), file (45), first (44), coins (42), time (40), #november (39), graph (38), economy (36), then (36), were (36), charlemagne (36), economic (35), gdp (34), fed (33), 2014 (32), model (32), what (31), been (31), just (31), they (31), before (30), out (30), arthurian (29), can (28), comments (28), like (28), data (28), some (28), how (28), run (28), get (27), more (27), after (27), years (26), inflation (26), growth (26), window (26), folder (26), posted (25), crisis (25), don (24), right (24), know (23), about (23), because (23), into (23), new (23), other (23), change (23), all (22), see (22), than (22), here (22), only (22), use (22), would (22), page (22), private (22), now (21), could (21), since (21), series (21), trade (21), pdg (21), has (20), look (20), start (20), which (20), files (20), demo (20), think (19), year (19), will (19), variable (19), had (18), those (18), good (18), balance (18), two (18), want (18), his (17), should (17), sheet (17), says (17), didn (17), long (17), credit (17), policy (16), them (16), each (16), where (16), endogenous (16), same (16), any (16), numbers (16), bank (15), people (15), may (15), say (15), value (15), read (15), few (15), public (15), windows (15), problem (14), maybe (14), add (14), these (14), made (14), did (14), number (14), click (14), part (13), back (13), easy (13), way (13), even (13), many (13), work (13), equations (13), exe (13), june (13), set (12), while (12), why (12), percent (12), our (12), thing (12), yeah (12), open (12), financial (12), system (12), gold (12), such (12), around (12), empire (12), left (12), things (12), used (12), values (12), spreadsheet (12), column (12), columns (12), configuration (12), def (12), down (11), its (11), most (11), does (11), take (11), okay (11), today (11), coin (11), different (11), very (11), little (11), your (11), 2000 (11), december (11), calculations (11), clicked (11), default (11), directory (11), might (10), problems (10), between (10), mean (10), high (10), got (10), went (10), find (10), something (10), march (10), spending (10), supply (10), real (10), times (10), over (10), put (10), monetary (10), book (10), also (10), understand (10), roman (10), silver (10), changed (10), john (10), reading (10), troubles (10), download (10), button (10), setup (10), script (10), editor (10), january (10), graphs (9), role (9), doesn (9), age (9), during (9), world (9), let (9), finally (9), next (9), period (9), pdf (9), started (9), government (9), name (9), create (9), better (9), both (9), europe (9), using (9), loaded (9), working (9), software (9), readme (9), installation (9), utility (9), february (9), april (9), july (9), august (9), september (9), october (9), make (8), posts (8), whole (8), level (8), looking (8), again (8), relative (8), economics (8), great (8), never (8), five (8), took (8), always (8), example (8), purpose (8), post (8), note (8), until (8), title (8), done (8), butt (8), end (8), need (8), stuff (8), text (8), lines (8), federal (7), looks (7), todd (7), analysis (7), anything (7), too (7), thought (7), much (7), said (7), being (7), big (7), top (7), least (7), means (7), history (7), call (7), important (7), help (7), well (7), every (7), peak (7), came (7), historians (7), show (7), give (7), century (7), who (7), life (7), tax (7), second (7), rates (7), jordan (7), pages (7), models (7), 1994 (7), clopper (7), craft (7), variables (7), installer (7), close (7), louis (6), fred (6), must (6), sure (6), still (6), away (6), falling (6), free (6), quarter (6), perhaps (6), standard (6), ago (6), off (6), paper (6), their (6), three (6), moment (6), rise (6), decline (6), date (6), past (6), short (6), useful (6), through (6), changes (6), under (6), regular (6), kingdom (6), several (6), require (6), result (6), often (6), source (6), side (6), red (6), blue (6), adjusted (6), test (6), found (6), m1sl (6), state (6), blog (6), almon (6), rows (6), chapter (6), line (6), install (6), installshield (6), opened (6), program (6), load (6), command (6), rtlsales44111 (6), expression (6), autocad (6), master (6), quip (6), walker (5), seems (5), small (5), low (5), old (5), 2007 (5), last (5), shown (5), going (5), wrong (5), dollar (5), base (5), pay (5), ended (5), late (5), war (5), 1970s (5), issue (5), monetarism (5), later (5), exogenous (5), double (5), entry (5), sunday (5), ones (5), though (5), really (5), spend (5), nothing (5), total (5), bigger (5), everyday (5), thus (5), coinage (5), continued (5), sense (5), discovered (5), minted (5), original (5), mints (5), needed (5), volume (5), far (5), less (5), terms (5), hoarding (5), circulation (5), version (5), trying (5), available (5), called (5), above (5), produce (5), item (5), large (5), shows (5), downloads (5), rising (5), below (5), actually (5), davies (5), present (5), inforum (5), modeling (5), row (5), six (5), hand (5), simulation (5), pretty (5), vista (5), instructions (5), symbol (5), hash (5), cls (5), reference (5), index44111 (5), cost (5), http (4), incomplete (4), reduce (4), without (4), case (4), response (4), certainly (4), days (4), expand (4), golden (4), happens (4), keep (4), amount (4), leave (4), ever (4), four (4), bills (4), onset (4), current (4), included (4), banking (4), saturday (4), arose (4), governments (4), process (4), therefore (4), keynesian (4), historical (4), particular (4), existed (4), payments (4), economies (4), monday (4), accounts (4), once (4), historian (4), tuesday (4), summers (4), adjustment (4), yet (4), standards (4), policies (4), adequate (4), pepin (4), dark (4), taxes (4), minting (4), began (4), per (4), paragraph (4), existence (4), indicates (4), regularly (4), continuously (4), behavior (4), works (4), lot (4), challenge (4), measure (4), price (4), come (4), wages (4), extremely (4), business (4), requires (4), including (4), google (4), together (4), lags (4), 1970 (4), greenspan (4), failure (4), faster (4), bad (4), decisions (4), following (4), type (4), andersen (4), expenditures (4), simple (4), style (4), section (4), picture (4), 2010 (4), soon (4), probably (4), sweeps (4), makes (4), remember (4), review (4), gavyn (4), persistent (4), slowdown (4), productivity (4), links (4), timeline (4), computer (4), understanding (4), copy (4), quote (4), complete (4), given (4), comes (4), income (4), link (4), zip (4), path (4), root (4), closed (4), creates (4), smaller (4), tells (4), addp (4), 006 (4), browse (4), reserve (3), older (3), newer (3), opening (3), conclusions (3), aside (3), cause (3), increase (3), solution (3), wants (3), share (3), tell (3), questions (3), provide (3), along (3), expanding (3), expansion (3), threat (3), reserves (3), market (3), 2008 (3), entire (3), larger (3), yves (3), general (3), stop (3), versus (3), www (3), became (3), adopted (3), argument (3), nibbling (3), taken (3), form (3), worse (3), article (3), periods (3), conditions (3), further (3), argue (3), point (3), however (3), showing (3), central (3), banks (3), struck (3), loose (3), particularly (3), modern (3), civilization (3), thinking (3), account (3), western (3), consider (3), performance (3), prior (3), thursday (3), course (3), erosion (3), either (3), friday (3), writes (3), 240 (3), germany (3), person (3), accept (3), exchange (3), markets (3), england (3), based (3), knew (3), owed (3), barter (3), instead (3), european (3), measures (3), eastern (3), father (3), king (3), offa (3), break (3), ages (3), almost (3), rule (3), common (3), currency (3), nobility (3), among (3), learn (3), sudden (3), bog (3), likely (3), hoards (3), meant (3), wanted (3), tried (3), trend (3), starting (3), continuous (3), bloch (3), absent (3), feudal (3), merchants (3), kind (3), function (3), able (3), rather (3), carolingian (3), doing (3), scale (3), suggest (3), green (3), move (3), depend (3), 1916 (3), replace (3), blame (3), repayment (3), recession (3), apparently (3), collapse (3), lehman (3), greater (3), results (3), 1940s (3), quarterly (3), 1968 (3), fiscal (3), anderson (3), macroeconomic (3), regression (3), output (3), direct (3), depression (3), compare (3), grew (3), solved (3), definition (3), retail (3), language (3), bullshit (3), m1adj (3), describe (3), inflate (3), major (3), american (3), contracts (3), wrote (3), names (3), across (3), theory (3), versions (3), errors (3), hope (3), parameters (3), equation (3), calculation (3), relations (3), hold (3), making (3), table (3), thru (3), check (3), mistakes (3), enter (3), delay (3), temp (3), wizard (3), 307 (3), installed (3), odd (3), activity (3), typing (3), guess (3), puts (3), handful (3), opens (3), provides (3), interesting (3), prefix (3), basic (3), toolbar (3), index (3), talk (3), cfg (3), basic_g (3), lisp (3), basicg (3), extension (3), 2016 (2), org (2), lead (2), appeared (2), naked (2), capitalism (2), reaches (2), premature (2), thinks (2), smart (2), knowing (2), saying (2), holdings (2), leading (2), dramatic (2), position (2), necessarily (2), pondering (2), severe (2), wall (2), half (2), brief (2), yourself (2), 1947 (2), dramatically (2), crises (2), wars (2), worry (2), expanded (2), proportion (2), happen (2), direction (2), enough (2), minimize (2), somehow (2), interest (2), accumulated (2), assuming (2), power (2), sixty (2), fomc (2), marked (2), chance (2), another (2), ten (2), national (2), trillion (2), nominal (2), quantitative (2), printing (2), range (2), size (2), quadruple (2), 1984 (2), lower (2), 2012 (2), asset (2), dwell (2), evolutionary (2), views (2), rochon (2), rossi (2), buy (2), idea (2), 3000 (2), weak (2), assigns (2), unit (2), sector (2), thousand (2), passing (2), generally (2), full (2), eventually (2), fail (2), essential (2), himself (2), endogeneity (2), edu (2), cgi (2), context (2), nature (2), established (2), perspective (2), view (2), theoretical (2), institutions (2), matter (2), books (2), issuing (2), circulating (2), outside (2), deposit (2), acknowledgment (2), difference (2), written (2), clear (2), notes (2), taking (2), forms (2), please (2), study (2), wikipedia (2), 376 (2), imperial (2), phase (2), republic (2), star (2), error (2), arnold (2), toynbee (2), showed (2), itself (2), era (2), gibbon (2), thereafter (2), temporary (2), fall (2), locating (2), skip (2), delong (2), annual (2), wednesday (2), decades (2), throw (2), everything (2), lawrence (2), cycle (2), progressive (2), vast (2), biggest (2), housing (2), bubble (2), emergence (2), substantial (2), budget (2), deficits (2), criticize (2), lax (2), regulatory (2), fair (2), 2003 (2), michael (2), shilling (2), shillings (2), pence (2), pound (2), region (2), pippin (2), hundred (2), hesitate (2), imagine (2), purchases (2), buying (2), neighbor (2), counting (2), house (2), hoard (2), environment (2), daily (2), search (2), count (2), population (2), everyone (2), paid (2), local (2), especially (2), peasants (2), loved (2), standardized (2), commerce (2), com (2), weight (2), represented (2), place (2), ancient (2), reforms (2), sou (2), mercia (2), livre (2), continent (2), death (2), net (2), byzantine (2), kingdoms (2), fourth (2), led (2), laws (2), classes (2), according (2), royal (2), trouble (2), sharp (2), relief (2), fine (2), single (2), sign (2), mint (2), main (2), unlikely (2), pockets (2), previously (2), quoted (2), nor (2), saving (2), proves (2), primarily (2), basis (2), marc (2), wholly (2), trends (2), bernanke (2), entirely (2), self (2), rate (2), transactions (2), except (2), reason (2), specie (2), normally (2), reduced (2), employ (2), disappeared (2), eighth (2), seen (2), stored (2), buried (2), relatively (2), individual (2), meaning (2), cut (2), aachen (2), treasure (2), deal (2), million (2), estimates (2), beyond (2), labels (2), appears (2), true (2), moneys (2), quantity (2), exactly (2), anyway (2), accelerated (2), accumulating (2), turns (2), cheap (2), hands (2), happened (2), fragile (2), firms (2), already (2), minor (2), yes (2), significant (2), ushered (2), fell (2), 1980 (2), rose (2), occurred (2), sets (2), grow (2), 1966 (2), occurs (2), mention (2), economists (2), prices (2), played (2), renaissance (2), legal (2), relevant (2), whether (2), seeing (2), fewer (2), workers (2), nairu (2), correctly (2), labor (2), clauses (2), rooting (2), impressive (2), glyn (2), amazon (2), day (2), edit (2), developments (2), summary (2), cent (2), update (2), googled (2), reddit (2), overview (2), myself (2), 149 (2), intro (2), digit (2), package (2), builder (2), functions (2), possible (2), changing (2), assumptions (2), forecast (2), constants (2), agents (2), plug (2), fill (2), couple (2), mimic (2), actual (2), mess (2), adding (2), computers (2), printed (2), consumption (2), labeled (2), getting (2), blanks (2), worked (2), represent (2), pull (2), spreadsheets (2), building (2), quantified (2), sort (2), begin (2), contains (2), remaining (2), zoho (2), starts (2), friendly (2), minutes (2), unblock (2), unblocked (2), extracted (2), technet (2), safe (2), ran (2), clicking (2), wouldn (2), best (2), bit (2), related (2), installs (2), triangle (2), menu (2), attempting (2), prevent (2), named (2), wherever (2), dos (2), concern (2), unfounded (2), screen (2), revision (2), isn (2), editing (2), gets (2), displayed (2), user (2), input (2), lets (2), commands (2), identifies (2), tcmdo (2), divides (2), shrunk (2), 200 (2), workspace (2), pause (2), denotes (2), thankful (2), identified (2), tool (2), code (2), loading (2), bnk (2), learned (2), missing (2), dig (2), fixing (2), multiplier (2), statistical (2), personal (2), action (2), accounting (2), damn (2), door (2), 2018 (2), sumner (2), household (2), loops (2), laffer (2), curve (2), krugman (2), jerry (2), expectations (2), push (2), 2013 (2), dave (2), ross (2), image (2), translate (2), html (2), blogger (2), economist (2), charts (2), venn (2), rights, reserved, appear, courtesy, research, stlouisfed, fred2, horse, water, him, drink, stay, thirsty, friends, subscribe, atom, home, prompting, respond, sooner, intended, agree, proceeds, ensuing, claiming, obvious, connection, frankly, pre, enlarging, correlation, causality, maintain, participation, permanent, ought, months, wondering, street, journal, rightmost, inch, starters, answers, 1973, depressions, ponder, concerns, creation, method, expands, rapid, besides, plan, piled, potential, damage, arising, alternative, eliminate, eliminating, possibility, committee, meeting, oct, summer, consists, resolving, absence, officially, declared, emergency, 929, billion, sufficed, promote, strong, countless, interventions, ending, easings, econospeak, nearly, wished, prevailed, preceding, eleven, support, historically, 1969, readers, former, staffer, expert, nevertheless, needs, acquisitions, generation, revolutionary, philippe, sergio, csbancari, pubblicazioni, rmelab, rossi2, culture, politician, arisen, spontaneously, claim, dual, sectors, struggling, nibble, edges, nibbled, unacceptable, recoinage, bodied, issued, lost, expect, underlying, everybody, tries, expense, others, wins, exogeneity, failing, hyman, minsky, 1990, digitalcommons, bard, viewcontent, 1429, hm_archive, mainly, largely, typically, ultimately, shed, light, contrary, irrespective, discussion, reasons, address, overall, keynesians, innovations, proper, leadership, corresponds, fact, record, material, representation, innes, 1913, 407, cogently, pointed, respect, differs, register, banker, indebtedness, leaf, standing, depositor, bearer, courbis, 1991, 329, clearly, illustrate, referring, british, goldsmiths, london, 1660, authors, 324, noting, ancestors, goldsmith, certificates, earth, indeed, doubt, wide, variety, wray, 2004, 235, truly, macroeconomists, aspire, explain, fundamentals, lars, syll, early, story, contrast, declining, theories, james, burke, rotten, inception, steady, decay, founded, republican, advance, causes, mechanisms, theme, introduced, edward, 1776, consensus, pivotal, unmanageable, influx, goths, barbarians, balkan, provinces, situation, worsened, recoveries, larry, brad, flush, toilet, mid, 1960s, guns, butter, willing, explanation, difficulty, lies, ideas, escaping, ramify, brought, corner, minds, instructive, eurozone, kidding, deterioration, finance, demands, progressively, productive, employment, industrial, production, spectacular, overheating, wood, points, pennies, 1300, france, switch, accessible, comfortable, cold, counterfeit, guy, quick, village, cow, bringing, vegetables, dragon, helped, thrive, becoming, tomorrow, domesday, roots, appointed, collectors, collect, yearly, upon, collector, created, farmer, sell, crops, cheat, donn, construction, roads, bridges, weights, tolls, developed, denarius, writework, elder, son, indulged, monopoly, coining, deciding, closure, shops, subjects, revived, greeks, romans, kept, libra, solidi, denarii, pursuing, worth, sous, solidus, deniers, denari, penny, units, denier, realm, applied, voluntarily, continental, degraded, resorted, quality, english, 1100, themiddleages, heather, whipps, 5th, flourished, disintegrated, collection, fragmented, authority, entering, born, 742, frequent, warfare, cultural, achievements, virtual, cessation, learning, ruler, 768, immediately, territory, battles, conquered, mainland, everywhere, instituted, creating, identity, southern, spain, abandoning, putting, easier, prospered, aided, nobles, peasantry, participate, benefited, ways, frustrated, entitlement, deep, sympathy, legislation, regional, governors, subject, inspections, emissaries, injustices, educational, reform, agenda, leader, encouraged, schooling, throughout, chosen, lingua, franca, latin, fractured, regions, connected, peaceful, networks, communicate, livescience, places, third, paragraphs, excerpted, prestige, liked, liege, lord, handed, poke, stick, store, stimulate, lived, incorrect, convey, comparable, tendency, interpret, interpreting, rome, mentality, faced, purposes, lands, exchanges, harry, serf, brother, engaged, heap, languishes, hundreds, feel, easing, restore, ben, circulate, sat, idle, surprise, wonder, excess, robin, hood, contained, neighbouring, civilizations, restricted, routes, distinctly, unfavourable, east, profits, slave, fairly, sufficient, purchase, precious, goods, spices, egypt, nearer, asia, slow, drain, unquestionably, prosperity, remote, society, scarcely, peasant, ceased, employed, valued, reckonings, corresponded, stipulated, pounds, weakness, consequence, gravest, insignificance, social, latter, employer, disposal, danger, drying, wage, earner, certainty, received, procuring, necessities, seventh, slowed, completely, tended, pass, rhine, districts, grain, cattle, horses, etc, metal, ferdinand, ninth, centuries, hoarded, collections, unworn, carefully, heavily, dies, casting, deeply, produced, condition, locations, amiens, quentovic, rheims, rouen, paris, lyon, strasbourg, verdun, melle, milan, pavia, dinant, maastricht, dorestad, consolidate, palace, unsuccessful, suggested, solely, debate, estimate, contemporary, reign, considerably, savings, sheets, mzm, generalization, somewhat, correct, evidently, lag, tempted, depends, willingness, metabolism, david, howden, problematic, arises, congress, repay, accelerate, offset, borrow, accumulates, lures, unrelenting, encouragement, encourage, hits, event, occur, brothers, unfortunate, lured, wasn, spark, crunch, institution, bastiat, mises, seeds, sown, monthly, repec, stats, wickens, fascinating, eight, tripped, sentence, serves, sending, studied, gave, turned, examines, reactions, irony, 1950s, 60s, seasonally, averages, 1952, actions, importance, stabilization, procrustean, approach, modelling, challenged, undermining, analyses, achieved, considerable, prominence, increased, studies, distributed, reflections, econometrics, papers, recent, 1920s, comparison, drawn, upward, 1933, leveled, 1930s, situations, circumstances, severely, letup, 1974, 1987, peaks, collapsed, higher, impossible, achieve, growing, nomenclature, backwards, suddenly, implies, whose, deceptive, bought, abstract, erik, reinert, attempts, trace, promoting, societies, conclusion, antagonism, characterised, twentieth, phenomenon, task, functioning, providing, framework, physical, infrastructure, necessary, temporarily, entrepreneur, resort, vox, matthew, yglesias, piece, paycheck, helpful, favor, increasing, shape, middle, ground, characterize, workforce, unions, union, provided, automatic, raises, love, clause, contract, widespread, inadvertently, spiral, explained, unemployment, drop, reminded, sidney, homer, memory, author, definitely, published, hardcover, huge, glynn, crossing, colleagues, fulcrum, examining, behaviour, advanced, dynamic, factor, juan, antolin, diaz, thomas, drechsel, ivan, petrella, academic, countries, variation, pattern, averaged, traced, declines, labour, resulted, halving, copies, disabled, drove, linked, lays, development, calls, wouldnt, laying, brain, becomes, impenetrable, hadn, bits, usually, referred, comprehensive, programs, designed, domain, accompany, via, internet, umd, thousands, assembling, borland, compiler, build, simply, incorporate, running, reproduce, rerunning, analyze, effects, forecasting, studying, improve, her, consumers, estimated, frequently, choosing, describes, accurately, estimating, sum, lessons, future, examine, standerby, integralds, week, addition, whatever, rest, completed, trick, calcs, additions, save, affect, kinds, bug, bites, quantities, resulting, manage, play, fit, cells, equal, helps, calculate, fudging, filling, decide, tweaking, copying, bearing, acts, desperation, live, somebody, describing, own, pace, figure, subconscious, spelled, tested, explicit, subjected, careful
Text of the page (random words):
ey called it excess reserves in those days posted by the arthurian at 4 00 am 0 comments saturday november 8 2014 europe s dark ages ended when charlemagne came along from livescience how charlemagne changed the world by heather whipps after the break up of the roman empire in the late 5th century its eastern byzantine half flourished while the western region disintegrated into a collection of fragmented kingdoms without any central authority europe was entering its fourth century of the dark ages when charlemagne was born in a d 742 a time marked by frequent warfare few important cultural achievements and the virtual cessation of learning charlemagne became ruler of one of those kingdoms in germany in a d 768 and immediately set about expanding his territory through the course of more than 50 battles most of which he led in person he d conquered almost all of mainland europe everywhere his rule was established charlemagne instituted the same reforms creating a common identity in people from eastern germany to southern spain one of the most important changes charlemagne made was abandoning the gold standard and putting all of europe on the same silver currency trade became easier and the continent prospered aided by laws that took some power away from the nobles and let the peasantry participate in commerce the lower classes benefited in other ways under charlemagne who was frustrated with the nobility s sense of entitlement and had deep sympathy for the peasants according to historians among other legislation all local regional governors were subject to regular inspections by royal emissaries to make sure no injustices were being done educational reform was also high on charlemagne s agenda the progressive leader loved to learn historians say and so encouraged schooling throughout his kingdom in his chosen lingua franca latin all of a sudden not only were the once fractured regions of europe connected by peaceful trade networks and common laws but people could communicate with each other too from themiddleages net charlemagne was the elder son of pepin the short pepin the short indulged in the monopoly of the coining of money deciding on the opening and closure of minting shops the weight title and the subjects represented european coinage began with pepin the short who revived the system put in place by the ancient greeks and romans and kept going by the eastern roman empire 1 libra 20 solidi 240 denarii pursuing his father s reforms charlemagne did away with the monetary system based on the gold sou both he and king offa of mercia took up the system set in place by pippin he set up a new standard the livre i e pound both monetary and unit of weight which was worth 20 sous as per the solidus and later the shilling or 240 deniers as per the denari and eventually the penny during this period the livre and the sou were counting units only the denier was a coin of the realm charlemagne applied the system to much of the european continent and offa s standard was voluntarily adopted by much of england after charlemagne s death continental coinage degraded and most of europe resorted to using the continued high quality english coin until about 1100 from writework com charlemagne also changed european commerce through the construction of new roads and bridges and through standardized weights measures and tolls he developed a money economy through the minting of the first silver coin since the roman empire s denarius mr donn writes standardized money each count appointed tax collectors to collect the yearly taxes the amount of the tax was set based upon the population everyone knew how much tax they owed but there was a problem since most people paid their taxes through barter the local tax collector could set the value for the barter charlemagne came up with a better system he created silver coins each with a set value to use instead thus a farmer could sell his crops for silver coins and then pay his tax with the silver coins there was no way to cheat on this everyone especially the peasants loved the new system in domesday a search for the roots of england michael wood points out that charlemagne s monetary system 12 pennies to the shilling and 20 shillings or 240 pence to the pound was in use for 1300 years okay i thought charlemagne came from the region we call france not germany and i don t know if pippin is the same person as pepin the short but now i understand that it was charlemagne who made the switch from gold coin to silver i think he put money in a form that was more accessible to more people me i use 20 bills and i m comfortable with 20 bills but give me a hundred and you ll stop me cold is it real or counterfeit will the guy at the quick stop accept it should i accept it i mean it s money but is it useful hundred dollar bills make me hesitate i imagine gold coin was useful for bigger purchases like if you were buying the neighbor s village but silver coin was more useful for everyday purchases like if you were buying the neighbor s cow or bringing your vegetables to market gold coin was a money of account a money to keep in your counting house or in your dragon s hoard people would hesitate to spend it silver was a money of exchange charlemagne helped to create an economic environment where markets could thrive the economy started becoming monetary again and the dark age ended with charlemagne tomorrow a look at page 97 from daily life in the age of charlemagne posted by the arthurian at 4 00 am 0 comments friday november 7 2014 until there s nothing left to give lawrence summers it is certainly fair to say that growth was adequate perhaps even good during the 2003 2007 period it would not be right to say either that growth was spectacular or that the economy was overheating during this period and yet this was the time of vast erosion of credit standards the biggest housing bubble in a century the emergence of substantial budget deficits and what many criticize as lax monetary and regulatory policies it is certainly fair to say that growth was adequate perhaps even good during the 2003 2007 period good he s kidding right graph 1 percent change from year ago industrial production graph 2 percent change from year ago real gdp graph 3 percent change from year ago total u s employment and yet this was the time of vast erosion of credit standards the biggest housing bubble in a century the emergence of substantial budget deficits and what many criticize as lax monetary and regulatory policies well of course it was very late in a long financial cycle and just as the graphs show progressive deterioration finance demands progressively more from the productive economy until there s nothing left to give posted by the arthurian at 4 00 am 0 comments thursday november 6 2014 prior to onset of financial crisis lawrence summers here it is instructive to consider the performance of the us and eurozone economies prior to onset of financial crisis in 2007 if you want to know about the crisis don t spend all your time looking at the crisis spend most of your time looking at the sixty years before the crisis if you want to know about the crisis you have to take all the analysis of the past five decades at least and flush it down the toilet you have to go back for example to the analysis that says the mid 1960s inflation was a guns and butter problem throw it away and be willing to consider a different explanation and everything since the difficulty lies not in the new ideas but in escaping from the old ones which ramify for those brought up as most of us have been into every corner of our minds posted by the arthurian at 4 00 am 0 comments wednesday november 5 2014 the annual adjustment from brad delong from larry summers skip delong read summers posted by the arthurian at 4 00 am 0 comments tuesday november 4 2014 locating a peak wikipedia decline of the roman empire the causes and mechanisms of the decline of the roman empire are a historical theme that was introduced by historian edward gibbon in his 1776 book the decline and fall of the roman empire there is no consensus on a date for the start of the decline gibbon started his account in 98 the year 376 is taken as pivotal by many modern historians in that year there was an unmanageable influx of goths and other barbarians into the balkan provinces and the situation of the western empire generally worsened thereafter with recoveries being incomplete and temporary by these accounts the peak came early around year 98 or late around year 376 in the imperial phase of roman civilization that s what i once thought that the roman empire was an advance from the roman republic though really the star wars story could have shown me the error in my thinking arnold toynbee showed me my error wikipedia in contrast with the declining empire theories historians such as arnold j toynbee and james burke argue that the roman empire itself was a rotten system from its inception and that the entire imperial era was one of steady decay of institutions founded in republican times the rise of empire was a solution to the problems of the republic posted by the arthurian at 4 00 am 2 comments monday november 3 2014 that s i e s not i c s truly great macroeconomists aspire to explain and understand the fundamentals of modern economies lars p syll please note the great ones study economies not economics study the economy posted by the arthurian at 4 00 am 0 comments sunday november 2 2014 at the start versus since the first moment endogenous money the evolutionary versus revolutionary views louis philippe rochon and sergio rossi http www csbancari ch pubblicazioni rmelab rossi2 pdf page 8 of 17 every bank note corresponds as a matter of fact to a double entry in the books of the issuing bank a record of which the note is the material representation circulating outside the bank issuing it as innes 1913 p 407 cogently pointed out in this respect a bank note differs in no essential way from an entry in the deposit register of a bank just like such an entry it is an acknowledgment of the banker s indebtedness the only difference between a deposit entry and a bank note is that the one is written in a book and the other is on a loose leaf the one is an acknowledgment standing in the name of the depositor the other in the name of the bearer this is a point that courbis et al 1991 p 329 very clearly illustrate referring to british monetary history particularly at the time of the first goldsmiths in london around 1660 65 the authors pp 324 5 are also clear in noting that book entry payments existed long before bank notes or their ancestors say a goldsmith s certificates appeared on earth indeed t here is little doubt that money had existed for at least 3000 years before coins were struck taking a wide variety of forms wray 2004 p 235 money had existed for at least three thousand years before coins were struck i can buy that money arose and became part of the culture first and governments adopted it later sure why not that s a politician s idea of leadership right rochon and rossi page 3 of 17 the purpose of this paper is therefore to shed further light on the endogenous nature of money contrary to the established post keynesian perspective what we call here the evolutionary view we argue that money has always been endogenous irrespective of the historical period this discussion may be important for both theoretical and policy reasons a point that we address later in the paper overall however showing that money has always been endogenous is important in particular for post keynesians since it will help to put the role of central banks and other monetary institutions as well as financial innovations in their proper theoretical perspective money has always been endogenous money may have arisen spontaneously say some 3000 years before coin that means money was endogenous at the start it does not necessarily mean money has been endogenous since the start it does not mean that money has always been endogenous it s a weak argument to claim that money is always endogenous because it started out endogenous when governments adopted it money took on a dual role endogenous and exogenous ever since private sectors have been struggling with governments over money when a government assigns a name to a unit of value the dollar for example they create a standard for the private sector to nibble away at just as a thousand years ago we were nibbling gold off the edges of coins before passing them along when the nibbled coins got generally unacceptable there would be a recoinage new full bodied coins were issued and the nibbling would start again but the government lost gold in the process eventually you would expect to see the government fail today we ve taken the gold out of money nibbling has taken a different form but the essential underlying process is the same everybody tries to do better for himself at the expense of others and governments ultimately fail in that process for better or worse endogeneity wins out over exogeneity that s why when you look at the world today you see endogenous money and a failing dollar endogeneity of money by hyman p minsky 1990 http digitalcommons bard edu cgi viewcontent cgi article 1429 context hm_archive page 3 of 9 there are periods in history and economic conditions where the money supply was mainly endogenous and other periods and conditions where the money supply was largely exogenous typically the money supply is in part endogenous and in part exogenous posted by the arthurian at 4 00 am 1 comments saturday november 1 2014 yves is right don t dwell on the monetarism i see what looks like the whole of walker todd s fed needs to stop asset acquisitions for a generation or so has now appeared at naked capitalism prompting me to respond to it sooner than i had intended here s the opening at naked capitalism yves here readers will take issue with some of former fed staffer and banking expert walker todd s comments on monetarism and fed policy but he nevertheless reaches the right general conclusions i don t agree that walker todd reaches the right conclusions i think his analysis is incomplete his conclusions are premature and must be set aside while the analysis proceeds at free banking the federal open market committee fomc meeting that ended today oct 29 marked the first chance for the fomc finally to do the right thing since the onset of the great financial crisis in the late summer of 2008 that right thing consists of resolving not to add even another dollar to the federal reserve system s balance sheet for at least the next ten years and perhaps as long as 30 years in the absence of officially declared war or national emergency in 2007 the year before the crisis a fed balance sheet of only 929 billion sufficed to promote strong growth in a 14 5 trillion economy nominal gdp the fed s balance sheet was only 6 3 percent of the entire economy after countless interventions in the ...
|
