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Text of the page (random words):
ot understand why that is considered news if you look at a dollar right across the top there it says federal reserve note that means the dollar was issued by the federal reserve this has not been news since 1913 whether the money is created electronically or by printing or by stringing shells into wampum is only a matter of technology as far as the act itself creating money goes the technology is utterly insignificant who else would the money be paid to other than sellers there is nothing else in that excerpt so i have to approach the wsj article with an expectation of disappointment but as mr bernanke has been trying to emphasize lately perhaps clumsily most of the money that the fed has created isn t circulating much through the financial system it s mostly sitting idly often in deposits also known as reserves that banks keep with the fed itself definitely clumsily but i agree with the wsj that the money isn t causing prices to rise because the money isn t circulating as milton friedman tried to emphasize it is not the existence of money but the spending that influences prices further the money could circulate without causing prices to rise if the velocity of money were sufficiently slow the abrupt fall of velocity was the reason for the qe in the first place however economic recovery presupposes that velocity will return to some higher level the money is very likely to cause price increases at that time some people say that when new money is created the people who get it first have an advantage over the rest of us to me that s a little petty but maybe a better word for it would be micro as opposed to macro as things have turned out the new money is available to people who already have substantial assets and who are looking to protect their wealth either by getting into or by getting out of dollars when they get out of dollars they get into other assets increasing demand for these and raising asset prices if i have my current events right we can already see that happening the new money is not available to those of us already swamped with debt fair enough we d rather reduce our debt than increase it further but as a result at the consumer price index level prices are not rising so much yet as we see today with the cost of gasoline rising asset prices will trickle down through the manufacturing process pushing up costs and prices i should say this is just an intuitive analysis i wouldn t know an asset if i had one posted by the arthurian at 2 12 pm 0 comments the kucinich bill prohibits the creation of private money through the establishment of lending credit against depository receipts sometimes referred to as fractional reserve banking sec 402 f 2 page 41 of the pdf unrealistic i think to try to prohibit fractional reserve banking it is like trying to prohibit gunpowder or the spread of nuclear weapons or any technological advance it is like trying to prohibit the sunrise posted by the arthurian at 9 00 am 3 comments not using autocad we have two policy goals we want growth and we want stable prices we have two policy tools we have fiscal policy and monetary policy we have one arrangement of tools and goals that we use all the time we use monetary policy to fight inflation and fiscal policy to encourage growth to fight inflation monetary policy takes money out of circulation to encourage growth fiscal policy encourages spending and credit use our policies remove money from circulation but encourage spending and credit use because of these policies nobody has much money and everybody has a lot of debt this problem is about as difficult to solve as the problem i talked about yesterday in the autocad post that problem was a typo this one is a failure to notice a conflict in policy the mistakes are not similar but neither is difficult to fix posted by the arthurian at 4 00 am 0 comments sunday december 26 2010 emphasis added a remark by jake of econompic from the story of income and outlays slowing growth not a downturn in growth is all it takes for a levered financial system to be strained let s make it slowing growth is all it takes for an excessively levered financial system to be strained it is a way in hindsight to determine whether our economy was safely or excessively levered finance fractional reserve banking risk debt capitalism the use of other people s money all these things are essential in any but the most primitive economy but excessive application of these essentials too often threatens to return our economy to a most primitive state update 17 jan 2011 from steve keen s debtwatch the 16 december 2010 post it was to me and many other non neoclassical economists all too evident that at some stage this growth of private debt would have to cease when it did the mere fact that its rate of growth had slowed would cause a major recession posted by the arthurian at 9 00 am 0 comments using autocad so i have in mind to stick a block in my drawing a block is just another drawing usually not a very complicated one it could show a tree or a toilet or a road sign or whatever you need to show often in the drawings that you do you can drag and drop to bring the tree block or any block into your main drawing or you can insert a block using the insert command or you can do what i like to do and write a program in vba to handle the insertion and whatever else i want to do with that block i have in mind to stick a block in my drawing an info block that will hold info about the drawing my infoblock is just some text inside a rectangle on the noprint layer because i don t want to see it on the plotted drawing told ya blocks are simple it s definitely the kind of thing i want to automate as much as i can stick the block in the drawing automatically fill out the info as much as i can automatically look up that info when i need it automatically and make design and drafting decisions based on that info automatically that s the idea but it starts as you might expect with a first step i put the infoblock into my test drawing by hand drag and drop so the first step then was to be able to find it automatically that s where the vba code comes in i have a bunch of useful routines already written i put em in a commonproject file which is available to any other project i m working on i just use tools references from the vba menu to select the commonproject and the common code is accessible of course i don t have the infoblock code figured out yet so it s not in my commonproject yet among the routines in my commonproject is ssselect i use it to create selection sets of different drawing entities depending what entities i want to work on to find the infoblock i just tell the computer to look for all the blocks named infoblock in the drawing one minor complication internally autocad calls a block an insert for some reason but i don t really care about the reason i only need to know what to call the block so that autocad will find it for me the screen capture shown below is as far as i got when i was fixing an error and decided to write this post the screen cap shows two working routines one sub and one function the function returns a value just like a function in the c language and just like a function in math class that s why i needed the sub at this early stage to test the thing i run the sub the sub runs the function for me and the function returns a value to the sub i needed the sub so i could display the information returned by the function anyway the name of the function is getinfoblock and you can even see that name used in the sub where the sub runs the function and in the function you can see my use of ssselect to select all the inserts named infoblock in the drawing the value returned by ssselect gets put into the variable i call ss so i know where it is so that i can use it in the next line after that i m already using the ss variable i m using the built in count property of the ss variable if you remember ss is a selection set a selection set is pretty much just what it sounds like a set of drawing entities that are selected the ss is a selection set containing all the blocks or inserts named infoblock that are in the drawing depending what drawing i use it on there could be zero or more of those infoblocks i need to have exactly one of them before i can proceed so what i had in mind to do was check the count and if the count is one then i can proceed if the count is zero the code will insert one if the count is more than one the code will delete all but one of em but i didn t get that far yet when i ran the sub to try the code it was not working the msgbox kept telling me that the typename was empty when it should have been an insert or something but definitely not empty why am i looking for the type name insert instead of the ss count value because this is the development stage if the code tells me it has an insert then i trust that it found the insert named infoblock that is a lot more feedback than i get from the value of ss count you can see in the sub that i started revising my call to getinfoblock the green lines are the first version they are green because i made them comments that way they don t do anything but i still have them handy in case i need them again and below the two green lines in the sub is another attempt to have the thing tell me that an insert is an insert still didn t work so then since there was nothing left to look at in the sub i started looking for an error in the function got it the code i had in mind to write was if ss count 1 but what i actually wrote was if ss count 1 nice right the equal key and the minus key are right next to each other on the keyboard and i hit the wrong one for test purposes i had exactly one infoblock in my drawing so the ss count value was always one in my tests but because i wrote if ss count 1 the code was subtracting one from the ss count which gave the value zero so the code was saying if zero then do stuff if zero on a computer always comes back false and because it came back false my do stuff command just didn t get done so i changed the minus sign to an equal sign and then it worked okay long story that s because i m doing in english something that is more easily done in vba and trying to provide some background besides forgive me and what s the point of this long story the whole big long seemingly complicated problem was solved by changing a minus sign to an equal sign finding the problem took some doing sure but the problem itself was extremely simple as was the fix got it that s the same level of difficulty as our economic problem posted by the arthurian at 4 00 am 0 comments saturday december 25 2010 relentless the ground is frozen but the dandelions don t care one gone to seed and one still trying to bloom on 25 december upper right not always as obvious as niagara falls and often easily overlooked the relentless forces of nature are not unlike economic forces posted by the arthurian at 12 12 pm 0 comments comment 88 krugman the opinion pages 12 december 2010 the root of our current troubles lies in the debt american families ran up during the bush era housing bubble twenty years ago the average american household s debt was 83 percent of its income by a decade ago that had crept up to 92 percent but by late 2007 debts were 130 percent of income source contrahour at seeking alpha so it s bush s fault too much politics in krugman and too short a timeline of debt growth and it s not just the debt of families it s all debt but the biggest fastest increase was in financial sector debt which came out of nowhere and took the lead that s where the crisis hit the fan by the way finance moving on comment 88 on krugman s article the third comment here opens thus it seems to me that if the problem is lack of demand because household debt is too high and households are going through a process of deleveraging that we should not try to fix the problem by adding to the debt of our highly indebted public sector comment 88 strikes me as a very popular view but also quite confused i applaud the commenter s explicit identification of debt household debt here public sector debt there indeed most people just call it debt which makes the whole thing a jumble with no solution i ve done the same myself so i know that being explicit about whose debt is whose is very useful if people were not all so caught up in debt as a bad bad thing it would be easy to see that comment 88 is quite confused we don t want to try to fix the problem of household debt by adding to public debt but why not is it because public debt is unrelated to household debt so that adding to public debt is an irrelevant solution is it because public debt is related to household debt in some way that makes adding to public debt harmful to the household debt problem those are the only choices unrelated or related still public and household debt could be related in some way that makes adding to public debt beneficial to the household debt problem people just naturally assume that s not the case because debt is a bad bad thing i m not so sure to borrow an opening from comment 88 it seems to me that if the problem is lack of demand because household debt is too high and households are going through a process of deleveraging that we should fix the problem by reducing household debt as a matter of policy the arthurian solution is not to increase public sector debt but to reduce private sector debt i don t know why nobody else has picked up on this everybody says the problem was created by excessive debt in the private sector and everybody says private sector debt must fall before the economy can recover but nobody says we should use policy to help reduce existing debt policy is still all the other way we need to get everybody using more credit because that s what makes the economy grow well yeah but the accumulation of debt that results from that strategy is the thing that inhibits growth so if we cut in half the existing private sector debt the private sector will be prepared to grow again and then it may be time to say we need to get everybody using more credit again merry christmas posted by the arthurian at 4 00 am 0 comments friday december 24 2010 it s from the hunt for red october checking my numbers re creating the debt per dollar graph preparing for another post oh google has added more chart features playtime okay so using the same three source numbers for total debt that i ve been using for a while now and a good set of numbers for m1 money i re created my dpd graph ah yes it hits 10 in 1978 20 in 1998 30 in 2006 and peaks in 2007 at 35 of debt for every dollar of money in circulation and they couldn t predict the financial crisis amazing as before the blue red and gold trend lines indicate the three different data sources and the mis match from 1956 to 1970 is still present and again the mismatch doesn t bother me because it s the best data i could find i haven t yet figured out how 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