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how d we get into this mess read policy venn and policies of the venn overlap still with me read a matter of life and death and for an overview download my 12 page pdf art s vigor page debt accumulation two new versions of an economic model showing how accumulating debt hurts economic growth 1 jerry s stand alone php version 2 my googledocs file mine brings up a preview window click the use this template button to open it introductory post google translate blog archive 2018 31 january 31 2017 274 december 31 november 26 october 21 september 23 august 27 july 21 june 17 may 21 april 13 march 25 february 25 january 24 2016 318 december 26 november 20 october 30 september 27 august 29 july 17 june 30 may 24 april 30 march 30 february 30 january 25 2015 283 december 7 november 11 october 21 september 23 august 26 july 27 june 26 may 30 april 25 john munro the chief object of debasement i think i m just finessing an idea from the archives of john munro finance and the ceteris paribus economy rogoff debt cycles and optimism an interesting detail the components of m2 money how much money is in savings historical federal workforce still looking for savings looking for something definite he thinks he s grumpy it ain t sociology 101 alternate ending josh hendrickson asks a good question inflexible trends excessive savings and cluelessness so much focus on expectation so little on evidenc also the ending year is a problem mendacity at fred a tangent how do you measure success working interest into the mix but the minimum loss to inflation is like 30 isn and don t forget march 28 february 27 january 32 2014 374 december 25 november 25 october 26 september 30 august 34 july 35 june 32 may 34 april 33 march 35 february 28 january 37 2013 412 december 33 november 31 october 35 september 32 august 33 july 36 june 31 may 36 april 39 march 40 february 31 january 35 2012 476 december 38 november 35 october 51 september 41 august 35 july 39 june 37 may 31 april 38 march 36 february 44 january 51 2011 571 december 44 november 38 october 41 september 53 august 54 july 52 june 50 may 45 april 54 march 46 february 37 january 57 2010 361 december 51 november 43 october 47 september 43 august 35 july 39 june 31 may 9 april 8 march 12 february 23 january 20 2009 79 december 17 november 10 october 14 september 20 august 3 july 7 june 4 april 1 march 1 february 1 january 1 links the 12 pages pdf html scribd money as credit paul krugman john mason gavin kennedy crisis timeline 1 crisis timeline 2 statistical abstracts measuringworth bea economic accounts bls inflation jobs flow of funds debt st louis fed fred money stock 1947 58 economagic usgovernmentspending top tax rates recession dates corp taxes 2006 irs tax data pk sources historicalstatistics org historical charts perot charts mark wieczorek the secret economist econompic john williams sgs crystal bull aquinum s razor flavianopolis william f hummell ecometry the l curve businomics blog on banking crises cybereconomics tim duy like a father to me worthwhile canadian the skeptical optimist nextblog better of thought action the troublesome economist the candid blogger blended purple frozen arctic tundra truth addicts anon jbpeebles mayday books dredd blog dolor s rants the 40 year old freshman thinking on the margin redonomics broad oak unsettling economics irrational expectations theory2life prac spoiler tips vin s read more faq s image host a very nice menu www w3 schools bloogger help image test and t2 blogger sentral html color codes google translate link within a page supreme court jester dave ross 1 dave ross 2 organize your stuff interesting jim kardi teknomo numerical ignorance mental workout g scaled data g normalized data tufte data analysis arthurian website about me contact labels real is a calculation 1 2 3 4 5 6 7 1966 1970s growth 1986 2000 2013 revision 400k smoothing a call for better argument a little r n r accelerated repayment of debt accidental discoveries adjusting debt for inflation artish b is greater than a b h finte behavioral ec best put downs bullard s earthquake c d of wealth calculating labor share civ civilization coinage coping cost and productivity cost push cost push inflation credit efficiency crisis chronicles cycle of civilization debasement debt debt and context debt and inflation debt and recovery debt bulge debt good and bad debt is not credit debt productivity debt to gdp debt to gdp in comments def credit def debt def economic activity def financial cost def gdp def general equilibrium def inflation def inside money def investment def issue and reissue def laffer limit def outside money deflation demand pull inflation disarray dpd echoes economic forces economics v the economy eroc erosion of debt evolution of the excuse expectations factors failure s embrace fallacy of composition fcm fed policy federal spending feedback loops final spending financial cost financialization five words five digit years forget about debt fpi fred free banking era full disclosure fun with the mpc gang8 gds gold shortage gresham s law gross domestic spending growth rate calc growth phase growth historical revisionism hoarding hodrick prescott household debt hover craft how to pay for it humor because you might not know if i didn t say i couldn t sleep iceberg inflation introduction is it ego captain jerry says krugman laffer curve limits long and variable loops malaise matched set fekete math problems medium of account military spending milton friedman mmt money multiplier more debt than money is policy motives moving average new tools of policy non linear not only household debt oil parameters for debt pfi policy predicting recession price controls printing vs spending problem x productivity questions r reading and writing red and green reduction reviews scott sumner sequence 2 serfdom simulacron simulated evidence slack special report spreadsheeting stagflation standard deviation star trek stimulus sumner symmetry in deception taxes taylor rule the difference between debt and credit the economy is transaction the k r shift the long decline the supply side the tint knob they don t know timeline tongue in cheek tot ulc umic unsustainable urgency verdoorn waste fraud abuse withering shoots zoho the new arthurian economics copyright 2010 2018 arthur shipman thursday april 30 2015 john munro the chief object of debasement from professor john munro s archive page c why did medieval princes debase their coinages i a commonly given answer is to increase their money supplies in times of precious metal scarcities i e to make a given or reduced quantity of gold and silver go farther by striking more coins from that metal but the evidence for such a conscious and deliberate monetary policy to achieve such goals is virtually absent and debasements cannot be correlated with specific times of coinage or precious metal scarcities also off the top of my head in times of precious metal scarcities a given quantity of gold and silver coin will go farther because prices are lower due to the scarcities so i m not sure that this commonly given answer makes any sense at all ii most medieval contemporaries thought that the prime motivation for coinage debasement was to increase mint revenues or profits for the prince munro links that thought to this footnote see the comment of nicholas oresme ca 1390 a monetary advisor to king charles vi of france and to the dukes of burgundy i am of the opinion that the main and final cause why the prince pretends to the power of altering the coinage is the profit or gain he can get from it it would otherwise be vain to make so many and so great changes so since medieval times at least it has been commonly thought that governments debase currency for their own gain otherwise says oresme it would be pointless to debase the currency so frequently that s not really a strong argument oresme s argument it s like people today who say the only explanation is and then tell you their favorite explanation people say that kind of thing all the time but that doesn t make it a good argument iv the chief object of debasement when this fiscal motive was present was to encourage merchants foreign and domestic to bring more gold and or silver bullion to the prince s mints rather than to foreign mints and debasements did so by offering such merchants themselves a profit by returning to them more coins of the same face value and current purchasing power though with a reduced precious metal content than they would receive from bullion minted by the former coin standard people since medieval times thought debasement was common because governments did it for their own profit professor munro presents a different motive to enhance the profit of the merchants this is quite an interesting thought if the reason for debasement was to enhance the local economy not just the princely greed posted by the arthurian at 4 00 am 6 comments labels coinage wednesday april 29 2015 i think i m just finessing an idea i only know what i know perhaps it is only ignorance that allows me sometimes to object to the wisdom of people who know more than i so be it then i liked immediately the archive page i found the other day john munro s page i liked it i still like it but i stumbled on this on the different means of payment in the medieval and early modern european economies at the same time you must realize that coined money was not the sole medium of exchange in medieval europe the sole means of effecting payments you must avoid the common pitfall of supposing that actual coins were used merely because the transaction was recorded in monetary terms in some account book or register these notations represent merely the standard of value function of money actual payment munro says may have occurred by barter or by credit and don t make the common mistake of believing in a mythical rise of a money economy that displaced barter transactions there was always from greco roman times some form of a money economy utilizing coinage and conversely barter transactions continued on into modern times even in sophisticated economies thus the following still popular stage theory of economic development advanced by 19th century german economic historians in particular bruno hildebrand deeply influenced by current evolutionary theories is patently unhistorical barter economy coined money economy credit economy according to john munro the stage theory of economic development barter coined money credit the stage theory is patently unhistorical but things lead to other things things have consequences and things have causes i m not afraid to say it oh most people say it sure but they leave it at that when things lead to other things sequences arise and patterns emerge in particular if human nature changes little then we are likely to find repeating sequences and repeating patterns throughout history i think if somebody saw a barter coined money credit sequence in history well that fits with things i already know about the cycle of civilization so i am willing to accept that that sequence probably did happen i don t reject it outright as munro seems to do of course barter continues in modern times of course there was coinage in use in the age of barter of course we don t stop using money because it s the age of barter we ll be glad to use money if we can get our hands on it but if we can t well there is still barter we don t rely less on money because it s the age of barter it is the age of barter because we rely less on money so anyway i was going to leave it at that but i can t because i kept reading professor munro s archive page and i came upon this c factors producing the new silver and then gold coinages i greater commercialization of the economy with a vastly increased volume of money payments transactions demand for money see after the age of barter there was a vastly increased volume of money payments less barter more coin there was a change in emphasis a move away from barter a move toward coined money and this e reasons for the resumption of gold coinages in the west i the vast increase in the volume of money payments and transactions demand for money professor munro confirms the view that there was a transition from a less coined money economy to a more coined money economy later of course there was the transition from mostly coined money to mostly credit posted by the arthurian at 4 00 am 0 comments tuesday april 28 2015 from the archives of john munro there are two fundamental causes of madness amongst students sexual frustration and the study of coinage professor karl helleiner posted by the arthurian at 4 00 am 1 comments monday april 27 2015 finance and the ceteris paribus economy while reading kenneth rogoff s vox piece on the debt supercycle i noticed in the sidebar a link to a historical look at deflation with claudio borio s name attached i ve looked at borio s work on financial cycles before so i was interested finishing up my response to rogoff i dove into the deflation article here are the opening paragraphs concerns about deflation falling prices of goods and services have loomed large in recent policy discussions see e g cochrane 2014 muellbauer 2014 the economist 2015 the debate is shaped by the deep seated view that deflation regardless of context is an economic pathology that stands in the way of any sustainable and strong expansion however the almost reflexive association between deflation and economic weakness is not so obvious seen as a symptom deflation need not only arise from an aggregate demand shortfall but also from greater supply which would boost output and seen as a cause while it may be damaging by pushing up real wages and unemployment raising the real value of debt debt deflation or inducing consumers to delay spending it may also be beneficial by raising real incomes and wealth and making export goods more competitive the cost of deflation is ultimately an empirical question five words went off in my brain like fireworks making export goods more competitive i don t know really how that works if deflation makes the dollar stronger that affects exchange rates and makes us exports more expensive i m sure there are trade offs but they use those five words as if there can be no question that deflation makes exports competitive but before i confused myself with the exchange rate consequences of domestic deflation before that unfinished thought diffused itself like a puff of smoke there were those five words and the fireworks in my head when costs are falling borio et al say that s good for exports by extension then when costs are rising that s bad for exports the mind goes to adam smith to of the component parts of the price of commodities to smith s look at factor costs and the principles that regulate them the mind goes to the cost of finance a cost that competes with smith s wages and profits and rent imagine a stable economy a ceteris paribus economy where nothing changes other...
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