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es get to subtract out basically all of their expenses from their income and only pay tax on what s left sounds like a double standard to me posted by the arthurian at 4 28 am 3 comments friday october 22 2010 readme a hundred times our economic policies since the end of world war ii have 1 restricted the quantity of money in circulation to fight inflation and 2 encouraged the use of credit to stimulate growth since the use of credit is no less inflationary than money monetary restriction had to continue to an excessive degree and since monetary restriction is harmful to growth encouragements of the use of credit also continued to an excessive degree this analysis of conflicting policy explains not only our inexplicable debt but also why we don t have the money to keep ourselves out of debt the proper solution to the economic problem is to correct the imbalance we have created to increase the quantity of money in circulation while restricting the growth of credit use thus the solution includes printing money but only up to the point where monetary balance is restored 1 our policies encourage spending but remove money from circulation 2 because of policy we use credit for money 3 when we use credit we accumulate debt 4 we could reduce debt by paying it off but 5 the fed takes that money to fight inflation 6 so we re left with more debt and less money from this analysis of the problem a solution arises posted by the arthurian at 4 29 am 0 comments thursday october 21 2010 the waste land in a macrobuddies post from june of last year murph quotes michael hudson and then summarizes the government has committed trillions of dollars over 12 trillion and counting to bail out institutional creditors banks rather than debtors citizens in the misguided belief that we need more lending hair of the dog may be an effective pallative for a hangover but a crisis caused by overindebtedness is unlikely to be cured by creating additional debt then murph quotes john hussman and summarizes again a point made in both articles is that government aid to financial institutions rather than directly to distressed debt relief has been misguided in other words don t print money and use it to buy up bad debt from banks so that banks can make more loans print money and use it to pay off debt so lessee we have michael hudson john hussman murph jbpeebles and me that s five anybody else wanna fix the economy hurry up please it s time hurry up please it s time posted by the arthurian at 11 00 am 2 comments must reduce debt take your time with these there is a theme that ties em together irving fisher quoted by the london banker 31 july 2008 i n the great booms and depressions each of the above named factors has played a subordinate role as compared with two dominant factors namely over indebtedness to start with and deflation following soon after robert p brenner japanfocus 7 february 2009 households had long counted on rising house prices to enable them to borrow more and to do their saving for them but now because of the build up of debt they will have to reduce borrowing and increase saving at the very time that the economy most needs them to consume se the secret economist 8 may 2009 the global economy cannot return to health until households have worked off at least part of their excess debt so far they have made little progress tundra kat frozen arctic tundra 25 september 2009 combined private and corporate debt reached 230pc of spain s gdp funded by french and german savings jake econompic 9 november 2009 but in the long run we need debt levels as a percent of gdp to rebalance there are only two ways to do this decrease the numerator i e delever or increase the denominator through growth or inflation janet daley telegraph co uk 19 december 2009 the banking crisis certainly had its roots in the international nature of finance but the way it affected countries and peoples varied considerably according to the differences in their internal arrangements britain suffered particularly badly because of its addiction to public and private debt martin wolf ft com 23 december 2009 thirty years of surging growth in private sector leverage in the balance sheets of the financial sector and in notional profitability of the financial sector in the us and other high income countries has ended in calamity sackerson broad oak blog 24 january 2010 a recent study of national economies in the last 800 years by reinhart and rogoff strongly suggests as common sense would also suggest that when debts are very heavy the economy tips over into recession as we try to repay loans and rebuild savings paul krugman the conscience of a liberal 3 may 2010 american households have to bring their debt levels down stuart staniford early warning 3 july 2010 my operating assumption is that the main current problem with the us economy is too much debt in the private sector and that all will not be well until both the household and financial sectors have deleveraged back down at least to something like the levels of the 1990s at a rough guess paul krugman the conscience of a liberal 25 september 2010 i think it s fair to say that a majority of economists believe that excessive private debt played a key role in getting us into this economic mess and is playing a key role in preventing us from getting out posted by the arthurian at 4 29 am 0 comments wednesday october 20 2010 more history of money from soft currency economics by warren mosler the gold system as the basis for bank reserves the gold standard was established in the u s in 1834 under a gold standard the price of gold is set in terms of the dollar the dollar was defined as 23 22 fine grains of gold with 480 grains to the fine troy ounce this was equivalent to 20 67 per ounce the monetary authority was then committed to keep the mint price of gold fixed by being willing to buy or sell the gold in unlimited amounts the gold standard was suspended from 1861 to 1879 due to the civil war the variant which prevailed in the u s from 1880 to 1914 was a fractional reserve gold coin standard under that standard both government issued notes and notes issued by commercial banks also deposits circulated alongside gold coins these forms of currency were each convertible on demand into gold gold reserves were held by the issuers to maintain convertibility in 1934 the gold reserve act devalued the dollar by increasing the monetary price of gold from 20 67 to 35 00 an ounce the act put the u s on a limited gold bullion standard under which redemption in gold was restricted to dollars held by foreign central banks and licensed private users as a domestic monetary standard gold reserves regulated the domestic money supply in a fractional reserve gold standard the money supply was determined by the monetary gold stock and the ratio of the monetary gold stock to the total money supply which consisted of gold coins fiduciary notes and bank deposits money creation was determined by the amount of gold reserves bank deposits depended on 1 the level of gold reserves held by commercial banks and the central bank 2 the preferences of the public for gold coins relative to other forms of money and 3 legal gold reserve ratios reprinted from soft currency economics posted by the arthurian at 4 16 am 1 comments tuesday october 19 2010 money before lincoln excerpts from the introduction standard catalog of u s paper money ninth edition by chester l krause and robert f lemke robert e wilhite editor with states denied the power to issue money by the constitution of the united states and the powers of the federal government to do so left unspecified various private issues of banks railroads utilities and even individual citizens cropped up with varying resources to guarantee their value until the government halted the practice in 1863 beginning in may 1775 the congress of the newly unified former colonies began the issue of continental currency to finance its fight for freedom the continental paper dollar was able to hold its value at par with a specie dollar only until october 1777 by which time widespread counterfeiting by british tories and opportunists conspired with the natural inflation of a printing press economy and increasing uncertainty as to the outcome of the war to push the exchange ratio of the continental currency to 11 in paper for 10 in specie after that point the devaluation accelerated by october 1787 amid speculation that the continental currency might never be redeemable it was selling at the rate of 250 paper for 1 specie eventually the government issued 6 interest bearing bonds at the rate of 1 for every 100 of continental currency turned in issued current with the colonial and continental currencies were numerous privately sponsored paper monies emitted by banks as early as 1732 in connecticut utilities merchants individuals and even churches these issues continued after the revolutionary war and proliferated in the 19th century an entire industry sprang up to supply banks and merchants with accurate timely information about which notes would pass current which should be accepted only at a discount and those from an issuer who had gone broken the only restraints on the issue of paper money at that time were those which the individual states cared to apply and such restraints were infrequent and ineffective the federal government put an effective end to these halycon days of currency free for all in 1863 by imposing a 10 tax on outstanding notes and later through the 14th amendment to the constitution forbidding the private issue of circulating media of exchange altogether i picked up the united states paper money book years back at a coin shop the introduction contains some of the best history of money i ever read links krause publications coins and paper money reprinted with permission posted by the arthurian at 4 53 am 0 comments monday october 18 2010 lincoln the unifier lincoln abolished slavery he did it 30 years after the slave trade was abolished in the united kingdom and almost one hundred years after slave ownership was abolished in england and wales what else did lincoln do he held the nation together preventing the secession of the confederate states he tied the nation together supporting construction of the first transcontinental railroad he unified the nation s economy supporting the national bank act and creating a national currency the goal of political unification via currency unification is in our time being attempted with the euro a currency that entered into circulation on january 1 2002 before lincoln s time it is said people spoke of these united states but since lincoln people speak of the united states wikipedia 3 october 2010 says the national bank act ch 58 12 stat 665 february 25 1863 was a united states federal law that established a system of national charters for banks the united states national banks it encouraged development of a national currency based on bank holdings of u s treasury securities the so called national bank notes under the national bank act private banks issued national currency backed by government debt since the time of lincoln our money has been backed by government debt we still do that today g thomas woodward writes a great deal of concern is often expressed about what backs federal reserve notes technically the notes are collateralized by holdings of securities mostly those of the united states government and then there is this from answers com the national crisis of the civil war pushed the federal government to reenter bank regulation the war required vast amounts of money and credit and difficulties in financing the war were draining the nation s gold supply to help finance the war in 1861 treasury secretary salmon p chase recommended the establishment of a national banking system national banks could be chartered by the federal government and authorized to issue bank notes secured by u s government bonds chase s plan would have ensured a market for federal debt since the new national banks would be required to buy the bonds oh to be as clever as salmon posted by the arthurian at 4 52 am 0 comments sunday october 17 2010 what i was doing in 1977 and i m still saying some of those things then now an economy is the interaction of buyers and sellers the economy is transaction the problems that were so successfully solved in the 1960s were solved by careful control of the supply of money those policies solved the problems of too much money and too little debt the problems were solved in the 1960s the solution to inflation is less money the solution to unemployment is more money we use stimulative fiscal policy and restrictive monetary policy at the same time the solution to that problem is to do two contradicting things to the money supply the key to understanding arthurian economics is to notice the conflict in policy our government has two major ways to control the amount of money in america krugman still separates the monetary policy from the rest of policy if the government were to collect more in taxes than it spent then the surplus idle money would be out of the system when the government spends more than it collects thus running up a debt that debt represents extra money put into the system interestingly it may be that after the economic problem is solved the deficits will be small enough that printing money could cover them and more and still not be inflationary the solution that has generally been used by our government is to let the direct approach handle inflation and to use the indirect approach against unemployment sometimes you have to stop doing the thing that was always the right thing to do posted by the arthurian at 6 18 am 0 comments what krugman was doing in 1978 and krugman is still talking about this thing posted by the arthurian at 6 17 am 0 comments loose ends from my recent notes on mmt the problem is imbalance between money and credit this problem cannot be solved simply by printing more money because in a growing economy our financial system takes every new dollar and uses it to create 30 of new debt the imbalance cannot be corrected unless a policy of printing money is accompanied by a policy for reducing the reliance on credit and by a policy for accelerating the repayment of debt for some time i ve been wanting to write a book called the management of fiat money but i don t yet know near enough about it mosler might but he has yet to work out the theory behind it or adopt the one i ve worked out here i loaned a friend 50 once some 40 years ago he never paid me back obviously i still remember it and i do not hold that friend in high regard so much the worse if it was not my friend but my government that stiffed me posted by the arthurian at 4 17 am 0 comments saturday october 16 2010 dishonest in dallas i m gonna go back to warren mosler s dallas address because that way i don t have to transcribe mosler s words he opens the dallas address with these ...