tag:blogger.com,1999:blog-6276561747841568697.post7871476626728855153..comments2024-03-27T05:23:48.855-04:00Comments on Krugman-in-Wonderland: Krugman Seeks the Herbert Hoover "Solution" to DepressionWilliam L. Andersonhttp://www.blogger.com/profile/01802990642236807359noreply@blogger.comBlogger25125tag:blogger.com,1999:blog-6276561747841568697.post-38719126924951505782022-04-21T15:12:57.455-04:002022-04-21T15:12:57.455-04:00exit interview questions with answers
food service...<a href="https://writeablog.net/s80jjj0es0" rel="nofollow">exit interview questions with answers</a><br /><a href="https://writeablog.net/0zcz0qjkgu" rel="nofollow">food service interview questions and answers pdf</a><br /><a href="https://postheaven.net/741cpe03ny" rel="nofollow">good interview answer</a><br /><a href="https://list.ly/list/704R-latest-jobs-interviews" rel="nofollow">good interview questions and answers</a><br /><a href="https://www.zupyak.com/p/3026183/t/tell-me-about-yourself-with-easy-way" rel="nofollow">government jobs interview questions and answers pdf</a><br /><a href="https://www.zupyak.com/p/3026198/t/how-to-answers-tell-me-about-yourself" rel="nofollow">great answers to interview questions</a><br />Open Interviewhttps://www.blogger.com/profile/10427749649975405952noreply@blogger.comtag:blogger.com,1999:blog-6276561747841568697.post-52041516557927641882022-04-21T14:45:57.116-04:002022-04-21T14:45:57.116-04:00equality and diversity interview questions and ans...<a href="https://sway.office.com/Wht5THCsVqr4H220" rel="nofollow">equality and diversity interview questions and answers</a><br /><a href="https://sway.office.com/Iiu1AtRTYc3EEjuB" rel="nofollow">esl interview questions and answers</a><br /><a href="https://cliqafriq.com/read-blog/194935" rel="nofollow">esthetician instructor interview questions and answers</a><br /><a href="https://cliqafriq.com/read-blog/194935" rel="nofollow">esthetician interview questions and answers</a><br /><a href="https://cliqafriq.com/read-blog/195637" rel="nofollow">example of interview answer tell me about yourself </a><br /><a href="https://hire.careerbliss.com/company/jobsi/" rel="nofollow">executive assistant interview questions and answers</a>Open Interviewhttps://www.blogger.com/profile/10427749649975405952noreply@blogger.comtag:blogger.com,1999:blog-6276561747841568697.post-43808247320602920752011-01-15T04:16:22.223-05:002011-01-15T04:16:22.223-05:00three months ago i ran into a problem which is usu...three months ago i ran into a problem which is usual of many of us ! what shall do and how to go on living, I cant understand ((I have stopped <b>smiling at ALL!!!!</b> :( yes!!,i have bad teeth because of <b>heredity</b> ... why me? Teeth is the first thing you see when chat somebody,or doing something like that, I have found a solution in putting <a href="http://getlumineers.blogspot.com" rel="nofollow">lumineers</a> ! and i can say it has 100%result!!,i will advice that its a good decisionAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-6276561747841568697.post-77514717705301413672010-12-10T23:28:25.955-05:002010-12-10T23:28:25.955-05:00The Orlonater has it right. Krugman's rantings...The Orlonater has it right. Krugman's rantings are really nothing more than National Socialism Philosophy 101. His rantings really have nothing to do with economics at all: <br />;;;;;rashid1891http://www.jobz.pknoreply@blogger.comtag:blogger.com,1999:blog-6276561747841568697.post-53338551173602684972010-12-09T04:42:22.558-05:002010-12-09T04:42:22.558-05:00Commodity prices are set in world markets.
Are yo...<i>Commodity prices are set in world markets.</i><br /><br />Are you sure this is how you want to word this? Commodities are exchanged in world markets based on the subjective value scales of market actors. The prices are determined (not set - no one sets them) by those preferences (crudely called "demand") in relation to the supply of the commodities AND the supply of the currency. <br /><br /><i>Rising Commodity prices have a very little to do with domestic US monetary policy. </i><br /><br />Clearly they do and clearly they would be impacted worldwide if the supply of the world's reserve currency was being increased. <br /><br />Do you wish to reconsider your statements?Davidnoreply@blogger.comtag:blogger.com,1999:blog-6276561747841568697.post-28194875360881334742010-12-08T12:29:20.349-05:002010-12-08T12:29:20.349-05:00Commodity prices are set in world markets. Rising...Commodity prices are set in world markets. Rising Commodity prices have a very little to do with domestic US monetary policy. <br />http://macromarketmusings.blogspot.com/2010/11/bernanke-does-not-have-magical.html<br /><br /><br />and most of gold's price could be explained through Chinese demand. Again, very little to do with the US.<br />http://www.themoneyillusion.com/?p=8024Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-6276561747841568697.post-54813323294143474872010-12-08T00:11:55.239-05:002010-12-08T00:11:55.239-05:00So did you, like AP Lerner, predict falling commod...<i>So did you, like AP Lerner, predict falling commodity prices?</i><br /><br />I personally didn't make any predictions about commodity prices.<br /><br />Primary commodity prices are driven by many factors - supply and demand, speculation, futures markets, supply shocks etc.Lord Keyneshttps://www.blogger.com/profile/06556863604205200159noreply@blogger.comtag:blogger.com,1999:blog-6276561747841568697.post-87902789887951169412010-12-07T23:44:54.351-05:002010-12-07T23:44:54.351-05:00LK said,
QE created money has to be injected into...LK said,<br /><br /><i>QE created money has to be injected into the economy by debt to inflate the prices of commodities.</i><br /><br />So did you, like AP Lerner, predict falling commodity prices?Davidnoreply@blogger.comtag:blogger.com,1999:blog-6276561747841568697.post-57127672778057646062010-12-07T15:03:07.705-05:002010-12-07T15:03:07.705-05:00@anon 10:13: I doubt that's the only or even p...@anon 10:13: I doubt that's the only or even primary reason for it, but it certainly is a contributing factor.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-6276561747841568697.post-54266822628542289092010-12-07T13:13:54.657-05:002010-12-07T13:13:54.657-05:00Jobs are scares because of a price floor on wages ...Jobs are scares because of a price floor on wages and subsidized unemployment.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-6276561747841568697.post-50929742827765870482010-12-07T11:27:31.648-05:002010-12-07T11:27:31.648-05:00"it does not matter how much stock of money t..."it does not matter how much stock of money there is?<br /><br />When land, labour, and natural resources will remain just as scarce irrespective of how much money there is..."<br /><br />Yes, it matters. In part, it matters because it undermines the "store of value" function of money, when a dollar is worth 1 ounce of gold one day and one thousandths of an ounce the next, when a semi-skilled laborer is told one year that only the extremely rich with incomes over 150% of median incomes will ever be taxed so much as 1% of that income but he wakes up to find a government hand has reduced his pay-check by a third or more.<br /><br />It also matters because that newly counterfeited "money" isn't immediately spread to everyone. Some get it immediately, and can spend it at old price rates, while othes only get it after the prices have risen considerably, and those with large debts can pay them back with scrip that's worth less. IOW, the correspondence between value to the multitudes to the forgotten man, of land, housing, clothing, food, iPads, incandescent light... and his earnings and what he has to pay are disrupted. In this case, that disruption is intentional; it's part of the Keynesian "magic".jgohttp://www.kermitrose.com/jgoEconData.htmlnoreply@blogger.comtag:blogger.com,1999:blog-6276561747841568697.post-20089744108807838402010-12-07T11:16:47.942-05:002010-12-07T11:16:47.942-05:00>> Any time the FED prints money to buy anyt...>> Any time the FED prints money to buy anything, it is pushing in the direction of inflation <br /><br />> Not if the money is just held at the Fed as excess reserves.<br /><br />And what are "excess" reserves, or even just "reserves"? They're the percentage of total deposits that the banks have to hold. The lower the reserves, the more loans the banks are issuing, i.e. the more "money" is in circulation.<br /><br />So, whether they print FeRNs or increase the amounts in certain people's balances, or whether those balances are in terms of reserves makes no difference. In every case "money" is being created out of nothing, the currency is debased and, barring other hijinks, prices will go up.<br /><br />It's that "other hijinks" part that bothers me. It's those "loans" to their buddies in the executive suites at Bank of India/Merrill Lynch, McDonald's, J.P. Morgan Chase (over $13G), Caterpillar, CitiGroup, Harley-Davidson, Dresdner Bank, WestLB, Deutsche Bank, France's BNP Paribus, Switzerland's UBS, Societe Generale, MetLife, Barclays, Lloyds Banking Group, AIG, Wells Fargo, Royal Bank of Scotland, Dreyfus, BlackRock, Pimco, Oppenheimer, Morgan Stanley, DWS, Janus and T. Rowe Price, Verizon Communications, Oppenheimer Institutional Money Market Fund, Ally Bank (GMAC), Chrysler Financial Services, Allianz SE's Pacific Investment Management Co., General Electric (over $16G) that bother me, especially when those executives were there in the Fed voting to give themselves that money.jgohttp://www.kermitrose.com/jgoEconData.htmlnoreply@blogger.comtag:blogger.com,1999:blog-6276561747841568697.post-69288378329607268592010-12-07T10:51:21.808-05:002010-12-07T10:51:21.808-05:00@AnotherAnonymous: It'd be nice if:
a. It was...@AnotherAnonymous: It'd be nice if:<br /><br />a. It was a simple matter of jobs and money being scarce, and <br /><br />b. The government could simply prime the economy as if it were a pump.<br /><br />The problem is that the government must determine where to allocate that money, and make its best guess as to what would be the most efficient use of that money. Then, it would have to make sure it prints the right amount. Failure to do the former would simply distort the capital structure in such a way that a future adjustment would be inevitable. Failure to do the latter would generate too much spending, and give off the impression that the recession was over, which would further distort the capital structure necessitating a later readjustment (or recession). To steal a quote from the latest Star Trek movie, "It's like trying to hit a bullet with another smaller bullet whilst wearing a blindfold and riding a horse".<br /><br />Working from this perspective, it seems like it'd be less trouble in the long run to simply allow the economy to recover on its own, doesn't it? After all, for each time you fail, which you most likely will, you will call down another recession upon your head.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-6276561747841568697.post-26562522036458790982010-12-07T10:46:18.999-05:002010-12-07T10:46:18.999-05:00@Another Anonymous: Um, neutrality of money, as fa...@Another Anonymous: Um, neutrality of money, as far as neoclassical economists utilize the theory, primarily has to do with real variables in the long run. Output is determined by resources and technology in the long run, whereas changes in money and liquidity can affect real variables in the short-run. You won't find anybody who thinks that a change in the money supply has a significant permanent effect in the long run, at least as far as the neo-classical models are concerned. <br /><br />Why do I post this?<br /><br />"Land and resources will stay there, so the loss isn't gigantic"<br /><br />Makes me think you don't really understand money neutrality from the perspective of neo-classical economic models.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-6276561747841568697.post-47224858625045642182010-12-07T09:25:32.474-05:002010-12-07T09:25:32.474-05:00Anonymous - what you are saying is called the &quo...Anonymous - what you are saying is called the "neutrality of money". (Neo)classical economists believe in it. Sensible ones don't ( including Keynesians, and Austrians too, I think) Keynesians say that in a depression, like right now, there is a lot of land, labor and natural resources whose owners would just love to have them used, if they could find someone with the truly scarce thing, money, to allocate to them. In a depression, land, labor and resources aren't scarce. Money and jobs are. Land and resources will stay there, so the loss isn't gigantic. But labor vanishes if it is not used, which is why the government should guarantee full employment, like it used to, more or less, in the postwar golden age. The gov has an infinite amount of money, so it should cough up. <br /><br />Sure, it's not a permanent state, except for people who lose their jobs and have them or their dependents die. Their pointless poverty and the work they don't get to do until enough people go bankrupt and prices and wages fall enough - which could take a decade or more - has permanent effects, all bad.Another Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-6276561747841568697.post-20867170609600209472010-12-07T07:49:45.260-05:002010-12-07T07:49:45.260-05:00Lord Keynes, correct me if I am wrong, but isn'...Lord Keynes, correct me if I am wrong, but isn't it true that it does not matter how much stock of money there is?<br /><br />When land, labour, and natural resources will remain just as scarce irrespective of how much money there is, the fall or rise in money supply will not change the scarcity of those resources and thus improve their allocation to productive uses.<br /><br />As it is, when banks start recalling loans or when people stop borrowing, it's not like it's a permanent state - they have merely decided to lend or borrow in the future rather than now, no?<br /><br />Please note that I am not making this post with an aggressive or contentious tone; I am really curious to hear what you have to say, and I respect your strong arguments as much as I do Bill Anderson's.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-6276561747841568697.post-10427756444247571702010-12-07T06:11:15.095-05:002010-12-07T06:11:15.095-05:00Awwww theres LK. I was starting to get worried, li...Awwww theres LK. I was starting to get worried, like when you dont hear that 2 pound chihuaha barking incessantly you wonder if something happened to it.ekeyrahttps://www.blogger.com/profile/17413110869433997820noreply@blogger.comtag:blogger.com,1999:blog-6276561747841568697.post-61703971571057965052010-12-06T21:27:58.751-05:002010-12-06T21:27:58.751-05:00Any time the FED prints money to buy anything, it ...<i>Any time the FED prints money to buy anything, it is pushing in the direction of inflation </i><br /><br />Not if the money is just held at the Fed as excess reserves.<br /><br />Libertarians can't distinguish properly between the (1) base money and (2) broad money stock.<br /><br />Just because you increase base money does NOT mean the broad money stock will also rise by an equal amount - or even by a significant amount.<br /><br />For example earlier this year, M3 was actually <i>contracting</i> despite QE 1:<br /><br />http://www.emii.com/Articles/2580410/Home-Page/Top-Stories/US-Money-Supply-Plummets.aspx<br /><br />QE created money has to be injected into the economy by debt to inflate the prices of commodities.<br /><br />But credit/debt is precisely what has collapsed - banks don't want to lend much and business and individuals don't want to borrow much either.<br /><br />It's the failure to understand this that causes this sort of clownish, hapless Austrian nonsense:<br /><br /><a href="http://www.youtube.com/watch?v=6zwe9VpiKck" rel="nofollow">Marc Faber with Peter Schiff - Hyperinflation In The United States A 100% Certainty, http://www.youtube.com/watch?v=6zwe9VpiKck </a>Lord Keyneshttps://www.blogger.com/profile/06556863604205200159noreply@blogger.comtag:blogger.com,1999:blog-6276561747841568697.post-68542142499224563372010-12-06T18:06:30.417-05:002010-12-06T18:06:30.417-05:00Any time the FED prints money to buy anything, it ...Any time the FED prints money to buy anything, it is pushing in the direction of inflation (though other factors can keep prices from inflating immediately). <br />Any time this is done to buy US Treasury bonds, it effectively allows the government to finance itself by printing money. This harms those who hold on to cash money. Further, if the bonds are being bought from bond holders rather than directly from the government, the bond holders profit (as they are doing this of their own free will).Count to 10noreply@blogger.comtag:blogger.com,1999:blog-6276561747841568697.post-64023260579613024252010-12-06T15:51:31.468-05:002010-12-06T15:51:31.468-05:00@ Mark Hubbard :
QEII didn't increase the mon...@ Mark Hubbard :<br /><br />QEII didn't increase the money supply: Depends on how you define "money". In the sense of dollar financial assets - it is just exchanging one asset for another. Bernanke is using inflationary to mean price-inflationary, as is standard. That people have the same amount of money, but more in checking (dollars) rather than savings (bonds) is not going to cause them to go crazy spending and push up prices. The fact that QEII was not inflationary shows that it was completely pointless.<br /><br /><br /><i>Why does a government issue bonds other than to raise money?</i><br /><br />The government can create all the bucks it needs. (In fact the Treasury secretary could pay off the national debt tomorrow, under current law.)<br /><br />The only reason for a monetarily sovereign state like the USA to issue bonds is to monkey around with interest rates. Deficit spending would cause short term rates to go to zero, so bond sales or the like are needed to pull rates above zero.Another Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-6276561747841568697.post-42045394264436239062010-12-06T15:36:41.346-05:002010-12-06T15:36:41.346-05:00@James E Miller: This guy- http://thereisnoaustria...@James E Miller: This guy- http://thereisnoaustrianschoolofeconomics.blogspot.com/<br /><br />@Mark Hubbard: It's only confusing if you assume Bernanke is being up front and honest in all his assertions.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-6276561747841568697.post-81094537376172021072010-12-06T14:49:47.286-05:002010-12-06T14:49:47.286-05:00Hi William, not related to this post, I'm sorr...Hi William, not related to this post, I'm sorry, but a query all the same I'd love to read your opinion on.<br /><br />I watched the 60 Minutes interview with Bernenke last night (I'm in New Zealand, so don't know how old it was). In it he said that QEII was not inflationary because it was not increasing the money supply: all it was doing was lowering interest rates.<br /><br />I don't understand that at all:<br /><br />a) The Fed has the cash rate to influence interest rates.<br /><br />b) More importantly, the Fed buying Treasury bonds does increase the money supply doesn't it? Why does a government issue bonds other than to raise money, and the Fed is not using existing money to buy bonds, it's book entries surely which must have the effect of increasing the money supply (ultimately, at least), and hence are inflationary?<br /><br />What am I missing?Mark Hubbardnoreply@blogger.comtag:blogger.com,1999:blog-6276561747841568697.post-39013166108971568752010-12-06T10:35:40.069-05:002010-12-06T10:35:40.069-05:00The Orlonater has it right. Krugman's rantings...The Orlonater has it right. Krugman's rantings are really nothing more than National Socialism Philosophy 101. His rantings really have nothing to do with economics at all: <br /><br /><em>It's just so horrible if us really cool smart special people aren't allowed to run the lives of the ignorant rabble. What a lost opportunity!</em>Bob Roddisnoreply@blogger.comtag:blogger.com,1999:blog-6276561747841568697.post-11299302300443476062010-12-06T09:34:39.690-05:002010-12-06T09:34:39.690-05:00I remember I was watching a segment of PBS' Ne...I remember I was watching a segment of PBS' NewsHour with Jim Lehrer and they had Jeffrey Miron debating this Keynesian economist from the CAP and one of her remarks explaining opportunity cost was that it's the highest valued forgone opportunity and her example used to back to make it "clearer" was that what is the highest valued opportunity that "we" will miss out if the government allows those tax cuts to expire. In her viewpoint, opportunity cost applies to intellectuals and governments forgoing their most highly valued plan.The_Orlonaternoreply@blogger.comtag:blogger.com,1999:blog-6276561747841568697.post-68032822226478599222010-12-06T08:50:32.978-05:002010-12-06T08:50:32.978-05:00Its great how Krugman states that Republicans used...Its great how Krugman states that Republicans used the dirty trick of "reconciliation" (he doesn't call it that by name) to pass the tax cuts when Democrats did the same thing to pass Obamacare, which Krugman happened to support. He called the tax cuts irresponsible and that the Senate rules existed to prevent such irresponsibility, but of course Democrats were incredibly responsible in passing Obamacare by the same method. I was only 12-13 when Bush passed the tax cuts but I bet more of the public supported them than people did Obamacare<br /><br />A self described "tax and spend liberal" college professor I have said most of his political friends say Krugman doesn't know sh*t about politics and that his economic friends say Krugman doesn't know sh*t about both economics and politics. Chris Dodd even said he doesn't agree with what most of Krugman says. I just have to wonder, who actually takes this guy's words as the gospel?James E. Millernoreply@blogger.com