This is a post I wrote last summer clarifying some points that I have learned about Modern Monetary Theory. The genesis of the post was a gross mischaracterization of Modern Money Theory (MMT) by Paul Krugman in a piece called “I Would Do Anything For Stimulus, But I Won’t Do That (Wonkish)”, which Paul Krugman […]
Read more...More old and new delights from the little shop of horrors that is the New Zealand Company Registry
Read more...Cross-posted from Credit Writedowns Looking up the term procyclical on the Internet, I see the Wikipedia entry defines it as: Procyclical is a term used in economics to describe how an economic quantity is related to economic fluctuations. It is the opposite of countercyclical… In business cycle theory and finance, any economic quantity that is […]
Read more...…which is not good news for honest New Zealand investors trying to do a due diligence exercise; nor for the New Zealand Ministry of Economic Development’s reputation, if it has one…
Read more...This is another summer rerun piece. I wrote the following post “If the U.S. stopped issuing treasuries, would it go broke?” in November 2009. At the time, I was getting to grip with how the government designed constraints in order to prevent deficit spending. What was and still is clear to me is that while […]
Read more...We are in the process of seeking recommendations for our inaugural FEMA Awards for Exceptional Financial Crisis Management. We must thank our reader Swedish Lex for providing the inspiration for establishing these prizes.
We are looking for nominees in each category. We have provided some illustrative candidates for specific prizes. Readers are also encouraged to suggest additional categories if they feel we have overlooked noteworthy types of crisis behavior that are worthy of recognition.
Our initial categories:
Read more...The lyrics are clever and it’s peppier than most parody/humor songs. Enjoy!
From the Guardian, hat tip reader Carol B:
Read more...Cross-posted from Credit Writedowns Federal Reserve Chairman Ben Bernanke is due to speak before Congress. Let me say a few words about what’s going to happen with the Fed. Here’s the thing: The Federal Reserve Board is located in Washington, DC and Washington is a political town. As such, the Fed must mind its manners […]
Read more...Remarks rumored to have been delivered by Justice Antonin Scalia at an Opus Dei gathering on July 4, 2011
Eleven score and fifteen years ago our Incorporators brought forth on this continent, a new nation, conceived in free markets, and dedicated to the proposition that all corporate persons are created equal.
Read more...This demonstration by Simon Singh is an intriguing little exercise of sorts. Hat tip Richard Smith:
Read more...Via Richard Smith and Tom Adams. FT Alphaville is also on the case and informs us that this is really not a hack but a URL script trick. Click to enlarge.
Read more...Cross-posted from Credit Writedowns President Obama is not the only debt ceiling flip-flopper. During the Bush administration, when a budget surplus tuned to deficit and debt piled up, Republican leaders in Congress voted to raise the debt ceiling 5 times, increasing the limit nearly $4 trillion. We’re talking about Speaker John Boehner, House Majority Leader […]
Read more...Cross-posted from Credit Writedowns In the end, I hearken back to revered economist Hyman Minsky – a modern-day economic godfather who predicted the subprime crisis. “Big Government,” he wrote, should become the “employer of last resort” in a crisis, offering a job to anyone who wants one – for health care, street cleaning, or slum […]
Read more...Back in March, and courtesy of Naked Capitalism’s US locale, we arbed away Fred Goodwin’s superinjunction, which banned UK reporting of his affair with a junior director at RBS. After more challenges by the UK newspapers, the superinjunction has now been amended: it’s OK to identify Fred Goodwin as the failed banker with the wandering body part; but still not OK to identify his partner, who is referred to in the official documents by the code letters “VBN”.
Read more...Hat tip reader Bruno (click to enlarge):
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