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FT Alphaville » Monetary blanks in the Eurozone
Monetary Policy works through real estate lending. When real estate isn’t viewed as a good choice, monetary policy doesn’t really work well. Can you imagine the level of business borrowing required to replace the real estate bubble?
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China and UAE ditch US Dollar, will use Yuan for oil trade | www.commodityonline.com | 3
Using the Yuan for oil trading. Swweeeet. h/t MMT Trader
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No idea about futures markets, he does have.
These are not futures contracts, first off, because they seem to require full payment if you buy them and get paid immediately if you sell them. I do not think they understand the typical delivery process for futures contracts.I do not understand how the delivery process works for these contracts.
Could I short them in massive quantity the day before settlement? What incentive would people have to buy these contracts months in advance, and make 1% for 6 months. So you get delivered all of the cash if you are short? How does it settle – do you then owe all the money back to the CB at the end based on settlement? Are they just marked to market every night, and what market would that be? If they give out all the money to sellers of CPI, could I just sell a few million contracts, send the money to the Isle of Man and declare bankruptcy?
Oh man did I just read that? The central bank declares bankruptcy?
I designed some CPI contracts for the exchange, and they were way better than this. And it was 50% a joke – something I did on the side to see if it could be done. But then we started talking with the people associated with an extremely famous economist who’s really intrested in making more products tradable, and they were dead serious about launching a product based on the CPI and specifically on the different sectors of CPI as reported by the U.S.government. This is considered to be professional economist level work?
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On the Greek default and easy money from the ECB | Credit Writedowns
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Newton (platform) – Wikipedia, the free encyclopedia
The Newton platform was an early personal digital assistant and the first tablet platform developed by Apple, the second platform being iOS, used in the iPhone, iPod Touch and iPad. Development of the Newton platform started in 1987 and officially ended on February 27, 1998.
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For tablet computer visionary Roger Fidler, a lot of what-ifs – The Washington Post
Nobody remembers the Newton
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Macro and Other Market Musings: Eeyore and Tigger Show the Failings of U.S. Monetary Policy
This shows the failings of modern economics so clearly. Perhaps Bernanke could wear a crazy hat and a loud sport coat to convey he’s really crazy about getting the economy going. Let’s see…I propose giving a few trillion dollars of money to every working person in the U.S. and their employeers. They propose getting Bernanke to channel Steve Jobs and distort reality.
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Iceland Will Adopt Euro or Other Currency, Prime Minister Says – Bloomberg
Iceland has a population of 320,000 It’s smaller than Arlington TX.
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Felix Salmon smackdown watch, banking-conflicts edition | Felix Salmon
Sweeeet article on conflicts of interest
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The recovery will be gradual, if not slow, but will come from a mix of foreign demand, low interest rates, an improvement in the risk environment, structural reforms, and a return of confidence due to the outcomes of the fiscal compact. One look at those answers tells you that there is an ideology at work here which has very little to do with what is actually happening in the real economy of Europe.
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RALPHONOMICS: Look after demand, and funding for businesses looks after itself.
Repeat after me: Businesses hire when they are swamped with demand, not when…
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Twitter / @DylanRatigan: Under “one set of rules” i …
heh.
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“Her psychopathic ideas made billionaires feel like victims and turned millions of followers into their doormats”
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Free-Trade Blinders – Dani Rodrik – Project Syndicate
Interesting article about how redistribution of wealth is highly dependent on the conditions under which it happens.
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Macro and Other Market Musings: Greg Ip on Safe Assets as Money
vimothy – check this out. Wow. MMR is taking over. Short term treasuries are used as cash substitutes in vast numbers of transactions and collateral situations.
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Study Hacks » Blog Archive » You’re Working too Hard to Make an Impact
I’ve found this to be very true even in my day to day life.
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MMT Pleasure | Modern Money Mechanics
Hey Cullen! Senexx wants you to put those MMT videos up! But are they MMT or not? This video is Kelton on MMT. She’s good, but clearly an academic. “maybe if your interested, you might want to…” then finally gets to her talk 2:30 into the video.
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Speculation Blamed for Global Food Price Weirdness | Wired Science | Wired.com
In Wired, of all places. Seems good enough to be tradable, too.
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Health risks of shipping pollution have been ‘underestimated’ | Environment | guardian.co.uk
One giant container ship can emit almost the same amount of cancer and asthma-causing chemicals as 50m cars, study finds
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Michigan State University Offers Zombie Survival Course: Chicagoist
Yes! We all need this course to survive the coming…
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Poisoned meals: My mother-in-law may be trying to make me sick. – Slate Magazine
Why doesn’t she just record a note on her smart phone while her mother in law is talking. It would be fantastic proof of what she’s been telling her husband.
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http://www.lpi.usra.edu/meetings/nets2012/pdf/3051.pdf
Whoa! The ecat is really happening! I am driving down to see this. I might take the kids out of school. History in the making.
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The University of Illinois Cold Fusion Battery | eCat News
Incredible – I never thought I’d see something like this. I might go see this on my own. I’ve been following the ecat for a long time, and the outrageous claims of free energy scammers for a long time. It was a hobby for me back in the 1990s
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Job Growth Headed for Strongest Run in U.S. Since 2006 – Bloomberg
Businesses hire when they are swamped with demand. Unti gasoline spiked lately, the payroll tax cuts were having some impact.
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Oil Price Distant From 1980s Agony When U.S. Income Adjusted – Bloomberg
Seems like this can’t possibly be true.
Posted from Diigo. The rest of my favorite links are here.
“Using the Yuan for oil trading. Swweeeet. h/t MMT Trader”
One reason people hold dollars or Treasuries is that they have a contract to buy oil in dollars at a future date. So trading oil in dollars increases the demand for dollars. If people stop trading oil in dollars the demand for dollars will go down. If the demand for dollars goes down the value will go down. Why is this “Swweeeet”?
Yeah Mike – I’d appreciate your thoughts on the the shift away from the USD and what it means for it to lose its reserve currency status.
I’ve always viewed reserve status as a sign of economic prowess and little else. Think of it in terms of production (there’s that central piece again). The main reason why there is demand for USD’s is because there’s huge demand for US goods and services. A Saudi oil producer is comfortable hoarding dollars because he knows it’s a good currency anywhere. And why is it a good currency anywhere? Because we produce 25% of all world output leading to huge demand from all parts of the globe. This doesn’t mean our reserve status is guaranteed to last and I think the CAD is in large part a sign of the loss in competitive edge (and not just demand as MMT claims), but as long as we’re the 800 pound gorilla then it is what it is….
Mike, I am also unclear on this concept of ‘demand for safe assets’ as discussed in the articles you’ve linked to here and in the other coffee post. Is this really what Godley or MMT or MMR are saying?
I thought it is more the point that there is a shortage of aggregate demand, which could be alleviated by injections of NFA. But why does that mean there is a heightened ‘demand for safe assets?’ (What does that even mean?) It seems fishy because 1) the interest rates on govt bonds are (primarily) Fed determined (but the articles imply interest rates are low because of the ‘demand for safe assets’) and 2) there will always be sufficient demand for US govt bonds to be sold in line with Fed policy, absent debt ceilings, hyperinflation, and silly things like that.
Thanks for the ecat update! Is this for real?
I think this is for real. It’s by PHD’s at a real university U of Illinois. I am not a physics guy any more but can read some of the papers ok still. You can see the excitement dripping off the pages. They are getting over-unity energy out of these systems. Its a low temperature nuclear reaction.
This is an absolute game changer. huge huge huge
Mike you should read some of the New Monetarist literature!
Can you post some papers here you think would be particularly good? I’ll include them in the daily links and read them too. Just send them to me and I’ll post them.
So little time, so much to do!
The videos are coming back. Kahn on 60 Minutes inspired me to redo them all and make them even better. In fact, I’ve already got my new writing tablet on the way here! We’re gonna make this stuff super simple to understand. Stay tuned people!
Regarding your recent tweet on Kahn’s econ videos- YES, some MAJOR tweaking needed
. It’d be cool if you could establish dialogue with him….