America's Deceptive Fiscal Cliff, Part 1: Michael Hudson: NEP
America's Deceptive Fiscal Cliff, Part 2: Michael Hudson: NEP
Functional Finance And The Debt Ration: Scott Fullwiler: NEP
I Totally Trust Experts: Mathbabe
On Trusting Experts, Climate Change And Scientific Translators: Mathbabe
Costa Esmeralda House: BAK Architects: ArchDaily
Monday, December 31, 2012
Sunday, December 23, 2012
Links
We Take Care Of Our Own: Joe Firestone: NEP
Forget The Fiscal Cliff: Stephanie Kelton: LA Times
Menace To Society: P O Neil: Fist Full Of Euros
Obama Only Tries To Save Republicans: Cenk Uygur: Alternet
MSM In The Tank For GOP: Beverly Mann: Angry Bear
Your Family Or Business Is Not A Government: Bill Mitchell
Debt, Deficits And Demographics: Dean Baker
Rimbaud Conservativism: Corey Robin: Crooked Timber
An Apology: Golem XVI
Get your head around this Paul and you may actually become useful to the American People: the President self identifies with the Congressional leadership of both parties, the Elite, who have achieved what they have achieved these last 30 years by serving the interests of the super rich and been profoundly rewarded for it. Invisible Bond Vigilantes are the last available cover for screwing his own voters.
Democrats Are Republicans, But Only After Elections: Rob Urie: Counter Punch
Forget The Fiscal Cliff: Stephanie Kelton: LA Times
Menace To Society: P O Neil: Fist Full Of Euros
Obama Only Tries To Save Republicans: Cenk Uygur: Alternet
MSM In The Tank For GOP: Beverly Mann: Angry Bear
Your Family Or Business Is Not A Government: Bill Mitchell
Debt, Deficits And Demographics: Dean Baker
Rimbaud Conservativism: Corey Robin: Crooked Timber
An Apology: Golem XVI
Get your head around this Paul and you may actually become useful to the American People: the President self identifies with the Congressional leadership of both parties, the Elite, who have achieved what they have achieved these last 30 years by serving the interests of the super rich and been profoundly rewarded for it. Invisible Bond Vigilantes are the last available cover for screwing his own voters.
Democrats Are Republicans, But Only After Elections: Rob Urie: Counter Punch
Friday, December 21, 2012
Links
Make no mistake, President Obama wants to find a way to cut Social Security and Medicare. This is not because he is evil and heartless but because he has spent his very successful career surrounded almost entirely by people who think this would be a good idea. He wants badly to do this because through the ideological prism of those he identifies with it is an unquestionably good idea. If it does not seem like an absolute good to you, you must accept that the President does not identify with you. If you think it is a bad idea, you might consider if the President has self identified with some bad folks and what incentives might exist to make that look like a good idea. The difference between money as a private claim and a public good might have something to do with it, and those he hangs with want desperately for it to be a private claim.
Selling Greece Down The River: Golem XVI
Selling America Down The River: Thomas Furguson: Naked Capitalism
Why Bad Models Dominate: Cathy O'Neil: Naked Capitalism
One Obvious Path To A New Dark Age: Rick Bookstaber
AV House: BAK Architects: archdaily
Selling Greece Down The River: Golem XVI
Selling America Down The River: Thomas Furguson: Naked Capitalism
Why Bad Models Dominate: Cathy O'Neil: Naked Capitalism
One Obvious Path To A New Dark Age: Rick Bookstaber
AV House: BAK Architects: archdaily
Sunday, December 16, 2012
Sunday, December 9, 2012
Friday, December 7, 2012
Tuesday, November 27, 2012
Saturday, November 17, 2012
Saturday, November 10, 2012
Links
Why Are We Bailing Out Banks? Part 4: Golem XVI
What Drives Trade Flows?: Slackwire
Demand And Competitiveness: Germany And The EU: Slackwire
Dangerous Illusion Of Progress: Gary Kasparov, Peter Thiel: FT
A Non-partisan Look At The Election: Richard Kline: NC
Casa Curato: Hernandez Silva Arquitectos: Contemporist
What Drives Trade Flows?: Slackwire
Demand And Competitiveness: Germany And The EU: Slackwire
Dangerous Illusion Of Progress: Gary Kasparov, Peter Thiel: FT
A Non-partisan Look At The Election: Richard Kline: NC
Casa Curato: Hernandez Silva Arquitectos: Contemporist
Sunday, November 4, 2012
Links
Update:
Finally A Good Reason To Vote For Obama
Why Vote: Steven Waldman: Interfluidity
A Bet Is A Tax On Bullshit: Alex Tabarrok: Marginal Revolution
My Posts On The Origin Of Money: Lord Keynes: SocialDeomcracy21stCentury
Food Stamps Cause Global Depression?: John Quiggin: Crooked Timber
Now For Something Completely Different:
Dragon Baby: GeeksAreSexy
Finally A Good Reason To Vote For Obama
Why Vote: Steven Waldman: Interfluidity
A Bet Is A Tax On Bullshit: Alex Tabarrok: Marginal Revolution
My Posts On The Origin Of Money: Lord Keynes: SocialDeomcracy21stCentury
Food Stamps Cause Global Depression?: John Quiggin: Crooked Timber
Now For Something Completely Different:
Dragon Baby: GeeksAreSexy
Saturday, November 3, 2012
Links
The Long Con: Rick Perlstein: The Baffler
Hubbard The Economic Whore: MathBabe
Not that I mind particularly, but it does reflect rather well on what I wrote several years ago:
Massive Surge Of Republican Money In Last Ditch Effort To Sink Obama: Ferguson, Jorgensen & Chen: Alternet
Voters Aren't Stupid: Tony Pugh: McClatchy
Chosun Residence: Kallweit Graham Architecture: Contemporist
Hubbard The Economic Whore: MathBabe
Not that I mind particularly, but it does reflect rather well on what I wrote several years ago:
Massive Surge Of Republican Money In Last Ditch Effort To Sink Obama: Ferguson, Jorgensen & Chen: Alternet
Voters Aren't Stupid: Tony Pugh: McClatchy
Chosun Residence: Kallweit Graham Architecture: Contemporist
Thursday, November 1, 2012
Wednesday, October 31, 2012
And One More Time, What Is Money?
(part 1) (part 2)
In the terms of double entry book keeping money is always and everywhere a contract binding a debtor to a creditor. When I possess a dollar it is my asset and a government liability: the US Treasury is the sole issuer of the dollar and every dollar represents a Treasury liability. Every dollar held by a non-government entity is an asset for its holder backed by the full faith and credit of the US Government, for whom it is a liability. When I purchase something with that dollar my asset is converted into whatever it is I have purchased and the governments liability is passed along to whoever sold me my purchase as an asset for them. The reason dollars are used to denominate trade within the dollar denominated portion of the world economy is that everyone who produces and exchanges within that system must pay taxes with dollars and expects the US Government to enforce its tax regime.
Double entry book keeping is a tool to keep track of the assets and liabilities of individuals and institutions that participate in money denominated exchange, but it also makes clear some underlying properties of monetary systems that are not intuitively apparent. A paper dollar or a gold coin are both fairly useless objects. What gives each its value, to the extent it has one, is that others expect it to port their exchanged wealth from one transfer to the next. When viewed this way, that gold has some intrinsic value seems a much less supportable proposition than that the coercive force of the US Government makes paper dollars valuable. That it will only accept the cancellation of its own liabilities as payment of tax both defines what a dollar is and convinces me to use it. So long as there is a US Government, it will be bigger than me and expect its taxes paid. Beyond that, in extremis paper is more edible than shiny yellow metal.
In the terms of double entry book keeping money is always and everywhere a contract binding a debtor to a creditor. When I possess a dollar it is my asset and a government liability: the US Treasury is the sole issuer of the dollar and every dollar represents a Treasury liability. Every dollar held by a non-government entity is an asset for its holder backed by the full faith and credit of the US Government, for whom it is a liability. When I purchase something with that dollar my asset is converted into whatever it is I have purchased and the governments liability is passed along to whoever sold me my purchase as an asset for them. The reason dollars are used to denominate trade within the dollar denominated portion of the world economy is that everyone who produces and exchanges within that system must pay taxes with dollars and expects the US Government to enforce its tax regime.
Double entry book keeping is a tool to keep track of the assets and liabilities of individuals and institutions that participate in money denominated exchange, but it also makes clear some underlying properties of monetary systems that are not intuitively apparent. A paper dollar or a gold coin are both fairly useless objects. What gives each its value, to the extent it has one, is that others expect it to port their exchanged wealth from one transfer to the next. When viewed this way, that gold has some intrinsic value seems a much less supportable proposition than that the coercive force of the US Government makes paper dollars valuable. That it will only accept the cancellation of its own liabilities as payment of tax both defines what a dollar is and convinces me to use it. So long as there is a US Government, it will be bigger than me and expect its taxes paid. Beyond that, in extremis paper is more edible than shiny yellow metal.
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