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by Nomad
Read more... (58 comments, 462 words in story) by afew
Read more... (71 comments, 484 words in story) by Frank Schnittger
I've been reading about and advocating the Trillion $ Coin option as a means of avoiding the US Debt Ceiling impasse on US Blogs for some time now, but have always sought to leave the lead role in writing diaries on the topic to legal or economic experts. And just when I finally decide to weigh in in a more substantial way Krugman decides to write more or less exactly what I wanted to write:
Barbarous Relics - NYTimes.com There will, of course, be howls from the usual suspects if that's how it goes [and the President decides to mint a Trillion $ coin]. Some of these will be howls of frustration because their hostage-taking plan was frustrated. But some will reflect sincere horror over a policy turn that their cosmology says must be utterly disastrous.
frontpaged by afew Read more... (146 comments, 3326 words in story) by DoDo
Read more... (58 comments, 601 words in story) by In Wales
Read more... (66 comments, 542 words in story) by Metatone
Benjamin Studebaker has published an interesting blog on this topic:
Stagflation: What Really Happened in the 70′s « Benjamin Studebaker If you argue long enough about economics, you are bound to run into the stagflation argument. The stagflation argument claims that the big state and stimulus caused high inflation, high unemployment, and poor growth during the seventies. Usually this argument is not fully argued by those who believe in it-it is merely asserted, and the rest of us are expected to accept that it is simply the case that the seventies happened that way. Today I'd like to endeavour to illustrate what actually happened in the seventies, what the real causes of stagflation were, and what sort of lessons might be pulled from it.
front-paged by afew Read more... (10 comments, 763 words in story) by dvx
Read more... (85 comments, 502 words in story) by ChrisCook
I've never been able to understand why anyone would regard a Bitcoin as having any value, since it is evidence of past (useless) work and energy expenditure with no value other than the creation of a Bitcoin.
Mind you, it is generally accepted that a Bitcoin is made valuable purely by its acceptability to Bitcoin participants as currency. ie it is completely 'faith-based'. Do Not Throw Stones At This Notice comes to mind in terms of pointless circularity. In respect of faith-based value - rather than value which derives from use value over time - a Bitcoin as a value token is not dissimilar to gold, of course, but at least gold has amenity value, being nice to look at for a few million years, and possessing some specialised uses. There's an interesting fork of Bitcoin as well - Freicoin - which introduces Gesell's concept of 'money that rusts' (demurrage) in order to discourage hoarding and encourage spending. Bitcoin's P2P architecture on the other hand? Now that is valuable: and I haven't even mentioned anonymity and Big Government. For me, the challenge is to create a unit of account, platform, framework/protocol and generally acceptable instruments (currency) which combine credit, utility and trust. I think that to do so is both completely necessary and achievable, and moreover represents what is now an implementable Adjacent Possible.
frontpaged by afew Comments >> (26 comments) by ceebs
Read more... (73 comments, 539 words in story) by Nomad
Read more... (98 comments, 477 words in story) by afew
Read more... (68 comments, 487 words in story) by afew Comments >> (40 comments) by DoDo
Read more... (66 comments, 597 words in story)
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