Sorry if I'm beating a dead horse... I think I saw it move. I'm still
trying, in my own lazy way, to figure this out. Here's Warren Buffett:
You can't go broke if you issue debt in your own currency.
If Greece could print its own currency, you might have enormous
inflation, but you'd never
See, perhaps:
http://www.washingtonpost.com/wp-dyn/content/article/2010/10/04/AR2010100405
700_2.html?waporef=obinsite
http://www.washingtonpost.com/wp-dyn/content/article/2010/10/04/AR201010040
5700_2.html?waporef=obinsitesid=ST2010100405975 sid=ST2010100405975
Subsequent research this year
On 7 Oct 2010 at 12:58, Nicholas Thompson wrote:
See, perhaps:
http://www.washingtonpost.com/wp-dyn/content/article/2010/10/04/AR2010100405
700_2.html?waporef=obinsite
http://www.washingtonpost.com/wp-dyn/content/article/2010/10/04/AR201010040
Glen,
He is correct, with one unspoken addition: You can't go broke if you can print
your own money AND the creditor will accept it.
If you have a bookie who accepts RopellaBucks and pays in green backs, you will
be good forever! If Greece can borrow dollars and pay in their own currency,
same
A recent cosmic variance article argued that
the laws underlying the Physics of everyday life
are completely understood
http://bit.ly/9pk6tm
There is a follow-up here http://bit.ly/9xlTiK
Do you think Sean Carroll is right?
-J.
Excellent point. For whatever reason, I hadn't explicitly formed that
minor premise: somebody has to credit the debt. That seems like a
pretty big minor premise to the syllogism to me. Of course, there are
lots of reasons you might loan to someone who has little chance of
paying you back _if_
As I recall, Russia's worst economic problem in the mid-1990s was that
the ruble's convertibility was as bad internally as externally.
I've just finished reading Liaquat Ahamed's Pulitzer Prize-winning
Lords of Finance: The Bankers Who Broke the World (Benjamin Strong,
Montagu Norman, Emile
He is correct, with one unspoken addition: You can't go broke if you can
print your own money AND the creditor will accept it.
If you have a bookie who accepts RopellaBucks and pays in green backs, you
will be good forever! If Greece can borrow dollars and pay in their own
currency, same deal.
As I understand it, here's why (or at least one reason why) the gold
standard doesn't work.
An economy needs money to operate. The larger the economy the more money it
needs -- and that's more in an absolute sense. An economy of 100 people
needs more money than an economy of 10 people. The
That is the main reason that there was a Gold Standard in the first place and
it did work a hundred years ago. But the Gold Standard became a completely
inadequate and illusory means of providing currency stability in the decade
following World War I. Clinging to it was certainly a factor in
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