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
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
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.
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
Here's what my Financial Advisor, Davis Waldo, had to say:
One has to draw a distinction between contracts between private
parties, where the debt must be liquidated via payback or default,
and debt where a government obligates itself to pay back in a fiat
currency that they can
I recall an undergrad chemistry professor at the Univ of Minn
who after several minutes of absorbed lecture and diagramming
on the chalkboard would half-turn and say ...is that right?
Then he would theatrically sigh out loud and say.. I'm used to
discussions with
graduate students. You are
I keep hearing people claim that any debt the US builds/acquires will
have to be paid (or defaulted on) by our children and their children.
This oversimplification has always _seemed_ fundamentally wrong to me
... more wrong than just being an oversimplification.
It doesn't seem to me like the
...@redfish.com] On Behalf
Of glen e. p. ropella
Sent: September 10, 2010 11:42 AM
To: The Friday Morning Applied Complexity Coffee Group
Subject: [FRIAM] national debt and zero-sum games
I keep hearing people claim that any debt the US builds/acquires will
have to be paid (or defaulted on) by our
On 9/10/10 10:42 AM, glen e. p. ropella wrote:
I keep hearing people claim that any debt the US builds/acquires will
have to be paid (or defaulted on) by our children and their children.
http://www.aei.org/article/29262
FRIAM
Money, as with any commodity, is subject to a mass balance law: What comes
out = what goes in, +/- accumulation.
On Fri, Sep 10, 2010 at 11:21 AM, Marcus G. Daniels mar...@snoutfarm.comwrote:
On 9/10/10 10:42 AM, glen e. p. ropella wrote:
I keep hearing people claim that any debt the US
To: The Friday Morning Applied Complexity Coffee Group
Subject: [FRIAM] national debt and zero-sum games
I keep hearing people claim that any debt the US builds/acquires will
have to be paid (or defaulted on) by our children and their
children.
This oversimplification has always _seemed_ fundamentally
-Original
Message-
From: friam-boun...@redfish.com
[mailto:friam-boun...@redfish.com] On Behalf
Of glen e. p. ropella
Sent:
September 10, 2010 11:42 AM
To: The Friday Morning Applied Complexity Coffee
Group
Subject: [FRIAM] national debt and zero-sum games
I keep
hearing people
. CHARLES
Sent: September 10, 2010 12:43 PM
To: friam
Subject: Re: [FRIAM] national debt and zero-sum games
Vladimyr, Glen,
Agreed!
Even in the cases where there is not forfeit or fight, however, the
situation is not as bad as it seems. First, the notion that this particular
nation will even
This gets right to the heart of the matter, I think. Despite our
obvious ability to artificially assert money as a (somewhat) universal
metric for value/quality _and_ despite the natural inertia provided by
indexing the value of lots and lots of various commodities with money,
it still all boils
...@redfish.com] On Behalf
Of glen e. p. ropella
Sent:
September 10, 2010 11:42 AM
To: The Friday Morning Applied Complexity Coffee
Group
Subject: [FRIAM] national debt and zero-sum games
I keep
hearing people claim that any debt the US builds/acquires will
have to be
paid (or defaulted on) by our
Stephen Thompson wrote circa 10-09-10 04:08 PM:
Its called Conscience of a Liberal.
BLOG: http://krugman.blogs.nytimes.com/
Cool! Thanks. I've placed it in my RSS aggregator. Of course, that
doesn't mean I'll be industrious enough to actually read it. ;-) But
I'll try. Maybe by the 2012
] national debt and zero-sum games
Stephen Thompson wrote circa 10-09-10 04:08 PM:
Its called Conscience of a Liberal.
BLOG: http://krugman.blogs.nytimes.com/
Cool! Thanks. I've placed it in my RSS aggregator. Of course, that
doesn't mean I'll be industrious enough to actually read
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