tag:blogger.com,1999:blog-8137769.post7887227812980599378..comments2023-06-28T07:11:26.910-07:00Comments on scripsit: Economics and the absurdBrad Williamshttp://www.blogger.com/profile/09839532299808900672noreply@blogger.comBlogger12125tag:blogger.com,1999:blog-8137769.post-15608383204513200372009-04-06T08:27:00.000-07:002009-04-06T08:27:00.000-07:00You can add me to the list of Objectivists who do ...You can add me to the list of Objectivists who do understand what's wrong with "fractional reserve banking".<BR/><BR/>(And I also follow Doug Reich's blog with great interest.)Per-Olof Samuelssonhttp://www.nattvakt.comnoreply@blogger.comtag:blogger.com,1999:blog-8137769.post-71086419916648321852009-01-28T13:42:00.000-08:002009-01-28T13:42:00.000-08:00"The Davos Diary," for Jan. 28, in the Jan. 28 onl..."The Davos Diary," for Jan. 28, in the Jan. 28 online edition of The New York Times, quotes Roubini:<BR/><BR/>"On the other hand, Nouriel Roubini, an economist at N.Y.U., stayed true to his nickname of Dr. Doom. 'For now the only light at the end of the tunnel is the incoming train wreck', he said, predicting that the crisis would worsen in coming months. Mr. Roubini [also] said the government should nationalize troubled banks to free up credit and help avoid a global Japanese-style deflation."<BR/><BR/>So, Roubini has had foresight in predicting a partial collapse of the "mixed economy," but now proposes to solve the problem by instituting socialism, at least in that section of the economy. There doesn't seem to be much foresight <I>there</I>.<BR/><BR/>I think I will now shorten my feed list.Burgess Laughlinhttps://www.blogger.com/profile/13865479709475171678noreply@blogger.comtag:blogger.com,1999:blog-8137769.post-8083596942839363692009-01-23T09:02:00.000-08:002009-01-23T09:02:00.000-08:00> "Mish Shedlock is the only applied econo...> "Mish Shedlock is the only applied economist or market analyst I listen too. I wish I'd found his blog years ago when he was predicting this recession."<BR/><BR/>According to two sources I have seen, Prof. Nouriel Roubini ("Dr. Doom") predicted the crisis of last year and this year. His <A HREF="http://www.rgemonitor.com/blog/roubini" REL="nofollow">weblog</A> is here: http://www.rgemonitor.com/blog/roubini/<BR/><BR/>The Bloomberg article at the weblog post for Jan. 21 might give a taste of his position.<BR/><BR/>His NYU homepage: http://pages.stern.nyu.edu/~nroubini/<BR/><BR/>Also, from Wikipedia, mentioning his 2006 prediction of housing collapse and deep recession: http://en.wikipedia.org/wiki/Nouriel_Roubini<BR/><BR/>If you get tired of me bombarding your site with leads, tell me.Burgess Laughlinhttps://www.blogger.com/profile/13865479709475171678noreply@blogger.comtag:blogger.com,1999:blog-8137769.post-9901225720539113972009-01-22T08:46:00.000-08:002009-01-22T08:46:00.000-08:00Some of your readers might find this weblog to be ...Some of your readers might find <A HREF="http://dougreich.blogspot.com" REL="nofollow">this weblog</A> to be interesting reading at times:<BR/><BR/>http://dougreich.blogspot.com/<BR/><BR/>In the January 22 post, "Houses are not investments," Doug Reich cites Dr. Reisman and offers additional explanation.Burgess Laughlinhttps://www.blogger.com/profile/13865479709475171678noreply@blogger.comtag:blogger.com,1999:blog-8137769.post-33224629275323298992009-01-21T11:36:00.000-08:002009-01-21T11:36:00.000-08:00Yes, I have known her for more than 15 years. An E...Yes, I have known her for more than 15 years. An ER MD, retired to become a parent, starting a second career at home for now, apparently. She generally seems careful in what she advocates in economics and seems very concerned with objectivity in method. Time will tell.Burgess Laughlinhttps://www.blogger.com/profile/13865479709475171678noreply@blogger.comtag:blogger.com,1999:blog-8137769.post-28544314814652709022009-01-21T11:11:00.000-08:002009-01-21T11:11:00.000-08:00Thanks, I will read it. I do note that the author...Thanks, I will read it. I do note that the author of the "Wealth is not a the Problem" blog is a student of economics, not an expert.Brad Williamshttps://www.blogger.com/profile/09839532299808900672noreply@blogger.comtag:blogger.com,1999:blog-8137769.post-16417759661254662662009-01-21T06:48:00.000-08:002009-01-21T06:48:00.000-08:00Beth's "Clarification of the Data" section near th...Beth's "Clarification of the Data" section near the end of the Jan. 20 post probably should be read first and then the data from the Fed.Burgess Laughlinhttps://www.blogger.com/profile/13865479709475171678noreply@blogger.comtag:blogger.com,1999:blog-8137769.post-16240180479703122612009-01-21T06:42:00.000-08:002009-01-21T06:42:00.000-08:00You might find this January 20, 2009 post on Wealt...You might find this January 20, 2009 post on Wealth is Not the Problem to be worth reading in your "spare" time:<BR/><BR/>http://wealthisnottheproblem.blogspot.com/<BR/><BR/>It compares this "recession" to earlier ones since World War II. I am not an economist. I may be misreading the information. But the reports are not encouraging.Burgess Laughlinhttps://www.blogger.com/profile/13865479709475171678noreply@blogger.comtag:blogger.com,1999:blog-8137769.post-52313531354184224862009-01-16T11:26:00.000-08:002009-01-16T11:26:00.000-08:00Objectivists who understand FRB and reject it incl...Objectivists who understand FRB and reject it include George Reisman and Paul McKeever. McKeever has a good video on the subject on his blog. Rothbard's books _The Mystery of Banking_ and _What Has The Government Done With Our Money_ are both freely available online and are extremely helpful, and much more readable for the layman than is Reisman's book.<BR/><BR/>I do not see evidence in the post you link to that that blogger rejects FRB as such, only that he or she argues it is fraudulent *as currently practiced*. Perhaps a future post will clarify his or her position.<BR/><BR/>Some Objectivists argue that in a capitalist system, FRB banking should be legal if it is done with full disclosure to all users of an FRB bank's notes. The first comment on that blog post even asserts this point of view. I have seen and heard other Objectivists take this position, so I think it is not uncommon among Objectivists.<BR/><BR/>I believe that Reisman and McKeever reject the propriety of FRB as such, in any system, though perhaps for different reasons. I agree with Reisman that it is an inherently fraudulent practice, an attempt to get away with both A and not-A -- *even* if done with "full disclosure"; and I hold that FRB is incompatible with a real standard (e.g. a gold standard) of money. I may expand on these points in a future post.Brad Williamshttps://www.blogger.com/profile/09839532299808900672noreply@blogger.comtag:blogger.com,1999:blog-8137769.post-67840444444345485922009-01-16T11:03:00.000-08:002009-01-16T11:03:00.000-08:00Thanks for the link to Reisman's post. I'm very i...Thanks for the link to Reisman's post. I'm very intrigued by his suggestion that deflating the money supply could be avoided. He refers to a section of his book, perhaps I'll see if I can understand it well enough to pose it to Mish Shedlock to see what he thinks too.Brad Williamshttps://www.blogger.com/profile/09839532299808900672noreply@blogger.comtag:blogger.com,1999:blog-8137769.post-3451570812462090192009-01-16T05:15:00.000-08:002009-01-16T05:15:00.000-08:00You referred (in my words) to students of Objectiv...You referred (in my words) to students of Objectivism who do not understand fractional reserve banking's impropriety. Here is <A HREF="http://dougreich.blogspot.com/2009/01/tales-from-history-of-money-and-banking.html" REL="nofollow">one</A> who apparently does:<BR/><BR/>http://dougreich.blogspot.com/2009/01/tales-from-history-of-money-and-banking.html<BR/><BR/>The name of the weblog is The Rational Capitalist. The weblog writer's name is Doug Reich, apparently. I have not read the whole article yet.Burgess Laughlinhttps://www.blogger.com/profile/13865479709475171678noreply@blogger.comtag:blogger.com,1999:blog-8137769.post-19375486054279894222009-01-10T06:02:00.000-08:002009-01-10T06:02:00.000-08:00Thank you for the introduction to Mish Shedlok. I ...Thank you for the introduction to Mish Shedlok. I have added his weblog to my feed list. I do not know yet how accurate his predictions are (I would like to see an audit first), but I like his style and his arguments. I will continue evaluating.<BR/><BR/>> "He is most "famous" right now for being one of the first to figure out that deflation has arrived."<BR/><BR/>A recent <A HREF="http://georgereisman.com/blog/2009/01/falling-prices-are-antidote-to.html" REL="nofollow">post</A> by George Reisman provides a view of "deflation" in our economy today:<BR/><BR/>http://georgereisman.com/blog/2009/01/falling-prices-are-antidote-to.htmlBurgess Laughlinhttps://www.blogger.com/profile/13865479709475171678noreply@blogger.com