“IF THERE IS FIRST NO COLLAPSE IN PRODUCTION, NO ELITE MINORITY, AND/OR NO FOREIGN DENOMINATED DEBT, YOU GET NO HYPERINFLATION. JUST SOME OTHER TYPE OF TRANSITION OR STATE FAILURE.”
[Under construction 🚧 ] Mosler, Forstater 1999, A General Analytical Framework for the Analysis of Currencies and Other Commodities (copy from book, awkward format but with diagrams)
"Having read your book, I would include it in that short list of books. If your book is read by a lot of people, it will do a great service."
the very purpose of the "barter story" is precisely to explain why barter cannot lead to the kinds of population and social changes we know happened in ancient societies. That something else necessarily had to happen.
According to Reinhart and Rogoff the danger is both outright (de jure default) and de facto default from inflation and financial repression. However, like their discredited “growth” paper, the “default” argument is also based the on the improper use of statistics.
Let's look into the actual ethnography. Humphrey's primary ethnographic research for the paper Graeber cites as definitive was based on her research of the Lhomi of the Arun Valley in northern Nepal near the Tibetan border. Of the Lohmi, Humphrey writes (1985, pp.54-55): "Before the virtual closure of the Tibetan border by the early 1970's which followed the Chinese invasion, the Lhomi engaged in three kinds of barter." These are:
OK, not exactly a pirate. But close enough for modern times. Jacques S. Jaikaran, M.D.: A Caribbean émigré-cum-doctor (via Leeds, England)-cum-Houston, Texas bank-board member & plastic surgeon (losing his license for issues "involving moral turpitude")-cum-US prisoner for tax-evasion & fighting for renewed Independence for the "Republic of Texas" (he tried to arrange for the "Republic of Texas" to purchase a "four-story building, similar to a compound, included machine gun turrets, a bomb shelter and a surgical operating room."
According to a CATO working paper (Hanke and Krus 2012), there have been 56 cases of hyperinflation. 58 if we include North Korea (they weren't sure about the data quality) and Venezuela (which occurred after their paper). There are several things I would like to point out that relate to recent twitter threads on hyperinflation … Continue reading The Autocorrelation of Hyperinflation (about 7 events, not 58)
Hello everyone- I am making a Kindle version of 1000 Castaways: Fundamentals of Economics FREE on Amazon for reviewers for a short time - but anyone here can take advantage of this and get their free copy. It is free for the next 48 hours (all day Sunday & Monday, Pacific time USA). You guys … Continue reading Book free on Amazon for 48 hours! (Kindle)
Crusoe is getting excellent advice from Friday, I plan on integrating it all, thank you. "Friday 4 hours ago User Info 1000 Castaways, Chapter 5: The Real World, System Two This is all very good. I can’t really find anything in these last four chapters worth quibbling with. I did spot one typo here: eveident … Continue reading Crusoe gets excellent advice from Friday 🙂