Before continuing with posts on this topic I want to note: I started these posts with a twitter comment by Nathan Tankus on replacing the dollar in international trade. That thread continues – that he foresees “a world of swap lines as alliance politics... Swap lines may seem like technocratic high politics now but it's … Continue reading The Two Families of Global Reserve Proposals & Swap Lines
It is important to note that the proposals for a supranational currency have been made with various, disparate goals. Some are primarily interested in some aspect of commodities, others primarily or completely the supranational-currency aspect. These can overlap in several ways. The primary possibilities:
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.
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 🙂
(←Chapter 4 Additional Material→) System Two The other main reason our real-world economies do not function as well as the Island is that we simply do not understand System Two, which organizes public projects and creates the vertical component of modern currency systems. The reasons for this stem from the long, complex process by … Continue reading 1000 Castaways, Chapter 5: The Real World, System Two
(←Chapter 3 Chapter 5→) Chapter 4 The Real World, System One We have seen how our Island of 1000 Castaways developed an economy that, within the potential of their technology and resources, maximizes their wellbeing. Our real-world economies are not organized so efficiently, and create countries where wellbeing is, given some set […]