RobertoG

33 ms·

331.
by RobertoG 6y ago
The deal is that when you arrive you have to wait for your bag and sometimes that's a lot of time.
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by RobertoG 6y ago
This could be surprising to a lot of people, but modern central banks, including the Fed, can't control the quantity of money and the interest rate at the same time. Controlling one means losing the control of the other and modern cent
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by RobertoG 6y ago
That's a long and good answer. Thanks for taking the time. This is an interesting discussion but I don't want to extend it ad infinitum. A parting thought: Your answer about ECB tell me that you agree that central banks can contr
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by RobertoG 6y ago
The reason MMTers (and I'm not a religious man, but I suppose that, in a way I have been converted) have to fight the Money Multiplier thing is because of this conversation: MMTer: Public debt can be monetized, inflation is created by
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by RobertoG 6y ago
The money multiplier model brings to mind a comment, in a Terry Pratchett book, where one of the characters says something like "everybody knows what the wind is, the wind is what happens when the trees move their branches". If yo
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by RobertoG 6y ago
>"The MMT claim, as far as any normal economist understands it, is that the government can print money indefinitely to pay for whatever it wants, because of a somewhat counterintuitive claim about the government being able to insist
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by RobertoG 6y ago
Ok, it seems you know what you are talking about. Maybe you can help me with some doubts: -Japan have been monetizing the debt for decades, what is the consequences predicted by the textbook mainstream for inflation and interest rates? And
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by RobertoG 6y ago
What you says is true. It's a little unfair to criticize his description of economics for what he says in a short article, but I'm not criticizing so much what he says here but his point that there are four essential truths of Mac
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by RobertoG 6y ago
Yes, but that's my point too. The framework is never challenged. He says "The first and most important thing [..] is that a strong negative shock to demand [..] leads to a loss of output and employment" Fair enough. Not even
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by RobertoG 6y ago
>>"The third thing to know is that if central banks go crazy increasing the money supply, the result will be high price inflation. There is one exception to this, which was evident in 2008 and 2009 [..]" Japan has been doing
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by RobertoG 6y ago
But he does it in a very specific framework that is never challenged. That's the trick and what, I think, the grandparent is referring to.
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by RobertoG 6y ago
The grandparent is not attributing malice to the author, but to the way the framework of economics is built. Cowen probably believe that what is saying is true and can't see different anymore.
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by RobertoG 6y ago
In my opinion, the best fiction book about this subject is 'Permutation City' by Greg Egan. Also, this one is pretty good: https://sifter.org/~simon/AfterLife/index.html And, in a very similar line to &q
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by RobertoG 6y ago
I think that was only true for the Apple store, not for Android.
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by RobertoG 6y ago
I wish more people understood what is explained in that book. It's almost impossible to have a rational discussion about this subjects when most people (including the writer of the article, I'm afraid) don't understand the di
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by RobertoG 6y ago
Personally, I have less problem with giving my ID than my address. It's the address what feels creepy to me. >>"By itself it doesn’t help in that context since residents get one too." At least in my country that's
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by RobertoG 6y ago
I think this is an official petition, so, there are legal requirements to identify yourself as a citizen of an EU country. Depending of your country they ask for different data. For instance, for Finland they ask the physical address but fo
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by RobertoG 6y ago
Andorra is definitely a EU colony, or more precisely, a France/Spain colony used for fiscal evasion.
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by RobertoG 6y ago
They are not. Germany is a net exporter, obviously not all the countries can be net exporter at the same time. You can't have a stable monetary union without a fiscal capacity. The inevitable debt crisis in the Euro-zone are stopped by
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by RobertoG 6y ago
If works it seems like that would solve the problem of somebody looking over your shoulder, when reading in a public space, too.
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by RobertoG 6y ago
It's obvious that it doesn't work. In order banks be able to lend money it's necessary the existence of business and households that want to spend money instead of saving. What we are seeing, is the result of using the wrong
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by RobertoG 6y ago
No idea if it's related, but that's close to the "The Earth Is Pulsating Every 26 Seconds, and Seismologists Don't Agree Why" thing: https://news.ycombinator.com/item?id=24915542
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by RobertoG 6y ago
>>" MMT may even be right in theory but in practice may be entirely unrealistic. " I don't know what that mean. Or a theory is better than the current one explaining facts or it's not. That's the scientific me
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by RobertoG 6y ago
>>"How would one develop an experiment that would result in evidence we live in a multiverse? [..]" I don't understand this criticism. It's my understanding, the double slit experiment shows interference between un
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by RobertoG 6y ago
Reading Sean Carroll (1) and David Deutsch convinced me that Everett is the straightforward interpretation of what the data is saying. Copenhagen is adding unnecessary concepts to the interpretation and making it more complex, so, if we are
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by RobertoG 6y ago
There we go. I will repeat again what has been said many times before: MMT is not a policy, it's a (better) description of how the system works already. Also, MMT predicted that QE would not be inflationary but it also predict that it&
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by RobertoG 6y ago
>>"In some of these stocks, the total quantity of stocks shorted (stocks borrowed and sold + using derivatives) is much more than the free float or the total number of shares held publicly. " So, they short more stocks that
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by RobertoG 6y ago
In your analogy, the food is the reserves the bank has. You eat your food (lend), check if you have enough food in your fridge and if you don't you go to the grocery store and get more. Never mind how much food you eat, for the purpose
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by RobertoG 6y ago
>> "An instrument is a very different concept from an indicator" You are right there. >>"The Fed wants to keep the price level on a stable trajectory, and they use an interest rate target as an intermediate instru
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by RobertoG 6y ago
>>"As a by-product those open market transactions will increase or decrease the quantity of reserves. Without any need for the Fed to even think about interest rates" But changing the interest rate in the process. You are im

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