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Comments for The Cobden Centre



For honest money and social progress



Last Build Date: Mon, 23 Apr 2018 15:22:12 +0000

 



Comment on I.T. bites by Sam Duncan

Mon, 23 Apr 2018 15:22:12 +0000

“Mark Zuckerberg is now living out every young person’s worst nightmare: trying to explain how tech stuff works to the nation’s elderly.” Oh, baloney. I know how tech stuff works, and I wouldn't trust Facebook as far as I could throw it. Never have. The young person's nightmare that Mark Zuckerberg is now living out is the one where he tries to explain why he has his hand in the cookie jar, jam all over his face, and the hamster is running around the living room.



Comment on First Annual Economic Freedom Summit in European Parliament by Steven Farrall

Tue, 17 Apr 2018 19:08:37 +0000

"...policy makers not aware of the issues surrounding monetary policy...". I don't know whether to laugh or cry. And these self confessed ignoramus professional to 'rule' us? Face palm moment.



Comment on How to Use Methodological Individualism by Edward C D Ingram

Sat, 14 Apr 2018 14:52:06 +0000

Maybe this reply can be moved to it belongs? There was no right of reply. You also wrote about Pal Krugman's definition of inflation. You incorrectly wrote: "it seems that our Nobel Laureate instead of discussing inflation is actually referring to its possible symptoms, which are price increases." There are many factors to take into account such things as population growth, other demographics like working population, money not circulating but placed on standby, changes in the level of net exports / imports which alters the amount in circulation. When it comes to backing money with gold or any other thing you are wasting resources to buy an irrelevant asset and you are distorting the value of the asset. What money does is to allow transactions to take place, allows accounting to be done, and wealth to be assessed in the most economical way. So please let there be enough of it but as you say, not too much. DEFINITION OF INFLATION This comes back to how fast money is falling in value. We all agree about that I think. The value of money is what it can be exchanged for. Prices determine that, and the rate of any general increase determines rate of inflation because you can buy less. Less of what? Less of everything that money can pay for. This includes the cost of hiring people, (incomes), the cost of loan repayments, the cost of assets and so forth. The trick is to design the financial contracts and the market structures so that all such prices can make the adjustment as at the same rate, before market prices determine the additional or lesser cost of an item which results from balancing supply with demand. Two-part pricing. If average costs, including the value of government debt (savings etc) increase at the same pace as average earnings, then each cancels the other as if money had NOT changed in value relative to earnings. No one gets badly hurt. Get that right first and then allow market forces to determine the final figure. Two-part pricing. I show a new contract for government debt, a new one for the cost of loan repayments, a new way to price interest rates, and a new way to price currencies. They all sort this problem out in their own part of their own economy. Check out MACRO-ECONOMIC DESIGN. Will I get the promised Nobel Prize?



Comment on CommonWeal: Forget about the consequences of your actions by Sam Duncan

Wed, 07 Mar 2018 16:12:26 +0000

A comprehensive demolition of a stupid idea. It's depressing that I can easily imagine our lords and masters at Holyrood taking such a patently ruinous suggestion seriously. Along with all the harebrained schemes they've already implemented (to much self-congratulation), I genuinely fear for Scotland's future. Edinburgh, the Athens of the North indeed.



Comment on What Is Optimal Monetary Policy, Anyway? by Ralph Musgrave

Wed, 21 Feb 2018 20:07:13 +0000

That’s an interesting and thoughtful article. However, I don’t agree that the factors that go to make up monetary policy need to be subjective. Take for example the standard 2% inflation rate. There are well known and measurable costs and benefits involved in inflation, thus in principle the optimum rate of inflation can be calculated on an entirely objective basis. E.g. very high rates of inflation involve firms in having to change their prices every week. That is a cost which is measurable. And for another example, the effects of interest rate adjustments and fiscal stimulus can be measured, and numerous researchers have had a stab at such measurements. If for example interest rate adjustments have little effect, or do not work in a predictable way, as claimed by some, that would be an argument for abandoning monetary policy and using just fiscal policy to adjust demand.



Comment on Stockman: Good Riddance, Janet, You Were A Colossal Failure, Part 1 by Edward C D Ingram

Sun, 18 Feb 2018 05:50:18 +0000

This is a HUGE contribution to economic theory. I invite everyone to read my own work on ho to escape from these low interest rates. Not only that - I now have two governments and two universities taking an interest in my new economics along with rave reviews. These essentially are explaining that with my financially stable economic platform, and attention to ensuring that there is enough money in circulation, not just idle money, we can transform every economy in the world. Follow me on http://macro-economic-design.blogspot.com



Comment on The Looming Crisis in the Private Provision of Public Services Close Parallels with the Systemic Failure of Banks by MrVeryAngry

Tue, 13 Feb 2018 14:54:14 +0000

Well, if the government was not sticking its nose in all over the place the bulk of these fake contracts to fake businesses (aka rent seekers) would not happen in the first place. In other words tell the Damn' government to stop spending money.



Comment on The Looming Crisis in the Private Provision of Public Services Close Parallels with the Systemic Failure of Banks by Edward C D Ingram

Tue, 13 Feb 2018 02:17:57 +0000

Regarding bank failures - there is no need to bail them out. Every economy constantly needs new money to keep it orderly and to enable payments to be made on time. Simply create enough money to bail out the bankrupt bank and replace the failed board of directors. Reshuffle if necessary but get rid of the bad ones. There will no longer be anyruns of the banks and the banking industry will become healthy and companies like Carilllon will not get funds.



Comment on Can an Economy Advance Without Savings? by MrVeryAngry

Tue, 06 Feb 2018 16:03:58 +0000

"...with a central bank as benign overseer.." Oh ha ha. Quite clearly that's a pipe dream, and where it all falls down.



Comment on A Brief (and Messy) History of Modern Gold Standards by Edward C D Ingram

Fri, 02 Feb 2018 06:03:08 +0000

Bernanke is wrong. There is a simple way to protect savings but in the last resort you have to trust someone. The simple way is explained here: http://macro-economic-design.blogspot.co.za/p/ingram-school.html The necessary safeguard is to create a community (people's) elected committee to which Treasury must apply when requesting that more new money be created. As long as this is left to government appointed committees there will be no assurance.