Ordinarily I’d simply post a link to a media report in either my Gems or Brickbats page. But this quote from Microsoft CEO Steve Ballmer shows that he really understands what is going on now, in a way that no other person in authority seems to have done as yet. The full report can be found at:
I have just moved the blog to a new ISP after my previous provider IXWebhosting proved to have intractable problems with malware.
The new hosting is being provided pro bono by Cyanide Web Hosting, which I greatly appreciate.
Note: This post has been modified ni the light of comments that the initial version quoted Bernanke out of context.
One blog participant brought a post by George Monbiot to my attention. I frequently comment that the financial regime initiated after WWII omitted key ideas that Keynes proposed–in particular, a new currency for international trade and controls on the behaviour of surplus nations as well as those running deficits. Monbiot provides the historic detail of these proposals and their defeat. It is well worth a read.
It had to happen: neoclassical economists are now advising that the anticipated recession will be much milder if only workers would accept wage cuts.
This is getting a bit like Star Wars, but I promise–this will be the last post in this series. In the previous two, I constructed a model of a pure credit economy in which the money supply and economic activity can expand smoothly of time.
In the previous post, I outlined my basic model of a pure credit economy, in which a single initial loan allowed a continous flow of economic activity (at a constant level) over time. The basic flowtable of that system was:
This is an unplanned post that partly pre-empts what I’ll be writing in the February Debtwatch Report, where I will explain in full my theory of money creation in a pure credit economy. So this is somewhat out of sequence, and will undoubtedly be badly explained compared to what I put together for February.
Click on the cover to buy the eBook
Debunking Economics was first published in 2001 by Pluto Press (Australia) and Zed Books (UK). There has been renewed interest in it since I began warning of the impending financial crisis, and I decided to release the book in electronic format to make it more accessible (the hard copy can still be purchased, if your bookshop will order it, from Zed Books UK, or online from Amazon).
Two days ago the FBI indicted Bernie Madoff, principal of Bernard L. Madoff Investment Securities LLC, on securities fraud. Though the case has yet to run, in the indictment the FBI reported that Madoff confessed that his was “basically a giant Ponzi Scheme” that may have lost some extremely high net worth individuals over US$50 billion.