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1<!DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd">
2<html xmlns="http://www.w3.org/1999/xhtml" lang="en">
3<head profile="http://gmpg.org/xfn/11">
4	<meta http-equiv="Content-Type" content="text/html; charset=UTF-8" />
5	<title>About | Uneasy Money</title>
6	<link rel="pingback" href="https://uneasymoney.com/xmlrpc.php" />
7	<meta name='robots' content='max-image-preview:large' />
8
9<!-- Async WordPress.com Remote Login -->
10<script id="wpcom_remote_login_js">
11var wpcom_remote_login_extra_auth = '';
12function wpcom_remote_login_remove_dom_node_id( element_id ) {
13	var dom_node = document.getElementById( element_id );
14	if ( dom_node ) { dom_node.parentNode.removeChild( dom_node ); }
15}
16function wpcom_remote_login_remove_dom_node_classes( class_name ) {
17	var dom_nodes = document.querySelectorAll( '.' + class_name );
18	for ( var i = 0; i < dom_nodes.length; i++ ) {
19		dom_nodes[ i ].parentNode.removeChild( dom_nodes[ i ] );
20	}
21}
22function wpcom_remote_login_final_cleanup() {
23	wpcom_remote_login_remove_dom_node_classes( "wpcom_remote_login_msg" );
24	wpcom_remote_login_remove_dom_node_id( "wpcom_remote_login_key" );
25	wpcom_remote_login_remove_dom_node_id( "wpcom_remote_login_validate" );
26	wpcom_remote_login_remove_dom_node_id( "wpcom_remote_login_js" );
27	wpcom_remote_login_remove_dom_node_id( "wpcom_request_access_iframe" );
28	wpcom_remote_login_remove_dom_node_id( "wpcom_request_access_styles" );
29}
30
31// Watch for messages back from the remote login
32window.addEventListener( "message", function( e ) {
33	if ( e.origin === "https://r-login.wordpress.com" ) {
34		var data = {};
35		try {
36			data = JSON.parse( e.data );
37		} catch( e ) {
38			wpcom_remote_login_final_cleanup();
39			return;
40		}
41
42		if ( data.msg === 'LOGIN' ) {
43			// Clean up the login check iframe
44			wpcom_remote_login_remove_dom_node_id( "wpcom_remote_login_key" );
45
46			var id_regex = new RegExp( /^[0-9]+$/ );
47			var token_regex = new RegExp( /^.*|.*|.*$/ );
48			if (
49				token_regex.test( data.token )
50				&& id_regex.test( data.wpcomid )
51			) {
52				// We have everything we need to ask for a login
53				var script = document.createElement( "script" );
54				script.setAttribute( "id", "wpcom_remote_login_validate" );
55				script.src = '/remote-login.php?wpcom_remote_login=validate'
56					+ '&wpcomid=' + data.wpcomid
57					+ '&token=' + encodeURIComponent( data.token )
58					+ '&host=' + window.location.protocol
59					+ '//' + window.location.hostname
60					+ '&postid=2'
61					+ '&is_singular=';
62				document.body.appendChild( script );
63			}
64
65			return;
66		}
67
68		// Safari ITP, not logged in, so redirect
69		if ( data.msg === 'LOGIN-REDIRECT' ) {
70			window.location = 'https://wordpress.com/log-in?redirect_to=' + window.location.href;
71			return;
72		}
73
74		// Safari ITP, storage access failed, remove the request
75		if ( data.msg === 'LOGIN-REMOVE' ) {
76			var css_zap = 'html { -webkit-transition: margin-top 1s; transition: margin-top 1s; } /* 9001 */ html { margin-top: 0 !important; } * html body { margin-top: 0 !important; } @media screen and ( max-width: 782px ) { html { margin-top: 0 !important; } * html body { margin-top: 0 !important; } }';
77			var style_zap = document.createElement( 'style' );
78			style_zap.type = 'text/css';
79			style_zap.appendChild( document.createTextNode( css_zap ) );
80			document.body.appendChild( style_zap );
81
82			var e = document.getElementById( 'wpcom_request_access_iframe' );
83			e.parentNode.removeChild( e );
84
85			document.cookie = 'wordpress_com_login_access=denied; path=/; max-age=31536000';
86
87			return;
88		}
89
90		// Safari ITP
91		if ( data.msg === 'REQUEST_ACCESS' ) {
92			console.log( 'request access: safari' );
93
94			// Check ITP iframe enable/disable knob
95			if ( wpcom_remote_login_extra_auth !== 'safari_itp_iframe' ) {
96				return;
97			}
98
99			// If we are in a "private window" there is no ITP.
100			var private_window = false;
101			try {
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103			} catch( e ) {
104				private_window = true;
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106
107			if ( private_window ) {
108				console.log( 'private window' );
109				return;
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111
112			var iframe = document.createElement( 'iframe' );
113			iframe.id = 'wpcom_request_access_iframe';
114			iframe.setAttribute( 'scrolling', 'no' );
115			iframe.setAttribute( 'sandbox', 'allow-storage-access-by-user-activation allow-scripts allow-same-origin allow-top-navigation-by-user-activation' );
116			iframe.src = 'https://r-login.wordpress.com/remote-login.php?wpcom_remote_login=request_access&origin=' + encodeURIComponent( data.origin ) + '&wpcomid=' + encodeURIComponent( data.wpcomid );
117
118			var css = 'html { -webkit-transition: margin-top 1s; transition: margin-top 1s; } /* 9001 */ html { margin-top: 46px !important; } * html body { margin-top: 46px !important; } @media screen and ( max-width: 660px ) { html { margin-top: 71px !important; } * html body { margin-top: 71px !important; } #wpcom_request_access_iframe { display: block; height: 71px !important; } } #wpcom_request_access_iframe { border: 0px; height: 46px; position: fixed; top: 0; left: 0; width: 100%; min-width: 100%; z-index: 99999; background: #23282d; } ';
119
120			var style = document.createElement( 'style' );
121			style.type = 'text/css';
122			style.id = 'wpcom_request_access_styles';
123			style.appendChild( document.createTextNode( css ) );
124			document.body.appendChild( style );
125
126			document.body.appendChild( iframe );
127		}
128
129		if ( data.msg === 'DONE' ) {
130			wpcom_remote_login_final_cleanup();
131		}
132	}
133}, false );
134
135// Inject the remote login iframe after the page has had a chance to load
136// more critical resources
137window.addEventListener( "DOMContentLoaded", function( e ) {
138	var iframe = document.createElement( "iframe" );
139	iframe.style.display = "none";
140	iframe.setAttribute( "scrolling", "no" );
141	iframe.setAttribute( "id", "wpcom_remote_login_key" );
142	iframe.src = "https://r-login.wordpress.com/remote-login.php"
143		+ "?wpcom_remote_login=key"
144		+ "&origin=aHR0cHM6Ly91bmVhc3ltb25leS5jb20%3D"
145		+ "&wpcomid=24589280"
146		+ "&time=" + Math.floor( Date.now() / 1000 );
147	document.body.appendChild( iframe );
148}, false );
149</script>
149
150<link rel='dns-prefetch' href='//s1.wp.com' />
151<link rel='dns-prefetch' href='//s2.wp.com' />
152<link rel='dns-prefetch' href='//widgets.wp.com' />
153<link rel='dns-prefetch' href='//wordpress.com' />
154<link rel='dns-prefetch' href='//s0.wp.com' />
155<link rel='dns-prefetch' href='//af.pubmine.com' />
156<link rel="alternate" type="application/rss+xml" title="Uneasy Money &raquo; Feed" href="https://uneasymoney.com/feed/" />
157<link rel="alternate" type="application/rss+xml" title="Uneasy Money &raquo; Comments Feed" href="https://uneasymoney.com/comments/feed/" />
158<link rel="alternate" type="application/rss+xml" title="Uneasy Money &raquo; About Comments Feed" href="https://uneasymoney.com/about/feed/" />
159	
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433		<h1><a href="https://uneasymoney.com/">Uneasy Money</a></h1>
434		<p class="description">Commentary on monetary policy in the spirit of R. G. Hawtrey</p>
435
436		<ul id="nav" class="menu"><li ><a href="https://uneasymoney.com/">Blog</a></li><li class="page_item page-item-2 current_page_item"><a href="https://uneasymoney.com/about/" aria-current="page">About</a></li>
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450						<h2><a href="https://uneasymoney.com/about/" rel="bookmark">About</a></h2>
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453					<div class="entry-content">
454						<p style="text-align:left;"><em>Uneasy Money</em> is a blog about monetary policy, which means it is also about monetary theory and macroeconomics. I began blogging in 2011 when a weak recovery from the 2008 financial crisis and ensuing Little Depression (aka Great Recession) had only just started. Here is what I wrote then about the blog which I dedicated to the memory of the English monetary economist, R. G. Hawtrey:</p>
455<blockquote>
456<p style="text-align:left;">The past three years have shown that we don&#8217;t know as much as we thought about any of those fields, and so I hope that this blog will contribute something to our cooperative effort to learn about the interaction between money and economic activity and about how monetary policy can help us achieve a more stable economic environment with less unemployment than we have had these past three years. My own view is that monetary policy has been too tight for the past three years, thereby creating the conditions for the September 2008 financial crisis after Lehman Brothers failed and then preventing the economy from staging a rapid recovery as it has often done previously after sharp downturns. It is more than coincidence that the last time that the US economy failed to recover strongly after a sharp downturn was during the Great Depression. Then, too, the underlying cause of the downturn was monetary, and then, too, the economy failed to recover because monetary policy remained too tight (owing to the perverse dynamics of a dysfunctional gold standard) to allow a recovery to gain any traction. </p>
457</blockquote>
458<p style="text-align:left;">As the recovery continued, my focus on this blog has shifted from immediate concerns about monetary policy to other interests in the history of economics and monetary theory and to my concerns about how macroeconomics has developed over the past forty years under the influence of Robert Lucas, Thomas Sargent and Edward Prescott. Many of the ideas contained in my blogposts over the years have found their way into my published and unpublished essays which have just been published by Palgrave Macmillan in a volume <em>Studies in the History of Monetary Theory: Controversies and</em> <em>Clarifications</em>.</p>
459<p style="text-align:left;"> </p>
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544		<h4><span id="comments">59</span> Responses to &#8220;About&#8221;</h4>
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552	<li class="comment even thread-even depth-1" id="comment-85">
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554	<span class="comment-author vcard">
555		<img referrerpolicy="no-referrer" alt='JP Koning&#039;s avatar' src='https://2.gravatar.com/avatar/b1c60ef6f3396b667b3ddb7d16bcf2572060345ba6674ddc4beec0bc46234735?s=48&#038;d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&#038;r=G' srcset='https://2.gravatar.com/avatar/b1c60ef6f3396b667b3ddb7d16bcf2572060345ba6674ddc4beec0bc46234735?s=48&#038;d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&#038;r=G 1x, https://2.gravatar.com/avatar/b1c60ef6f3396b667b3ddb7d16bcf2572060345ba6674ddc4beec0bc46234735?s=72&#038;d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&#038;r=G 1.5x, https://2.gravatar.com/avatar/b1c60ef6f3396b667b3ddb7d16bcf2572060345ba6674ddc4beec0bc46234735?s=96&#038;d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&#038;r=G 2x, https://2.gravatar.com/avatar/b1c60ef6f3396b667b3ddb7d16bcf2572060345ba6674ddc4beec0bc46234735?s=144&#038;d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&#038;r=G 3x, https://2.gravatar.com/avatar/b1c60ef6f3396b667b3ddb7d16bcf2572060345ba6674ddc4beec0bc46234735?s=192&#038;d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&#038;r=G 4x' class='avatar avatar-48' height='48' width='48' loading='lazy' decoding='async' />		<a href="#comment-85" class="counter" title="Permanent Link to this Comment">1</a>
556		<span class="commentauthor fn">JP Koning</span>
557	</span>
558	<small class="comment-meta">
559	<a href="#comment-85" title="15 years, 2 months ago.">July 10, 2011 at 6:19 pm</a>	</small>
560
561	<div class="comment-content">
562		<p>To help get readers up and running, what books written by Hawtrey do you recommend we read? What papers written on Hawtrey should we try and locate?</p>
563<p id="comment-like-85" data-liked=comment-not-liked class="comment-likes comment-not-liked"><a href="https://uneasymoney.com/about/?like_comment=85&#038;_wpnonce=0bc59ff722" class="comment-like-link needs-login" rel="nofollow" data-blog="24589280"><span>Like</span></a><span id="comment-like-count-85" class="comment-like-feedback">Like</span></p>
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571<li class="comment byuser comment-author-uneasymoney848 bypostauthor odd alt thread-odd thread-alt depth-1" id="comment-88">
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574		<img referrerpolicy="no-referrer" alt='David Glasner&#039;s avatar' src='https://2.gravatar.com/avatar/e5ab3840011b8eb190b467c47ec5b8f503773de5530f505da69d487acd43fde2?s=48&#038;d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&#038;r=G' srcset='https://2.gravatar.com/avatar/e5ab3840011b8eb190b467c47ec5b8f503773de5530f505da69d487acd43fde2?s=48&#038;d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&#038;r=G 1x, https://2.gravatar.com/avatar/e5ab3840011b8eb190b467c47ec5b8f503773de5530f505da69d487acd43fde2?s=72&#038;d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&#038;r=G 1.5x, https://2.gravatar.com/avatar/e5ab3840011b8eb190b467c47ec5b8f503773de5530f505da69d487acd43fde2?s=96&#038;d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&#038;r=G 2x, https://2.gravatar.com/avatar/e5ab3840011b8eb190b467c47ec5b8f503773de5530f505da69d487acd43fde2?s=144&#038;d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&#038;r=G 3x, https://2.gravatar.com/avatar/e5ab3840011b8eb190b467c47ec5b8f503773de5530f505da69d487acd43fde2?s=192&#038;d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&#038;r=G 4x' class='avatar avatar-48' height='48' width='48' loading='lazy' decoding='async' />		<a href="#comment-88" class="counter" title="Permanent Link to this Comment">2</a>
575		<span class="commentauthor fn"><a href="https://uneasymoney.wordpress.com" class="url" rel="ugc external nofollow">David Glasner</a></span>
576	</span>
577	<small class="comment-meta">
578	<a href="#comment-88" title="15 years, 2 months ago.">July 11, 2011 at 12:53 pm</a>	</small>
579
580	<div class="comment-content">
581		<p>JP, Thanks for this request.  I am actually not that much of an expert on Hawtrey&#8217;s writings.  His first important work was <em><a href="http://www.amazon.com/Good-Trade-Ralph-George-Hawtrey/dp/1140157388" rel="nofollow">Good and Bad Trade</a></em> published in 1913.  It was his first exposition of his basic model of business cycles.  In 1919 he published another work of monetary theory, <em><a href="http://www.amazon.com/Currency-Credit-Ralph-George-Hawtrey/dp/0217817181/ref=sr_1_1?s=books&amp;ie=UTF8&amp;qid=1310402144&amp;sr=1-1" rel="nofollow">Currency and Credit</a> </em>which elaborated on the theory offered in <em>Good and Bad Trade</em> providing a lot of interesting historical material and more explicit policy analysis.  In 1927 he published <em>The Gold Standard in Theory and Practice</em> whose subject was self-explanatory.  It went through several editions.  In later editions (1931, I think) he provided a very nice summary of his basic understanding of how the botched attempt to restore the international gold standard led to the Great Depression.  Hawtrey covers a lot of the same ground, but in much more depth in <em><a href="http://www.amazon.com/Art-Central-Banking-Ralph-Hawtrey/dp/0714612278/ref=sr_1_1?s=books&amp;ie=UTF8&amp;qid=1310402533&amp;sr=1-1" rel="nofollow">The Art of Central Banking</a></em>, a collection of essays including a very long essay by that title focusing on the Great Depression, as does an essay on French monetary policy.  For my money, the discussions in these two books are still the best theoretical accounts of the causes of the Great Depression ever written, though Scott Sumner&#8217;s work (still unpublished, alas) on the Great Depression is right up there with them.  In 1938, Hawtrey wrote another remarkable combination of history and theory, <em>A <a href="http://www.amazon.com/Century-Bank-Rate-Ralph-Hawtrey/dp/0714612286/ref=sr_1_1?ie=UTF8&amp;s=books&amp;qid=1310403876&amp;sr=1-1" rel="nofollow">Century of Bank Rate</a></em>, reviewing the way in which the Bank of England had administered monetary policy from the 1830s to the 1930s, and providing a theoretical framework for understanding the effects of those policies.  He also published another collection of essays <em>Capital and Employment</em> in 1937, which I have not read.  It does contain, I believe, Hawtrey&#8217;s commentary on Keynes&#8217;s <em>General Theory</em> as well as on Hayek&#8217;s business cycle theory.  Despite his advancing age, Hawtrey remained active in the post-war period.  He was notable for remaining wedded to the basic business cycle model developed in <em>Good and Bad Trade</em>, which I think was held against him by the younger generation of Keynesians that disdained anybody who did not fall into step with the Keynesian program.  He also argued forcefully, but without much effect, that the post-war devaluation of the pound had been a mistake and that the pound had been consistently undervalued despite chronic balance of payments difficulties that Hawtrey attributed to excessive aggregate demand caused by a chronically low Bank Rate.  His last book, <em>Incomes and Money</em>, published in 1967, when he was 88, shows the signs of his advancing age.  The argument was not always as clear and well-formulated as in his earlier writings and he was not as much in command of the facts as he had once been.  Still, it offers a lot of worthwhile commentary on monetary policy as well as to me the very convincing explanation for poor US economic performance in the 1950s, which was that all the major US trading partners had pegged their currencies to the dollar at undervalued parities, making it difficult for US exports to compete without deflation.  His work is the clearest anticipation of what would later be developed by Harry Johnson into the monetary approach to the balance of payments.</p>
582<p id="comment-like-88" data-liked=comment-not-liked class="comment-likes comment-not-liked"><a href="https://uneasymoney.com/about/?like_comment=88&#038;_wpnonce=b0dd23b229" class="comment-like-link needs-login" rel="nofollow" data-blog="24589280"><span>Like</span></a><span id="comment-like-count-88" class="comment-like-feedback">Like</span></p>
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593		<img referrerpolicy="no-referrer" alt='David Blake&#039;s avatar' src='https://1.gravatar.com/avatar/7f4b82896eb5acaebd8e84ac614420c92d4682cb3e01af5239f7b0f917a6f41b?s=48&#038;d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&#038;r=G' srcset='https://1.gravatar.com/avatar/7f4b82896eb5acaebd8e84ac614420c92d4682cb3e01af5239f7b0f917a6f41b?s=48&#038;d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&#038;r=G 1x, https://1.gravatar.com/avatar/7f4b82896eb5acaebd8e84ac614420c92d4682cb3e01af5239f7b0f917a6f41b?s=72&#038;d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&#038;r=G 1.5x, https://1.gravatar.com/avatar/7f4b82896eb5acaebd8e84ac614420c92d4682cb3e01af5239f7b0f917a6f41b?s=96&#038;d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&#038;r=G 2x, https://1.gravatar.com/avatar/7f4b82896eb5acaebd8e84ac614420c92d4682cb3e01af5239f7b0f917a6f41b?s=144&#038;d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&#038;r=G 3x, https://1.gravatar.com/avatar/7f4b82896eb5acaebd8e84ac614420c92d4682cb3e01af5239f7b0f917a6f41b?s=192&#038;d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&#038;r=G 4x' class='avatar avatar-48' height='48' width='48' loading='lazy' decoding='async' />		<a href="#comment-184" class="counter" title="Permanent Link to this Comment">3</a>
594		<span class="commentauthor fn">David Blake</span>
595	</span>
596	<small class="comment-meta">
597	<a href="#comment-184" title="15 years, 2 months ago.">July 20, 2011 at 1:26 am</a>	</small>
598
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600		<p>How do I ask for a password to read your password protected post on money?</p>
601<p id="comment-like-184" data-liked=comment-not-liked class="comment-likes comment-not-liked"><a href="https://uneasymoney.com/about/?like_comment=184&#038;_wpnonce=62306ae850" class="comment-like-link needs-login" rel="nofollow" data-blog="24589280"><span>Like</span></a><span id="comment-like-count-184" class="comment-like-feedback">Like</span></p>
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613		<span class="commentauthor fn">mcmikep</span>
614	</span>
615	<small class="comment-meta">
616	<a href="#comment-186" title="15 years, 2 months ago.">July 20, 2011 at 5:56 am</a>	</small>
617
618	<div class="comment-content">
619		<p>I would really like to read your latest post about the flaws of EMH. How exactly can I do that? ( I tried my WordPress pw and that didn&#8217;t do it.)</p>
620<p id="comment-like-186" data-liked=comment-not-liked class="comment-likes comment-not-liked"><a href="https://uneasymoney.com/about/?like_comment=186&#038;_wpnonce=ac303ced0e" class="comment-like-link needs-login" rel="nofollow" data-blog="24589280"><span>Like</span></a><span id="comment-like-count-186" class="comment-like-feedback">Like</span></p>
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632		<span class="commentauthor fn">Patrick Deutscher</span>
633	</span>
634	<small class="comment-meta">
635	<a href="#comment-597" title="15 years, 2 months ago.">August 5, 2011 at 6:11 pm</a>	</small>
636
637	<div class="comment-content">
638		<p>Hello David,  I&#8217;m very happy to see your posts and that you are also drawing attention to Hawtrey&#8217;s work.  Your account of his ideas and suggestions on reading are very good.  It has been quite a while since I turned to this material, but I think it&#8217;s safe to say the Currency and Credit was the work in which the core of his analysis was developed.  Another book that might be fruitful given the current situation is Trade Depression and the Way Out published in 1933.  Pat Deuscher</p>
639<p id="comment-like-597" data-liked=comment-not-liked class="comment-likes comment-not-liked"><a href="https://uneasymoney.com/about/?like_comment=597&#038;_wpnonce=7320518b60" class="comment-like-link needs-login" rel="nofollow" data-blog="24589280"><span>Like</span></a><span id="comment-like-count-597" class="comment-like-feedback">Like</span></p>
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650		<img referrerpolicy="no-referrer" alt='Anthony Migchels&#039;s avatar' src='https://2.gravatar.com/avatar/e7b765e96f89d9249aa1459cde92d54657defd8758e9dd7adb4a025d3722e80e?s=48&#038;d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&#038;r=G' srcset='https://2.gravatar.com/avatar/e7b765e96f89d9249aa1459cde92d54657defd8758e9dd7adb4a025d3722e80e?s=48&#038;d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&#038;r=G 1x, https://2.gravatar.com/avatar/e7b765e96f89d9249aa1459cde92d54657defd8758e9dd7adb4a025d3722e80e?s=72&#038;d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&#038;r=G 1.5x, https://2.gravatar.com/avatar/e7b765e96f89d9249aa1459cde92d54657defd8758e9dd7adb4a025d3722e80e?s=96&#038;d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&#038;r=G 2x, https://2.gravatar.com/avatar/e7b765e96f89d9249aa1459cde92d54657defd8758e9dd7adb4a025d3722e80e?s=144&#038;d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&#038;r=G 3x, https://2.gravatar.com/avatar/e7b765e96f89d9249aa1459cde92d54657defd8758e9dd7adb4a025d3722e80e?s=192&#038;d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&#038;r=G 4x' class='avatar avatar-48' height='48' width='48' loading='lazy' decoding='async' />		<a href="#comment-3407" class="counter" title="Permanent Link to this Comment">6</a>
651		<span class="commentauthor fn"><a href="http://realcurrencies.wordpress.com" class="url" rel="ugc external nofollow">Anthony Migchels</a></span>
652	</span>
653	<small class="comment-meta">
654	<a href="#comment-3407" title="14 years, 9 months ago.">January 2, 2012 at 12:47 am</a>	</small>
655
656	<div class="comment-content">
657		<p>Interesting. I hadn&#8217;t heard of Hawtrey.<br />
658It is useful to see how non-gold people address inflation.</p>
659<p>But all monetary debate should address cost for capital just as much as volume of the money supply.</p>
660<p>One of the key issues is that interest is an important cause of inflation. Higher interest rates lead to more inflation in the long term, after the higher rates have subsided. Higher Interest rates temporarily slow the velocity of circulation, making the real money supply smaller. But cost for credit is higher and this raises prices.</p>
661<p>But interest is a wealth transfer to the Plutocracy in even more important and direct ways.</p>
662<p>Here&#8217;s some more about the basic problems of interest:</p>
663<blockquote class="wp-embedded-content" data-secret="BCwPtuMRQg"><p><a href="https://realcurrencies.wordpress.com/2009/11/26/on-interest/">On Interest</a></p></blockquote>
664<p><iframe class="wp-embedded-content" sandbox="allow-scripts" security="restricted" style="position: absolute; visibility: hidden;" title="&#8220;On Interest&#8221; &#8212; Real Currencies" src="https://realcurrencies.wordpress.com/2009/11/26/on-interest/embed/#?secret=fdBhJZY5YU#?secret=BCwPtuMRQg" data-secret="BCwPtuMRQg" width="500" height="282" frameborder="0" marginwidth="0" marginheight="0" scrolling="no"></iframe></p>
665<p>Here&#8217;s how these discussions work out with some leading Austrian Economists.<br />
666Gary North: <a href="http://realcurrencies.wordpress.com/2011/12/23/gary-north-on-interest/" rel="nofollow ugc">http://realcurrencies.wordpress.com/2011/12/23/gary-north-on-interest/</a><br />
667the Daily Bell: <a href="http://realcurrencies.wordpress.com/2012/01/01/daily-bell-wrapping-up/" rel="nofollow ugc">http://realcurrencies.wordpress.com/2012/01/01/daily-bell-wrapping-up/</a></p>
668<p id="comment-like-3407" data-liked=comment-not-liked class="comment-likes comment-not-liked"><a href="https://uneasymoney.com/about/?like_comment=3407&#038;_wpnonce=f859250ced" class="comment-like-link needs-login" rel="nofollow" data-blog="24589280"><span>Like</span></a><span id="comment-like-count-3407" class="comment-like-feedback">Like</span></p>
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680		<span class="commentauthor fn"><a href="https://uneasymoney.wordpress.com" class="url" rel="ugc external nofollow">David Glasner</a></span>
681	</span>
682	<small class="comment-meta">
683	<a href="#comment-3439" title="14 years, 9 months ago.">January 3, 2012 at 10:01 am</a>	</small>
684
685	<div class="comment-content">
686		<p>Anthony, I&#8217;m glad that you are interested in Hawtrey and I hope that you will get a chance to read some of his work.  Increasing interest rates increases, not, as you assert, reduces, the velocity of circulation.  That implication of basic monetary theory is well supported empirically, so you might want to rethink you position.  I wouldn&#8217;t call Gary North a leading Austrian economist.  From what little I know about him, he seems to be a nut, and rather scary.</p>
687<p id="comment-like-3439" data-liked=comment-not-liked class="comment-likes comment-not-liked"><a href="https://uneasymoney.com/about/?like_comment=3439&#038;_wpnonce=7e69bf0178" class="comment-like-link needs-login" rel="nofollow" data-blog="24589280"><span>Like</span></a><span id="comment-like-count-3439" class="comment-like-feedback">Like</span></p>
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699		<span class="commentauthor fn"><a href="http://realcurrencies.wordpress.com" class="url" rel="ugc external nofollow">Anthony Migchels</a></span>
700	</span>
701	<small class="comment-meta">
702	<a href="#comment-3440" title="14 years, 9 months ago.">January 3, 2012 at 11:30 am</a>	</small>
703
704	<div class="comment-content">
705		<p>Thanks David.<br />
706I&#8217;d be interested in some backing up about that statement (re velocity)!</p>
707<p>Well, North is close to Rockwell, who is one of Paul&#8217;s advisers.</p>
708<p id="comment-like-3440" data-liked=comment-not-liked class="comment-likes comment-not-liked"><a href="https://uneasymoney.com/about/?like_comment=3440&#038;_wpnonce=4f7b59c8eb" class="comment-like-link needs-login" rel="nofollow" data-blog="24589280"><span>Like</span></a><span id="comment-like-count-3440" class="comment-like-feedback">Like</span></p>
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719		<img referrerpolicy="no-referrer" alt='David Glasner&#039;s avatar' src='https://2.gravatar.com/avatar/e5ab3840011b8eb190b467c47ec5b8f503773de5530f505da69d487acd43fde2?s=48&#038;d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&#038;r=G' srcset='https://2.gravatar.com/avatar/e5ab3840011b8eb190b467c47ec5b8f503773de5530f505da69d487acd43fde2?s=48&#038;d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&#038;r=G 1x, https://2.gravatar.com/avatar/e5ab3840011b8eb190b467c47ec5b8f503773de5530f505da69d487acd43fde2?s=72&#038;d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&#038;r=G 1.5x, https://2.gravatar.com/avatar/e5ab3840011b8eb190b467c47ec5b8f503773de5530f505da69d487acd43fde2?s=96&#038;d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&#038;r=G 2x, https://2.gravatar.com/avatar/e5ab3840011b8eb190b467c47ec5b8f503773de5530f505da69d487acd43fde2?s=144&#038;d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&#038;r=G 3x, https://2.gravatar.com/avatar/e5ab3840011b8eb190b467c47ec5b8f503773de5530f505da69d487acd43fde2?s=192&#038;d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&#038;r=G 4x' class='avatar avatar-48' height='48' width='48' loading='lazy' decoding='async' />		<a href="#comment-3462" class="counter" title="Permanent Link to this Comment">9</a>
720		<span class="commentauthor fn"><a href="https://uneasymoney.wordpress.com" class="url" rel="ugc external nofollow">David Glasner</a></span>
721	</span>
722	<small class="comment-meta">
723	<a href="#comment-3462" title="14 years, 9 months ago.">January 4, 2012 at 9:18 am</a>	</small>
724
725	<div class="comment-content">
726		<p>Anthony, Is closeness to Rockwell, who is one of Paul&#8217;s adviser&#8217;s, evidence for or against being a nut?</p>
727<p id="comment-like-3462" data-liked=comment-not-liked class="comment-likes comment-not-liked"><a href="https://uneasymoney.com/about/?like_comment=3462&#038;_wpnonce=f560583f45" class="comment-like-link needs-login" rel="nofollow" data-blog="24589280"><span>Like</span></a><span id="comment-like-count-3462" class="comment-like-feedback">Like</span></p>
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729
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735<li class="comment odd alt thread-odd thread-alt depth-1" id="comment-3992">
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737	<span class="comment-author vcard">
738		<img referrerpolicy="no-referrer" alt='daniel&#039;s avatar' src='https://2.gravatar.com/avatar/b13a6aaddb4a14239398a44494999cfa2c2318cce88308ab52da774fc10a2024?s=48&#038;d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&#038;r=G' srcset='https://2.gravatar.com/avatar/b13a6aaddb4a14239398a44494999cfa2c2318cce88308ab52da774fc10a2024?s=48&#038;d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&#038;r=G 1x, https://2.gravatar.com/avatar/b13a6aaddb4a14239398a44494999cfa2c2318cce88308ab52da774fc10a2024?s=72&#038;d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&#038;r=G 1.5x, https://2.gravatar.com/avatar/b13a6aaddb4a14239398a44494999cfa2c2318cce88308ab52da774fc10a2024?s=96&#038;d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&#038;r=G 2x, https://2.gravatar.com/avatar/b13a6aaddb4a14239398a44494999cfa2c2318cce88308ab52da774fc10a2024?s=144&#038;d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&#038;r=G 3x, https://2.gravatar.com/avatar/b13a6aaddb4a14239398a44494999cfa2c2318cce88308ab52da774fc10a2024?s=192&#038;d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&#038;r=G 4x' class='avatar avatar-48' height='48' width='48' loading='lazy' decoding='async' />		<a href="#comment-3992" class="counter" title="Permanent Link to this Comment">10</a>
739		<span class="commentauthor fn">daniel</span>
740	</span>
741	<small class="comment-meta">
742	<a href="#comment-3992" title="14 years, 8 months ago.">January 30, 2012 at 9:32 pm</a>	</small>
743
744	<div class="comment-content">
745		<p>Man, I love your blog.  Its short and soft spoken but it&#8217;s one of the best out there.   But I have a question: do you have any explanation for the widespread commentary claiming monetary policy is too loose?  Like, look at Ed Harrison&#8217;s Credit Writedowns rants about cheated savers, et al.  There is so much of that stuff; even pundits who used to worship at the knee of Friedman now rail against &#8220;re-blowing the bubble&#8221; and for &#8220;allowing deleveraging&#8221;
745.  Then you have guys like Plosser wondering on TV today whether how more inflation could boost employment.  Wouldn&#8217;t you say maybe they could try it and find out, considering the costs of not doing so?</p>
746<p id="comment-like-3992" data-liked=comment-not-liked class="comment-likes comment-not-liked"><a href="https://uneasymoney.com/about/?like_comment=3992&#038;_wpnonce=753afa6d89" class="comment-like-link needs-login" rel="nofollow" data-blog="24589280"><span>Like</span></a><span id="comment-like-count-3992" class="comment-like-feedback">Like</span></p>
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748
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754<li class="comment byuser comment-author-uneasymoney848 bypostauthor even thread-even depth-1" id="comment-4015">
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757		<img referrerpolicy="no-referrer" alt='David Glasner&#039;s avatar' src='https://2.gravatar.com/avatar/e5ab3840011b8eb190b467c47ec5b8f503773de5530f505da69d487acd43fde2?s=48&#038;d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&#038;r=G' srcset='https://2.gravatar.com/avatar/e5ab3840011b8eb190b467c47ec5b8f503773de5530f505da69d487acd43fde2?s=48&#038;d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&#038;r=G 1x, https://2.gravatar.com/avatar/e5ab3840011b8eb190b467c47ec5b8f503773de5530f505da69d487acd43fde2?s=72&#038;d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&#038;r=G 1.5x, https://2.gravatar.com/avatar/e5ab3840011b8eb190b467c47ec5b8f503773de5530f505da69d487acd43fde2?s=96&#038;d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&#038;r=G 2x, https://2.gravatar.com/avatar/e5ab3840011b8eb190b467c47ec5b8f503773de5530f505da69d487acd43fde2?s=144&#038;d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&#038;r=G 3x, https://2.gravatar.com/avatar/e5ab3840011b8eb190b467c47ec5b8f503773de5530f505da69d487acd43fde2?s=192&#038;d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&#038;r=G 4x' class='avatar avatar-48' height='48' width='48' loading='lazy' decoding='async' />		<a href="#comment-4015" class="counter" title="Permanent Link to this Comment">11</a>
758		<span class="commentauthor fn"><a href="https://uneasymoney.wordpress.com" class="url" rel="ugc external nofollow">David Glasner</a></span>
759	</span>
760	<small class="comment-meta">
761	<a href="#comment-4015" title="14 years, 8 months ago.">February 1, 2012 at 1:51 pm</a>	</small>
762
763	<div class="comment-content">
764		<p>Daniel, Thanks.  I think there is a reflexive inflation-phobia, which I actually sympathize with and which I suspect Monetarists are especially susceptible to, Monetarism having its origins as an anti-inflation policy program.  Thanks also for the reference to the Plosser interview, I will have to take a look at it.</p>
765<p id="comment-like-4015" data-liked=comment-not-liked class="comment-likes comment-not-liked"><a href="https://uneasymoney.com/about/?like_comment=4015&#038;_wpnonce=6745547fb4" class="comment-like-link needs-login" rel="nofollow" data-blog="24589280"><span>Like</span></a><span id="comment-like-count-4015" class="comment-like-feedback">Like</span></p>
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767
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773<li class="comment odd alt thread-odd thread-alt depth-1" id="comment-4101">
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776		<img referrerpolicy="no-referrer" alt='I Miss Nixon&#039;s avatar' src='https://2.gravatar.com/avatar/52b19a6996ad3bc3f5926d4c3e2fb10056a337ae59d20065cfec2e9f2d1bd792?s=48&#038;d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&#038;r=G' srcset='https://2.gravatar.com/avatar/52b19a6996ad3bc3f5926d4c3e2fb10056a337ae59d20065cfec2e9f2d1bd792?s=48&#038;d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&#038;r=G 1x, https://2.gravatar.com/avatar/52b19a6996ad3bc3f5926d4c3e2fb10056a337ae59d20065cfec2e9f2d1bd792?s=72&#038;d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&#038;r=G 1.5x, https://2.gravatar.com/avatar/52b19a6996ad3bc3f5926d4c3e2fb10056a337ae59d20065cfec2e9f2d1bd792?s=96&#038;d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&#038;r=G 2x, https://2.gravatar.com/avatar/52b19a6996ad3bc3f5926d4c3e2fb10056a337ae59d20065cfec2e9f2d1bd792?s=144&#038;d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&#038;r=G 3x, https://2.gravatar.com/avatar/52b19a6996ad3bc3f5926d4c3e2fb10056a337ae59d20065cfec2e9f2d1bd792?s=192&#038;d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&#038;r=G 4x' class='avatar avatar-48' height='48' width='48' loading='lazy' decoding='async' />		<a href="#comment-4101" class="counter" title="Permanent Link to this Comment">12</a>
777		<span class="commentauthor fn">I Miss Nixon</span>
778	</span>
779	<small class="comment-meta">
780	<a href="#comment-4101" title="14 years, 7 months ago.">February 8, 2012 at 3:00 am</a>	</small>
781
782	<div class="comment-content">
783		<p>what Hawtrey called “the inherent instability of credit”</p>
784<p>you do not discuss the role of the level of  private debt in either the Great Depression or the Lesser Depression, yet these words of Hawtrey are right to the point.</p>
785<p id="comment-like-4101" data-liked=comment-not-liked class="comment-likes comment-not-liked"><a href="https://uneasymoney.com/about/?like_comment=4101&#038;_wpnonce=4c197b6470" class="comment-like-link needs-login" rel="nofollow" data-blog="24589280"><span>Like</span></a><span id="comment-like-count-4101" class="comment-like-feedback">Like</span></p>
786	</div>
787
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793<li class="comment even thread-even depth-1" id="comment-4431">
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796		<img referrerpolicy="no-referrer" alt='Jim Caton&#039;s avatar' src='https://2.gravatar.com/avatar/ee7f47d69dcaafb3d0c087f26cf9c271b827e02d78ce4cfa4f309bfe6b2565d2?s=48&#038;d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&#038;r=G' srcset='https://2.gravatar.com/avatar/ee7f47d69dcaafb3d0c087f26cf9c271b827e02d78ce4cfa4f309bfe6b2565d2?s=48&#038;d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&#038;r=G 1x, https://2.gravatar.com/avatar/ee7f47d69dcaafb3d0c087f26cf9c271b827e02d78ce4cfa4f309bfe6b2565d2?s=72&#038;d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&#038;r=G 1.5x, https://2.gravatar.com/avatar/ee7f47d69dcaafb3d0c087f26cf9c271b827e02d78ce4cfa4f309bfe6b2565d2?s=96&#038;d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&#038;r=G 2x, https://2.gravatar.com/avatar/ee7f47d69dcaafb3d0c087f26cf9c271b827e02d78ce4cfa4f309bfe6b2565d2?s=144&#038;d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&#038;r=G 3x, https://2.gravatar.com/avatar/ee7f47d69dcaafb3d0c087f26cf9c271b827e02d78ce4cfa4f309bfe6b2565d2?s=192&#038;d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&#038;r=G 4x' class='avatar avatar-48' height='48' width='48' loading='lazy' decoding='async' />		<a href="#comment-4431" class="counter" title="Permanent Link to this Comment">13</a>
797		<span class="commentauthor fn">Jim Caton</span>
798	</span>
799	<small class="comment-meta">
800	<a href="#comment-4431" title="14 years, 7 months ago.">February 25, 2012 at 8:12 pm</a>	</small>
801
802	<div class="comment-content">
803		<p>Hi David,</p>
804<p>I am an Economics MA student at San Jose State University. I am taken by your argument that much of the monetary that occurred instability shortly before and during the Great Depression was due to gold demand shocks. It is a powerful alternative to the oversimplified Eichengreen/Temin &#8220;gold-fetters&#8221; argument. </p>
805<p>Do you know of any research that uses regressions to elaborate on this point?</p>
806<p>Any help is greatly appreciated.</p>
807<p>Jim</p>
808<p id="comment-like-4431" data-liked=comment-not-liked class="comment-likes comment-not-liked"><a href="https://uneasymoney.com/about/?like_comment=4431&#038;_wpnonce=203447d821" class="comment-like-link needs-login" rel="nofollow" data-blog="24589280"><span>Like</span></a><span id="comment-like-count-4431" class="comment-like-feedback">Like</span></p>
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810
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816<li class="comment byuser comment-author-uneasymoney848 bypostauthor odd alt thread-odd thread-alt depth-1" id="comment-4433">
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819		<img referrerpolicy="no-referrer" alt='David Glasner&#039;s avatar' src='https://2.gravatar.com/avatar/e5ab3840011b8eb190b467c47ec5b8f503773de5530f505da69d487acd43fde2?s=48&#038;d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&#038;r=G' srcset='https://2.gravatar.com/avatar/e5ab3840011b8eb190b467c47ec5b8f503773de5530f505da69d487acd43fde2?s=48&#038;d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&#038;r=G 1x, https://2.gravatar.com/avatar/e5ab3840011b8eb190b467c47ec5b8f503773de5530f505da69d487acd43fde2?s=72&#038;d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&#038;r=G 1.5x, https://2.gravatar.com/avatar/e5ab3840011b8eb190b467c47ec5b8f503773de5530f505da69d487acd43fde2?s=96&#038;d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&#038;r=G 2x, https://2.gravatar.com/avatar/e5ab3840011b8eb190b467c47ec5b8f503773de5530f505da69d487acd43fde2?s=144&#038;d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&#038;r=G 3x, https://2.gravatar.com/avatar/e5ab3840011b8eb190b467c47ec5b8f503773de5530f505da69d487acd43fde2?s=192&#038;d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&#038;r=G 4x' class='avatar avatar-48' height='48' width='48' loading='lazy' decoding='async' />		<a href="#comment-4433" class="counter" title="Permanent Link to this Comment">14</a>
820		<span class="commentauthor fn"><a href="https://uneasymoney.wordpress.com" class="url" rel="ugc external nofollow">David Glasner</a></span>
821	</span>
822	<small class="comment-meta">
823	<a href="#comment-4433" title="14 years, 7 months ago.">February 25, 2012 at 8:42 pm</a>	</small>
824
825	<div class="comment-content">
826		<p>Jim, Thanks.  Scott Sumner has a lengthy unpublished manuscript in which he provides a historical narrative of the Great Depression as well as various regressions testing the gold demand hypothesis.  He has discussed his results on his blog themoneyillusion.com on a number of occasions, so you could check the blog.  You could also email him directly at Bentley University and ask him about his work and his econometric results.</p>
827<p id="comment-like-4433" data-liked=comment-not-liked class="comment-likes comment-not-liked"><a href="https://uneasymoney.com/about/?like_comment=4433&#038;_wpnonce=834d28838f" class="comment-like-link needs-login" rel="nofollow" data-blog="24589280"><span>Like</span></a><span id="comment-like-count-4433" class="comment-like-feedback">Like</span></p>
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829
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835<li class="comment even thread-even depth-1" id="comment-4434">
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838		<img referrerpolicy="no-referrer" alt='Jim Caton&#039;s avatar' src='https://2.gravatar.com/avatar/ee7f47d69dcaafb3d0c087f26cf9c271b827e02d78ce4cfa4f309bfe6b2565d2?s=48&#038;d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&#038;r=G' srcset='https://2.gravatar.com/avatar/ee7f47d69dcaafb3d0c087f26cf9c271b827e02d78ce4cfa4f309bfe6b2565d2?s=48&#038;d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&#038;r=G 1x, https://2.gravatar.com/avatar/ee7f47d69dcaafb3d0c087f26cf9c271b827e02d78ce4cfa4f309bfe6b2565d2?s=72&#038;d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&#038;r=G 1.5x, https://2.gravatar.com/avatar/ee7f47d69dcaafb3d0c087f26cf9c271b827e02d78ce4cfa4f309bfe6b2565d2?s=96&#038;d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&#038;r=G 2x, https://2.gravatar.com/avatar/ee7f47d69dcaafb3d0c087f26cf9c271b827e02d78ce4cfa4f309bfe6b2565d2?s=144&#038;d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&#038;r=G 3x, https://2.gravatar.com/avatar/ee7f47d69dcaafb3d0c087f26cf9c271b827e02d78ce4cfa4f309bfe6b2565d2?s=192&#038;d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&#038;r=G 4x' class='avatar avatar-48' height='48' width='48' loading='lazy' decoding='async' />		<a href="#comment-4434" class="counter" title="Permanent Link to this Comment">15</a>
839		<span class="commentauthor fn">Jim Caton</span>
840	</span>
841	<small class="comment-meta">
842	<a href="#comment-4434" title="14 years, 7 months ago.">February 25, 2012 at 9:05 pm</a>	</small>
843
844	<div class="comment-content">
845		<p>Thanks for the timely response David. I will do exactly that.</p>
846<p id="comment-like-4434" data-liked=comment-not-liked class="comment-likes comment-not-liked"><a href="https://uneasymoney.com/about/?like_comment=4434&#038;_wpnonce=936ca40b4c" class="comment-like-link needs-login" rel="nofollow" data-blog="24589280"><span>Like</span></a><span id="comment-like-count-4434" class="comment-like-feedback">Like</span></p>
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857		<img referrerpolicy="no-referrer" alt='Blue Aurora&#039;s avatar' src='https://2.gravatar.com/avatar/b39f6097b63071fa6c422316033cfdde0aebc937bbddd977f716feeb705a139d?s=48&#038;d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&#038;r=G' srcset='https://2.gravatar.com/avatar/b39f6097b63071fa6c422316033cfdde0aebc937bbddd977f716feeb705a139d?s=48&#038;d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&#038;r=G 1x, https://2.gravatar.com/avatar/b39f6097b63071fa6c422316033cfdde0aebc937bbddd977f716feeb705a139d?s=72&#038;d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&#038;r=G 1.5x, https://2.gravatar.com/avatar/b39f6097b63071fa6c422316033cfdde0aebc937bbddd977f716feeb705a139d?s=96&#038;d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&#038;r=G 2x, https://2.gravatar.com/avatar/b39f6097b63071fa6c422316033cfdde0aebc937bbddd977f716feeb705a139d?s=144&#038;d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&#038;r=G 3x, https://2.gravatar.com/avatar/b39f6097b63071fa6c422316033cfdde0aebc937bbddd977f716feeb705a139d?s=192&#038;d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&#038;r=G 4x' class='avatar avatar-48' height='48' width='48' loading='lazy' decoding='async' />		<a href="#comment-4669" class="counter" title="Permanent Link to this Comment">16</a>
858		<span class="commentauthor fn">Blue Aurora</span>
859	</span>
860	<small class="comment-meta">
861	<a href="#comment-4669" title="14 years, 6 months ago.">March 17, 2012 at 6:30 am</a>	</small>
862
863	<div class="comment-content">
864		<p>Out of curiosity David Glasner, would you post reviews of Ralph Hawtrey&#8217;s book on Amazon.com? I think it would be a good way of informing the general public more about Ralph Hawtrey. In fact, I recently acquired a copy of Ralph Hawtrey&#8217;s <i>The Art of Central Banking</i> in part thanks to your influence!</p>
865<p id="comment-like-4669" data-liked=comment-not-liked class="comment-likes comment-not-liked"><a href="https://uneasymoney.com/about/?like_comment=4669&#038;_wpnonce=f843ff51a7" class="comment-like-link needs-login" rel="nofollow" data-blog="24589280"><span>Like</span></a><span id="comment-like-count-4669" class="comment-like-feedback">Like</span></p>
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873<li class="comment even thread-even depth-1" id="comment-4824">
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876		<img referrerpolicy="no-referrer" alt='Jim Caton&#039;s avatar' src='https://2.gravatar.com/avatar/ee7f47d69dcaafb3d0c087f26cf9c271b827e02d78ce4cfa4f309bfe6b2565d2?s=48&#038;d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&#038;r=G' srcset='https://2.gravatar.com/avatar/ee7f47d69dcaafb3d0c087f26cf9c271b827e02d78ce4cfa4f309bfe6b2565d2?s=48&#038;d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&#038;r=G 1x, https://2.gravatar.com/avatar/ee7f47d69dcaafb3d0c087f26cf9c271b827e02d78ce4cfa4f309bfe6b2565d2?s=72&#038;d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&#038;r=G 1.5x, https://2.gravatar.com/avatar/ee7f47d69dcaafb3d0c087f26cf9c271b827e02d78ce4cfa4f309bfe6b2565d2?s=96&#038;d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&#038;r=G 2x, https://2.gravatar.com/avatar/ee7f47d69dcaafb3d0c087f26cf9c271b827e02d78ce4cfa4f309bfe6b2565d2?s=144&#038;d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&#038;r=G 3x, https://2.gravatar.com/avatar/ee7f47d69dcaafb3d0c087f26cf9c271b827e02d78ce4cfa4f309bfe6b2565d2?s=192&#038;d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&#038;r=G 4x' class='avatar avatar-48' height='48' width='48' loading='lazy' decoding='async' />		<a href="#comment-4824" class="counter" title="Permanent Link to this Comment">17</a>
877		<span class="commentauthor fn">Jim Caton</span>
878	</span>
879	<small class="comment-meta">
880	<a href="#comment-4824" title="14 years, 6 months ago.">March 29, 2012 at 7:30 pm</a>	</small>
881
882	<div class="comment-content">
883		<p>David,</p>
884<p>Thanks for the earlier suggestion. Scott let me see some of his current work and it has been of great help.</p>
885<p>I am currently looking for data sets that show quarterly gold stocks/supplies and GDP of the U.S., Britain, France, and Germany during the depression of 1920-21 and also during the Great Depression. Again, any assistance is greatly appreciated. (I&#8217;ve already checked FRED, FRASER, NBER, and am still not finding the all of the data I need for my study.)</p>
886<p>Thanks again,</p>
887<p>Jim Caton</p>
888<p id="comment-like-4824" data-liked=comment-not-liked class="comment-likes comment-not-liked"><a href="https://uneasymoney.com/about/?like_comment=4824&#038;_wpnonce=5b20183345" class="comment-like-link needs-login" rel="nofollow" data-blog="24589280"><span>Like</span></a><span id="comment-like-count-4824" class="comment-like-feedback">Like</span></p>
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890
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896<li class="comment byuser comment-author-uneasymoney848 bypostauthor odd alt thread-odd thread-alt depth-1" id="comment-4868">
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899		<img referrerpolicy="no-referrer" alt='David Glasner&#039;s avatar' src='https://2.gravatar.com/avatar/e5ab3840011b8eb190b467c47ec5b8f503773de5530f505da69d487acd43fde2?s=48&#038;d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&#038;r=G' srcset='https://2.gravatar.com/avatar/e5ab3840011b8eb190b467c47ec5b8f503773de5530f505da69d487acd43fde2?s=48&#038;d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&#038;r=G 1x, https://2.gravatar.com/avatar/e5ab3840011b8eb190b467c47ec5b8f503773de5530f505da69d487acd43fde2?s=72&#038;d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&#038;r=G 1.5x, https://2.gravatar.com/avatar/e5ab3840011b8eb190b467c47ec5b8f503773de5530f505da69d487acd43fde2?s=96&#038;d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&#038;r=G 2x, https://2.gravatar.com/avatar/e5ab3840011b8eb190b467c47ec5b8f503773de5530f505da69d487acd43fde2?s=144&#038;d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&#038;r=G 3x, https://2.gravatar.com/avatar/e5ab3840011b8eb190b467c47ec5b8f503773de5530f505da69d487acd43fde2?s=192&#038;d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&#038;r=G 4x' class='avatar avatar-48' height='48' width='48' loading='lazy' decoding='async' />		<a href="#comment-4868" class="counter" title="Permanent Link to this Comment">18</a>
900		<span class="commentauthor fn"><a href="https://uneasymoney.wordpress.com" class="url" rel="ugc external nofollow">David Glasner</a></span>
901	</span>
902	<small class="comment-meta">
903	<a href="#comment-4868" title="14 years, 6 months ago.">April 1, 2012 at 2:18 pm</a>	</small>
904
905	<div class="comment-content">
906		<p>Blue Aurora, Good suggestion.  I’ve never posted any book reviews on Amazon.  I’m a little too busy to start writing reviews of Hawtrey just now, but I will keep it in mind.  Thanks.</p>
907<p>Jim, I am not sure that quarterly GDP measurements are even available that far back.  Other than that I am afraid that I can’t give you any help on fining the data you need.  Good luck and please let me know if you come up with any interesting results.</p>
908<p id="comment-like-4868" data-liked=comment-not-liked class="comment-likes comment-not-liked"><a href="https://uneasymoney.com/about/?like_comment=4868&#038;_wpnonce=5bb86a5899" class="comment-like-link needs-login" rel="nofollow" data-blog="24589280"><span>Like</span></a><span id="comment-like-count-4868" class="comment-like-feedback">Like</span></p>
909	</div>
910
911	
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913			</div>
914	</div>
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916<li class="comment even thread-even depth-1" id="comment-9015">
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918	<span class="comment-author vcard">
919		<img referrerpolicy="no-referrer" alt='andrew&#039;s avatar' src='https://2.gravatar.com/avatar/22fc1d252af28da79f3f565495b65893e215b64d4f322a8083688139d8b12ad8?s=48&#038;d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&#038;r=G' srcset='https://2.gravatar.com/avatar/22fc1d252af28da79f3f565495b65893e215b64d4f322a8083688139d8b12ad8?s=48&#038;d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&#038;r=G 1x, https://2.gravatar.com/avatar/22fc1d252af28da79f3f565495b65893e215b64d4f322a8083688139d8b12ad8?s=72&#038;d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&#038;r=G 1.5x, https://2.gravatar.com/avatar/22fc1d252af28da79f3f565495b65893e215b64d4f322a8083688139d8b12ad8?s=96&#038;d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&#038;r=G 2x, https://2.gravatar.com/avatar/22fc1d252af28da79f3f565495b65893e215b64d4f322a8083688139d8b12ad8?s=144&#038;d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&#038;r=G 3x, https://2.gravatar.com/avatar/22fc1d252af28da79f3f565495b65893e215b64d4f322a8083688139d8b12ad8?s=192&#038;d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&#038;r=G 4x' class='avatar avatar-48' height='48' width='48' loading='lazy' decoding='async' />		<a href="#comment-9015" class="counter" title="Permanent Link to this Comment">19</a>
920		<span class="commentauthor fn">andrew</span>
921	</span>
922	<small class="comment-meta">
923	<a href="#comment-9015" title="14 years, 1 month ago.">August 29, 2012 at 9:39 pm</a>	</small>
924
925	<div class="comment-content">
926		<p>Hello I have a question about deflation. There was a study that I just read it concluded that during the Great depression period in the united states out of all countries examined only half had a depression and most of the episodes with deflation and no depression occurred under a gold standard<br />
927in the end they found that there were many more periods with deflation and growth than with depression and found virtually no link between depression and deflation I would like to know your opinion on this thank you</p>
928<p><a href="http://minneapolisfed.org/research/sr/sr331.pdf" target="_blank" rel="noopener noreferrer nofollow">Click to access sr331.pdf</a></p>
929<p id="comment-like-9015" data-liked=comment-not-liked class="comment-likes comment-not-liked"><a href="https://uneasymoney.com/about/?like_comment=9015&#038;_wpnonce=b7a8cb83f1" class="comment-like-link needs-login" rel="nofollow" data-blog="24589280"><span>Like</span></a><span id="comment-like-count-9015" class="comment-like-feedback">Like</span></p>
930	</div>
931
932	
933	<div class="reply">
934			</div>
935	</div>
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937<li class="comment byuser comment-author-uneasymoney848 bypostauthor odd alt thread-odd thread-alt depth-1" id="comment-9036">
938	<div id="div-comment-9036">
939	<span class="comment-author vcard">
940		<img referrerpolicy="no-referrer" alt='David Glasner&#039;s avatar' src='https://2.gravatar.com/avatar/e5ab3840011b8eb190b467c47ec5b8f503773de5530f505da69d487acd43fde2?s=48&#038;d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&#038;r=G' srcset='https://2.gravatar.com/avatar/e5ab3840011b8eb190b467c47ec5b8f503773de5530f505da69d487acd43fde2?s=48&#038;d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&#038;r=G 1x, https://2.gravatar.com/avatar/e5ab3840011b8eb190b467c47ec5b8f503773de5530f505da69d487acd43fde2?s=72&#038;d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&#038;r=G 1.5x, https://2.gravatar.com/avatar/e5ab3840011b8eb190b467c47ec5b8f503773de5530f505da69d487acd43fde2?s=96&#038;d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&#038;r=G 2x, https://2.gravatar.com/avatar/e5ab3840011b8eb190b467c47ec5b8f503773de5530f505da69d487acd43fde2?s=144&#038;d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&#038;r=G 3x, https://2.gravatar.com/avatar/e5ab3840011b8eb190b467c47ec5b8f503773de5530f505da69d487acd43fde2?s=192&#038;d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&#038;r=G 4x' class='avatar avatar-48' height='48' width='48' loading='lazy' decoding='async' />		<a href="#comment-9036" class="counter" title="Permanent Link to this Comment">20</a>
941		<span class="commentauthor fn"><a href="https://uneasymoney.wordpress.com" class="url" rel="ugc external nofollow">David Glasner</a></span>
942	</span>
943	<small class="comment-meta">
944	<a href="#comment-9036" title="14 years, 1 month ago.">August 30, 2012 at 8:50 am</a>	</small>
945
946	<div class="comment-content">
947		<p>Andrew, From a quick look at the study, I see that it is concerned with the effects of deflation over a long period of time, not just during the Great Depression.  A fast growing economy, such as we and most of Europe had in the nineteenth century can perform well with deflation because the growth is reflected in falling prices.  If deflation is generated by economic growth, there is no problem.  There is a problem when deflation is produced not by a growing economy but by a monetary disorder such as a rising value of gold under a gold standard regime.  That is 
947what happened in the Great Depression.  So I don&#8217;t see any inconsistency between my position and the results of the study that you are referring to.</p>
948<p id="comment-like-9036" data-liked=comment-not-liked class="comment-likes comment-not-liked"><a href="https://uneasymoney.com/about/?like_comment=9036&#038;_wpnonce=e57823d9b7" class="comment-like-link needs-login" rel="nofollow" data-blog="24589280"><span>Like</span></a><span id="comment-like-count-9036" class="comment-like-feedback">Like</span></p>
949	</div>
950
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956<li class="comment even thread-even depth-1" id="comment-9452">
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959		<img referrerpolicy="no-referrer" alt='andrew&#039;s avatar' src='https://2.gravatar.com/avatar/22fc1d252af28da79f3f565495b65893e215b64d4f322a8083688139d8b12ad8?s=48&#038;d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&#038;r=G' srcset='https://2.gravatar.com/avatar/22fc1d252af28da79f3f565495b65893e215b64d4f322a8083688139d8b12ad8?s=48&#038;d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&#038;r=G 1x, https://2.gravatar.com/avatar/22fc1d252af28da79f3f565495b65893e215b64d4f322a8083688139d8b12ad8?s=72&#038;d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&#038;r=G 1.5x, https://2.gravatar.com/avatar/22fc1d252af28da79f3f565495b65893e215b64d4f322a8083688139d8b12ad8?s=96&#038;d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&#038;r=G 2x, https://2.gravatar.com/avatar/22fc1d252af28da79f3f565495b65893e215b64d4f322a8083688139d8b12ad8?s=144&#038;d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&#038;r=G 3x, https://2.gravatar.com/avatar/22fc1d252af28da79f3f565495b65893e215b64d4f322a8083688139d8b12ad8?s=192&#038;d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&#038;r=G 4x' class='avatar avatar-48' height='48' width='48' loading='lazy' decoding='async' />		<a href="#comment-9452" class="counter" title="Permanent Link to this Comment">21</a>
960		<span class="commentauthor fn">andrew</span>
961	</span>
962	<small class="comment-meta">
963	<a href="#comment-9452" title="14 years ago.">September 9, 2012 at 3:02 pm</a>	</small>
964
965	<div class="comment-content">
966		<p>&#8220;The Great Depression, like most other periods of severe unemployment, was produced by government mismanagement rather than by any inherent instability of the private economy.&#8221;</p>
967<p>Was Milton Friedman saying that if there was no central bank during the Great Depression than the money supply would not have contracted as much as it did?</p>
968<p id="comment-like-9452" data-liked=comment-not-liked class="comment-likes comment-not-liked"><a href="https://uneasymoney.com/about/?like_comment=9452&#038;_wpnonce=0c443ff65b" class="comment-like-link needs-login" rel="nofollow" data-blog="24589280"><span>Like</span></a><span id="comment-like-count-9452" class="comment-like-feedback">Like</span></p>
969	</div>
970
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976<li class="comment odd alt thread-odd thread-alt depth-1" id="comment-9871">
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979		<img referrerpolicy="no-referrer" alt='Cassandra&#039;s avatar' src='https://2.gravatar.com/avatar/8ea1aafcf25337045326ca2aac5b6b17166a6377115f7ffc084b8a1e320d9d49?s=48&#038;d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&#038;r=G' srcset='https://2.gravatar.com/avatar/8ea1aafcf25337045326ca2aac5b6b17166a6377115f7ffc084b8a1e320d9d49?s=48&#038;d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&#038;r=G 1x, https://2.gravatar.com/avatar/8ea1aafcf25337045326ca2aac5b6b17166a6377115f7ffc084b8a1e320d9d49?s=72&#038;d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&#038;r=G 1.5x, https://2.gravatar.com/avatar/8ea1aafcf25337045326ca2aac5b6b17166a6377115f7ffc084b8a1e320d9d49?s=96&#038;d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&#038;r=G 2x, https://2.gravatar.com/avatar/8ea1aafcf25337045326ca2aac5b6b17166a6377115f7ffc084b8a1e320d9d49?s=144&#038;d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&#038;r=G 3x, https://2.gravatar.com/avatar/8ea1aafcf25337045326ca2aac5b6b17166a6377115f7ffc084b8a1e320d9d49?s=192&#038;d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&#038;r=G 4x' class='avatar avatar-48' height='48' width='48' loading='lazy' decoding='async' />		<a href="#comment-9871" class="counter" title="Permanent Link to this Comment">22</a>
980		<span class="commentauthor fn"><a href="http://nihoncassandra.blogspot.com/" class="url" rel="ugc external nofollow">Cassandra</a></span>
981	</span>
982	<small class="comment-meta">
983	<a href="#comment-9871" title="14 years ago.">September 24, 2012 at 1:28 pm</a>	</small>
984
985	<div class="comment-content">
986		<p>David,<br />
987I want to express my gratitude to you  for your considerable efforts in producing (and mediating) this blog,  making it one of the most measured and edifying reads anywhere, and also extend my thanks to many of your thoughtful readers &#8211; making &#8220;Uneasy Money&#8221;an inspiring place to visit. I am truly grateful.<br />
988&#8220;Cassie&#8221;</p>
989<p id="comment-like-9871" data-liked=comment-not-liked class="comment-likes comment-not-liked"><a href="https://uneasymoney.com/about/?like_comment=9871&#038;_wpnonce=f8861a1669" class="comment-like-link needs-login" rel="nofollow" data-blog="24589280"><span>Like</span></a><span id="comment-like-count-9871" class="comment-like-feedback">Like</span></p>
990	</div>
991
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997<li class="comment even thread-even depth-1" id="comment-11448">
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999	<span class="comment-author vcard">
1000		<img referrerpolicy="no-referrer" alt='Scott Supak&#039;s avatar' src='https://2.gravatar.com/avatar/2319696b9ab47e80056805cbc7fdbf945332af015563c1b3dc26371b3f9719ea?s=48&#038;d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&#038;r=G' srcset='https://2.gravatar.com/avatar/2319696b9ab47e80056805cbc7fdbf945332af015563c1b3dc26371b3f9719ea?s=48&#038;d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&#038;r=G 1x, https://2.gravatar.com/avatar/2319696b9ab47e80056805cbc7fdbf945332af015563c1b3dc26371b3f9719ea?s=72&#038;d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&#038;r=G 1.5x, https://2.gravatar.com/avatar/2319696b9ab47e80056805cbc7fdbf945332af015563c1b3dc26371b3f9719ea?s=96&#038;d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&#038;r=G 2x, https://2.gravatar.com/avatar/2319696b9ab47e80056805cbc7fdbf945332af015563c1b3dc26371b3f9719ea?s=144&#038;d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&#038;r=G 3x, https://2.gravatar.com/avatar/2319696b9ab47e80056805cbc7fdbf945332af015563c1b3dc26371b3f9719ea?s=192&#038;d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&#038;r=G 4x' class='avatar avatar-48' height='48' width='48' loading='lazy' decoding='async' />		<a href="#comment-11448" class="counter" title="Permanent Link to this Comment">23</a>
1001		<span class="commentauthor fn"><a href="http://gravatar.com/ssupak" class="url" rel="ugc external nofollow">Scott Supak</a></span>
1002	</span>
1003	<small class="comment-meta">
1004	<a href="#comment-11448" title="13 years, 10 months ago.">December 4, 2012 at 2:32 pm</a>	</small>
1005
1006	<div class="comment-content">
1007		<p>While much of what I read here is a bit over my head, I have learned much. For example, I would love to hear more about the subject of this old post:</p>
1008<blockquote class="wp-embedded-content" data-secret="v1Bab7qLnS"><p><a href="https://uneasymoney.com/2011/10/10/is-the-fed-breaking-the-law/">Is the Fed Breaking the&nbsp;Law?</a></p></blockquote>
1009<p><iframe class="wp-embedded-content" sandbox="allow-scripts" security="restricted" style="position: absolute; visibility: hidden;" title="&#8220;Is the Fed Breaking the&nbsp;Law?&#8221; &#8212; Uneasy Money" src="https://uneasymoney.com/2011/10/10/is-the-fed-breaking-the-law/embed/#?secret=jHhAQ2QlCW#?secret=v1Bab7qLnS" data-secret="v1Bab7qLnS" width="500" height="282" frameborder="0" marginwidth="0" marginheight="0" scrolling="no"></iframe></p>
1010<p>Is the Fed still paying 0.25% interest on reserves? Many other people to whom I&#8217;ve mentioned this tell me it&#8217;s a shame that more people don&#8217;t understand it, especially considering that the 3 month treasury is currently 0.10. You don&#8217;t have to be an economist to see something wrong with that.</p>
1011<p id="comment-like-11448" data-liked=comment-not-liked class="comment-likes comment-not-liked"><a href="https://uneasymoney.com/about/?like_comment=11448&#038;_wpnonce=d3010462a6" class="comment-like-link needs-login" rel="nofollow" data-blog="24589280"><span>Like</span></a><span id="comment-like-count-11448" class="comment-like-feedback">Like</span></p>
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1019<li class="comment odd alt thread-odd thread-alt depth-1" id="comment-12622">
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1022		<img referrerpolicy="no-referrer" alt='jcesguerraJCE&#039;s avatar' src='https://0.gravatar.com/avatar/0159c88c78fe35fc44e14dbc931f833c03537349407b4f3a04a782a359b339da?s=48&#038;d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&#038;r=G' srcset='https://0.gravatar.com/avatar/0159c88c78fe35fc44e14dbc931f833c03537349407b4f3a04a782a359b339da?s=48&#038;d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&#038;r=G 1x, https://0.gravatar.com/avatar/0159c88c78fe35fc44e14dbc931f833c03537349407b4f3a04a782a359b339da?s=72&#038;d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&#038;r=G 1.5x, https://0.gravatar.com/avatar/0159c88c78fe35fc44e14dbc931f833c03537349407b4f3a04a782a359b339da?s=96&#038;d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&#038;r=G 2x, https://0.gravatar.com/avatar/0159c88c78fe35fc44e14dbc931f833c03537349407b4f3a04a782a359b339da?s=144&#038;d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&#038;r=G 3x, https://0.gravatar.com/avatar/0159c88c78fe35fc44e14dbc931f833c03537349407b4f3a04a782a359b339da?s=192&#038;d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&#038;r=G 4x' class='avatar avatar-48' height='48' width='48' loading='lazy' decoding='async' />		<a href="#comment-12622" class="counter" title="Permanent Link to this Comment">24</a>
1023		<span class="commentauthor fn">jcesguerraJCE</span>
1024	</span>
1025	<small class="comment-meta">
1026	<a href="#comment-12622" title="13 years, 8 months ago.">January 8, 2013 at 3:29 pm</a>	</small>
1027
1028	<div class="comment-content">
1029		<p>Hello Mr Glasner<br />
1030I&#8217;m writing regarding the debate about whether the medium of account or medium of exchange is the defining characteristic of money that Scott Sumner started a few weeks ago. You weighed in in that the debate in this post (<a href="https://uneasymoney.com/2012/11/25/its-the-endogeneity-redacted/" rel="ugc">https://uneasymoney.com/2012/11/25/its-the-endogeneity-redacted/</a>)</p>
1031<p>I wanted to ask you which authors have developed a monetary theory along those lines (studying each of those characteristics). In other words, who are the intellectual parents of that debate? Who do you base your mental framework on?</p>
1032<p>Thanks!</p>
1033<p id="comment-like-12622" data-liked=comment-not-liked class="comment-likes comment-not-liked"><a href="https://uneasymoney.com/about/?like_comment=12622&#038;_wpnonce=edb950b9d7" class="comment-like-link needs-login" rel="nofollow" data-blog="24589280"><span>Like</span></a><span id="comment-like-count-12622" class="comment-like-feedback">Like</span></p>
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1035
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1044		<img referrerpolicy="no-referrer" alt='Tom Brown&#039;s avatar' src='https://0.gravatar.com/avatar/c4b10fbe0ecb7a0149db67f40218669845478134ada9997fffb2305d5256fd77?s=48&#038;d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&#038;r=G' srcset='https://0.gravatar.com/avatar/c4b10fbe0ecb7a0149db67f40218669845478134ada9997fffb2305d5256fd77?s=48&#038;d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&#038;r=G 1x, https://0.gravatar.com/avatar/c4b10fbe0ecb7a0149db67f40218669845478134ada9997fffb2305d5256fd77?s=72&#038;d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&#038;r=G 1.5x, https://0.gravatar.com/avatar/c4b10fbe0ecb7a0149db67f40218669845478134ada9997fffb2305d5256fd77?s=96&#038;d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&#038;r=G 2x, https://0.gravatar.com/avatar/c4b10fbe0ecb7a0149db67f40218669845478134ada9997fffb2305d5256fd77?s=144&#038;d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&#038;r=G 3x, https://0.gravatar.com/avatar/c4b10fbe0ecb7a0149db67f40218669845478134ada9997fffb2305d5256fd77?s=192&#038;d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&#038;r=G 4x' class='avatar avatar-48' height='48' width='48' loading='lazy' decoding='async' />		<a href="#comment-22562" class="counter" title="Permanent Link to this Comment">25</a>
1045		<span class="commentauthor fn"><a href="http://brown-blog-5.blogspot.com/" class="url" rel="ugc external nofollow">Tom Brown</a></span>
1046	</span>
1047	<small class="comment-meta">
1048	<a href="#comment-22562" title="13 years ago.">September 6, 2013 at 3:16 pm</a>	</small>
1049
1050	<div class="comment-content">
1051		<p>David, I wish you had an &#8220;Ask David&#8221; tab! Sometimes I have questions for you that don&#8217;t fit neatly into your post subjects. I have one on HPE for example.</p>
1052<p id="comment-like-22562" data-liked=comment-not-liked class="comment-likes comment-not-liked"><a href="https://uneasymoney.com/about/?like_comment=22562&#038;_wpnonce=c21b75657a" class="comment-like-link needs-login" rel="nofollow" data-blog="24589280"><span>Like</span></a><span id="comment-like-count-22562" class="comment-like-feedback">Like</span></p>
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1054
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1057			</div>
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1060<li class="comment byuser comment-author-uneasymoney848 bypostauthor odd alt thread-odd thread-alt depth-1" id="comment-22593">
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1063		<img referrerpolicy="no-referrer" alt='David Glasner&#039;s avatar' src='https://2.gravatar.com/avatar/e5ab3840011b8eb190b467c47ec5b8f503773de5530f505da69d487acd43fde2?s=48&#038;d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&#038;r=G' srcset='https://2.gravatar.com/avatar/e5ab3840011b8eb190b467c47ec5b8f503773de5530f505da69d487acd43fde2?s=48&#038;d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&#038;r=G 1x, https://2.gravatar.com/avatar/e5ab3840011b8eb190b467c47ec5b8f503773de5530f505da69d487acd43fde2?s=72&#038;d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&#038;r=G 1.5x, https://2.gravatar.com/avatar/e5ab3840011b8eb190b467c47ec5b8f503773de5530f505da69d487acd43fde2?s=96&#038;d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&#038;r=G 2x, https://2.gravatar.com/avatar/e5ab3840011b8eb190b467c47ec5b8f503773de5530f505da69d487acd43fde2?s=144&#038;d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&#038;r=G 3x, https://2.gravatar.com/avatar/e5ab3840011b8eb190b467c47ec5b8f503773de5530f505da69d487acd43fde2?s=192&#038;d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&#038;r=G 4x' class='avatar avatar-48' height='48' width='48' loading='lazy' decoding='async' />		<a href="#comment-22593" class="counter" title="Permanent Link to this Comment">26</a>
1064		<span class="commentauthor fn"><a href="https://uneasymoney.wordpress.com" class="url" rel="ugc external nofollow">David Glasner</a></span>
1065	</span>
1066	<small class="comment-meta">
1067	<a href="#comment-22593" title="13 years ago.">September 7, 2013 at 9:29 pm</a>	</small>
1068
1069	<div class="comment-content">
1070		<p>Well you can always ask here, I guess. What&#8217;s HPE?</p>
1071<p id="comment-like-22593" data-liked=comment-not-liked class="comment-likes comment-not-liked"><a href="https://uneasymoney.com/about/?like_comment=22593&#038;_wpnonce=75de4347f7" class="comment-like-link needs-login" rel="nofollow" data-blog="24589280"><span>Like</span></a><span id="comment-like-count-22593" class="comment-like-feedback">Like</span></p>
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1073
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1079<li class="comment even thread-even depth-1" id="comment-22594">
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1081	<span class="comment-author vcard">
1082		<img referrerpolicy="no-referrer" alt='Tom Brown&#039;s avatar' src='https://0.gravatar.com/avatar/c4b10fbe0ecb7a0149db67f40218669845478134ada9997fffb2305d5256fd77?s=48&#038;d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&#038;r=G' srcset='https://0.gravatar.com/avatar/c4b10fbe0ecb7a0149db67f40218669845478134ada9997fffb2305d5256fd77?s=48&#038;d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&#038;r=G 1x, https://0.gravatar.com/avatar/c4b10fbe0ecb7a0149db67f40218669845478134ada9997fffb2305d5256fd77?s=72&#038;d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&#038;r=G 1.5x, https://0.gravatar.com/avatar/c4b10fbe0ecb7a0149db67f40218669845478134ada9997fffb2305d5256fd77?s=96&#038;d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&#038;r=G 2x, https://0.gravatar.com/avatar/c4b10fbe0ecb7a0149db67f40218669845478134ada9997fffb2305d5256fd77?s=144&#038;d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&#038;r=G 3x, https://0.gravatar.com/avatar/c4b10fbe0ecb7a0149db67f40218669845478134ada9997fffb2305d5256fd77?s=192&#038;d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&#038;r=G 4x' class='avatar avatar-48' height='48' width='48' loading='lazy' decoding='async' />		<a href="#comment-22594" class="counter" title="Permanent Link to this Comment">27</a>
1083		<span class="commentauthor fn"><a href="http://brown-blog-5.blogspot.com/" class="url" rel="ugc external nofollow">Tom Brown</a></span>
1084	</span>
1085	<small class="comment-meta">
1086	<a href="#comment-22594" title="13 years ago.">September 7, 2013 at 9:38 pm</a>	</small>
1087
1088	<div class="comment-content">
1089		<p>Hi David!</p>
1090<p>What&#8217;s HPE?! &#8230; I thought all you MMists and MM sympathizers knew that one: hot potato effect, of course. ;^)</p>
1091<p>I&#8217;ve been pestering other people w/ this question, and perhaps you&#8217;ll think it&#8217;s silly, but here goes:  I posted to Scott Sumner, but too late I think&#8230; he&#8217;d already moved on to other topics. It&#8217;s related to this post from Scott (Scott presents seven cases, 1 &#8211; 7):</p>
1092<p><a href="http://www.themoneyillusion.com/?p=23314" rel="nofollow ugc">http://www.themoneyillusion.com/?p=23314</a></p>
1093<p>OK, say we consider two cases here, A &amp; B:</p>
1094<p>A. MOA NOT gold (like Scott&#8217;s cases 5 &amp; 6): Fed finds $1T of coins (MOE) in the basement they didn&#8217;t know they had.</p>
1095<p>B. MOA = gold (like Scott&#8217;s case 4): Fed finds $1T of *GOLD* coins (MOE) in the basement they didn&#8217;t know they had.</p>
1096<p>In both cases the Fed announce the discovery to the world, put all the coins (which are face value assets of the Fed, as all coins held by the Fed are) up for sale, and decide not to remit anything to Tsy (say they had that power: &#8230; perhaps they&#8217;re keeping it for an anticipated expense in the year 5723 AD). You can assume it was a magic basement if you want that just &#8220;made&#8221; the coins this one time. Again, they don&#8217;t remit anything to Tsy, and they don&#8217;t destroy the coins.</p>
1097<p>Is there a difference in the two cases? Will either result in inflation? Why or why not?</p>
1098<p>Much Thanks!</p>
1099<p>(Also, I&#8217;m just starting to uncover the old Law of Reflux and MOE vs MOA debates involving you, Rowe, Sumner, Woolsey, JP Koning, Mike Sproul, etc&#8230; very interesting!&#8230; the MOA vs MOE thing was almost renewed between Sumner and Rowe recently&#8230; but Rowe never got back to it. He went away to think about it and never returned&#8230; oh well.)</p>
1100<p id="comment-like-22594" data-liked=comment-not-liked class="comment-likes comment-not-liked"><a href="https://uneasymoney.com/about/?like_comment=22594&#038;_wpnonce=dd801987f7" class="comment-like-link needs-login" rel="nofollow" data-blog="24589280"><span>Like</span></a><span id="comment-like-count-22594" class="comment-like-feedback">Like</span></p>
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1102
1103	
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1111		<img referrerpolicy="no-referrer" alt='Tom Brown&#039;s avatar' src='https://0.gravatar.com/avatar/c4b10fbe0ecb7a0149db67f40218669845478134ada9997fffb2305d5256fd77?s=48&#038;d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&#038;r=G' srcset='https://0.gravatar.com/avatar/c4b10fbe0ecb7a0149db67f40218669845478134ada9997fffb2305d5256fd77?s=48&#038;d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&#038;r=G 1x, https://0.gravatar.com/avatar/c4b10fbe0ecb7a0149db67f40218669845478134ada9997fffb2305d5256fd77?s=72&#038;d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&#038;r=G 1.5x, https://0.gravatar.com/avatar/c4b10fbe0ecb7a0149db67f40218669845478134ada9997fffb2305d5256fd77?s=96&#038;d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&#038;r=G 2x, https://0.gravatar.com/avatar/c4b10fbe0ecb7a0149db67f40218669845478134ada9997fffb2305d5256fd77?s=144&#038;d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&#038;r=G 3x, https://0.gravatar.com/avatar/c4b10fbe0ecb7a0149db67f40218669845478134ada9997fffb2305d5256fd77?s=192&#038;d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&#038;r=G 4x' class='avatar avatar-48' height='48' width='48' loading='lazy' decoding='async' />		<a href="#comment-22610" class="counter" title="Permanent Link to this Comment">28</a>
1112		<span class="commentauthor fn"><a href="http://brown-blog-5.blogspot.com/" class="url" rel="ugc external nofollow">Tom Brown</a></span>
1113	</span>
1114	<small class="comment-meta">
1115	<a href="#comment-22610" title="13 years ago.">September 8, 2013 at 2:29 pm</a>	</small>
1116
1117	<div class="comment-content">
1118		<p>re: Yeager&#8217;s review: Ouch! I can see why he never made your holiday card list.</p>
1119<p id="comment-like-22610" data-liked=comment-not-liked class="comment-likes comment-not-liked"><a href="https://uneasymoney.com/about/?like_comment=22610&#038;_wpnonce=d335d76320" class="comment-like-link needs-login" rel="nofollow" data-blog="24589280"><span>Like</span></a><span id="comment-like-count-22610" class="comment-like-feedback">Like</span></p>
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1127<li class="comment even thread-even depth-1" id="comment-22612">
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1130		<img referrerpolicy="no-referrer" alt='Tom Brown&#039;s avatar' src='https://0.gravatar.com/avatar/c4b10fbe0ecb7a0149db67f40218669845478134ada9997fffb2305d5256fd77?s=48&#038;d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&#038;r=G' srcset='https://0.gravatar.com/avatar/c4b10fbe0ecb7a0149db67f40218669845478134ada9997fffb2305d5256fd77?s=48&#038;d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&#038;r=G 1x, https://0.gravatar.com/avatar/c4b10fbe0ecb7a0149db67f40218669845478134ada9997fffb2305d5256fd77?s=72&#038;d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&#038;r=G 1.5x, https://0.gravatar.com/avatar/c4b10fbe0ecb7a0149db67f40218669845478134ada9997fffb2305d5256fd77?s=96&#038;d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&#038;r=G 2x, https://0.gravatar.com/avatar/c4b10fbe0ecb7a0149db67f40218669845478134ada9997fffb2305d5256fd77?s=144&#038;d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&#038;r=G 3x, https://0.gravatar.com/avatar/c4b10fbe0ecb7a0149db67f40218669845478134ada9997fffb2305d5256fd77?s=192&#038;d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&#038;r=G 4x' class='avatar avatar-48' height='48' width='48' loading='lazy' decoding='async' />		<a href="#comment-22612" class="counter" title="Permanent Link to this Comment">29</a>
1131		<span class="commentauthor fn"><a href="http://brown-blog-5.blogspot.com/" class="url" rel="ugc external nofollow">Tom Brown</a></span>
1132	</span>
1133	<small class="comment-meta">
1134	<a href="#comment-22612" title="13 years ago.">September 8, 2013 at 7:11 pm</a>	</small>
1135
1136	<div class="comment-content">
1137		<p>Sorry David&#8230; I&#8217;ll try not to make a habit of posting questions here, but have you ever read Godley-Lavoie? That old Tobin Yeager (and related posts) and comments were very interesting. Seems that might be good for further reading on the subject. Thoughts?</p>
1138<p id="comment-like-22612" data-liked=comment-not-liked class="comment-likes comment-not-liked"><a href="https://uneasymoney.com/about/?like_comment=22612&#038;_wpnonce=7f596b9cb6" class="comment-like-link needs-login" rel="nofollow" data-blog="24589280"><span>Like</span></a><span id="comment-like-count-22612" class="comment-like-feedback">Like</span></p>
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1149		<img referrerpolicy="no-referrer" alt='David Glasner&#039;s avatar' src='https://2.gravatar.com/avatar/e5ab3840011b8eb190b467c47ec5b8f503773de5530f505da69d487acd43fde2?s=48&#038;d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&#038;r=G' srcset='https://2.gravatar.com/avatar/e5ab3840011b8eb190b467c47ec5b8f503773de5530f505da69d487acd43fde2?s=48&#038;d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&#038;r=G 1x, https://2.gravatar.com/avatar/e5ab3840011b8eb190b467c47ec5b8f503773de5530f505da69d487acd43fde2?s=72&#038;d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&#038;r=G 1.5x, https://2.gravatar.com/avatar/e5ab3840011b8eb190b467c47ec5b8f503773de5530f505da69d487acd43fde2?s=96&#038;d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&#038;r=G 2x, https://2.gravatar.com/avatar/e5ab3840011b8eb190b467c47ec5b8f503773de5530f505da69d487acd43fde2?s=144&#038;d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&#038;r=G 3x, https://2.gravatar.com/avatar/e5ab3840011b8eb190b467c47ec5b8f503773de5530f505da69d487acd43fde2?s=192&#038;d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&#038;r=G 4x' class='avatar avatar-48' height='48' width='48' loading='lazy' decoding='async' />		<a href="#comment-22670" class="counter" title="Permanent Link to this Comment">30</a>
1150		<span class="commentauthor fn"><a href="https://uneasymoney.wordpress.com" class="url" rel="ugc external nofollow">David Glasner</a></span>
1151	</span>
1152	<small class="comment-meta">
1153	<a href="#comment-22670" title="13 years ago.">September 11, 2013 at 8:49 am</a>	</small>
1154
1155	<div class="comment-content">
1156		<p>Tom, Here&#8217;s my quick (though tardy) response to your two cases. I&#8217;m not sure what you mean by coins. I am not sure what I am supposed to assume about the value of the coins in case A. But it seems reasonable to assume that they are worth more than their metallic content. If so, there is no real difference between the coins and paper. So I don&#8217;t see why finding a stack of unused paper dollars in the basement of the Treasury of the Fed would make a bit of difference. So it seems to me to be a non-event. As for case B, I am assuming that you are assuming the existence of a gold standard in which all US currency was convert
1156ible into gold at a predetermined conversion rate. If so, whether finding gold in the basement was inflationary would depend on whether the gold that was discovered was more than a negligible amount in comparison to the total amount of gold in the world and whether there was an expectation that the newly found gold would be kept in Treasury or Fed vaults or whether the Treasury/Fed would attempt to reduce its holdings of gold by an amount corresponding to the newly found gold. If the markets expected that the newly found gold would find its way into non-monetary usage, the markets would anticipate a reduction in the real value of gold, implying that nominal prices of goods would rise relative to the fixed nominal price of gold. So there would be some inflation in that case.</p>
1157<p>Sorry I have never heard of a paper by Godley and Lavoie. Can you tell me something about it and provide me with a link to it? Thanks.</p>
1158<p id="comment-like-22670" data-liked=comment-not-liked class="comment-likes comment-not-liked"><a href="https://uneasymoney.com/about/?like_comment=22670&#038;_wpnonce=2489fe02ba" class="comment-like-link needs-login" rel="nofollow" data-blog="24589280"><span>Like</span></a><span id="comment-like-count-22670" class="comment-like-feedback">Like</span></p>
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1169		<img referrerpolicy="no-referrer" alt='Tom Brown&#039;s avatar' src='https://0.gravatar.com/avatar/c4b10fbe0ecb7a0149db67f40218669845478134ada9997fffb2305d5256fd77?s=48&#038;d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&#038;r=G' srcset='https://0.gravatar.com/avatar/c4b10fbe0ecb7a0149db67f40218669845478134ada9997fffb2305d5256fd77?s=48&#038;d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&#038;r=G 1x, https://0.gravatar.com/avatar/c4b10fbe0ecb7a0149db67f40218669845478134ada9997fffb2305d5256fd77?s=72&#038;d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&#038;r=G 1.5x, https://0.gravatar.com/avatar/c4b10fbe0ecb7a0149db67f40218669845478134ada9997fffb2305d5256fd77?s=96&#038;d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&#038;r=G 2x, https://0.gravatar.com/avatar/c4b10fbe0ecb7a0149db67f40218669845478134ada9997fffb2305d5256fd77?s=144&#038;d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&#038;r=G 3x, https://0.gravatar.com/avatar/c4b10fbe0ecb7a0149db67f40218669845478134ada9997fffb2305d5256fd77?s=192&#038;d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&#038;r=G 4x' class='avatar avatar-48' height='48' width='48' loading='lazy' decoding='async' />		<a href="#comment-22672" class="counter" title="Permanent Link to this Comment">31</a>
1170		<span class="commentauthor fn"><a href="http://brown-blog-5.blogspot.com/" class="url" rel="ugc external nofollow">Tom Brown</a></span>
1171	</span>
1172	<small class="comment-meta">
1173	<a href="#comment-22672" title="13 years ago.">September 11, 2013 at 9:12 am</a>	</small>
1174
1175	<div class="comment-content">
1176		<p>Thanks David!</p>
1177<p>You give a very good answer I think. Yes, case B is the gold standard. Assume the Fed follows the same rules as it does now (semi independent of Tsy, etc). Yes the coins are for sale as all currency is for sale, and yes the gold standard is in effect. Assume the coins are stamped with a face value reflecting the unit of account (i.e. reflection how many oz a dollar is defined as).</p>
1178<p>In case A you can assume a situation similar to today where the MOA is defined to be the basket of goods in the CPI and the UOA defines a specific sized slice of that basket of goods (i.e. how much a dollar will buy you). But you can assume the Fed targets 0% inflation. There is no convertibility of Fed dollars to these slices though via the Fed.</p>
1179<p>Now that I think about it, in my case B I&#8217;m not sure what policy the Fed follows. On the gold standard does it have the power to even target inflation = 0%? Perhaps not. If it did, and by pure luck no other gold was ever found (say it was a significant amount) could they keep inflation at 0%?</p>
1180<p>So if on the gold standard I&#8217;m not sure what anyone would purchase the gold at the Fed with. More gold? Bonds?</p>
1181<p>No need to answer further. Like I say, I think you gave as good an answer as possible.</p>
1182<p>
1182Godley-Lavoie:</p>
1183<div class="embed-amazon"><iframe title="Monetary Economics: An Integrated Approach to Credit, Money, Income, Production and Wealth" type="text/html" width="500" height="550" frameborder="0" allowfullscreen style="max-width:100%" src="https://read.amazon.com/kp/card?preview=inline&#038;linkCode=kpd&#038;ref_=k4w_oembed_NCaHeZz4dLjSq8&#038;asin=0230301843&#038;tag=kpembed-20"></iframe></div>
1184<p id="comment-like-22672" data-liked=comment-not-liked class="comment-likes comment-not-liked"><a href="https://uneasymoney.com/about/?like_comment=22672&#038;_wpnonce=f7135750d5" class="comment-like-link needs-login" rel="nofollow" data-blog="24589280"><span>Like</span></a><span id="comment-like-count-22672" class="comment-like-feedback">Like</span></p>
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1196		<span class="commentauthor fn"><a href="http://brown-blog-5.blogspot.com/" class="url" rel="ugc external nofollow">Tom Brown</a></span>
1197	</span>
1198	<small class="comment-meta">
1199	<a href="#comment-22674" title="13 years ago.">September 11, 2013 at 10:12 am</a>	</small>
1200
1201	<div class="comment-content">
1202		<p>David! I&#8217;m sorry about that Amazon.com link!&#8230; I didn&#8217;t mean to turn your blog into an advertizement &#8230; especially for a book on &#8220;Monetary Economics&#8221; that you&#8217;ve never heard of! Shoot!&#8230; I had no idea it would appear as a nearly actual sized book. Ha! Feel free to delete my comment if necessary!</p>
1203<p>(BTW, by chance the NYT did an article about Godley today!)</p>
1204<p>I&#8217;ll repost the rest of my comment here in case you need to delete the other:</p>
1205<p>Thanks David!</p>
1206<p>You give a very good answer I think. Yes, case B is the gold standard. Assume the Fed follows the same rules as it does now (semi independent of Tsy, etc). Yes the coins are for sale as all currency is for sale, and yes the gold standard is in effect. Assume the coins are stamped with a face value reflecting the unit of account (i.e. reflection how many oz a dollar is defined as).</p>
1207<p>In case A you can assume a situation similar to today where the MOA is defined to be the basket of goods in the CPI and the UOA defines a specific sized slice of that basket of goods (i.e. how much a dollar will buy you). But you can assume the Fed targets 0% inflation. There is no convertibility of Fed dollars to these slices though via the Fed.</p>
1208<p>Now that I think about it, in my case B I’m not sure what policy the Fed follows. On the gold standard does it have the power to even target inflation = 0%? Perhaps not. If it did, and by pure luck no other gold was ever found (say it was a significant amount) could they keep inflation at 0%?</p>
1209<p>So if on the gold standard I’m not sure what anyone would purchase the gold at the Fed with. More gold? Bonds?</p>
1210<p>No need to answer further. Like I say, I think you gave as good an answer as possible.</p>
1211<p>
1211Godley-Lavoie:</p>
1212<p id="comment-like-22674" data-liked=comment-not-liked class="comment-likes comment-not-liked"><a href="https://uneasymoney.com/about/?like_comment=22674&#038;_wpnonce=e18c2d08ca" class="comment-like-link needs-login" rel="nofollow" data-blog="24589280"><span>Like</span></a><span id="comment-like-count-22674" class="comment-like-feedback">Like</span></p>
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1224		<span class="commentauthor fn"><a href="https://uneasymoney.wordpress.com" class="url" rel="ugc external nofollow">David Glasner</a></span>
1225	</span>
1226	<small class="comment-meta">
1227	<a href="#comment-23031" title="13 years ago.">September 29, 2013 at 8:39 am</a>	</small>
1228
1229	<div class="comment-content">
1230		<p>Tom, OK, don&#8217;t worry about the add; not a problem</p>
1231<p id="comment-like-23031" data-liked=comment-not-liked class="comment-likes comment-not-liked"><a href="https://uneasymoney.com/about/?like_comment=23031&#038;_wpnonce=d6396cfeed" class="comment-like-link needs-login" rel="nofollow" data-blog="24589280"><span>Like</span></a><span id="comment-like-count-23031" class="comment-like-feedback">Like</span></p>
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1243		<span class="commentauthor fn"><a href="http://brown-blog-5.blogspot.com/" class="url" rel="ugc external nofollow">Tom Brown</a></span>
1244	</span>
1245	<small class="comment-meta">
1246	<a href="#comment-23063" title="13 years ago.">September 30, 2013 at 8:32 am</a>	</small>
1247
1248	<div class="comment-content">
1249		<p>OK, good to know. BTW, what do you think of this:<br />
1250<a href="http://worthwhile.typepad.com/worthwhile_canadian_initi/2013/09/if-banks-bought-houses.html" rel="nofollow ugc">http://worthwhile.typepad.com/worthwhile_canadian_initi/2013/09/if-banks-bought-houses.html</a></p>
1251<p id="comment-like-23063" data-liked=comment-not-liked class="comment-likes comment-not-liked"><a href="https://uneasymoney.com/about/?like_comment=23063&#038;_wpnonce=eff9d15a58" class="comment-like-link needs-login" rel="nofollow" data-blog="24589280"><span>Like</span></a><span id="comment-like-count-23063" class="comment-like-feedback">Like</span></p>
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1262		<img referrerpolicy="no-referrer" alt='Tom Brown&#039;s avatar' src='https://0.gravatar.com/avatar/c4b10fbe0ecb7a0149db67f40218669845478134ada9997fffb2305d5256fd77?s=48&#038;d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&#038;r=G' srcset='https://0.gravatar.com/avatar/c4b10fbe0ecb7a0149db67f40218669845478134ada9997fffb2305d5256fd77?s=48&#038;d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&#038;r=G 1x, https://0.gravatar.com/avatar/c4b10fbe0ecb7a0149db67f40218669845478134ada9997fffb2305d5256fd77?s=72&#038;d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&#038;r=G 1.5x, https://0.gravatar.com/avatar/c4b10fbe0ecb7a0149db67f40218669845478134ada9997fffb2305d5256fd77?s=96&#038;d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&#038;r=G 2x, https://0.gravatar.com/avatar/c4b10fbe0ecb7a0149db67f40218669845478134ada9997fffb2305d5256fd77?s=144&#038;d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&#038;r=G 3x, https://0.gravatar.com/avatar/c4b10fbe0ecb7a0149db67f40218669845478134ada9997fffb2305d5256fd77?s=192&#038;d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&#038;r=G 4x' class='avatar avatar-48' height='48' width='48' loading='lazy' decoding='async' />		<a href="#comment-34250" class="counter" title="Permanent Link to this Comment">35</a>
1263		<span class="commentauthor fn"><a href="http://brown-blog-5.blogspot.com/" class="url" rel="ugc external nofollow">Tom Brown</a></span>
1264	</span>
1265	<small class="comment-meta">
1266	<a href="#comment-34250" title="12 years, 8 months ago.">January 18, 2014 at 8:53 pm</a>	</small>
1267
1268	<div class="comment-content">
1269		<p>Hi David, I&#8217;m leaving you another comment here so as not to sideline the discussion under one of your regular posts.</p>
1270<p>The reason for this comment is to try to bounce (very briefly) a few ideas off of you to see if I&#8217;m at all close. I chose you because you seem very intelligent and patient with people, and these are some super rookie questions! I&#8217;ve been reading various econ blogs for a couple of years now, but I have absolutely no formal education in economics nor any exposure professionally to the fields of finance or anything like that. I&#8217;m just interested for my own purposes. I&#8217;m intrigued by Market Monetarism, and I&#8217;ve developed a wee bit of understanding of some of the principals, but I was thinking it&#8217;d be nice to bounce some of my bigger picture intuitions about the subject off of somebody such as yourself to see if I&#8217;m at all close. OK, I&#8217;ll try to keep this very brief:</p>
1271<p>1. It seems to me that most MMists are neo-liberal, small government, Milton Friedman fans who have a strong preference for markets, minimal regulation, and &#8220;practical&#8221; libertarian beliefs. I don&#8217;t think those ideas are required to be an MMist, but I think that&#8217;s the trend.</p>
1272<p>2. If I&#8217;m not mistaken, &#8220;Say&#8217;s Law&#8221; relates to the above in the following way: if the economy used barter instead of money, then in order for an individual to trade effectively he must A) produce B) produce in excess (of his own needs) goods or services that others in the market would find valuable to trade for. You don&#8217;t produce, you don&#8217;t eat. This is a kind of libertarian or neo-liberal ideal market economy, and one should strive to achieve it, but practically money offers lots of advantages (convenience, store of value, etc), so let&#8217;s be practical about it and try to approach the barter economy ideal but with the advantages of using money.</p>
1273<p>3. MMists see a 5% NGDPLT scheme for the CB as a practical means of &#8220;eliminating the money illusion&#8221; &#8230; i.e. the problems associated with money (such as sticky wages and prices) that prevent a society using money from approaching the perfect Say&#8217;
1273s Law barter economy. The purpose of NGDPLT is to smooth out the effects of supply or demand &#8220;shocks&#8221; and prevent them from doing unnecessary things to the economy such as creating an excess demand for money which in turn can lead to an unnecessary recession or even depression. NGDPLT won&#8217;t cure booms or busts or &#8220;structural problems&#8221; but it will tend to eliminate &#8220;unnecessary&#8221; problems which arise due to the weirdness of money.</p>
1274<p>How&#8217;d I do? I know there&#8217;s a lot more too it. You can stop reading at this point, I just provided the following paragraph to give you some idea of my extremely limited &#8220;background&#8221; with macro:</p>
1275<p>Just to give you a little background, I have a rudimentary idea of the hot potato effect, &#8220;Chuck Norris,&#8221; the EMH (and why Sumner thinks bubbles don&#8217;t exist), what aggregate demand is (AD), what the difference is between fiscal and monetary policy, monetary offset, &#8220;never reason from a price change&#8221; (and related phrases), the mechanism of QE, the importance of expectations, the neutrality of money (and the equation of exchange), the &#8220;convenience yield&#8221; (as JP Koning puts it), and what NGDP and NGDPLT are and how they differ from inflation targeting, Tobin&#8217;s papers, the difference between MOA and MOE, and I read Rowe, Sumner and Koning on a fairly regular basis. Woolsey, Beckworth, Nunes and Christensen I read less frequently. You I read a moderate amount, but many of your articles go over my head for the most part, and I just don&#8217;t have time to fight my way through them (I do like to skim them though and see if there&#8217;s something I can latch onto in the middle). A few of your articless I&#8217;ve found to be super interesting and I went through them slowly and in great detail. I&#8217;m also a reader of some post-Keynesian types who like to emphasize some of the accounting aspects, though I&#8217;m no expert there either. I have even less idea what traditional monetarists, new Keynesians, and Austrians are all about, but I do have an inkling, and could maybe fake my way through an explanation to a man off the street that knows even less than I do.</p>
1276<p>If you make it all the way through that, thanks for your patience!</p>
1277<p id="comment-like-34250" data-liked=comment-not-liked class="comment-likes comment-not-liked"><a href="https://uneasymoney.com/about/?like_comment=34250&#038;_wpnonce=1691073871" class="comment-like-link needs-login" rel="nofollow" data-blog="24589280"><span>Like</span></a><span id="comment-like-count-34250" class="comment-like-feedback">Like</span></p>
1278	</div>
1279
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1285<li class="comment byuser comment-author-uneasymoney848 bypostauthor odd alt thread-odd thread-alt depth-1" id="comment-34327">
1286	<div id="div-comment-34327">
1287	<span class="comment-author vcard">
1288		<img referrerpolicy="no-referrer" alt='David Glasner&#039;s avatar' src='https://2.gravatar.com/avatar/e5ab3840011b8eb190b467c47ec5b8f503773de5530f505da69d487acd43fde2?s=48&#038;d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&#038;r=G' srcset='https://2.gravatar.com/avatar/e5ab3840011b8eb190b467c47ec5b8f503773de5530f505da69d487acd43fde2?s=48&#038;d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&#038;r=G 1x, https://2.gravatar.com/avatar/e5ab3840011b8eb190b467c47ec5b8f503773de5530f505da69d487acd43fde2?s=72&#038;d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&#038;r=G 1.5x, https://2.gravatar.com/avatar/e5ab3840011b8eb190b467c47ec5b8f503773de5530f505da69d487acd43fde2?s=96&#038;d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&#038;r=G 2x, https://2.gravatar.com/avatar/e5ab3840011b8eb190b467c47ec5b8f503773de5530f505da69d487acd43fde2?s=144&#038;d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&#038;r=G 3x, https://2.gravatar.com/avatar/e5ab3840011b8eb190b467c47ec5b8f503773de5530f505da69d487acd43fde2?s=192&#038;d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&#038;r=G 4x' class='avatar avatar-48' height='48' width='48' loading='lazy' decoding='async' />		<a href="#comment-34327" class="counter" title="Permanent Link to this Comment">36</a>
1289		<span class="commentauthor fn"><a href="https://uneasymoney.wordpress.com" class="url" rel="ugc external nofollow">David Glasner</a></span>
1290	</span>
1291	<small class="comment-meta">
1292	<a href="#comment-34327" title="12 years, 8 months ago.">January 19, 2014 at 12:46 pm</a>	</small>
1293
1294	<div class="comment-content">
1295		<p>Tom, I think point 1 is generally correct, though I am not that much of a Friedman fan myself. I really don&#8217;t get why you would discuss Say&#8217;
1295s Law or a barter economy in terms of Market Monetarism. Especially after you devote point 1 to Friedman, Say&#8217;s Law seems way out of place. I would be shocked if you could find even a single mention of Say&#8217;s Law in Friedman&#8217;s published output. What does transacting using money or by barter have to do with how much income redistribution takes place? On point 3, I think you are generally on the mark. I&#8217;m glad to know that you have found some of what I write helpful. I appreciate the feedback about what I write that you regularly provide. Keep on reading.</p>
1296<p id="comment-like-34327" data-liked=comment-not-liked class="comment-likes comment-not-liked"><a href="https://uneasymoney.com/about/?like_comment=34327&#038;_wpnonce=d11fa67a50" class="comment-like-link needs-login" rel="nofollow" data-blog="24589280"><span>Like</span></a><span id="comment-like-count-34327" class="comment-like-feedback">Like</span></p>
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1298
1299	
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1301			</div>
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1304<li class="comment even thread-even depth-1" id="comment-34368">
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1307		<img referrerpolicy="no-referrer" alt='Tom Brown&#039;s avatar' src='https://0.gravatar.com/avatar/c4b10fbe0ecb7a0149db67f40218669845478134ada9997fffb2305d5256fd77?s=48&#038;d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&#038;r=G' srcset='https://0.gravatar.com/avatar/c4b10fbe0ecb7a0149db67f40218669845478134ada9997fffb2305d5256fd77?s=48&#038;d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&#038;r=G 1x, https://0.gravatar.com/avatar/c4b10fbe0ecb7a0149db67f40218669845478134ada9997fffb2305d5256fd77?s=72&#038;d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&#038;r=G 1.5x, https://0.gravatar.com/avatar/c4b10fbe0ecb7a0149db67f40218669845478134ada9997fffb2305d5256fd77?s=96&#038;d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&#038;r=G 2x, https://0.gravatar.com/avatar/c4b10fbe0ecb7a0149db67f40218669845478134ada9997fffb2305d5256fd77?s=144&#038;d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&#038;r=G 3x, https://0.gravatar.com/avatar/c4b10fbe0ecb7a0149db67f40218669845478134ada9997fffb2305d5256fd77?s=192&#038;d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&#038;r=G 4x' class='avatar avatar-48' height='48' width='48' loading='lazy' decoding='async' />		<a href="#comment-34368" class="counter" title="Permanent Link to this Comment">37</a>
1308		<span class="commentauthor fn"><a href="http://brown-blog-5.blogspot.com/" class="url" rel="ugc external nofollow">Tom Brown</a></span>
1309	</span>
1310	<small class="comment-meta">
1311	<a href="#comment-34368" title="12 years, 8 months ago.">January 19, 2014 at 8:33 pm</a>	</small>
1312
1313	<div class="comment-content">
1314		<p>David thanks so much for your feedback and the kind words!</p>
1315<p>New question for you:</p>
1316<p>If an NGDP futures market was off the table for some reason, could you devise an algorithm to control traditional Fed tools (like OMOs) to replace the human Fed decision makers? Even if you think human judgement would be better than an algorithm, do you think it&#8217;s possible to do NGDPLT with an algorithm? If so, would you publish the details of the algorithm so it was public knowledge? Why or why not?</p>
1317<p id="comment-like-34368" data-liked=comment-not-liked class="comment-likes comment-not-liked"><a href="https://uneasymoney.com/about/?like_comment=34368&#038;_wpnonce=d81f939b10" class="comment-like-link needs-login" rel="nofollow" data-blog="24589280"><span>Like</span></a><span id="comment-like-count-34368" class="comment-like-feedback">Like</span></p>
1318	</div>
1319
1320	
1321	<div class="reply">
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1325<li class="comment odd alt thread-odd thread-alt depth-1" id="comment-34380">
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1328		<img referrerpolicy="no-referrer" alt='Tom Brown&#039;s avatar' src='https://0.gravatar.com/avatar/c4b10fbe0ecb7a0149db67f40218669845478134ada9997fffb2305d5256fd77?s=48&#038;d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&#038;r=G' srcset='https://0.gravatar.com/avatar/c4b10fbe0ecb7a0149db67f40218669845478134ada9997fffb2305d5256fd77?s=48&#038;d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&#038;r=G 1x, https://0.gravatar.com/avatar/c4b10fbe0ecb7a0149db67f40218669845478134ada9997fffb2305d5256fd77?s=72&#038;d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&#038;r=G 1.5x, https://0.gravatar.com/avatar/c4b10fbe0ecb7a0149db67f40218669845478134ada9997fffb2305d5256fd77?s=96&#038;d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&#038;r=G 2x, https://0.gravatar.com/avatar/c4b10fbe0ecb7a0149db67f40218669845478134ada9997fffb2305d5256fd77?s=144&#038;d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&#038;r=G 3x, https://0.gravatar.com/avatar/c4b10fbe0ecb7a0149db67f40218669845478134ada9997fffb2305d5256fd77?s=192&#038;d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&#038;r=G 4x' class='avatar avatar-48' height='48' width='48' loading='lazy' decoding='async' />		<a href="#comment-34380" class="counter" title="Permanent Link to this Comment">38</a>
1329		<span class="commentauthor fn"><a href="http://brown-blog-5.blogspot.com/" class="url" rel="ugc external nofollow">Tom Brown</a></span>
1330	</span>
1331	<small class="comment-meta">
1332	<a href="#comment-34380" title="12 years, 8 months ago.">January 19, 2014 at 10:28 pm</a>	</small>
1333
1334	<div class="comment-content">
1335		<p>&#8230; perhaps something as simple as the classic generic PID (proportional/integral/derivative) controller, that engineers have been using for umpteen years now, would suffice:</p>
1336<p><a href="http://en.wikipedia.org/wiki/PID_controller" rel="nofollow ugc">http://en.wikipedia.org/wiki/PID_controller</a></p>
1337<p>All you&#8217;
1337d need to do is select the coefficients Kp, Ki, and Kd &#8230; not trivial perhaps, but maybe at least fairly straightforward (given access to the requisite data)?</p>
1338<p id="comment-like-34380" data-liked=comment-not-liked class="comment-likes comment-not-liked"><a href="https://uneasymoney.com/about/?like_comment=34380&#038;_wpnonce=5520448de3" class="comment-like-link needs-login" rel="nofollow" data-blog="24589280"><span>Like</span></a><span id="comment-like-count-34380" class="comment-like-feedback">Like</span></p>
1339	</div>
1340
1341	
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1343			</div>
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1346<li class="comment even thread-even depth-1" id="comment-42702">
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1348	<span class="comment-author vcard">
1349		<img referrerpolicy="no-referrer" alt='Tom Brown&#039;s avatar' src='https://0.gravatar.com/avatar/c4b10fbe0ecb7a0149db67f40218669845478134ada9997fffb2305d5256fd77?s=48&#038;d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&#038;r=G' srcset='https://0.gravatar.com/avatar/c4b10fbe0ecb7a0149db67f40218669845478134ada9997fffb2305d5256fd77?s=48&#038;d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&#038;r=G 1x, https://0.gravatar.com/avatar/c4b10fbe0ecb7a0149db67f40218669845478134ada9997fffb2305d5256fd77?s=72&#038;d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&#038;r=G 1.5x, https://0.gravatar.com/avatar/c4b10fbe0ecb7a0149db67f40218669845478134ada9997fffb2305d5256fd77?s=96&#038;d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&#038;r=G 2x, https://0.gravatar.com/avatar/c4b10fbe0ecb7a0149db67f40218669845478134ada9997fffb2305d5256fd77?s=144&#038;d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&#038;r=G 3x, https://0.gravatar.com/avatar/c4b10fbe0ecb7a0149db67f40218669845478134ada9997fffb2305d5256fd77?s=192&#038;d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&#038;r=G 4x' class='avatar avatar-48' height='48' width='48' loading='lazy' decoding='async' />		<a href="#comment-42702" class="counter" title="Permanent Link to this Comment">39</a>
1350		<span class="commentauthor fn">Tom Brown</span>
1351	</span>
1352	<small class="comment-meta">
1353	<a href="#comment-42702" title="12 years, 7 months ago.">February 11, 2014 at 1:29 pm</a>	</small>
1354
1355	<div class="comment-content">
1356		<p>David, I tried to refine my question to you above about &#8220;bouncing ideas&#8221; off of you regarding Market Monetarism, Say&#8217;s Law etc: the result was a much more succinct question to Nick Rowe, essentially seeing if I was correct about his concept of good monetary policy  I wasn&#8217;t (no surprise), but he did offer up this gem as his own summary:</p>
1357<p>&#8220;&#8230;the goal of good monetary policy is to try to make Say&#8217;s Law true.&#8221;</p>
1358<p>I just re-read our previous interchange above&#8230;. and based on that I suspect you might disagree with Nick here. Your thoughts?</p>
1359<p id="comment-like-42702" data-liked=comment-not-liked class="comment-likes comment-not-liked"><a href="https://uneasymoney.com/about/?like_comment=42702&#038;_wpnonce=d8bb29e8d4" class="comment-like-link needs-login" rel="nofollow" data-blog="24589280"><span>Like</span></a><span id="comment-like-count-42702" class="comment-like-feedback">Like</span></p>
1360	</div>
1361
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1364			</div>
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1367<li class="comment odd alt thread-odd thread-alt depth-1" id="comment-324103">
1368	<div id="div-comment-324103">
1369	<span class="comment-author vcard">
1370		<img referrerpolicy="no-referrer" alt='withheld&#039;s avatar' src='https://1.gravatar.com/avatar/a6bb0d7ae510a2cd3b4c0874df7032553c8da32b134edeb4a366129ca15386c8?s=48&#038;d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&#038;r=G' srcset='https://1.gravatar.com/avatar/a6bb0d7ae510a2cd3b4c0874df7032553c8da32b134edeb4a366129ca15386c8?s=48&#038;d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&#038;r=G 1x, https://1.gravatar.com/avatar/a6bb0d7ae510a2cd3b4c0874df7032553c8da32b134edeb4a366129ca15386c8?s=72&#038;d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&#038;r=G 1.5x, https://1.gravatar.com/avatar/a6bb0d7ae510a2cd3b4c0874df7032553c8da32b134edeb4a366129ca15386c8?s=96&#038;d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&#038;r=G 2x, https://1.gravatar.com/avatar/a6bb0d7ae510a2cd3b4c0874df7032553c8da32b134edeb4a366129ca15386c8?s=144&#038;d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&#038;r=G 3x, https://1.gravatar.com/avatar/a6bb0d7ae510a2cd3b4c0874df7032553c8da32b134edeb4a366129ca15386c8?s=192&#038;d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&#038;r=G 4x' class='avatar avatar-48' height='48' width='48' loading='lazy' decoding='async' />		<a href="#comment-324103" class="counter" title="Permanent Link to this Comment">40</a>
1371		<span class="commentauthor fn">withheld</span>
1372	</span>
1373	<small class="comment-meta">
1374	<a href="#comment-324103" title="11 years, 10 months ago.">November 23, 2014 at 4:43 am</a>	</small>
1375
1376	<div class="comment-content">
1377		<p>David</p>
1378<p>I&#8217;m engineer working on developing a theoretical model of protectionism based on the belief that QTM is a defective model of money.  As a result, I have interest in monetary theory and was wondering if you could publish a very brief summary of Hawtrey&#8217;s key points.</p>
1379<p>I&#8217;m looking for critique of my thinking and have provided the following link for consideration:</p>
1380<p><a href="http://www.economicpopulist.org/content/unraveling-economics-5564" rel="nofollow ugc">http://www.economicpopulist.org/content/unraveling-economics-5564</a>  </p>
1381<p>I was also wondering if you associate yourself with any particular school of economics? </p>
1382<p>thank you</p>
1383<p id="comment-like-324103" data-liked=comment-not-liked class="comment-likes comment-not-liked"><a href="https://uneasymoney.com/about/?like_comment=324103&#038;_wpnonce=39f4af22db" class="comment-like-link needs-login" rel="nofollow" data-blog="24589280"><span>Like</span></a><span id="comment-like-count-324103" class="comment-like-feedback">Like</span></p>
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1385
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1391<li class="comment byuser comment-author-synassets even thread-even depth-1" id="comment-357389">
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1394		<img referrerpolicy="no-referrer" alt='csissoko&#039;s avatar' src='https://1.gravatar.com/avatar/418e0b6182e2d75f28742f4e0dcbf0d2c2ff449e01cca363df78beb5700ac7ac?s=48&#038;d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&#038;r=G' srcset='https://1.gravatar.com/avatar/418e0b6182e2d75f28742f4e0dcbf0d2c2ff449e01cca363df78beb5700ac7ac?s=48&#038;d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&#038;r=G 1x, https://1.gravatar.com/avatar/418e0b6182e2d75f28742f4e0dcbf0d2c2ff449e01cca363df78beb5700ac7ac?s=72&#038;d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&#038;r=G 1.5x, https://1.gravatar.com/avatar/418e0b6182e2d75f28742f4e0dcbf0d2c2ff449e01cca363df78beb5700ac7ac?s=96&#038;d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&#038;r=G 2x, https://1.gravatar.com/avatar/418e0b6182e2d75f28742f4e0dcbf0d2c2ff449e01cca363df78beb5700ac7ac?s=144&#038;d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&#038;r=G 3x, https://1.gravatar.com/avatar/418e0b6182e2d75f28742f4e0dcbf0d2c2ff449e01cca363df78beb5700ac7ac?s=192&#038;d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&#038;r=G 4x' class='avatar avatar-48' height='48' width='48' loading='lazy' decoding='async' />		<a href="#comment-357389" class="counter" title="Permanent Link to this Comment">41</a>
1395		<span class="commentauthor fn">csissoko</span>
1396	</span>
1397	<small class="comment-meta">
1398	<a href="#comment-357389" title="11 years, 9 months ago.">January 2, 2015 at 12:57 pm</a>	</small>
1399
1400	<div class="comment-content">
1401		<p>Hi David,</p>
1402<p>I just posted a paper on early banking theory, <a href="http://papers.ssrn.com/sol3/papers.cfm?abstract_id=2544733" rel="nofollow ugc">http://papers.ssrn.com/sol3/papers.cfm?abstract_id=2544733</a>, and would love to get your comments, if you find it interesting enough to take a look. My focus was always on Henry Thornton, so I&#8217;m not sure I have a very good understanding of Hawtrey.</p>
1403<p>email: csissoko5 at gmail.com</p>
1404<p>Thank you for a great blog!</p>
1405<p id="comment-like-357389" data-liked=comment-not-liked class="comment-likes comment-not-liked"><a href="https://uneasymoney.com/about/?like_comment=357389&#038;_wpnonce=a9a42ce718" class="comment-like-link needs-login" rel="nofollow" data-blog="24589280"><span>Like</span></a><span id="comment-like-count-357389" class="comment-like-feedback">Like</span></p>
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1413<li class="comment byuser comment-author-uneasymoney848 bypostauthor odd alt thread-odd thread-alt depth-1" id="comment-359021">
1414	<div id="div-comment-359021">
1415	<span class="comment-author vcard">
1416		<img referrerpolicy="no-referrer" alt='David Glasner&#039;s avatar' src='https://2.gravatar.com/avatar/e5ab3840011b8eb190b467c47ec5b8f503773de5530f505da69d487acd43fde2?s=48&#038;d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&#038;r=G' srcset='https://2.gravatar.com/avatar/e5ab3840011b8eb190b467c47ec5b8f503773de5530f505da69d487acd43fde2?s=48&#038;d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&#038;r=G 1x, https://2.gravatar.com/avatar/e5ab3840011b8eb190b467c47ec5b8f503773de5530f505da69d487acd43fde2?s=72&#038;d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&#038;r=G 1.5x, https://2.gravatar.com/avatar/e5ab3840011b8eb190b467c47ec5b8f503773de5530f505da69d487acd43fde2?s=96&#038;d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&#038;r=G 2x, https://2.gravatar.com/avatar/e5ab3840011b8eb190b467c47ec5b8f503773de5530f505da69d487acd43fde2?s=144&#038;d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&#038;r=G 3x, https://2.gravatar.com/avatar/e5ab3840011b8eb190b467c47ec5b8f503773de5530f505da69d487acd43fde2?s=192&#038;d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&#038;r=G 4x' class='avatar avatar-48' height='48' width='48' loading='lazy' decoding='async' />		<a href="#comment-359021" class="counter" title="Permanent Link to this Comment">42</a>
1417		<span class="commentauthor fn"><a href="https://uneasymoney.wordpress.com" class="url" rel="ugc external nofollow">David Glasner</a></span>
1418	</span>
1419	<small class="comment-meta">
1420	<a href="#comment-359021" title="11 years, 9 months ago.">January 4, 2015 at 8:04 am</a>	</small>
1421
1422	<div class="comment-content">
1423		<p>csissoko, Thanks for the link, I will try to have a look at your paper in the near future. I glad to hear that you like my blog.</p>
1424<p id="comment-like-359021" data-liked=comment-not-liked class="comment-likes comment-not-liked"><a href="https://uneasymoney.com/about/?like_comment=359021&#038;_wpnonce=5c44c87fa9" class="comment-like-link needs-login" rel="nofollow" data-blog="24589280"><span>Like</span></a><span id="comment-like-count-359021" class="comment-like-feedback">Like</span></p>
1425	</div>
1426
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1428	<div class="reply">
1429			</div>
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1431</li><!-- #comment-## -->
1432<li class="comment even thread-even depth-1" id="comment-364520">
1433	<div id="div-comment-364520">
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1435		<img referrerpolicy="no-referrer" alt='Daniel&#039;s avatar' src='https://2.gravatar.com/avatar/b6bfb0fbae962c9b6bede76b624e6aedc3e161391d3b9fd8f6bed5b50eab0f9b?s=48&#038;d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&#038;r=G' srcset='https://2.gravatar.com/avatar/b6bfb0fbae962c9b6bede76b624e6aedc3e161391d3b9fd8f6bed5b50eab0f9b?s=48&#038;d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&#038;r=G 1x, https://2.gravatar.com/avatar/b6bfb0fbae962c9b6bede76b624e6aedc3e161391d3b9fd8f6bed5b50eab0f9b?s=72&#038;d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&#038;r=G 1.5x, https://2.gravatar.com/avatar/b6bfb0fbae962c9b6bede76b624e6aedc3e161391d3b9fd8f6bed5b50eab0f9b?s=96&#038;d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&#038;r=G 2x, https://2.gravatar.com/avatar/b6bfb0fbae962c9b6bede76b624e6aedc3e161391d3b9fd8f6bed5b50eab0f9b?s=144&#038;d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&#038;r=G 3x, https://2.gravatar.com/avatar/b6bfb0fbae962c9b6bede76b624e6aedc3e161391d3b9fd8f6bed5b50eab0f9b?s=192&#038;d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&#038;r=G 4x' class='avatar avatar-48' height='48' width='48' loading='lazy' decoding='async' />		<a href="#comment-364520" class="counter" title="Permanent Link to this Comment">43</a>
1436		<span class="commentauthor fn">Daniel</span>
1437	</span>
1438	<small class="comment-meta">
1439	<a href="#comment-364520" title="11 years, 8 months ago.">January 14, 2015 at 7:30 am</a>	</small>
1440
1441	<div class="comment-content">
1442		<p>I don&#8217;t suppose you have any interest in uploading Hawtrey&#8217;s written works onto wiki source? If you firmly believe in his views, the above idea would be an excellent way of disseminating his views to the world, in the broadest manner, in the most inexpensive ways&#8230; I just recently finished reading a work of Irving fishers on wikisource and regretted the fact that there was a dearth of material in economics.</p>
1443<p id="comment-like-364520" data-liked=comment-not-liked class="comment-likes comment-not-liked"><a href="https://uneasymoney.com/about/?like_comment=364520&#038;_wpnonce=d9ca32b18b" class="comment-like-link needs-login" rel="nofollow" data-blog="24589280"><span>Like</span></a><span id="comment-like-count-364520" class="comment-like-feedback">Like</span></p>
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1445
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1450</li><!-- #comment-## -->
1451<li class="comment byuser comment-author-uneasymoney848 bypostauthor odd alt thread-odd thread-alt depth-1" id="comment-366522">
1452	<div id="div-comment-366522">
1453	<span class="comment-author vcard">
1454		<img referrerpolicy="no-referrer" alt='David Glasner&#039;s avatar' src='https://2.gravatar.com/avatar/e5ab3840011b8eb190b467c47ec5b8f503773de5530f505da69d487acd43fde2?s=48&#038;d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&#038;r=G' srcset='https://2.gravatar.com/avatar/e5ab3840011b8eb190b467c47ec5b8f503773de5530f505da69d487acd43fde2?s=48&#038;d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&#038;r=G 1x, https://2.gravatar.com/avatar/e5ab3840011b8eb190b467c47ec5b8f503773de5530f505da69d487acd43fde2?s=72&#038;d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&#038;r=G 1.5x, https://2.gravatar.com/avatar/e5ab3840011b8eb190b467c47ec5b8f503773de5530f505da69d487acd43fde2?s=96&#038;d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&#038;r=G 2x, https://2.gravatar.com/avatar/e5ab3840011b8eb190b467c47ec5b8f503773de5530f505da69d487acd43fde2?s=144&#038;d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&#038;r=G 3x, https://2.gravatar.com/avatar/e5ab3840011b8eb190b467c47ec5b8f503773de5530f505da69d487acd43fde2?s=192&#038;d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&#038;r=G 4x' class='avatar avatar-48' height='48' width='48' loading='lazy' decoding='async' />		<a href="#comment-366522" class="counter" title="Permanent Link to this Comment">44</a>
1455		<span class="commentauthor fn"><a href="https://uneasymoney.wordpress.com" class="url" rel="ugc external nofollow">David Glasner</a></span>
1456	</span>
1457	<small class="comment-meta">
1458	<a href="#comment-366522" title="11 years, 8 months ago.">January 18, 2015 at 9:20 am</a>	</small>
1459
1460	<div class="comment-content">
1461		<p>Daniel, Thanks for the suggestion. I&#8217;ve never looked at Wiki source, so I will have to go there and learn how to upload.</p>
1462<p id="comment-like-366522" data-liked=comment-not-liked class="comment-likes comment-not-liked"><a href="https://uneasymoney.com/about/?like_comment=366522&#038;_wpnonce=e7a79199e0" class="comment-like-link needs-login" rel="nofollow" data-blog="24589280"><span>Like</span></a><span id="comment-like-count-366522" class="comment-like-feedback">Like</span></p>
1463	</div>
1464
1465	
1466	<div class="reply">
1467			</div>
1468	</div>
1469</li><!-- #comment-## -->
1470<li class="comment even thread-even depth-1" id="comment-507330">
1471	<div id="div-comment-507330">
1472	<span class="comment-author vcard">
1473		<img referrerpolicy="no-referrer" alt='Peter Golovatscheff&#039;s avatar' src='https://1.gravatar.com/avatar/a6272da470cb4532ada34e1846255354e34d3315278de5f6846d0d8369eacb7b?s=48&#038;d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&#038;r=G' srcset='https://1.gravatar.com/avatar/a6272da470cb4532ada34e1846255354e34d3315278de5f6846d0d8369eacb7b?s=48&#038;d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&#038;r=G 1x, https://1.gravatar.com/avatar/a6272da470cb4532ada34e1846255354e34d3315278de5f6846d0d8369eacb7b?s=72&#038;d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&#038;r=G 1.5x, https://1.gravatar.com/avatar/a6272da470cb4532ada34e1846255354e34d3315278de5f6846d0d8369eacb7b?s=96&#038;d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&#038;r=G 2x, https://1.gravatar.com/avatar/a6272da470cb4532ada34e1846255354e34d3315278de5f6846d0d8369eacb7b?s=144&#038;d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&#038;r=G 3x, https://1.gravatar.com/avatar/a6272da470cb4532ada34e1846255354e34d3315278de5f6846d0d8369eacb7b?s=192&#038;d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&#038;r=G 4x' class='avatar avatar-48' height='48' width='48' loading='lazy' decoding='async' />		<a href="#comment-507330" class="counter" title="Permanent Link to this Comment">45</a>
1474		<span class="commentauthor fn"><a href="http://clumsystatements.blogspot.com/" class="url" rel="ugc external nofollow">Peter Golovatscheff</a></span>
1475	</span>
1476	<small class="comment-meta">
1477	<a href="#comment-507330" title="10 years, 11 months ago.">October 13, 2015 at 12:31 am</a>	</small>
1478
1479	<div class="comment-content">
1480		<p>Hi David,</p>
1481<p>I&#8217;m new to your blog. I really liked your latest post on representative agents (although I&#8217;m not a trained economist)! Thanks.</p>
1482<p>What really got me interested, though, is Hawtrey. I haven&#8217;t seen too many people mentioning his name. I wonder what you think of the following quote from Hawtrey&#8217;s &#8220;Currency and Credit&#8221;, and what would you answer to me if I were to argue that Hawtrey describes the system as it is today (i.e. money does not exist, other than in &#8220;money of account&#8221; sense):</p>
1483<p>&#8220;Suppose then that society is civilised, and that money does not exist. Goods are brought to market and exchanged. But even though there is no medium of exchange, it does not follow that they must be bartered directly for one another. If a man sells a ton of coals to another, this will create a debt from the buyer to the seller. But the buyer will have been himself a seller to someone else, and the seller will have been himself also a buyer. The dealers in the market can meet together and set off their debts and credits. But for this purpose the debts and credits, which represent the purchase and sale of a variety of goods, must be reduced to some common measure. In fact a unit for the measurement of debts is indispensable. Where a commodity is used as money, it naturally supplies the unit for the measurement of debts. Where there is no money, the unit must be something wholly conventional and arbitrary. This is what is technically called a &#8221;money of account&#8221;. Even when money is used, it may occasionally happen that the unit for the calculation of debts diverges in some degree from exact correspondence with the money in circulation. In that case the distinction between money and money of account immediately becomes a practical one. The value of the standard coin will be quoted in terms of the money of account, and varying amounts of the standard coin will be needed to pay a given debt. This is an approximation to the state of affairs which we are assuming. But however conventional and arbitrary the unit may be, once it is established as the basis of the debts and prices and values of a market, it is bound to assume a certain continuity.<br />
1484[…]<br />
1485Each dealer in the market calculates his own command of wealth in the same unit; it affords the basis for his valuation both of what he wants to buy and of what he wants to sell, and he looks for only such divergence from the previous prices as variations of supply and demand will justify. The total effective demand for commodities in the market is limited to the number of units of the money of account that dealers are prepared to offer, and the number that they are prepared to offer over any period of time is limited according to the number that they hope to receive. Therefore, arbitrary as the unit is, capricious variations in its purchasing power will not occur.<br />
1486 (p. 2)&#8221;</p>
1487<p>I don&#8217;t know if my argument that &#8220;money&#8221; doesn&#8217;t exist sounds crazy, but what is surely crazy is that if we look at our economy from this viewpoint (which is difficult to adopt as one needs to forget all kinds of conventional wisdom), everything seems to make sense. &#8220;Money&#8221; is replaced by &#8216;credit balances&#8217; (cash refers to a credit balance in central bank ledger) and it&#8217;s all about bookkeeping (denominated in the &#8220;money of account&#8221;), nothing else. Credit and debit entries, tracking credit/debt relationships that arise from buying and selling. (If you&#8217;re aware of Alfred Mitchell-Innes&#8217; writings, this might ring a bell.)</p>
1488<p>Give it a thought? I&#8217;ve been building my understanding of the economy on these premises for a 
1488while now (I&#8217;m writing a paper), and I&#8217;m more than happy to elaborate if you find anything interesting in this.</p>
1489<p id="comment-like-507330" data-liked=comment-not-liked class="comment-likes comment-not-liked"><a href="https://uneasymoney.com/about/?like_comment=507330&#038;_wpnonce=125a43365c" class="comment-like-link needs-login" rel="nofollow" data-blog="24589280"><span>Like</span></a><span id="comment-like-count-507330" class="comment-like-feedback">Like</span></p>
1490	</div>
1491
1492	
1493	<div class="reply">
1494			</div>
1495	</div>
1496</li><!-- #comment-## -->
1497<li class="comment byuser comment-author-philipji odd alt thread-odd thread-alt depth-1" id="comment-529606">
1498	<div id="div-comment-529606">
1499	<span class="comment-author vcard">
1500		<img referrerpolicy="no-referrer" alt='philipji&#039;s avatar' src='https://0.gravatar.com/avatar/96e6d0ea3824696cfa3346a71d06136c8262f18494f0538c870a492d01b9e752?s=48&#038;d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&#038;r=G' srcset='https://0.gravatar.com/avatar/96e6d0ea3824696cfa3346a71d06136c8262f18494f0538c870a492d01b9e752?s=48&#038;d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&#038;r=G 1x, https://0.gravatar.com/avatar/96e6d0ea3824696cfa3346a71d06136c8262f18494f0538c870a492d01b9e752?s=72&#038;d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&#038;r=G 1.5x, https://0.gravatar.com/avatar/96e6d0ea3824696cfa3346a71d06136c8262f18494f0538c870a492d01b9e752?s=96&#038;d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&#038;r=G 2x, https://0.gravatar.com/avatar/96e6d0ea3824696cfa3346a71d06136c8262f18494f0538c870a492d01b9e752?s=144&#038;d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&#038;r=G 3x, https://0.gravatar.com/avatar/96e6d0ea3824696cfa3346a71d06136c8262f18494f0538c870a492d01b9e752?s=192&#038;d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&#038;r=G 4x' class='avatar avatar-48' height='48' width='48' loading='lazy' decoding='async' />		<a href="#comment-529606" class="counter" title="Permanent Link to this Comment">46</a>
1501		<span class="commentauthor fn">philipji</span>
1502	</span>
1503	<small class="comment-meta">
1504	<a href="#comment-529606" title="10 years, 9 months ago.">December 18, 2015 at 11:01 pm</a>	</small>
1505
1506	<div class="comment-content">
1507		<p>Prof Glasner,<br />
1508In one of your posts above you said that &#8220;Increasing interest rates increases, not, as you assert, reduces, the velocity of circulation.&#8221;</p>
1509<p>You might be interested in one of my posts where I show that the velocity of money has exactly mirrored interest rates over a period of more than half a century.</p>
1510<p><a href="http://www.philipji.com/item/2014-04-02/the-velocity-of-money-is-a-function-of-interest-rates" rel="nofollow ugc">http://www.philipji.com/item/2014-04-02/the-velocity-of-money-is-a-function-of-interest-rates</a></p>
1511<p>From the graph you may conclude that interest rates alone completely explain the velocity of money. My measure of velocity uses a measure of money that I have drawn up and call &#8220;Corrected Money Supply&#8221;.</p>
1512<p id="comment-like-529606" data-liked=comment-not-liked class="comment-likes comment-not-liked"><a href="https://uneasymoney.com/about/?like_comment=529606&#038;_wpnonce=6a62c42b8d" class="comment-like-link needs-login" rel="nofollow" data-blog="24589280"><span>Like</span></a><span id="comment-like-count-529606" class="comment-like-feedback">Like</span></p>
1513	</div>
1514
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1516	<div class="reply">
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1520<li class="comment even thread-even depth-1" id="comment-604172">
1521	<div id="div-comment-604172">
1522	<span class="comment-author vcard">
1523		<img referrerpolicy="no-referrer" alt='Paul Kasriel&#039;s avatar' src='https://2.gravatar.com/avatar/5ec5c7b3d84b85ae922b65e0741bc85284c01525e524636603f1e91d3edf8d85?s=48&#038;d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&#038;r=G' srcset='https://2.gravatar.com/avatar/5ec5c7b3d84b85ae922b65e0741bc85284c01525e524636603f1e91d3edf8d85?s=48&#038;d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&#038;r=G 1x, https://2.gravatar.com/avatar/5ec5c7b3d84b85ae922b65e0741bc85284c01525e524636603f1e91d3edf8d85?s=72&#038;d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&#038;r=G 1.5x, https://2.gravatar.com/avatar/5ec5c7b3d84b85ae922b65e0741bc85284c01525e524636603f1e91d3edf8d85?s=96&#038;d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&#038;r=G 2x, https://2.gravatar.com/avatar/5ec5c7b3d84b85ae922b65e0741bc85284c01525e524636603f1e91d3edf8d85?s=144&#038;d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&#038;r=G 3x, https://2.gravatar.com/avatar/5ec5c7b3d84b85ae922b65e0741bc85284c01525e524636603f1e91d3edf8d85?s=192&#038;d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&#038;r=G 4x' class='avatar avatar-48' height='48' width='48' loading='lazy' decoding='async' />		<a href="#comment-604172" class="counter" title="Permanent Link to this Comment">47</a>
1524		<span class="commentauthor fn">Paul Kasriel</span>
1525	</span>
1526	<small class="comment-meta">
1527	<a href="#comment-604172" title="7 years, 6 months ago.">March 7, 2019 at 8:18 am</a>	</small>
1528
1529	<div class="comment-content">
1530		<p>I hope you will write a commentary critiquing Modern Monetary Theory for this ancient monetary theorist.</p>
1531<p id="comment-like-604172" data-liked=comment-not-liked class="comment-likes comment-not-liked"><a href="https://uneasymoney.com/about/?like_comment=604172&#038;_wpnonce=50e654cb1e" class="comment-like-link needs-login" rel="nofollow" data-blog="24589280"><span>Like</span></a><span id="comment-like-count-604172" class="comment-like-feedback">Like</span></p>
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1533
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1539<li class="comment byuser comment-author-uneasymoney848 bypostauthor odd alt thread-odd thread-alt depth-1" id="comment-604177">
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1542		<img referrerpolicy="no-referrer" alt='David Glasner&#039;s avatar' src='https://2.gravatar.com/avatar/e5ab3840011b8eb190b467c47ec5b8f503773de5530f505da69d487acd43fde2?s=48&#038;d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&#038;r=G' srcset='https://2.gravatar.com/avatar/e5ab3840011b8eb190b467c47ec5b8f503773de5530f505da69d487acd43fde2?s=48&#038;d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&#038;r=G 1x, https://2.gravatar.com/avatar/e5ab3840011b8eb190b467c47ec5b8f503773de5530f505da69d487acd43fde2?s=72&#038;d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&#038;r=G 1.5x, https://2.gravatar.com/avatar/e5ab3840011b8eb190b467c47ec5b8f503773de5530f505da69d487acd43fde2?s=96&#038;d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&#038;r=G 2x, https://2.gravatar.com/avatar/e5ab3840011b8eb190b467c47ec5b8f503773de5530f505da69d487acd43fde2?s=144&#038;d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&#038;r=G 3x, https://2.gravatar.com/avatar/e5ab3840011b8eb190b467c47ec5b8f503773de5530f505da69d487acd43fde2?s=192&#038;d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&#038;r=G 4x' class='avatar avatar-48' height='48' width='48' loading='lazy' decoding='async' />		<a href="#comment-604177" class="counter" title="Permanent Link to this Comment">48</a>
1543		<span class="commentauthor fn"><a href="https://uneasymoney.wordpress.com" class="url" rel="ugc external nofollow">David Glasner</a></span>
1544	</span>
1545	<small class="comment-meta">
1546	<a href="#comment-604177" title="7 years, 6 months ago.">March 7, 2019 at 9:07 am</a>	</small>
1547
1548	<div class="comment-content">
1549		<p>A worthy endeavor, no doubt. But right now I don&#8217;t have the patience. I will let others do the heavy lifting.</p>
1550<p id="comment-like-604177" data-liked=comment-not-liked class="comment-likes comment-not-liked"><a href="https://uneasymoney.com/about/?like_comment=604177&#038;_wpnonce=68ec9a22d1" class="comment-like-link needs-login" rel="nofollow" data-blog="24589280"><span>Like</span></a><span id="comment-like-count-604177" class="comment-like-feedback">Like</span></p>
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1558<li class="comment even thread-even depth-1" id="comment-741740">
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1561		<img referrerpolicy="no-referrer" alt='Gideon&#039;s avatar' src='https://0.gravatar.com/avatar/3a371e672e048eebf304e6cbc828185d5cf4cea712c9966b7199be7fc1851873?s=48&#038;d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&#038;r=G' srcset='https://0.gravatar.com/avatar/3a371e672e048eebf304e6cbc828185d5cf4cea712c9966b7199be7fc1851873?s=48&#038;d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&#038;r=G 1x, https://0.gravatar.com/avatar/3a371e672e048eebf304e6cbc828185d5cf4cea712c9966b7199be7fc1851873?s=72&#038;d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&#038;r=G 1.5x, https://0.gravatar.com/avatar/3a371e672e048eebf304e6cbc828185d5cf4cea712c9966b7199be7fc1851873?s=96&#038;d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&#038;r=G 2x, https://0.gravatar.com/avatar/3a371e672e048eebf304e6cbc828185d5cf4cea712c9966b7199be7fc1851873?s=144&#038;d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&#038;r=G 3x, https://0.gravatar.com/avatar/3a371e672e048eebf304e6cbc828185d5cf4cea712c9966b7199be7fc1851873?s=192&#038;d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&#038;r=G 4x' class='avatar avatar-48' height='48' width='48' loading='lazy' decoding='async' />		<a href="#comment-741740" class="counter" title="Permanent Link to this Comment">49</a>
1562		<span class="commentauthor fn">Gideon</span>
1563	</span>
1564	<small class="comment-meta">
1565	<a href="#comment-741740" title="2 years, 1 month ago.">August 24, 2024 at 6:30 am</a>	</small>
1566
1567	<div class="comment-content">
1568		<p class="wp-block-paragraph">Hello Professor,</p>
1569<p class="wp-block-paragraph">In your book, &#8220;Free Banking and Monetary Reform&#8221;. on pages 88 and 89, you mentioned, &#8221; <strong>For that shift in production to occur, the prices of non-tradables had to fall in relation to those of tradable</strong>. The more gold came into a country, <strong><em>the more prices of non-tradables would rise in relation to those of tradables</em></strong>&#8220;.</p>
1570<p class="wp-block-paragraph">I do understand the second bolded sentence but not the first. Able to expand on it.</p>
1571<p class="wp-block-paragraph">Thanks</p>
1572<p id="comment-like-741740" data-liked=comment-not-liked class="comment-likes comment-not-liked"><a href="https://uneasymoney.com/about/?like_comment=741740&#038;_wpnonce=044512d592" class="comment-like-link needs-login" rel="nofollow" data-blog="24589280"><span>Like</span></a><span id="comment-like-count-741740" class="comment-like-feedback">Like</span></p>
1573	</div>
1574
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1580<li class="comment byuser comment-author-uneasymoney848 bypostauthor odd alt thread-odd thread-alt depth-1" id="comment-741746">
1581	<div id="div-comment-741746">
1582	<span class="comment-author vcard">
1583		<img referrerpolicy="no-referrer" alt='David Glasner&#039;s avatar' src='https://2.gravatar.com/avatar/e5ab3840011b8eb190b467c47ec5b8f503773de5530f505da69d487acd43fde2?s=48&#038;d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&#038;r=G' srcset='https://2.gravatar.com/avatar/e5ab3840011b8eb190b467c47ec5b8f503773de5530f505da69d487acd43fde2?s=48&#038;d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&#038;r=G 1x, https://2.gravatar.com/avatar/e5ab3840011b8eb190b467c47ec5b8f503773de5530f505da69d487acd43fde2?s=72&#038;d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&#038;r=G 1.5x, https://2.gravatar.com/avatar/e5ab3840011b8eb190b467c47ec5b8f503773de5530f505da69d487acd43fde2?s=96&#038;d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&#038;r=G 2x, https://2.gravatar.com/avatar/e5ab3840011b8eb190b467c47ec5b8f503773de5530f505da69d487acd43fde2?s=144&#038;d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&#038;r=G 3x, https://2.gravatar.com/avatar/e5ab3840011b8eb190b467c47ec5b8f503773de5530f505da69d487acd43fde2?s=192&#038;d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&#038;r=G 4x' class='avatar avatar-48' height='48' width='48' loading='lazy' decoding='async' />		<a href="#comment-741746" class="counter" title="Permanent Link to this Comment">50</a>
1584		<span class="commentauthor fn"><a href="https://uneasymoney.wordpress.com" class="url" rel="ugc external nofollow">David Glasner</a></span>
1585	</span>
1586	<small class="comment-meta">
1587	<a href="#comment-741746" title="2 years ago.">September 11, 2024 at 6:18 pm</a>	</small>
1588
1589	<div class="comment-content">
1590		<p>Thanks, Gideon, for your query about my book Free Banking and Monetary Reform, which I began writing almost 40 years ago. It’s good to know that some people still read it and try to understand it. You are obviously a careful reader, and the reason that you were puzzled by the quoted passage is that I carelessly wrote “the more prices of nontradables would rise in relation to those of tradables” when I should have written “fall in relation to those of tradables.”</p>
1591<p>I hope that clarifies what I was trying to say. I really appreciate your making the effort to contact me and ask for clarification, and helping me correct a careless error that I wish I had caught myself. Don’t hesitate to get back to me with other queries that may arise as you continue reading,</p>
1592<p>Best regards,</p>
1593<p>David</p>
1594<p id="comment-like-741746" data-liked=comment-not-liked class="comment-likes comment-not-liked"><a href="https://uneasymoney.com/about/?like_comment=741746&#038;_wpnonce=3dd9ada3cf" class="comment-like-link needs-login" rel="nofollow" data-blog="24589280"><span>Like</span></a><span id="comment-like-count-741746" class="comment-like-feedback">Like</span></p>
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1602<li class="comment byuser comment-author-maxhemm even thread-even depth-1" id="comment-742007">
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1605		<img referrerpolicy="no-referrer" alt='max&#039;s avatar' src='https://0.gravatar.com/avatar/6e2f403ffa2940b331826a2db000d090053fe3a951ab2cc4e04761d385b92777?s=48&#038;d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&#038;r=G' srcset='https://0.gravatar.com/avatar/6e2f403ffa2940b331826a2db000d090053fe3a951ab2cc4e04761d385b92777?s=48&#038;d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&#038;r=G 1x, https://0.gravatar.com/avatar/6e2f403ffa2940b331826a2db000d090053fe3a951ab2cc4e04761d385b92777?s=72&#038;d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&#038;r=G 1.5x, https://0.gravatar.com/avatar/6e2f403ffa2940b331826a2db000d090053fe3a951ab2cc4e04761d385b92777?s=96&#038;d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&#038;r=G 2x, https://0.gravatar.com/avatar/6e2f403ffa2940b331826a2db000d090053fe3a951ab2cc4e04761d385b92777?s=144&#038;d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&#038;r=G 3x, https://0.gravatar.com/avatar/6e2f403ffa2940b331826a2db000d090053fe3a951ab2cc4e04761d385b92777?s=192&#038;d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&#038;r=G 4x' class='avatar avatar-48' height='48' width='48' loading='lazy' decoding='async' />		<a href="#comment-742007" class="counter" title="Permanent Link to this Comment">51</a>
1606		<span class="commentauthor fn"><a href="http://maxhemm.wordpress.com" class="url" rel="ugc external nofollow">max</a></span>
1607	</span>
1608	<small class="comment-meta">
1609	<a href="#comment-742007" title="3 weeks, 6 days ago.">September 3, 2026 at 8:33 am</a>	</small>
1610
1611	<div class="comment-content">
1612		<p class="wp-block-paragraph">hi, Congrats for your blog (i&#8217;ve found it through a google search on Say&#8217;
1612s Law , which took me to the post &#8220;who is afraid of Say&#8217;s Law?&#8221;, which is to me a sort of superb survey on the subject).</p>
1613<p class="wp-block-paragraph">If i may, i would ask about some resources in regards to the Patinkin Controversy (validity of Classical Dichotomy, etc.). So far i am unable to  get a suitable landscape on the subject. I&#8217;ve always taken for granted that either Keynes had solved, so to speak, the dichotomy issue (in the GT first pages he states that the dichotomy has been a flaw which would need an integration of both realms, the monetary and the theory of value). </p>
1614<p class="wp-block-paragraph">But recently got to the subject of Patinkin Controversy, with Patinkin trying to fix the (statical?) dichotomy by augmenting the utility functions within a Walrasian framework (etc.) against others (Archibald-Lipsey , etc.) to whom the classical dichotomy holds statically (real-balances effect being reversed as short-run dynamics turned into long-run). </p>
1615<p class="wp-block-paragraph">It seems to have been a controversy with the feature that, beside being unending, each of it&#8217;s theoretical positions is sort of entangled (though apparently meaning a forward movement)(?)</p>
1616<p class="wp-block-paragraph">So after all i cant help but remain skeptical about the dichotomy (which once seemed to be a rather easy one to understand, being unaware of Lange and Patinkin&#8217;s claims&#8230;)</p>
1617<p class="wp-block-paragraph">what do you think about it?</p>
1618<p class="wp-block-paragraph">greetings; Max</p>
1619<p id="comment-like-742007" data-liked=comment-not-liked class="comment-likes comment-not-liked"><a href="https://uneasymoney.com/about/?like_comment=742007&#038;_wpnonce=34be046a78" class="comment-like-link needs-login" rel="nofollow" data-blog="24589280"><span>Like</span></a><span id="comment-like-count-742007" class="comment-like-feedback">Like</span></p>
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1627<li class="comment byuser comment-author-uneasymoney848 bypostauthor odd alt thread-odd thread-alt depth-1" id="comment-742008">
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1630		<img referrerpolicy="no-referrer" alt='David Glasner&#039;s avatar' src='https://2.gravatar.com/avatar/e5ab3840011b8eb190b467c47ec5b8f503773de5530f505da69d487acd43fde2?s=48&#038;d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&#038;r=G' srcset='https://2.gravatar.com/avatar/e5ab3840011b8eb190b467c47ec5b8f503773de5530f505da69d487acd43fde2?s=48&#038;d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&#038;r=G 1x, https://2.gravatar.com/avatar/e5ab3840011b8eb190b467c47ec5b8f503773de5530f505da69d487acd43fde2?s=72&#038;d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&#038;r=G 1.5x, https://2.gravatar.com/avatar/e5ab3840011b8eb190b467c47ec5b8f503773de5530f505da69d487acd43fde2?s=96&#038;d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&#038;r=G 2x, https://2.gravatar.com/avatar/e5ab3840011b8eb190b467c47ec5b8f503773de5530f505da69d487acd43fde2?s=144&#038;d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&#038;r=G 3x, https://2.gravatar.com/avatar/e5ab3840011b8eb190b467c47ec5b8f503773de5530f505da69d487acd43fde2?s=192&#038;d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&#038;r=G 4x' class='avatar avatar-48' height='48' width='48' loading='lazy' decoding='async' />		<a href="#comment-742008" class="counter" title="Permanent Link to this Comment">52</a>
1631		<span class="commentauthor fn"><a href="https://uneasymoney.wordpress.com" class="url" rel="ugc external nofollow">David Glasner</a></span>
1632	</span>
1633	<small class="comment-meta">
1634	<a href="#comment-742008" title="3 weeks, 6 days ago.">September 3, 2026 at 9:12 am</a>	</small>
1635
1636	<div class="comment-content">
1637		<p>thanks for contacting me and your interest in my blog. i’m kind of busy now so rather than respond now i hope you won’t mind if i just point you to my papers a reinterpretation of classical monetary theory, on some classical monetary controversies, and say’s law and the classical theory of depressions. </p>
1638<p>i hope that helps.</p>
1639<p id="comment-like-742008" data-liked=comment-not-liked class="comment-likes comment-not-liked"><a href="https://uneasymoney.com/about/?like_comment=742008&#038;_wpnonce=c6e1f6654c" class="comment-like-link needs-login" rel="nofollow" data-blog="24589280"><span>Like</span></a><span id="comment-like-count-742008" class="comment-like-feedback">Liked by <a href="#" class="view-likers" data-like-count="1">1 person</a></span></p>
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1659	<small class="comment-meta">
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1682	<span class="commentauthor"><a href="http://www.goldinform.ru/za-i-protiv-zolotogo-standarta/" class="url" rel="ugc external nofollow">За и против золотого стандарта &#8212; GoldInform</a></span>
1683	<small class="comment-meta">
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1688	<span class="commentauthor"><a href="https://econforeverybody.com/2021/08/05/no-seriously-macro-is-hard/" class="url" rel="ugc external nofollow">No seriously, Macro *IS* Hard &#8211; EconForEverybody</a></span>
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1694	<span class="commentauthor"><a href="https://mises.pl/blog/2022/07/15/caton-keynes-nie-wynalazl-agregatow-w-ekonomii/" class="url" rel="ugc external nofollow">Caton: Keynes nie wynalazł agregatów w ekonomii</a></span>
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1743<div id="rss-2" class="widget widget_rss"><h2 class="widgettitle"><a class="rsswidget" href="https://uneasymoney.com/feed/" title="Syndicate this content"><img style="background: orange; color: white; border: none;" width="14" height="14" src="https://s.wordpress.com/wp-includes/images/rss.png?m=1354137473i" alt="RSS" /></a> <a class="rsswidget" href="https://uneasymoney.com" title="Commentary on monetary policy in the spirit of R. G. Hawtrey">Uneasy Money RSS</a></h2>
1744<ul><li><a class='rsswidget' href='https://uneasymoney.com/2026/06/25/the-monumental-dishonesty-and-appalling-bad-faith-of-chief-justice-robertss-decision/' title='In light of Justice Alito’s opinion today in the consolidated cases Mullin v. Doe and Trump v. Miot, relying on the 2018 Trump v. Hawaii case, I am updating this post originally posted exactly eight years ago decrying that abominable decision and opinion which Justice Alito’s opinion can be added as a worthy addition to […]'>The Monumental Dishonesty and Appalling Bad Faith of Chief Justice Roberts’s Decision: Updated</a></li><li><a class='rsswidget' href='https://uneasymoney.com/2026/04/30/hayek-and-dworkin-on-the-meaning-of-discretion/' title='Here is a slightly edited text of the conversation I had this afternoon on Gemini that began with a question about comparing how Hayek and Dworkin understand the legal meaning of discretion. 3:54 PM Gemini: F.A. Hayek and Ronald Dworkin both express deep skepticism toward the idea of broad, arbitrary judicial discretion, but they approach the […]'>Hayek and Dworkin on the Meaning of Discretion</a></li><li><a class='rsswidget' href='https://uneasymoney.com/2025/08/20/grok-karoline-leavitt-and-me/' title='Yesterday on Twitter, I commented on a Tweet referencing a comment by White House Press Secretary Karoline Leavitt about the meeting yesterday between Presidents Trump and Zelensky along with the other European leaders accompanying Zelensky. As I often do, I clicked Grok to check Grok’s understanding of my comment. Past experience hasn’t led me to […]'>Grok, Karoline Leavitt and Me</a></li><li><a class='rsswidget' href='https://uneasymoney.com/2025/01/23/hicks-on-temporary-equilibrium/' title='J. R. Hicks, who introduced the concept of intertemporal equilibrium to English-speaking economists in Value and Capital, was an admirer of Carl Menger, one of the three original Marginal Revolutionaries, crediting Menger in particular for having created an economic theory in time (see his “Time in Economics” in Collected Essays on Economic Theory, vol. II). [&hellip;]'>Hicks on Temporary Equilibrium</a></li><li><a class='rsswidget' href='https://uneasymoney.com/2024/07/21/thought-and-details-on-the-fiscal-theory-of-the-price-level/' title='The Fiscal Theory of the Price Level has been percolating among monetary theorists for over three decades: Eric Leeper being the first to offer a formalization of the idea, with Chris Sims and Michael Woodford soon contributed to its further development. But the underlying idea that the taxation power of the state is essential for […]'>Thoughts and Details on the Fiscal Theory of the Price Level</a></li><li><a class='rsswidget' href='https://uneasymoney.com/2024/06/27/my-article-ralph-hawtrey-a-forgotten-pioneer-of-macroeconomics-has-been-published-in-economic-affairs/' title='The published version of the article is now available on the Economic Afairs website https://onlinelibrary.wiley.com/toc/14680270/2024/44/2. Here’s the abstract: This article considers the contributions of Ralph Hawtrey to monetary theory and macroeconomics, focusing on his monetary business cycle theory and his monetary explanation of the Great Depression. [&hellip;]'>My Article “Ralph Hawtrey: A Forgotten Pioneer of Macroeconomics” Has Been Published in Economic Affairs</a></li><li><a class='rsswidget' href='https://uneasymoney.com/2024/04/18/my-new-paper-on-hawtrey-is-available-on-ssrn/' title='Last fall and early winter I posted a series of four blogposts (here, here, here, and here) about or related to Ralph Hawtrey as I was trying to gather my thoughts about an essay I wanted to write about Hawtrey as a largely forgotten pioneer of macroeconomics who has received the attention of two recent […]'>My New Paper on Hawtrey Is Available on SSRN</a></li><li><a class='rsswidget' href='https://uneasymoney.com/2024/02/04/t-c-koopmans-demolishes-the-phillips-curve-as-a-guide-to-policy/' title='Nobel Laureate T. C. Koopmans wrote one of the most famous economics articles of the twentieth century, “Measurement Without Theory,” a devastating review of an important, and in many ways useful and meritorious, study of business cycles by two of the fathers of empirical business-cycles research, Arthur F. Burns and Wesley C. Mitchell, Measuring Business [… [&hellip;]'>T. C. Koopmans Demolishes the Phillips Curve as a Guide to Policy</a></li><li><a class='rsswidget' href='https://uneasymoney.com/2023/12/25/mattei-misjudges-hawtrey/' title='Clara Mattei, associate professor of economics at the New School for Social Research, recently published a book, The Capital Order: How Economists Invented Austerity and Paved the Way to Fascism, (University of Chicago Press) in which she argues that the fiscal and monetary austerity imposed on Great Britain after World War I to restore the […]'>Mattei Misjudges Hawtrey</a></li><li><a class='rsswidget' href='https://uneasymoney.com/2023/12/13/hetzel-withholds-credit-from-hawtrey-for-his-monetary-explanation-of-the-great-depression/' title='In my previous post, I explained how the real-bills doctrine originally espoused by Adam Smith was later misunderstood and misapplied as a policy guide for central banking, not, as Smith understood it, as a guide for individual fractional-reserve banks. In his recent book on the history of the Federal Reserve, Robert Hetzel recounts how the […]'>Hetzel Withholds Credit from Hawtrey for his Monetary Explanation of the Great Depression</a></li></ul></div><div id="search-5" class="widget widget_search">
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1750
1751</div><div id="text-3" class="widget widget_text"><h2 class="widgettitle">About Me</h2>
1752			<div class="textwidget"><p>David Glasner<br />
1753Washington, DC</p>
1754<p>I am an economist in the Washington DC area. My research and writing has been mostly on monetary economics and policy and the history of economics. In my book <a href="https://www.amazon.com/Banking-Monetary-Reform-
1754David-Glasner/dp/0521022517/ref=sr_1_1?keywords=free+banking+and+monetary+reform&amp;qid=1636474895&amp;s=books&amp;sr=1-1"><em>Free Banking and Monetary Reform</em></a>, I argued for a non-Monetarist non-Keynesian approach to monetary policy, based on a theory of a competitive supply of money. Over the years, I have become increasingly impressed by the similarities between my approach and that of R. G. Hawtrey and hope to bring Hawtrey&#8217;s unduly neglected contributions to the attention of a wider audience.</p>
1755<p>My new book <a href="https://www.amazon.com/Studies-in-the-History-of-Monetary-Theory_-Controversies-and-Clarifications-_Palgrave-Studies-in-the-History-of-Economic-Thought_/dp/3030834255/ref=sr_1_2?crid=2L2926HE6EKZ3&amp;keywords=studies+in+the+history+of+monetary+theory&amp;qid=1636475519&amp;s=books&amp;sprefix=studies+in+the+%2Cstripbooks%2C141&amp;sr=1-2"><em>Studies in the History of Monetary Theory: Controversies and Clarifications</em></a> has been published by Palgrave Macmillan</p>
1756<p>Follow me on Twitter @david_glasner</p>
1757</div>
1758		</div>
1758<div id="archives-7" class="widget widget_archive"><h2 class="widgettitle">Archives</h2>
1759
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1761					<li><a href='https://uneasymoney.com/2026/06/'>June 2026</a>&nbsp;(1)</li>
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1840	<li><a href='https://uneasymoney.com/2016/08/'>August 2016</a>&nbsp;(3)</li>
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1847	<li><a href='https://uneasymoney.com/2016/01/'>January 2016</a>&nbsp;(4)</li>
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1850	<li><a href='https://uneasymoney.com/2015/10/'>October 2015</a>&nbsp;(4)</li>
1851	<li><a href='https://uneasymoney.com/2015/09/'>September 2015</a>&nbsp;(4)</li>
1852	<li><a href='https://uneasymoney.com/2015/08/'>August 2015</a>&nbsp;(5)</li>
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1854	<li><a href='https://uneasymoney.com/2015/06/'>June 2015</a>&nbsp;(4)</li>
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1856	<li><a href='https://uneasymoney.com/2015/04/'>April 2015</a>&nbsp;(5)</li>
1857	<li><a href='https://uneasymoney.com/2015/03/'>March 2015</a>&nbsp;(5)</li>
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1861	<li><a href='https://uneasymoney.com/2014/11/'>November 2014</a>&nbsp;(5)</li>
1862	<li><a href='https://uneasymoney.com/2014/10/'>October 2014</a>&nbsp;(7)</li>
1863	<li><a href='https://uneasymoney.com/2014/09/'>September 2014</a>&nbsp;(9)</li>
1864	<li><a href='https://uneasymoney.com/2014/08/'>August 2014</a>&nbsp;(4)</li>
1865	<li><a href='https://uneasymoney.com/2014/07/'>July 2014</a>&nbsp;(6)</li>
1866	<li><a href='https://uneasymoney.com/2014/06/'>June 2014</a>&nbsp;(3)</li>
1867	<li><a href='https://uneasymoney.com/2014/05/'>May 2014</a>&nbsp;(3)</li>
1868	<li><a href='https://uneasymoney.com/2014/04/'>April 2014</a>&nbsp;(3)</li>
1869	<li><a href='https://uneasymoney.com/2014/03/'>March 2014</a>&nbsp;(6)</li>
1870	<li><a href='https://uneasymoney.com/2014/02/'>February 2014</a>&nbsp;(8)</li>
1871	<li><a href='https://uneasymoney.com/2014/01/'>January 2014</a>&nbsp;(7)</li>
1872	<li><a href='https://uneasymoney.com/2013/12/'>December 2013</a>&nbsp;(5)</li>
1873	<li><a href='https://uneasymoney.com/2013/11/'>November 2013</a>&nbsp;(7)</li>
1874	<li><a href='https://uneasymoney.com/2013/10/'>October 2013</a>&nbsp;(10)</li>
1875	<li><a href='https://uneasymoney.com/2013/09/'>September 2013</a>&nbsp;(3)</li>
1876	<li><a href='https://uneasymoney.com/2013/08/'>August 2013</a>&nbsp;(8)</li>
1877	<li><a href='https://uneasymoney.com/2013/07/'>July 2013</a>&nbsp;(5)</li>
1878	<li><a href='https://uneasymoney.com/2013/06/'>June 2013</a>&nbsp;(8)</li>
1879	<li><a href='https://uneasymoney.com/2013/05/'>May 2013</a>&nbsp;(10)</li>
1880	<li><a href='https://uneasymoney.com/2013/04/'>April 2013</a>&nbsp;(9)</li>
1881	<li><a href='https://uneasymoney.com/2013/03/'>March 2013</a>&nbsp;(8)</li>
1882	<li><a href='https://uneasymoney.com/2013/02/'>February 2013</a>&nbsp;(8)</li>
1883	<li><a href='https://uneasymoney.com/2013/01/'>January 2013</a>&nbsp;(7)</li>
1884	<li><a href='https://uneasymoney.com/2012/12/'>December 2012</a>&nbsp;(7)</li>
1885	<li><a href='https://uneasymoney.com/2012/11/'>November 2012</a>&nbsp;(8)</li>
1886	<li><a href='https://uneasymoney.com/2012/10/'>October 2012</a>&nbsp;(6)</li>
1887	<li><a href='https://uneasymoney.com/2012/09/'>September 2012</a>&nbsp;(8)</li>
1888	<li><a href='https://uneasymoney.com/2012/08/'>August 2012</a>&nbsp;(13)</li>
1889	<li><a href='https://uneasymoney.com/2012/07/'>July 2012</a>&nbsp;(14)</li>
1890	<li><a href='https://uneasymoney.com/2012/06/'>June 2012</a>&nbsp;(20)</li>
1891	<li><a href='https://uneasymoney.com/2012/05/'>May 2012</a>&nbsp;(15)</li>
1892	<li><a href='https://uneasymoney.com/2012/04/'>April 2012</a>&nbsp;(13)</li>
1893	<li><a href='https://uneasymoney.com/2012/03/'>March 2012</a>&nbsp;(13)</li>
1894	<li><a href='https://uneasymoney.com/2012/02/'>February 2012</a>&nbsp;(12)</li>
1895	<li><a href='https://uneasymoney.com/2012/01/'>January 2012</a>&nbsp;(16)</li>
1896	<li><a href='https://uneasymoney.com/2011/12/'>December 2011</a>&nbsp;(14)</li>
1897	<li><a href='https://uneasymoney.com/2011/11/'>November 2011</a>&nbsp;(15)</li>
1898	<li><a href='https://uneasymoney.com/2011/10/'>October 2011</a>&nbsp;(19)</li>
1899	<li><a href='https://uneasymoney.com/2011/09/'>September 2011</a>&nbsp;(14)</li>
1900	<li><a href='https://uneasymoney.com/2011/08/'>August 2011</a>&nbsp;(17)</li>
1901	<li><a href='https://uneasymoney.com/2011/07/'>July 2011</a>&nbsp;(15)</li>
1902			</ul>
1903
1904			</div>
1905		<div id="recent-posts-6" class="widget widget_recent_entries">
1906		<h2 class="widgettitle">Recent Posts</h2>
1907
1908		<ul>
1909											<li>
1910					<a href="https://uneasymoney.com/2026/06/25/the-monumental-dishonesty-and-appalling-bad-faith-of-chief-justice-robertss-decision/">The Monumental Dishonesty and Appalling Bad Faith of Chief Justice Roberts&#8217;s Decision:&nbsp;
1910Updated</a>
1911									</li>
1912											<li>
1913					<a href="https://uneasymoney.com/2026/04/30/hayek-and-dworkin-on-the-meaning-of-discretion/">Hayek and Dworkin on the Meaning of&nbsp;Discretion</a>
1914									</li>
1915											<li>
1916					<a href="https://uneasymoney.com/2025/08/20/grok-karoline-leavitt-and-me/">Grok, Karoline Leavitt and&nbsp;Me</a>
1917									</li>
1918											<li>
1919					<a href="https://uneasymoney.com/2025/01/23/hicks-on-temporary-equilibrium/">Hicks on Temporary&nbsp;Equilibrium</a>
1920									</li>
1921											<li>
1922					<a href="https://uneasymoney.com/2024/07/21/thought-and-details-on-the-fiscal-theory-of-the-price-level/">Thoughts and Details on the Fiscal Theory of the Price&nbsp;Level</a>
1923									</li>
1924					</ul>
1925
1926		</div><div id="linkcat-1356" class="widget widget_links"><h2 class="widgettitle">Blogroll</h2>
1927
1928	<ul class='xoxo blogroll'>
1929<li><a href="http://delong.typepad.com">Brad DeLong</a></li>
1930<li><a href="http://cantillonblog.com">Cantillon Blog</a></li>
1931<li><a href="http://economistsview.typepad.com">Economist&#039;s View</a></li>
1932<li><a href="http://www.thefaintofheart.wordpress.com" title="Marcus Nunes">Historinhas</a></li>
1933<li><a href="http://www.noahpinionblog.blogspot.com">Noahpinion</a></li>
1934<li><a href="http://www.marketmonetarist.com">The Market Monetarist</a></li>
1935<li><a href="http://www.themoneyillusion.com">TheMoneyIllusion</a></li>
1936
1937	</ul>
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2127	<div class="grofile-hash-map-681cabc96b7eac36eefb572bf594facb">
2128	</div>
2129	</div>
2130		<!-- CCPA [start] -->
2131		
2131<script type="text/javascript">
2132			( function () {
2133
2134				var setupPrivacy = function() {
2135
2136					// Minimal Mozilla Cookie library
2137					// https://developer.mozilla.org/en-US/docs/Web/API/Document/cookie/Simple_document.cookie_framework
2138					var cookieLib = window.cookieLib = {getItem:function(e){return e&&decodeURIComponent(document.cookie.replace(new RegExp("(?:(?:^|.*;)\\s*"+encodeURIComponent(e).replace(/[\-\.\+\*]/g,"\\$&")+"\\s*\\=\\s*([^;]*).*$)|^.*$"),"$1"))||null},setItem:function(e,o,n,t,r,i){if(!e||/^(?:expires|max\-age|path|domain|secure)$/i.test(e))return!1;var c="";if(n)switch(n.constructor){case Number:c=n===1/0?"; expires=Fri, 31 Dec 9999 23:59:59 GMT":"; max-age="+n;break;case String:c="; expires="+n;break;case Date:c="; expires="+n.toUTCString()}return"rootDomain"!==r&&".rootDomain"!==r||(r=(".rootDomain"===r?".":"")+document.location.hostname.split(".").slice(-2).join(".")),document.cookie=encodeURIComponent(e)+"="+encodeURIComponent(o)+c+(r?"; domain="+r:"")+(t?"; path="+t:"")+(i?"; secure":""),!0}};
2139
2140					// Implement IAB USP API.
2141					window.__uspapi = function( command, version, callback ) {
2142
2143						// Validate callback.
2144						if ( typeof callback !== 'function' ) {
2145							return;
2146						}
2147
2148						// Validate the given command.
2149						if ( command !== 'getUSPData' || version !== 1 ) {
2150							callback( null, false );
2151							return;
2152						}
2153
2154						// Check for GPC. If set, override any stored cookie.
2155						if ( navigator.globalPrivacyControl ) {
2156							callback( { version: 1, uspString: '1YYN' }, true );
2157							return;
2158						}
2159
2160						// Check for cookie.
2161						var consent = cookieLib.getItem( 'usprivacy' );
2162
2163						// Invalid cookie.
2164						if ( null === consent ) {
2165							callback( null, false );
2166							return;
2167						}
2168
2169						// Everything checks out. Fire the provided callback with the consent data.
2170						callback( { version: 1, uspString: consent }, true );
2171					};
2172
2173					// Initialization.
2174					document.addEventListener( 'DOMContentLoaded', function() {
2175
2176						// Internal functions.
2177						var setDefaultOptInCookie = function() {
2178							var value = '1YNN';
2179							var domain = '.wordpress.com' === location.hostname.slice( -14 ) ? '.rootDomain' : location.hostname;
2180							cookieLib.setItem( 'usprivacy', value, 365 * 24 * 60 * 60, '/', domain );
2181						};
2182
2183						var setDefaultOptOutCookie = function() {
2184							var value = '1YYN';
2185							var domain = '.wordpress.com' === location.hostname.slice( -14 ) ? '.rootDomain' : location.hostname;
2186							cookieLib.setItem( 'usprivacy', value, 24 * 60 * 60, '/', domain );
2187						};
2188
2189						var setDefaultNotApplicableCookie = function() {
2190							var value = '1---';
2191							var domain = '.wordpress.com' === location.hostname.slice( -14 ) ? '.rootDomain' : location.hostname;
2192							cookieLib.setItem( 'usprivacy', value, 24 * 60 * 60, '/', domain );
2193						};
2194
2195						var setCcpaAppliesCookie = function( applies ) {
2196							var domain = '.wordpress.com' === location.hostname.slice( -14 ) ? '.rootDomain' : location.hostname;
2197							cookieLib.setItem( 'ccpa_applies', applies, 24 * 60 * 60, '/', domain );
2198						}
2199
2200						var maybeCallDoNotSellCallback = function() {
2201							if ( 'function' === typeof window.doNotSellCallback ) {
2202								return window.doNotSellCallback();
2203							}
2204
2205							return false;
2206						}
2207
2208						// Look for usprivacy cookie first.
2209						var usprivacyCookie = cookieLib.getItem( 'usprivacy' );
2210
2211						// Found a usprivacy cookie.
2212						if ( null !== usprivacyCookie ) {
2213
2214							// If the cookie indicates that CCPA does not apply, then bail.
2215							if ( '1---' === usprivacyCookie ) {
2216								return;
2217							}
2218
2219							// CCPA applies, so call our callback to add Do Not Sell link to the page.
2220							maybeCallDoNotSellCallback();
2221
2222							// We're all done, no more processing needed.
2223							return;
2224						}
2225
2226						// We don't have a usprivacy cookie, so check to see if we have a CCPA applies cookie.
2227						var ccpaCookie = cookieLib.getItem( 'ccpa_applies' );
2228
2229						// No CCPA applies cookie found, so we'll need to geolocate if this visitor is from California.
2230						// This needs to happen client side because we do not have region geo data in our $SERVER headers,
2231						// only country data -- therefore we can't vary cache on the region.
2232						if ( null === ccpaCookie ) {
2233
2234							var request = new XMLHttpRequest();
2235							request.open( 'GET', 'https://public-api.wordpress.com/geo/', true );
2236
2237							request.onreadystatechange = function () {
2238								if ( 4 === this.readyState ) {
2239									if ( 200 === this.status ) {
2240
2241										// Got a geo response. Parse out the region data.
2242										var data = JSON.parse( this.response );
2243										var region      = data.region ? data.region.toLowerCase() : '';
2244										var ccpa_applies = ['california', 'colorado', 'connecticut', 'delaware', 'indiana', 'iowa', 'montana', 'new jersey', 'oregon', 'tennessee', 'texas', 'utah', 'virginia'].indexOf( region ) > -1;
2245										// Set CCPA applies cookie. This keeps us from having to make a geo request too frequently.
2246										setCcpaAppliesCookie( ccpa_applies );
2247
2248										// Check if CCPA applies to set the proper usprivacy cookie.
2249										if ( ccpa_applies ) {
2250											if ( maybeCallDoNotSellCallback() ) {
2251												// Do Not Sell link added, so set default opt-in.
2252												setDefaultOptInCookie();
2253											} else {
2254												// Failed showing Do Not Sell link as required, so default to opt-OUT just to be safe.
2255												setDefaultOptOutCookie();
2256											}
2257										} else {
2258											// CCPA does not apply.
2259											setDefaultNotApplicableCookie();
2260										}
2261									} else {
2262										// Could not geo, so let's assume for now that CCPA applies to be safe.
2263										setCcpaAppliesCookie( true );
2264										if ( maybeCallDoNotSellCallback() ) {
2265											// Do Not Sell link added, so set default opt-in.
2266											setDefaultOptInCookie();
2267										} else {
2268											// Failed showing Do Not Sell link as required, so default to opt-OUT just to be safe.
2269											setDefaultOptOutCookie();
2270										}
2271									}
2272								}
2273							};
2274
2275							// Send the geo request.
2276							request.send();
2277						} else {
2278							// We found a CCPA applies cookie.
2279							if ( ccpaCookie === 'true' ) {
2280								if ( maybeCallDoNotSellCallback() ) {
2281									// Do Not Sell link added, so set default opt-in.
2282									setDefaultOptInCookie();
2283								} else {
2284									// Failed showing Do Not Sell link as required, so default to opt-OUT just to be safe.
2285									setDefaultOptOutCookie();
2286								}
2287							} else {
2288								// CCPA does not apply.
2289								setDefaultNotApplicableCookie();
2290							}
2291						}
2292					} );
2293				};
2294
2295				// Kickoff initialization.
2296				if ( window.defQueue && defQueue.isLOHP && defQueue.isLOHP === 2020 ) {
2297					defQueue.items.push( setupPrivacy );
2298				} else {
2299					setupPrivacy();
2300				}
2301
2302			} )();
2303		</script>
2303
2304
2305		<!-- CCPA [end] -->
2306		<div class="widget widget_eu_cookie_law_widget">
2307<div
2308	class="hide-on-button ads-active"
2309	data-hide-timeout="30"
2310	data-consent-expiration="180"
2311	id="eu-cookie-law"
2312	style="display: none"
2313>
2314	<form method="post">
2315		<input type="submit" value="Close and accept" class="accept" />
2316
2317		Privacy &amp; Cookies: This site uses cookies. By continuing to use this website, you agree to their use. <br />
2318To find out more, including how to control cookies, see here:
2319				<a href="https://automattic.com/cookies/" rel="nofollow">
2320			Cookie Policy		</a>
2321 </form>
2322</div>
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2338										<form method="post" action="https://subscribe.wordpress.com" accept-charset="utf-8" class="no-display">
2339																							<div class="actnbr-follow-count">Join 657 other subscribers</div>
2340																							<input type="email" name="email" placeholder="Want updates? Enter your email" class="actnbr-email-field" aria-label="Email address" />
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2348											Have a WordPress.com account? <a href="https://wordpress.com/log-in?redirect_to=https%3A%2F%2Fr-login.wordpress.com%2Fremote-login.php%3Faction%3Dlink%26back%3Dhttps%253A%252F%252Funeasymoney.com%252Fabout%252F">Log in now.</a>										</p>
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2356					<div class="actnbr-popover actnbr-menu" role="menu" aria-label="Site options">
2357						<div class="actnbr-menu__group" role="group"><a role="menuitem" class="actnbr-menu__item actnbr-sitename" href="https://uneasymoney.com"><img loading='lazy' alt='' src='https://secure.gravatar.com/blavatar/63388e38e12810662482423d087540a55e29613b33f026e9c456d1444dee9556?s=50&#038;d=https%3A%2F%2Fs-ssl.wordpress.com%2Fi%2Flogo%2Fwpcom-gray-white.png' srcset='https://secure.gravatar.com/blavatar/63388e38e12810662482423d087540a55e29613b33f026e9c456d1444dee9556?s=50&#038;d=https%3A%2F%2Fs-ssl.wordpress.com%2Fi%2Flogo%2Fwpcom-gray-white.png 1x, https://secure.gravatar.com/blavatar/63388e38e12810662482423d087540a55e29613b33f026e9c456d1444dee9556?s=75&#038;d=https%3A%2F%2Fs-ssl.wordpress.com%2Fi%2Flogo%2Fwpcom-gray-white.png 1.5x, https://secure.gravatar.com/blavatar/63388e38e12810662482423d087540a55e29613b33f026e9c456d1444dee9556?s=100&#038;d=https%3A%2F%2Fs-ssl.wordpress.com%2Fi%2Flogo%2Fwpcom-gray-white.png 2x, https://secure.gravatar.com/blavatar/63388e38e12810662482423d087540a55e29613b33f026e9c456d1444dee9556?s=150&#038;d=https%3A%2F%2Fs-ssl.wordpress.com%2Fi%2Flogo%2Fwpcom-gray-white.png 3x, https://secure.gravatar.com/blavatar/63388e38e12810662482423d087540a55e29613b33f026e9c456d1444dee9556?s=200&#038;d=https%3A%2F%2Fs-ssl.wordpress.com%2Fi%2Flogo%2Fwpcom-gray-white.png 4x' class='avatar avatar-50' height='50' width='50' /><span class="actnbr-menu__label">Uneasy Money</span></a></div><div class="actnbr-menu__group" role="group"><a role="menuitem" class="actnbr-menu__item actnbr-shortlink" href="https://wp.me/P1FaNi-2"><span class="actnbr-menu__label actnbr-shortlink__text">Copy shortlink</span><span class="actnbr-menu__icon actnbr-shortlink__icon"><svg class="actnbr-icon actnbr-icon-copy" width="18" height="18" viewBox="0 0 24 24" xmlns="http://www.w3.org/2000/svg" aria-hidden="true" focusable="false" fill="currentColor"><path fill-rule="evenodd" clip-rule="evenodd" d="M5 4.5h11a.5.5 0 0 1 .5.5v11a.5.5 0 0 1-.5.5H5a.5.5 0 0 1-.5-.5V5a.5.5 0 0 1 .5-.5ZM3 5a2 2 0 0 1 2-2h11a2 2 0 0 1 2 2v11a2 2 0 0 1-2 2H5a2 2 0 0 1-2-2V5Zm17 3v10.75c0 .69-.56 1.25-1.25 1.25H6v1.5h12.75a2.75 2.75 0 0 0 2.75-2.75V8H20Z"/></svg></span><span class="actnbr-menu__icon actnbr-shortlink__icon-copied"><svg class="actnbr-icon actnbr-icon-check" width="18" height="18" viewBox="0 0 24 24" xmlns="http://www.w3.org/2000/svg" aria-hidden="true" focusable="false" style="fill: none" stroke="currentColor" stroke-width="1.5"><path d="M7 12L10 15L17 8" vector-effect="non-scaling-stroke"/></svg></span></a><a role="menuitem" class="actnbr-menu__item actnbr-reader" href="https://wordpress.com/reader/blogs/24589280/posts/2"><span class="actnbr-menu__label">View post in Reader</span></a></div><div class="actnbr-menu__group" role="group"><a role="menuitem" class="actnbr-menu__item actnbr-subs" href="https://subscribe.wordpress.com/"><span class="actnbr-menu__label">Manage subscriptions</span></a><a role="menuitem" class="actnbr-menu__item actnbr-signup" href="https://wordpress.com/start/"><span class="actnbr-menu__label">Sign up</span></a><a role="menuitem" class="actnbr-menu__item actnbr-login" href="https://wordpress.com/log-in?redirect_to=https%3A%2F%2Fr-login.wordpress.com%2Fremote-login.php%3Faction%3Dlink%26back%3Dhttps%253A%252F%252Funeasymoney.com%252Fabout%252F"><span class="actnbr-menu__label">Log in</span></a></div><div class="actnbr-menu__group" role="group"><a role="menuitem" class="actnbr-menu__item flb-report" href="https://wordpress.com/abuse/?report_url=https://uneasymoney.com/about/" target="_blank" rel="noopener noreferrer"><span class="actnbr-menu__label">Report this content</span><span class="actnbr-menu__icon"><svg class="actnbr-icon actnbr-icon-external" width="18" height="18" viewBox="0 0 24 24" xmlns="http://www.w3.org/2000/svg" aria-hidden="true" focusable="false" fill="currentColor"><path d="M19.5 4.5h-7V6h4.44l-5.97 5.97 1.06 1.06L18 7.06v4.44h1.5v-7Zm-13 1a2 2 0 0 0-2 2v10a2 2 0 0 0 2 2h10a2 2 0 0 0 2-2v-3H17v3a.5.5 0 0 1-.5.5h-10a.5.5 0 0 1-.5-.5v-10a.5.5 0 0 1 .5-.5h3V5.5h-3Z"/></svg></span></a></div><div class="actnbr-menu__group" role="group"><a role="menuitem" class="actnbr-menu__item actnbr-fold" href=""><span class="actnbr-menu__label">Collapse this bar</span></a></div>					</div>
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