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 -->
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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='; 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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 { 102 var opendb = window.openDatabase( null, null, null, null ); 103 } catch( e ) { 104 private_window = true; 105 } 106 107 if ( private_window ) { 108 console.log( 'private window' ); 109 return; 110 } 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>
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540 </div> <!-- #post-ID --> 541 542 <div class="comments"> 543 544 <h4><span id="comments">59</span> Responses to “About”</h4> 545 546 <div class="metalinks"> 547 <span class="commentsrsslink"><a href="https://uneasymoney.com/about/feed/">Feed for this Entry</a></span> 548 <span class="trackbacklink"><a href="https://uneasymoney.com/about/trackback/" title="Copy this URI to trackback this entry.">Trackback Address</a></span> </div> 549 <hr /> 550 551 <ol id="commentlist"> 552 <li class="comment even thread-even depth-1" id="comment-85"> 553 <div id="div-comment-85"> 554 <span class="comment-author vcard"> 555 <img referrerpolicy="no-referrer" alt='JP Koning's avatar' src='https://2.gravatar.com/avatar/b1c60ef6f3396b667b3ddb7d16bcf2572060345ba6674ddc4beec0bc46234735?s=48&d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&r=G' srcset='https://2.gravatar.com/avatar/b1c60ef6f3396b667b3ddb7d16bcf2572060345ba6674ddc4beec0bc46234735?s=48&d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&r=G 1x, https://2.gravatar.com/avatar/b1c60ef6f3396b667b3ddb7d16bcf2572060345ba6674ddc4beec0bc46234735?s=72&d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&r=G 1.5x, https://2.gravatar.com/avatar/b1c60ef6f3396b667b3ddb7d16bcf2572060345ba6674ddc4beec0bc46234735?s=96&d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&r=G 2x, https://2.gravatar.com/avatar/b1c60ef6f3396b667b3ddb7d16bcf2572060345ba6674ddc4beec0bc46234735?s=144&d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&r=G 3x, https://2.gravatar.com/avatar/b1c60ef6f3396b667b3ddb7d16bcf2572060345ba6674ddc4beec0bc46234735?s=192&d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&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&_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> 564 </div> 565 566 567 <div class="reply"> 568 </div> 569 </div> 570</li><!-- #comment-## --> 571<li class="comment byuser comment-author-uneasymoney848 bypostauthor odd alt thread-odd thread-alt depth-1" id="comment-88"> 572 <div id="div-comment-88"> 573 <span class="comment-author vcard"> 574 <img referrerpolicy="no-referrer" alt='David Glasner's avatar' src='https://2.gravatar.com/avatar/e5ab3840011b8eb190b467c47ec5b8f503773de5530f505da69d487acd43fde2?s=48&d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&r=G' srcset='https://2.gravatar.com/avatar/e5ab3840011b8eb190b467c47ec5b8f503773de5530f505da69d487acd43fde2?s=48&d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&r=G 1x, https://2.gravatar.com/avatar/e5ab3840011b8eb190b467c47ec5b8f503773de5530f505da69d487acd43fde2?s=72&d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&r=G 1.5x, https://2.gravatar.com/avatar/e5ab3840011b8eb190b467c47ec5b8f503773de5530f505da69d487acd43fde2?s=96&d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&r=G 2x, https://2.gravatar.com/avatar/e5ab3840011b8eb190b467c47ec5b8f503773de5530f505da69d487acd43fde2?s=144&d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&r=G 3x, https://2.gravatar.com/avatar/e5ab3840011b8eb190b467c47ec5b8f503773de5530f505da69d487acd43fde2?s=192&d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&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’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&ie=UTF8&qid=1310402144&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&ie=UTF8&qid=1310402533&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’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&s=books&qid=1310403876&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’s commentary on Keynes’s <em>General Theory</em> as well as on Hayek’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&_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> 583 </div> 584 585 586 <div class="reply"> 587 </div> 588 </div> 589</li><!-- #comment-## --> 590<li class="comment even thread-even depth-1" id="comment-184"> 591 <div id="div-comment-184"> 592 <span class="comment-author vcard"> 593 <img referrerpolicy="no-referrer" alt='David Blake's avatar' src='https://1.gravatar.com/avatar/7f4b82896eb5acaebd8e84ac614420c92d4682cb3e01af5239f7b0f917a6f41b?s=48&d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&r=G' srcset='https://1.gravatar.com/avatar/7f4b82896eb5acaebd8e84ac614420c92d4682cb3e01af5239f7b0f917a6f41b?s=48&d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&r=G 1x, https://1.gravatar.com/avatar/7f4b82896eb5acaebd8e84ac614420c92d4682cb3e01af5239f7b0f917a6f41b?s=72&d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&r=G 1.5x, https://1.gravatar.com/avatar/7f4b82896eb5acaebd8e84ac614420c92d4682cb3e01af5239f7b0f917a6f41b?s=96&d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&r=G 2x, https://1.gravatar.com/avatar/7f4b82896eb5acaebd8e84ac614420c92d4682cb3e01af5239f7b0f917a6f41b?s=144&d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&r=G 3x, https://1.gravatar.com/avatar/7f4b82896eb5acaebd8e84ac614420c92d4682cb3e01af5239f7b0f917a6f41b?s=192&d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&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> 598 599 <div class="comment-content"> 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&_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> 602 </div> 603 604 605 <div class="reply"> 606 </div> 607 </div> 608</li><!-- #comment-## --> 609<li class="comment odd alt thread-odd thread-alt depth-1" id="comment-186"> 610 <div id="div-comment-186"> 611 <span class="comment-author vcard"> 612 <img referrerpolicy="no-referrer" alt='mcmikep's avatar' src='https://2.gravatar.com/avatar/2d15f4999746a8b4b76f730ed67ebb3650c1b085194536e5ff049b77a372f53b?s=48&d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&r=G' srcset='https://2.gravatar.com/avatar/2d15f4999746a8b4b76f730ed67ebb3650c1b085194536e5ff049b77a372f53b?s=48&d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&r=G 1x, https://2.gravatar.com/avatar/2d15f4999746a8b4b76f730ed67ebb3650c1b085194536e5ff049b77a372f53b?s=72&d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&r=G 1.5x, https://2.gravatar.com/avatar/2d15f4999746a8b4b76f730ed67ebb3650c1b085194536e5ff049b77a372f53b?s=96&d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&r=G 2x, https://2.gravatar.com/avatar/2d15f4999746a8b4b76f730ed67ebb3650c1b085194536e5ff049b77a372f53b?s=144&d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&r=G 3x, https://2.gravatar.com/avatar/2d15f4999746a8b4b76f730ed67ebb3650c1b085194536e5ff049b77a372f53b?s=192&d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&r=G 4x' class='avatar avatar-48' height='48' width='48' loading='lazy' decoding='async' /> <a href="#comment-186" class="counter" title="Permanent Link to this Comment">4</a> 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’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&_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> 621 </div> 622 623 624 <div class="reply"> 625 </div> 626 </div> 627</li><!-- #comment-## --> 628<li class="comment even thread-even depth-1" id="comment-597"> 629 <div id="div-comment-597"> 630 <span class="comment-author vcard"> 631 <img referrerpolicy="no-referrer" alt='Patrick Deutscher's avatar' src='https://2.gravatar.com/avatar/8bf4f54810c05a1f3fcc2061b1c49aba1c11b18e7675a6de62dccf96790af1d6?s=48&d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&r=G' srcset='https://2.gravatar.com/avatar/8bf4f54810c05a1f3fcc2061b1c49aba1c11b18e7675a6de62dccf96790af1d6?s=48&d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&r=G 1x, https://2.gravatar.com/avatar/8bf4f54810c05a1f3fcc2061b1c49aba1c11b18e7675a6de62dccf96790af1d6?s=72&d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&r=G 1.5x, https://2.gravatar.com/avatar/8bf4f54810c05a1f3fcc2061b1c49aba1c11b18e7675a6de62dccf96790af1d6?s=96&d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&r=G 2x, https://2.gravatar.com/avatar/8bf4f54810c05a1f3fcc2061b1c49aba1c11b18e7675a6de62dccf96790af1d6?s=144&d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&r=G 3x, https://2.gravatar.com/avatar/8bf4f54810c05a1f3fcc2061b1c49aba1c11b18e7675a6de62dccf96790af1d6?s=192&d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&r=G 4x' class='avatar avatar-48' height='48' width='48' loading='lazy' decoding='async' /> <a href="#comment-597" class="counter" title="Permanent Link to this Comment">5</a> 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’m very happy to see your posts and that you are also drawing attention to Hawtrey’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’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&_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> 640 </div> 641 642 643 <div class="reply"> 644 </div> 645 </div> 646</li><!-- #comment-## --> 647<li class="comment byuser comment-author-realcurrencies odd alt thread-odd thread-alt depth-1" id="comment-3407"> 648 <div id="div-comment-3407"> 649 <span class="comment-author vcard"> 650 <img referrerpolicy="no-referrer" alt='Anthony Migchels's avatar' src='https://2.gravatar.com/avatar/e7b765e96f89d9249aa1459cde92d54657defd8758e9dd7adb4a025d3722e80e?s=48&d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&r=G' srcset='https://2.gravatar.com/avatar/e7b765e96f89d9249aa1459cde92d54657defd8758e9dd7adb4a025d3722e80e?s=48&d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&r=G 1x, https://2.gravatar.com/avatar/e7b765e96f89d9249aa1459cde92d54657defd8758e9dd7adb4a025d3722e80e?s=72&d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&r=G 1.5x, https://2.gravatar.com/avatar/e7b765e96f89d9249aa1459cde92d54657defd8758e9dd7adb4a025d3722e80e?s=96&d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&r=G 2x, https://2.gravatar.com/avatar/e7b765e96f89d9249aa1459cde92d54657defd8758e9dd7adb4a025d3722e80e?s=144&d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&r=G 3x, https://2.gravatar.com/avatar/e7b765e96f89d9249aa1459cde92d54657defd8758e9dd7adb4a025d3722e80e?s=192&d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&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’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’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="“On Interest” — 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’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&_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> 669 </div> 670 671 672 <div class="reply"> 673 </div> 674 </div> 675</li><!-- #comment-## --> 676<li class="comment byuser comment-author-uneasymoney848 bypostauthor even thread-even depth-1" id="comment-3439"> 677 <div id="div-comment-3439"> 678 <span class="comment-author vcard"> 679 <img referrerpolicy="no-referrer" alt='David Glasner's avatar' src='https://2.gravatar.com/avatar/e5ab3840011b8eb190b467c47ec5b8f503773de5530f505da69d487acd43fde2?s=48&d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&r=G' srcset='https://2.gravatar.com/avatar/e5ab3840011b8eb190b467c47ec5b8f503773de5530f505da69d487acd43fde2?s=48&d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&r=G 1x, https://2.gravatar.com/avatar/e5ab3840011b8eb190b467c47ec5b8f503773de5530f505da69d487acd43fde2?s=72&d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&r=G 1.5x, https://2.gravatar.com/avatar/e5ab3840011b8eb190b467c47ec5b8f503773de5530f505da69d487acd43fde2?s=96&d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&r=G 2x, https://2.gravatar.com/avatar/e5ab3840011b8eb190b467c47ec5b8f503773de5530f505da69d487acd43fde2?s=144&d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&r=G 3x, https://2.gravatar.com/avatar/e5ab3840011b8eb190b467c47ec5b8f503773de5530f505da69d487acd43fde2?s=192&d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&r=G 4x' class='avatar avatar-48' height='48' width='48' loading='lazy' decoding='async' /> <a href="#comment-3439" class="counter" title="Permanent Link to this Comment">7</a> 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’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’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&_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> 688 </div> 689 690 691 <div class="reply"> 692 </div> 693 </div> 694</li><!-- #comment-## --> 695<li class="comment byuser comment-author-realcurrencies odd alt thread-odd thread-alt depth-1" id="comment-3440"> 696 <div id="div-comment-3440"> 697 <span class="comment-author vcard"> 698 <img referrerpolicy="no-referrer" alt='Anthony Migchels's avatar' src='https://2.gravatar.com/avatar/e7b765e96f89d9249aa1459cde92d54657defd8758e9dd7adb4a025d3722e80e?s=48&d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&r=G' srcset='https://2.gravatar.com/avatar/e7b765e96f89d9249aa1459cde92d54657defd8758e9dd7adb4a025d3722e80e?s=48&d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&r=G 1x, https://2.gravatar.com/avatar/e7b765e96f89d9249aa1459cde92d54657defd8758e9dd7adb4a025d3722e80e?s=72&d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&r=G 1.5x, https://2.gravatar.com/avatar/e7b765e96f89d9249aa1459cde92d54657defd8758e9dd7adb4a025d3722e80e?s=96&d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&r=G 2x, https://2.gravatar.com/avatar/e7b765e96f89d9249aa1459cde92d54657defd8758e9dd7adb4a025d3722e80e?s=144&d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&r=G 3x, https://2.gravatar.com/avatar/e7b765e96f89d9249aa1459cde92d54657defd8758e9dd7adb4a025d3722e80e?s=192&d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&r=G 4x' class='avatar avatar-48' height='48' width='48' loading='lazy' decoding='async' /> <a href="#comment-3440" class="counter" title="Permanent Link to this Comment">8</a> 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’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’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&_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> 709 </div> 710 711 712 <div class="reply"> 713 </div> 714 </div> 715</li><!-- #comment-## --> 716<li class="comment byuser comment-author-uneasymoney848 bypostauthor even thread-even depth-1" id="comment-3462"> 717 <div id="div-comment-3462"> 718 <span class="comment-author vcard"> 719 <img referrerpolicy="no-referrer" alt='David Glasner's avatar' src='https://2.gravatar.com/avatar/e5ab3840011b8eb190b467c47ec5b8f503773de5530f505da69d487acd43fde2?s=48&d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&r=G' srcset='https://2.gravatar.com/avatar/e5ab3840011b8eb190b467c47ec5b8f503773de5530f505da69d487acd43fde2?s=48&d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&r=G 1x, https://2.gravatar.com/avatar/e5ab3840011b8eb190b467c47ec5b8f503773de5530f505da69d487acd43fde2?s=72&d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&r=G 1.5x, https://2.gravatar.com/avatar/e5ab3840011b8eb190b467c47ec5b8f503773de5530f505da69d487acd43fde2?s=96&d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&r=G 2x, https://2.gravatar.com/avatar/e5ab3840011b8eb190b467c47ec5b8f503773de5530f505da69d487acd43fde2?s=144&d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&r=G 3x, https://2.gravatar.com/avatar/e5ab3840011b8eb190b467c47ec5b8f503773de5530f505da69d487acd43fde2?s=192&d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&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’s adviser’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&_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> 728 </div> 729 730 731 <div class="reply"> 732 </div> 733 </div> 734</li><!-- #comment-## --> 735<li class="comment odd alt thread-odd thread-alt depth-1" id="comment-3992"> 736 <div id="div-comment-3992"> 737 <span class="comment-author vcard"> 738 <img referrerpolicy="no-referrer" alt='daniel's avatar' src='https://2.gravatar.com/avatar/b13a6aaddb4a14239398a44494999cfa2c2318cce88308ab52da774fc10a2024?s=48&d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&r=G' srcset='https://2.gravatar.com/avatar/b13a6aaddb4a14239398a44494999cfa2c2318cce88308ab52da774fc10a2024?s=48&d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&r=G 1x, https://2.gravatar.com/avatar/b13a6aaddb4a14239398a44494999cfa2c2318cce88308ab52da774fc10a2024?s=72&d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&r=G 1.5x, https://2.gravatar.com/avatar/b13a6aaddb4a14239398a44494999cfa2c2318cce88308ab52da774fc10a2024?s=96&d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&r=G 2x, https://2.gravatar.com/avatar/b13a6aaddb4a14239398a44494999cfa2c2318cce88308ab52da774fc10a2024?s=144&d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&r=G 3x, https://2.gravatar.com/avatar/b13a6aaddb4a14239398a44494999cfa2c2318cce88308ab52da774fc10a2024?s=192&d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&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’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’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 “re-blowing the bubble” and for “allowing deleveraging”
745. Then you have guys like Plosser wondering on TV today whether how more inflation could boost employment. Wouldn’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&_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> 747 </div> 748 749 750 <div class="reply"> 751 </div> 752 </div> 753</li><!-- #comment-## --> 754<li class="comment byuser comment-author-uneasymoney848 bypostauthor even thread-even depth-1" id="comment-4015"> 755 <div id="div-comment-4015"> 756 <span class="comment-author vcard"> 757 <img referrerpolicy="no-referrer" alt='David Glasner's avatar' src='https://2.gravatar.com/avatar/e5ab3840011b8eb190b467c47ec5b8f503773de5530f505da69d487acd43fde2?s=48&d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&r=G' srcset='https://2.gravatar.com/avatar/e5ab3840011b8eb190b467c47ec5b8f503773de5530f505da69d487acd43fde2?s=48&d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&r=G 1x, https://2.gravatar.com/avatar/e5ab3840011b8eb190b467c47ec5b8f503773de5530f505da69d487acd43fde2?s=72&d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&r=G 1.5x, https://2.gravatar.com/avatar/e5ab3840011b8eb190b467c47ec5b8f503773de5530f505da69d487acd43fde2?s=96&d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&r=G 2x, https://2.gravatar.com/avatar/e5ab3840011b8eb190b467c47ec5b8f503773de5530f505da69d487acd43fde2?s=144&d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&r=G 3x, https://2.gravatar.com/avatar/e5ab3840011b8eb190b467c47ec5b8f503773de5530f505da69d487acd43fde2?s=192&d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&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&_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> 766 </div> 767 768 769 <div class="reply"> 770 </div> 771 </div> 772</li><!-- #comment-## --> 773<li class="comment odd alt thread-odd thread-alt depth-1" id="comment-4101"> 774 <div id="div-comment-4101"> 775 <span class="comment-author vcard"> 776 <img referrerpolicy="no-referrer" alt='I Miss Nixon's avatar' src='https://2.gravatar.com/avatar/52b19a6996ad3bc3f5926d4c3e2fb10056a337ae59d20065cfec2e9f2d1bd792?s=48&d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&r=G' srcset='https://2.gravatar.com/avatar/52b19a6996ad3bc3f5926d4c3e2fb10056a337ae59d20065cfec2e9f2d1bd792?s=48&d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&r=G 1x, https://2.gravatar.com/avatar/52b19a6996ad3bc3f5926d4c3e2fb10056a337ae59d20065cfec2e9f2d1bd792?s=72&d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&r=G 1.5x, https://2.gravatar.com/avatar/52b19a6996ad3bc3f5926d4c3e2fb10056a337ae59d20065cfec2e9f2d1bd792?s=96&d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&r=G 2x, https://2.gravatar.com/avatar/52b19a6996ad3bc3f5926d4c3e2fb10056a337ae59d20065cfec2e9f2d1bd792?s=144&d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&r=G 3x, https://2.gravatar.com/avatar/52b19a6996ad3bc3f5926d4c3e2fb10056a337ae59d20065cfec2e9f2d1bd792?s=192&d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&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 âthe inherent instability of creditâ</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&_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> 787 788 789 <div class="reply"> 790 </div> 791 </div> 792</li><!-- #comment-## --> 793<li class="comment even thread-even depth-1" id="comment-4431"> 794 <div id="div-comment-4431"> 795 <span class="comment-author vcard"> 796 <img referrerpolicy="no-referrer" alt='Jim Caton's avatar' src='https://2.gravatar.com/avatar/ee7f47d69dcaafb3d0c087f26cf9c271b827e02d78ce4cfa4f309bfe6b2565d2?s=48&d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&r=G' srcset='https://2.gravatar.com/avatar/ee7f47d69dcaafb3d0c087f26cf9c271b827e02d78ce4cfa4f309bfe6b2565d2?s=48&d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&r=G 1x, https://2.gravatar.com/avatar/ee7f47d69dcaafb3d0c087f26cf9c271b827e02d78ce4cfa4f309bfe6b2565d2?s=72&d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&r=G 1.5x, https://2.gravatar.com/avatar/ee7f47d69dcaafb3d0c087f26cf9c271b827e02d78ce4cfa4f309bfe6b2565d2?s=96&d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&r=G 2x, https://2.gravatar.com/avatar/ee7f47d69dcaafb3d0c087f26cf9c271b827e02d78ce4cfa4f309bfe6b2565d2?s=144&d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&r=G 3x, https://2.gravatar.com/avatar/ee7f47d69dcaafb3d0c087f26cf9c271b827e02d78ce4cfa4f309bfe6b2565d2?s=192&d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&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 “gold-fetters” 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&_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> 809 </div> 810 811 812 <div class="reply"> 813 </div> 814 </div> 815</li><!-- #comment-## --> 816<li class="comment byuser comment-author-uneasymoney848 bypostauthor odd alt thread-odd thread-alt depth-1" id="comment-4433"> 817 <div id="div-comment-4433"> 818 <span class="comment-author vcard"> 819 <img referrerpolicy="no-referrer" alt='David Glasner's avatar' src='https://2.gravatar.com/avatar/e5ab3840011b8eb190b467c47ec5b8f503773de5530f505da69d487acd43fde2?s=48&d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&r=G' srcset='https://2.gravatar.com/avatar/e5ab3840011b8eb190b467c47ec5b8f503773de5530f505da69d487acd43fde2?s=48&d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&r=G 1x, https://2.gravatar.com/avatar/e5ab3840011b8eb190b467c47ec5b8f503773de5530f505da69d487acd43fde2?s=72&d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&r=G 1.5x, https://2.gravatar.com/avatar/e5ab3840011b8eb190b467c47ec5b8f503773de5530f505da69d487acd43fde2?s=96&d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&r=G 2x, https://2.gravatar.com/avatar/e5ab3840011b8eb190b467c47ec5b8f503773de5530f505da69d487acd43fde2?s=144&d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&r=G 3x, https://2.gravatar.com/avatar/e5ab3840011b8eb190b467c47ec5b8f503773de5530f505da69d487acd43fde2?s=192&d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&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&_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> 828 </div> 829 830 831 <div class="reply"> 832 </div> 833 </div> 834</li><!-- #comment-## --> 835<li class="comment even thread-even depth-1" id="comment-4434"> 836 <div id="div-comment-4434"> 837 <span class="comment-author vcard"> 838 <img referrerpolicy="no-referrer" alt='Jim Caton's avatar' src='https://2.gravatar.com/avatar/ee7f47d69dcaafb3d0c087f26cf9c271b827e02d78ce4cfa4f309bfe6b2565d2?s=48&d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&r=G' srcset='https://2.gravatar.com/avatar/ee7f47d69dcaafb3d0c087f26cf9c271b827e02d78ce4cfa4f309bfe6b2565d2?s=48&d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&r=G 1x, https://2.gravatar.com/avatar/ee7f47d69dcaafb3d0c087f26cf9c271b827e02d78ce4cfa4f309bfe6b2565d2?s=72&d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&r=G 1.5x, https://2.gravatar.com/avatar/ee7f47d69dcaafb3d0c087f26cf9c271b827e02d78ce4cfa4f309bfe6b2565d2?s=96&d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&r=G 2x, https://2.gravatar.com/avatar/ee7f47d69dcaafb3d0c087f26cf9c271b827e02d78ce4cfa4f309bfe6b2565d2?s=144&d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&r=G 3x, https://2.gravatar.com/avatar/ee7f47d69dcaafb3d0c087f26cf9c271b827e02d78ce4cfa4f309bfe6b2565d2?s=192&d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&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&_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> 847 </div> 848 849 850 <div class="reply"> 851 </div> 852 </div> 853</li><!-- #comment-## --> 854<li class="comment odd alt thread-odd thread-alt depth-1" id="comment-4669"> 855 <div id="div-comment-4669"> 856 <span class="comment-author vcard"> 857 <img referrerpolicy="no-referrer" alt='Blue Aurora's avatar' src='https://2.gravatar.com/avatar/b39f6097b63071fa6c422316033cfdde0aebc937bbddd977f716feeb705a139d?s=48&d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&r=G' srcset='https://2.gravatar.com/avatar/b39f6097b63071fa6c422316033cfdde0aebc937bbddd977f716feeb705a139d?s=48&d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&r=G 1x, https://2.gravatar.com/avatar/b39f6097b63071fa6c422316033cfdde0aebc937bbddd977f716feeb705a139d?s=72&d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&r=G 1.5x, https://2.gravatar.com/avatar/b39f6097b63071fa6c422316033cfdde0aebc937bbddd977f716feeb705a139d?s=96&d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&r=G 2x, https://2.gravatar.com/avatar/b39f6097b63071fa6c422316033cfdde0aebc937bbddd977f716feeb705a139d?s=144&d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&r=G 3x, https://2.gravatar.com/avatar/b39f6097b63071fa6c422316033cfdde0aebc937bbddd977f716feeb705a139d?s=192&d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&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’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’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&_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> 866 </div> 867 868 869 <div class="reply"> 870 </div> 871 </div> 872</li><!-- #comment-## --> 873<li class="comment even thread-even depth-1" id="comment-4824"> 874 <div id="div-comment-4824"> 875 <span class="comment-author vcard"> 876 <img referrerpolicy="no-referrer" alt='Jim Caton's avatar' src='https://2.gravatar.com/avatar/ee7f47d69dcaafb3d0c087f26cf9c271b827e02d78ce4cfa4f309bfe6b2565d2?s=48&d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&r=G' srcset='https://2.gravatar.com/avatar/ee7f47d69dcaafb3d0c087f26cf9c271b827e02d78ce4cfa4f309bfe6b2565d2?s=48&d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&r=G 1x, https://2.gravatar.com/avatar/ee7f47d69dcaafb3d0c087f26cf9c271b827e02d78ce4cfa4f309bfe6b2565d2?s=72&d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&r=G 1.5x, https://2.gravatar.com/avatar/ee7f47d69dcaafb3d0c087f26cf9c271b827e02d78ce4cfa4f309bfe6b2565d2?s=96&d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&r=G 2x, https://2.gravatar.com/avatar/ee7f47d69dcaafb3d0c087f26cf9c271b827e02d78ce4cfa4f309bfe6b2565d2?s=144&d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&r=G 3x, https://2.gravatar.com/avatar/ee7f47d69dcaafb3d0c087f26cf9c271b827e02d78ce4cfa4f309bfe6b2565d2?s=192&d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&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’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&_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> 889 </div> 890 891 892 <div class="reply"> 893 </div> 894 </div> 895</li><!-- #comment-## --> 896<li class="comment byuser comment-author-uneasymoney848 bypostauthor odd alt thread-odd thread-alt depth-1" id="comment-4868"> 897 <div id="div-comment-4868"> 898 <span class="comment-author vcard"> 899 <img referrerpolicy="no-referrer" alt='David Glasner's avatar' src='https://2.gravatar.com/avatar/e5ab3840011b8eb190b467c47ec5b8f503773de5530f505da69d487acd43fde2?s=48&d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&r=G' srcset='https://2.gravatar.com/avatar/e5ab3840011b8eb190b467c47ec5b8f503773de5530f505da69d487acd43fde2?s=48&d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&r=G 1x, https://2.gravatar.com/avatar/e5ab3840011b8eb190b467c47ec5b8f503773de5530f505da69d487acd43fde2?s=72&d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&r=G 1.5x, https://2.gravatar.com/avatar/e5ab3840011b8eb190b467c47ec5b8f503773de5530f505da69d487acd43fde2?s=96&d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&r=G 2x, https://2.gravatar.com/avatar/e5ab3840011b8eb190b467c47ec5b8f503773de5530f505da69d487acd43fde2?s=144&d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&r=G 3x, https://2.gravatar.com/avatar/e5ab3840011b8eb190b467c47ec5b8f503773de5530f505da69d487acd43fde2?s=192&d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&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. Iâve never posted any book reviews on Amazon. Iâm 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 canât 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&_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> 910 911 912 <div class="reply"> 913 </div> 914 </div> 915</li><!-- #comment-## --> 916<li class="comment even thread-even depth-1" id="comment-9015"> 917 <div id="div-comment-9015"> 918 <span class="comment-author vcard"> 919 <img referrerpolicy="no-referrer" alt='andrew's avatar' src='https://2.gravatar.com/avatar/22fc1d252af28da79f3f565495b65893e215b64d4f322a8083688139d8b12ad8?s=48&d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&r=G' srcset='https://2.gravatar.com/avatar/22fc1d252af28da79f3f565495b65893e215b64d4f322a8083688139d8b12ad8?s=48&d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&r=G 1x, https://2.gravatar.com/avatar/22fc1d252af28da79f3f565495b65893e215b64d4f322a8083688139d8b12ad8?s=72&d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&r=G 1.5x, https://2.gravatar.com/avatar/22fc1d252af28da79f3f565495b65893e215b64d4f322a8083688139d8b12ad8?s=96&d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&r=G 2x, https://2.gravatar.com/avatar/22fc1d252af28da79f3f565495b65893e215b64d4f322a8083688139d8b12ad8?s=144&d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&r=G 3x, https://2.gravatar.com/avatar/22fc1d252af28da79f3f565495b65893e215b64d4f322a8083688139d8b12ad8?s=192&d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&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&_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> 936</li><!-- #comment-## --> 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's avatar' src='https://2.gravatar.com/avatar/e5ab3840011b8eb190b467c47ec5b8f503773de5530f505da69d487acd43fde2?s=48&d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&r=G' srcset='https://2.gravatar.com/avatar/e5ab3840011b8eb190b467c47ec5b8f503773de5530f505da69d487acd43fde2?s=48&d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&r=G 1x, https://2.gravatar.com/avatar/e5ab3840011b8eb190b467c47ec5b8f503773de5530f505da69d487acd43fde2?s=72&d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&r=G 1.5x, https://2.gravatar.com/avatar/e5ab3840011b8eb190b467c47ec5b8f503773de5530f505da69d487acd43fde2?s=96&d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&r=G 2x, https://2.gravatar.com/avatar/e5ab3840011b8eb190b467c47ec5b8f503773de5530f505da69d487acd43fde2?s=144&d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&r=G 3x, https://2.gravatar.com/avatar/e5ab3840011b8eb190b467c47ec5b8f503773de5530f505da69d487acd43fde2?s=192&d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&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’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&_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> 950 951 952 <div class="reply"> 953 </div> 954 </div> 955</li><!-- #comment-## --> 956<li class="comment even thread-even depth-1" id="comment-9452"> 957 <div id="div-comment-9452"> 958 <span class="comment-author vcard"> 959 <img referrerpolicy="no-referrer" alt='andrew's avatar' src='https://2.gravatar.com/avatar/22fc1d252af28da79f3f565495b65893e215b64d4f322a8083688139d8b12ad8?s=48&d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&r=G' srcset='https://2.gravatar.com/avatar/22fc1d252af28da79f3f565495b65893e215b64d4f322a8083688139d8b12ad8?s=48&d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&r=G 1x, https://2.gravatar.com/avatar/22fc1d252af28da79f3f565495b65893e215b64d4f322a8083688139d8b12ad8?s=72&d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&r=G 1.5x, https://2.gravatar.com/avatar/22fc1d252af28da79f3f565495b65893e215b64d4f322a8083688139d8b12ad8?s=96&d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&r=G 2x, https://2.gravatar.com/avatar/22fc1d252af28da79f3f565495b65893e215b64d4f322a8083688139d8b12ad8?s=144&d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&r=G 3x, https://2.gravatar.com/avatar/22fc1d252af28da79f3f565495b65893e215b64d4f322a8083688139d8b12ad8?s=192&d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&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>“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.”</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&_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> 970 971 972 <div class="reply"> 973 </div> 974 </div> 975</li><!-- #comment-## --> 976<li class="comment odd alt thread-odd thread-alt depth-1" id="comment-9871"> 977 <div id="div-comment-9871"> 978 <span class="comment-author vcard"> 979 <img referrerpolicy="no-referrer" alt='Cassandra's avatar' src='https://2.gravatar.com/avatar/8ea1aafcf25337045326ca2aac5b6b17166a6377115f7ffc084b8a1e320d9d49?s=48&d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&r=G' srcset='https://2.gravatar.com/avatar/8ea1aafcf25337045326ca2aac5b6b17166a6377115f7ffc084b8a1e320d9d49?s=48&d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&r=G 1x, https://2.gravatar.com/avatar/8ea1aafcf25337045326ca2aac5b6b17166a6377115f7ffc084b8a1e320d9d49?s=72&d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&r=G 1.5x, https://2.gravatar.com/avatar/8ea1aafcf25337045326ca2aac5b6b17166a6377115f7ffc084b8a1e320d9d49?s=96&d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&r=G 2x, https://2.gravatar.com/avatar/8ea1aafcf25337045326ca2aac5b6b17166a6377115f7ffc084b8a1e320d9d49?s=144&d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&r=G 3x, https://2.gravatar.com/avatar/8ea1aafcf25337045326ca2aac5b6b17166a6377115f7ffc084b8a1e320d9d49?s=192&d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&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 – making “Uneasy Money”an inspiring place to visit. I am truly grateful.<br /> 988“Cassie”</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&_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> 991 992 993 <div class="reply"> 994 </div> 995 </div> 996</li><!-- #comment-## --> 997<li class="comment even thread-even depth-1" id="comment-11448"> 998 <div id="div-comment-11448"> 999 <span class="comment-author vcard"> 1000 <img referrerpolicy="no-referrer" alt='Scott Supak's avatar' src='https://2.gravatar.com/avatar/2319696b9ab47e80056805cbc7fdbf945332af015563c1b3dc26371b3f9719ea?s=48&d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&r=G' srcset='https://2.gravatar.com/avatar/2319696b9ab47e80056805cbc7fdbf945332af015563c1b3dc26371b3f9719ea?s=48&d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&r=G 1x, https://2.gravatar.com/avatar/2319696b9ab47e80056805cbc7fdbf945332af015563c1b3dc26371b3f9719ea?s=72&d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&r=G 1.5x, https://2.gravatar.com/avatar/2319696b9ab47e80056805cbc7fdbf945332af015563c1b3dc26371b3f9719ea?s=96&d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&r=G 2x, https://2.gravatar.com/avatar/2319696b9ab47e80056805cbc7fdbf945332af015563c1b3dc26371b3f9719ea?s=144&d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&r=G 3x, https://2.gravatar.com/avatar/2319696b9ab47e80056805cbc7fdbf945332af015563c1b3dc26371b3f9719ea?s=192&d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&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 Law?</a></p></blockquote> 1009<p><iframe class="wp-embedded-content" sandbox="allow-scripts" security="restricted" style="position: absolute; visibility: hidden;" title="“Is the Fed Breaking the Law?” — 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’ve mentioned this tell me it’s a shame that more people don’t understand it, especially considering that the 3 month treasury is currently 0.10. You don’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&_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> 1012 </div> 1013 1014 1015 <div class="reply"> 1016 </div> 1017 </div> 1018</li><!-- #comment-## --> 1019<li class="comment odd alt thread-odd thread-alt depth-1" id="comment-12622"> 1020 <div id="div-comment-12622"> 1021 <span class="comment-author vcard"> 1022 <img referrerpolicy="no-referrer" alt='jcesguerraJCE's avatar' src='https://0.gravatar.com/avatar/0159c88c78fe35fc44e14dbc931f833c03537349407b4f3a04a782a359b339da?s=48&d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&r=G' srcset='https://0.gravatar.com/avatar/0159c88c78fe35fc44e14dbc931f833c03537349407b4f3a04a782a359b339da?s=48&d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&r=G 1x, https://0.gravatar.com/avatar/0159c88c78fe35fc44e14dbc931f833c03537349407b4f3a04a782a359b339da?s=72&d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&r=G 1.5x, https://0.gravatar.com/avatar/0159c88c78fe35fc44e14dbc931f833c03537349407b4f3a04a782a359b339da?s=96&d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&r=G 2x, https://0.gravatar.com/avatar/0159c88c78fe35fc44e14dbc931f833c03537349407b4f3a04a782a359b339da?s=144&d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&r=G 3x, https://0.gravatar.com/avatar/0159c88c78fe35fc44e14dbc931f833c03537349407b4f3a04a782a359b339da?s=192&d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&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’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&_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> 1034 </div> 1035 1036 1037 <div class="reply"> 1038 </div> 1039 </div> 1040</li><!-- #comment-## --> 1041<li class="comment even thread-even depth-1" id="comment-22562"> 1042 <div id="div-comment-22562"> 1043 <span class="comment-author vcard"> 1044 <img referrerpolicy="no-referrer" alt='Tom Brown's avatar' src='https://0.gravatar.com/avatar/c4b10fbe0ecb7a0149db67f40218669845478134ada9997fffb2305d5256fd77?s=48&d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&r=G' srcset='https://0.gravatar.com/avatar/c4b10fbe0ecb7a0149db67f40218669845478134ada9997fffb2305d5256fd77?s=48&d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&r=G 1x, https://0.gravatar.com/avatar/c4b10fbe0ecb7a0149db67f40218669845478134ada9997fffb2305d5256fd77?s=72&d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&r=G 1.5x, https://0.gravatar.com/avatar/c4b10fbe0ecb7a0149db67f40218669845478134ada9997fffb2305d5256fd77?s=96&d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&r=G 2x, https://0.gravatar.com/avatar/c4b10fbe0ecb7a0149db67f40218669845478134ada9997fffb2305d5256fd77?s=144&d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&r=G 3x, https://0.gravatar.com/avatar/c4b10fbe0ecb7a0149db67f40218669845478134ada9997fffb2305d5256fd77?s=192&d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&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 “Ask David” tab! Sometimes I have questions for you that don’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&_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> 1053 </div> 1054 1055 1056 <div class="reply"> 1057 </div> 1058 </div> 1059</li><!-- #comment-## --> 1060<li class="comment byuser comment-author-uneasymoney848 bypostauthor odd alt thread-odd thread-alt depth-1" id="comment-22593"> 1061 <div id="div-comment-22593"> 1062 <span class="comment-author vcard"> 1063 <img referrerpolicy="no-referrer" alt='David Glasner's avatar' src='https://2.gravatar.com/avatar/e5ab3840011b8eb190b467c47ec5b8f503773de5530f505da69d487acd43fde2?s=48&d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&r=G' srcset='https://2.gravatar.com/avatar/e5ab3840011b8eb190b467c47ec5b8f503773de5530f505da69d487acd43fde2?s=48&d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&r=G 1x, https://2.gravatar.com/avatar/e5ab3840011b8eb190b467c47ec5b8f503773de5530f505da69d487acd43fde2?s=72&d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&r=G 1.5x, https://2.gravatar.com/avatar/e5ab3840011b8eb190b467c47ec5b8f503773de5530f505da69d487acd43fde2?s=96&d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&r=G 2x, https://2.gravatar.com/avatar/e5ab3840011b8eb190b467c47ec5b8f503773de5530f505da69d487acd43fde2?s=144&d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&r=G 3x, https://2.gravatar.com/avatar/e5ab3840011b8eb190b467c47ec5b8f503773de5530f505da69d487acd43fde2?s=192&d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&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’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&_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> 1072 </div> 1073 1074 1075 <div class="reply"> 1076 </div> 1077 </div> 1078</li><!-- #comment-## --> 1079<li class="comment even thread-even depth-1" id="comment-22594"> 1080 <div id="div-comment-22594"> 1081 <span class="comment-author vcard"> 1082 <img referrerpolicy="no-referrer" alt='Tom Brown's avatar' src='https://0.gravatar.com/avatar/c4b10fbe0ecb7a0149db67f40218669845478134ada9997fffb2305d5256fd77?s=48&d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&r=G' srcset='https://0.gravatar.com/avatar/c4b10fbe0ecb7a0149db67f40218669845478134ada9997fffb2305d5256fd77?s=48&d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&r=G 1x, https://0.gravatar.com/avatar/c4b10fbe0ecb7a0149db67f40218669845478134ada9997fffb2305d5256fd77?s=72&d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&r=G 1.5x, https://0.gravatar.com/avatar/c4b10fbe0ecb7a0149db67f40218669845478134ada9997fffb2305d5256fd77?s=96&d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&r=G 2x, https://0.gravatar.com/avatar/c4b10fbe0ecb7a0149db67f40218669845478134ada9997fffb2305d5256fd77?s=144&d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&r=G 3x, https://0.gravatar.com/avatar/c4b10fbe0ecb7a0149db67f40218669845478134ada9997fffb2305d5256fd77?s=192&d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&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’s HPE?! … I thought all you MMists and MM sympathizers knew that one: hot potato effect, of course. ;^)</p> 1091<p>I’ve been pestering other people w/ this question, and perhaps you’ll think it’s silly, but here goes: I posted to Scott Sumner, but too late I think… he’d already moved on to other topics. It’s related to this post from Scott (Scott presents seven cases, 1 – 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 & B:</p> 1094<p>A. MOA NOT gold (like Scott’s cases 5 & 6): Fed finds $1T of coins (MOE) in the basement they didn’t know they had.</p> 1095<p>B. MOA = gold (like Scott’s case 4): Fed finds $1T of *GOLD* coins (MOE) in the basement they didn’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: … perhaps they’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 “made” the coins this one time. Again, they don’t remit anything to Tsy, and they don’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’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… very interesting!… the MOA vs MOE thing was almost renewed between Sumner and Rowe recently… but Rowe never got back to it. He went away to think about it and never returned… 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&_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> 1101 </div> 1102 1103 1104 <div class="reply"> 1105 </div> 1106 </div> 1107</li><!-- #comment-## --> 1108<li class="comment odd alt thread-odd thread-alt depth-1" id="comment-22610"> 1109 <div id="div-comment-22610"> 1110 <span class="comment-author vcard"> 1111 <img referrerpolicy="no-referrer" alt='Tom Brown's avatar' src='https://0.gravatar.com/avatar/c4b10fbe0ecb7a0149db67f40218669845478134ada9997fffb2305d5256fd77?s=48&d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&r=G' srcset='https://0.gravatar.com/avatar/c4b10fbe0ecb7a0149db67f40218669845478134ada9997fffb2305d5256fd77?s=48&d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&r=G 1x, https://0.gravatar.com/avatar/c4b10fbe0ecb7a0149db67f40218669845478134ada9997fffb2305d5256fd77?s=72&d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&r=G 1.5x, https://0.gravatar.com/avatar/c4b10fbe0ecb7a0149db67f40218669845478134ada9997fffb2305d5256fd77?s=96&d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&r=G 2x, https://0.gravatar.com/avatar/c4b10fbe0ecb7a0149db67f40218669845478134ada9997fffb2305d5256fd77?s=144&d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&r=G 3x, https://0.gravatar.com/avatar/c4b10fbe0ecb7a0149db67f40218669845478134ada9997fffb2305d5256fd77?s=192&d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&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’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&_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> 1120 </div> 1121 1122 1123 <div class="reply"> 1124 </div> 1125 </div> 1126</li><!-- #comment-## --> 1127<li class="comment even thread-even depth-1" id="comment-22612"> 1128 <div id="div-comment-22612"> 1129 <span class="comment-author vcard"> 1130 <img referrerpolicy="no-referrer" alt='Tom Brown's avatar' src='https://0.gravatar.com/avatar/c4b10fbe0ecb7a0149db67f40218669845478134ada9997fffb2305d5256fd77?s=48&d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&r=G' srcset='https://0.gravatar.com/avatar/c4b10fbe0ecb7a0149db67f40218669845478134ada9997fffb2305d5256fd77?s=48&d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&r=G 1x, https://0.gravatar.com/avatar/c4b10fbe0ecb7a0149db67f40218669845478134ada9997fffb2305d5256fd77?s=72&d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&r=G 1.5x, https://0.gravatar.com/avatar/c4b10fbe0ecb7a0149db67f40218669845478134ada9997fffb2305d5256fd77?s=96&d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&r=G 2x, https://0.gravatar.com/avatar/c4b10fbe0ecb7a0149db67f40218669845478134ada9997fffb2305d5256fd77?s=144&d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&r=G 3x, https://0.gravatar.com/avatar/c4b10fbe0ecb7a0149db67f40218669845478134ada9997fffb2305d5256fd77?s=192&d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&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… I’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&_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> 1139 </div> 1140 1141 1142 <div class="reply"> 1143 </div> 1144 </div> 1145</li><!-- #comment-## --> 1146<li class="comment byuser comment-author-uneasymoney848 bypostauthor odd alt thread-odd thread-alt depth-1" id="comment-22670"> 1147 <div id="div-comment-22670"> 1148 <span class="comment-author vcard"> 1149 <img referrerpolicy="no-referrer" alt='David Glasner's avatar' src='https://2.gravatar.com/avatar/e5ab3840011b8eb190b467c47ec5b8f503773de5530f505da69d487acd43fde2?s=48&d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&r=G' srcset='https://2.gravatar.com/avatar/e5ab3840011b8eb190b467c47ec5b8f503773de5530f505da69d487acd43fde2?s=48&d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&r=G 1x, https://2.gravatar.com/avatar/e5ab3840011b8eb190b467c47ec5b8f503773de5530f505da69d487acd43fde2?s=72&d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&r=G 1.5x, https://2.gravatar.com/avatar/e5ab3840011b8eb190b467c47ec5b8f503773de5530f505da69d487acd43fde2?s=96&d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&r=G 2x, https://2.gravatar.com/avatar/e5ab3840011b8eb190b467c47ec5b8f503773de5530f505da69d487acd43fde2?s=144&d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&r=G 3x, https://2.gravatar.com/avatar/e5ab3840011b8eb190b467c47ec5b8f503773de5530f505da69d487acd43fde2?s=192&d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&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’s my quick (though tardy) response to your two cases. I’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’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&_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> 1159 </div> 1160 1161 1162 <div class="reply"> 1163 </div> 1164 </div> 1165</li><!-- #comment-## --> 1166<li class="comment even thread-even depth-1" id="comment-22672"> 1167 <div id="div-comment-22672"> 1168 <span class="comment-author vcard"> 1169 <img referrerpolicy="no-referrer" alt='Tom Brown's avatar' src='https://0.gravatar.com/avatar/c4b10fbe0ecb7a0149db67f40218669845478134ada9997fffb2305d5256fd77?s=48&d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&r=G' srcset='https://0.gravatar.com/avatar/c4b10fbe0ecb7a0149db67f40218669845478134ada9997fffb2305d5256fd77?s=48&d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&r=G 1x, https://0.gravatar.com/avatar/c4b10fbe0ecb7a0149db67f40218669845478134ada9997fffb2305d5256fd77?s=72&d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&r=G 1.5x, https://0.gravatar.com/avatar/c4b10fbe0ecb7a0149db67f40218669845478134ada9997fffb2305d5256fd77?s=96&d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&r=G 2x, https://0.gravatar.com/avatar/c4b10fbe0ecb7a0149db67f40218669845478134ada9997fffb2305d5256fd77?s=144&d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&r=G 3x, https://0.gravatar.com/avatar/c4b10fbe0ecb7a0149db67f40218669845478134ada9997fffb2305d5256fd77?s=192&d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&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’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’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&linkCode=kpd&ref_=k4w_oembed_NCaHeZz4dLjSq8&asin=0230301843&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&_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> 1185 </div> 1186 1187 1188 <div class="reply"> 1189 </div> 1190 </div> 1191</li><!-- #comment-## --> 1192<li class="comment odd alt thread-odd thread-alt depth-1" id="comment-22674"> 1193 <div id="div-comment-22674"> 1194 <span class="comment-author vcard"> 1195 <img referrerpolicy="no-referrer" alt='Tom Brown's avatar' src='https://0.gravatar.com/avatar/c4b10fbe0ecb7a0149db67f40218669845478134ada9997fffb2305d5256fd77?s=48&d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&r=G' srcset='https://0.gravatar.com/avatar/c4b10fbe0ecb7a0149db67f40218669845478134ada9997fffb2305d5256fd77?s=48&d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&r=G 1x, https://0.gravatar.com/avatar/c4b10fbe0ecb7a0149db67f40218669845478134ada9997fffb2305d5256fd77?s=72&d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&r=G 1.5x, https://0.gravatar.com/avatar/c4b10fbe0ecb7a0149db67f40218669845478134ada9997fffb2305d5256fd77?s=96&d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&r=G 2x, https://0.gravatar.com/avatar/c4b10fbe0ecb7a0149db67f40218669845478134ada9997fffb2305d5256fd77?s=144&d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&r=G 3x, https://0.gravatar.com/avatar/c4b10fbe0ecb7a0149db67f40218669845478134ada9997fffb2305d5256fd77?s=192&d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&r=G 4x' class='avatar avatar-48' height='48' width='48' loading='lazy' decoding='async' /> <a href="#comment-22674" class="counter" title="Permanent Link to this Comment">32</a> 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’m sorry about that Amazon.com link!… I didn’t mean to turn your blog into an advertizement … especially for a book on “Monetary Economics” that you’ve never heard of! Shoot!… 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’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 Iâm 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 Iâm 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&_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> 1213 </div> 1214 1215 1216 <div class="reply"> 1217 </div> 1218 </div> 1219</li><!-- #comment-## --> 1220<li class="comment byuser comment-author-uneasymoney848 bypostauthor even thread-even depth-1" id="comment-23031"> 1221 <div id="div-comment-23031"> 1222 <span class="comment-author vcard"> 1223 <img referrerpolicy="no-referrer" alt='David Glasner's avatar' src='https://2.gravatar.com/avatar/e5ab3840011b8eb190b467c47ec5b8f503773de5530f505da69d487acd43fde2?s=48&d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&r=G' srcset='https://2.gravatar.com/avatar/e5ab3840011b8eb190b467c47ec5b8f503773de5530f505da69d487acd43fde2?s=48&d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&r=G 1x, https://2.gravatar.com/avatar/e5ab3840011b8eb190b467c47ec5b8f503773de5530f505da69d487acd43fde2?s=72&d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&r=G 1.5x, https://2.gravatar.com/avatar/e5ab3840011b8eb190b467c47ec5b8f503773de5530f505da69d487acd43fde2?s=96&d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&r=G 2x, https://2.gravatar.com/avatar/e5ab3840011b8eb190b467c47ec5b8f503773de5530f505da69d487acd43fde2?s=144&d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&r=G 3x, https://2.gravatar.com/avatar/e5ab3840011b8eb190b467c47ec5b8f503773de5530f505da69d487acd43fde2?s=192&d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&r=G 4x' class='avatar avatar-48' height='48' width='48' loading='lazy' decoding='async' /> <a href="#comment-23031" class="counter" title="Permanent Link to this Comment">33</a> 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’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&_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> 1232 </div> 1233 1234 1235 <div class="reply"> 1236 </div> 1237 </div> 1238</li><!-- #comment-## --> 1239<li class="comment odd alt thread-odd thread-alt depth-1" id="comment-23063"> 1240 <div id="div-comment-23063"> 1241 <span class="comment-author vcard"> 1242 <img referrerpolicy="no-referrer" alt='Tom Brown's avatar' src='https://0.gravatar.com/avatar/c4b10fbe0ecb7a0149db67f40218669845478134ada9997fffb2305d5256fd77?s=48&d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&r=G' srcset='https://0.gravatar.com/avatar/c4b10fbe0ecb7a0149db67f40218669845478134ada9997fffb2305d5256fd77?s=48&d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&r=G 1x, https://0.gravatar.com/avatar/c4b10fbe0ecb7a0149db67f40218669845478134ada9997fffb2305d5256fd77?s=72&d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&r=G 1.5x, https://0.gravatar.com/avatar/c4b10fbe0ecb7a0149db67f40218669845478134ada9997fffb2305d5256fd77?s=96&d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&r=G 2x, https://0.gravatar.com/avatar/c4b10fbe0ecb7a0149db67f40218669845478134ada9997fffb2305d5256fd77?s=144&d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&r=G 3x, https://0.gravatar.com/avatar/c4b10fbe0ecb7a0149db67f40218669845478134ada9997fffb2305d5256fd77?s=192&d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&r=G 4x' class='avatar avatar-48' height='48' width='48' loading='lazy' decoding='async' /> <a href="#comment-23063" class="counter" title="Permanent Link to this Comment">34</a> 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&_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> 1252 </div> 1253 1254 1255 <div class="reply"> 1256 </div> 1257 </div> 1258</li><!-- #comment-## --> 1259<li class="comment even thread-even depth-1" id="comment-34250"> 1260 <div id="div-comment-34250"> 1261 <span class="comment-author vcard"> 1262 <img referrerpolicy="no-referrer" alt='Tom Brown's avatar' src='https://0.gravatar.com/avatar/c4b10fbe0ecb7a0149db67f40218669845478134ada9997fffb2305d5256fd77?s=48&d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&r=G' srcset='https://0.gravatar.com/avatar/c4b10fbe0ecb7a0149db67f40218669845478134ada9997fffb2305d5256fd77?s=48&d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&r=G 1x, https://0.gravatar.com/avatar/c4b10fbe0ecb7a0149db67f40218669845478134ada9997fffb2305d5256fd77?s=72&d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&r=G 1.5x, https://0.gravatar.com/avatar/c4b10fbe0ecb7a0149db67f40218669845478134ada9997fffb2305d5256fd77?s=96&d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&r=G 2x, https://0.gravatar.com/avatar/c4b10fbe0ecb7a0149db67f40218669845478134ada9997fffb2305d5256fd77?s=144&d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&r=G 3x, https://0.gravatar.com/avatar/c4b10fbe0ecb7a0149db67f40218669845478134ada9997fffb2305d5256fd77?s=192&d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&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’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’m at all close. I chose you because you seem very intelligent and patient with people, and these are some super rookie questions! I’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’m just interested for my own purposes. I’m intrigued by Market Monetarism, and I’ve developed a wee bit of understanding of some of the principals, but I was thinking it’d be nice to bounce some of my bigger picture intuitions about the subject off of somebody such as yourself to see if I’m at all close. OK, I’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 “practical” libertarian beliefs. I don’t think those ideas are required to be an MMist, but I think that’s the trend.</p> 1272<p>2. If I’m not mistaken, “Say’s Law” 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’t produce, you don’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’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 “eliminating the money illusion” … i.e. the problems associated with money (such as sticky wages and prices) that prevent a society using money from approaching the perfect Say’
1273s Law barter economy. The purpose of NGDPLT is to smooth out the effects of supply or demand “shocks” 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’t cure booms or busts or “structural problems” but it will tend to eliminate “unnecessary” problems which arise due to the weirdness of money.</p> 1274<p>How’d I do? I know there’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 “background” with macro:</p> 1275<p>Just to give you a little background, I have a rudimentary idea of the hot potato effect, “Chuck Norris,” the EMH (and why Sumner thinks bubbles don’t exist), what aggregate demand is (AD), what the difference is between fiscal and monetary policy, monetary offset, “never reason from a price change” (and related phrases), the mechanism of QE, the importance of expectations, the neutrality of money (and the equation of exchange), the “convenience yield” (as JP Koning puts it), and what NGDP and NGDPLT are and how they differ from inflation targeting, Tobin’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’t have time to fight my way through them (I do like to skim them though and see if there’s something I can latch onto in the middle). A few of your articless I’ve found to be super interesting and I went through them slowly and in great detail. I’m also a reader of some post-Keynesian types who like to emphasize some of the accounting aspects, though I’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&_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 1280 1281 <div class="reply"> 1282 </div> 1283 </div> 1284</li><!-- #comment-## --> 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's avatar' src='https://2.gravatar.com/avatar/e5ab3840011b8eb190b467c47ec5b8f503773de5530f505da69d487acd43fde2?s=48&d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&r=G' srcset='https://2.gravatar.com/avatar/e5ab3840011b8eb190b467c47ec5b8f503773de5530f505da69d487acd43fde2?s=48&d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&r=G 1x, https://2.gravatar.com/avatar/e5ab3840011b8eb190b467c47ec5b8f503773de5530f505da69d487acd43fde2?s=72&d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&r=G 1.5x, https://2.gravatar.com/avatar/e5ab3840011b8eb190b467c47ec5b8f503773de5530f505da69d487acd43fde2?s=96&d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&r=G 2x, https://2.gravatar.com/avatar/e5ab3840011b8eb190b467c47ec5b8f503773de5530f505da69d487acd43fde2?s=144&d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&r=G 3x, https://2.gravatar.com/avatar/e5ab3840011b8eb190b467c47ec5b8f503773de5530f505da69d487acd43fde2?s=192&d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&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’t get why you would discuss Say’
1295s Law or a barter economy in terms of Market Monetarism. Especially after you devote point 1 to Friedman, Say’s Law seems way out of place. I would be shocked if you could find even a single mention of Say’s Law in Friedman’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’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&_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> 1297 </div> 1298 1299 1300 <div class="reply"> 1301 </div> 1302 </div> 1303</li><!-- #comment-## --> 1304<li class="comment even thread-even depth-1" id="comment-34368"> 1305 <div id="div-comment-34368"> 1306 <span class="comment-author vcard"> 1307 <img referrerpolicy="no-referrer" alt='Tom Brown's avatar' src='https://0.gravatar.com/avatar/c4b10fbe0ecb7a0149db67f40218669845478134ada9997fffb2305d5256fd77?s=48&d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&r=G' srcset='https://0.gravatar.com/avatar/c4b10fbe0ecb7a0149db67f40218669845478134ada9997fffb2305d5256fd77?s=48&d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&r=G 1x, https://0.gravatar.com/avatar/c4b10fbe0ecb7a0149db67f40218669845478134ada9997fffb2305d5256fd77?s=72&d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&r=G 1.5x, https://0.gravatar.com/avatar/c4b10fbe0ecb7a0149db67f40218669845478134ada9997fffb2305d5256fd77?s=96&d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&r=G 2x, https://0.gravatar.com/avatar/c4b10fbe0ecb7a0149db67f40218669845478134ada9997fffb2305d5256fd77?s=144&d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&r=G 3x, https://0.gravatar.com/avatar/c4b10fbe0ecb7a0149db67f40218669845478134ada9997fffb2305d5256fd77?s=192&d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&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’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&_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"> 1322 </div> 1323 </div> 1324</li><!-- #comment-## --> 1325<li class="comment odd alt thread-odd thread-alt depth-1" id="comment-34380"> 1326 <div id="div-comment-34380"> 1327 <span class="comment-author vcard"> 1328 <img referrerpolicy="no-referrer" alt='Tom Brown's avatar' src='https://0.gravatar.com/avatar/c4b10fbe0ecb7a0149db67f40218669845478134ada9997fffb2305d5256fd77?s=48&d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&r=G' srcset='https://0.gravatar.com/avatar/c4b10fbe0ecb7a0149db67f40218669845478134ada9997fffb2305d5256fd77?s=48&d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&r=G 1x, https://0.gravatar.com/avatar/c4b10fbe0ecb7a0149db67f40218669845478134ada9997fffb2305d5256fd77?s=72&d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&r=G 1.5x, https://0.gravatar.com/avatar/c4b10fbe0ecb7a0149db67f40218669845478134ada9997fffb2305d5256fd77?s=96&d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&r=G 2x, https://0.gravatar.com/avatar/c4b10fbe0ecb7a0149db67f40218669845478134ada9997fffb2305d5256fd77?s=144&d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&r=G 3x, https://0.gravatar.com/avatar/c4b10fbe0ecb7a0149db67f40218669845478134ada9997fffb2305d5256fd77?s=192&d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&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>… 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’
1337d need to do is select the coefficients Kp, Ki, and Kd … 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&_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 1342 <div class="reply"> 1343 </div> 1344 </div> 1345</li><!-- #comment-## --> 1346<li class="comment even thread-even depth-1" id="comment-42702"> 1347 <div id="div-comment-42702"> 1348 <span class="comment-author vcard"> 1349 <img referrerpolicy="no-referrer" alt='Tom Brown's avatar' src='https://0.gravatar.com/avatar/c4b10fbe0ecb7a0149db67f40218669845478134ada9997fffb2305d5256fd77?s=48&d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&r=G' srcset='https://0.gravatar.com/avatar/c4b10fbe0ecb7a0149db67f40218669845478134ada9997fffb2305d5256fd77?s=48&d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&r=G 1x, https://0.gravatar.com/avatar/c4b10fbe0ecb7a0149db67f40218669845478134ada9997fffb2305d5256fd77?s=72&d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&r=G 1.5x, https://0.gravatar.com/avatar/c4b10fbe0ecb7a0149db67f40218669845478134ada9997fffb2305d5256fd77?s=96&d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&r=G 2x, https://0.gravatar.com/avatar/c4b10fbe0ecb7a0149db67f40218669845478134ada9997fffb2305d5256fd77?s=144&d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&r=G 3x, https://0.gravatar.com/avatar/c4b10fbe0ecb7a0149db67f40218669845478134ada9997fffb2305d5256fd77?s=192&d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&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 “bouncing ideas” off of you regarding Market Monetarism, Say’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’t (no surprise), but he did offer up this gem as his own summary:</p> 1357<p>“…the goal of good monetary policy is to try to make Say’s Law true.”</p> 1358<p>I just re-read our previous interchange above…. 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&_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 1362 1363 <div class="reply"> 1364 </div> 1365 </div> 1366</li><!-- #comment-## --> 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's avatar' src='https://1.gravatar.com/avatar/a6bb0d7ae510a2cd3b4c0874df7032553c8da32b134edeb4a366129ca15386c8?s=48&d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&r=G' srcset='https://1.gravatar.com/avatar/a6bb0d7ae510a2cd3b4c0874df7032553c8da32b134edeb4a366129ca15386c8?s=48&d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&r=G 1x, https://1.gravatar.com/avatar/a6bb0d7ae510a2cd3b4c0874df7032553c8da32b134edeb4a366129ca15386c8?s=72&d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&r=G 1.5x, https://1.gravatar.com/avatar/a6bb0d7ae510a2cd3b4c0874df7032553c8da32b134edeb4a366129ca15386c8?s=96&d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&r=G 2x, https://1.gravatar.com/avatar/a6bb0d7ae510a2cd3b4c0874df7032553c8da32b134edeb4a366129ca15386c8?s=144&d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&r=G 3x, https://1.gravatar.com/avatar/a6bb0d7ae510a2cd3b4c0874df7032553c8da32b134edeb4a366129ca15386c8?s=192&d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&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’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’s key points.</p> 1379<p>I’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&_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> 1384 </div> 1385 1386 1387 <div class="reply"> 1388 </div> 1389 </div> 1390</li><!-- #comment-## --> 1391<li class="comment byuser comment-author-synassets even thread-even depth-1" id="comment-357389"> 1392 <div id="div-comment-357389"> 1393 <span class="comment-author vcard"> 1394 <img referrerpolicy="no-referrer" alt='csissoko's avatar' src='https://1.gravatar.com/avatar/418e0b6182e2d75f28742f4e0dcbf0d2c2ff449e01cca363df78beb5700ac7ac?s=48&d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&r=G' srcset='https://1.gravatar.com/avatar/418e0b6182e2d75f28742f4e0dcbf0d2c2ff449e01cca363df78beb5700ac7ac?s=48&d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&r=G 1x, https://1.gravatar.com/avatar/418e0b6182e2d75f28742f4e0dcbf0d2c2ff449e01cca363df78beb5700ac7ac?s=72&d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&r=G 1.5x, https://1.gravatar.com/avatar/418e0b6182e2d75f28742f4e0dcbf0d2c2ff449e01cca363df78beb5700ac7ac?s=96&d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&r=G 2x, https://1.gravatar.com/avatar/418e0b6182e2d75f28742f4e0dcbf0d2c2ff449e01cca363df78beb5700ac7ac?s=144&d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&r=G 3x, https://1.gravatar.com/avatar/418e0b6182e2d75f28742f4e0dcbf0d2c2ff449e01cca363df78beb5700ac7ac?s=192&d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&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’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&_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> 1406 </div> 1407 1408 1409 <div class="reply"> 1410 </div> 1411 </div> 1412</li><!-- #comment-## --> 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's avatar' src='https://2.gravatar.com/avatar/e5ab3840011b8eb190b467c47ec5b8f503773de5530f505da69d487acd43fde2?s=48&d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&r=G' srcset='https://2.gravatar.com/avatar/e5ab3840011b8eb190b467c47ec5b8f503773de5530f505da69d487acd43fde2?s=48&d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&r=G 1x, https://2.gravatar.com/avatar/e5ab3840011b8eb190b467c47ec5b8f503773de5530f505da69d487acd43fde2?s=72&d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&r=G 1.5x, https://2.gravatar.com/avatar/e5ab3840011b8eb190b467c47ec5b8f503773de5530f505da69d487acd43fde2?s=96&d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&r=G 2x, https://2.gravatar.com/avatar/e5ab3840011b8eb190b467c47ec5b8f503773de5530f505da69d487acd43fde2?s=144&d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&r=G 3x, https://2.gravatar.com/avatar/e5ab3840011b8eb190b467c47ec5b8f503773de5530f505da69d487acd43fde2?s=192&d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&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&_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 1427 1428 <div class="reply"> 1429 </div> 1430 </div> 1431</li><!-- #comment-## --> 1432<li class="comment even thread-even depth-1" id="comment-364520"> 1433 <div id="div-comment-364520"> 1434 <span class="comment-author vcard"> 1435 <img referrerpolicy="no-referrer" alt='Daniel's avatar' src='https://2.gravatar.com/avatar/b6bfb0fbae962c9b6bede76b624e6aedc3e161391d3b9fd8f6bed5b50eab0f9b?s=48&d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&r=G' srcset='https://2.gravatar.com/avatar/b6bfb0fbae962c9b6bede76b624e6aedc3e161391d3b9fd8f6bed5b50eab0f9b?s=48&d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&r=G 1x, https://2.gravatar.com/avatar/b6bfb0fbae962c9b6bede76b624e6aedc3e161391d3b9fd8f6bed5b50eab0f9b?s=72&d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&r=G 1.5x, https://2.gravatar.com/avatar/b6bfb0fbae962c9b6bede76b624e6aedc3e161391d3b9fd8f6bed5b50eab0f9b?s=96&d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&r=G 2x, https://2.gravatar.com/avatar/b6bfb0fbae962c9b6bede76b624e6aedc3e161391d3b9fd8f6bed5b50eab0f9b?s=144&d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&r=G 3x, https://2.gravatar.com/avatar/b6bfb0fbae962c9b6bede76b624e6aedc3e161391d3b9fd8f6bed5b50eab0f9b?s=192&d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&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’t suppose you have any interest in uploading Hawtrey’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… 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&_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> 1444 </div> 1445 1446 1447 <div class="reply"> 1448 </div> 1449 </div> 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's avatar' src='https://2.gravatar.com/avatar/e5ab3840011b8eb190b467c47ec5b8f503773de5530f505da69d487acd43fde2?s=48&d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&r=G' srcset='https://2.gravatar.com/avatar/e5ab3840011b8eb190b467c47ec5b8f503773de5530f505da69d487acd43fde2?s=48&d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&r=G 1x, https://2.gravatar.com/avatar/e5ab3840011b8eb190b467c47ec5b8f503773de5530f505da69d487acd43fde2?s=72&d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&r=G 1.5x, https://2.gravatar.com/avatar/e5ab3840011b8eb190b467c47ec5b8f503773de5530f505da69d487acd43fde2?s=96&d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&r=G 2x, https://2.gravatar.com/avatar/e5ab3840011b8eb190b467c47ec5b8f503773de5530f505da69d487acd43fde2?s=144&d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&r=G 3x, https://2.gravatar.com/avatar/e5ab3840011b8eb190b467c47ec5b8f503773de5530f505da69d487acd43fde2?s=192&d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&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’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&_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's avatar' src='https://1.gravatar.com/avatar/a6272da470cb4532ada34e1846255354e34d3315278de5f6846d0d8369eacb7b?s=48&d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&r=G' srcset='https://1.gravatar.com/avatar/a6272da470cb4532ada34e1846255354e34d3315278de5f6846d0d8369eacb7b?s=48&d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&r=G 1x, https://1.gravatar.com/avatar/a6272da470cb4532ada34e1846255354e34d3315278de5f6846d0d8369eacb7b?s=72&d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&r=G 1.5x, https://1.gravatar.com/avatar/a6272da470cb4532ada34e1846255354e34d3315278de5f6846d0d8369eacb7b?s=96&d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&r=G 2x, https://1.gravatar.com/avatar/a6272da470cb4532ada34e1846255354e34d3315278de5f6846d0d8369eacb7b?s=144&d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&r=G 3x, https://1.gravatar.com/avatar/a6272da470cb4532ada34e1846255354e34d3315278de5f6846d0d8369eacb7b?s=192&d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&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’m new to your blog. I really liked your latest post on representative agents (although I’m not a trained economist)! Thanks.</p> 1482<p>What really got me interested, though, is Hawtrey. I haven’t seen too many people mentioning his name. I wonder what you think of the following quote from Hawtrey’s “Currency and Credit”, 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 “money of account” sense):</p> 1483<p>“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 ”money of account”. 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[â¦]<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)”</p> 1487<p>I don’t know if my argument that “money” doesn’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. “Money” is replaced by ‘credit balances’ (cash refers to a credit balance in central bank ledger) and it’s all about bookkeeping (denominated in the “money of account”), nothing else. Credit and debit entries, tracking credit/debt relationships that arise from buying and selling. (If you’re aware of Alfred Mitchell-Innes’ writings, this might ring a bell.)</p> 1488<p>Give it a thought? I’ve been building my understanding of the economy on these premises for a
1488while now (I’m writing a paper), and I’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&_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's avatar' src='https://0.gravatar.com/avatar/96e6d0ea3824696cfa3346a71d06136c8262f18494f0538c870a492d01b9e752?s=48&d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&r=G' srcset='https://0.gravatar.com/avatar/96e6d0ea3824696cfa3346a71d06136c8262f18494f0538c870a492d01b9e752?s=48&d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&r=G 1x, https://0.gravatar.com/avatar/96e6d0ea3824696cfa3346a71d06136c8262f18494f0538c870a492d01b9e752?s=72&d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&r=G 1.5x, https://0.gravatar.com/avatar/96e6d0ea3824696cfa3346a71d06136c8262f18494f0538c870a492d01b9e752?s=96&d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&r=G 2x, https://0.gravatar.com/avatar/96e6d0ea3824696cfa3346a71d06136c8262f18494f0538c870a492d01b9e752?s=144&d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&r=G 3x, https://0.gravatar.com/avatar/96e6d0ea3824696cfa3346a71d06136c8262f18494f0538c870a492d01b9e752?s=192&d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&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 “Increasing interest rates increases, not, as you assert, reduces, the velocity of circulation.”</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 “Corrected Money Supply”.</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&_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 1515 1516 <div class="reply"> 1517 </div> 1518 </div> 1519</li><!-- #comment-## --> 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's avatar' src='https://2.gravatar.com/avatar/5ec5c7b3d84b85ae922b65e0741bc85284c01525e524636603f1e91d3edf8d85?s=48&d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&r=G' srcset='https://2.gravatar.com/avatar/5ec5c7b3d84b85ae922b65e0741bc85284c01525e524636603f1e91d3edf8d85?s=48&d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&r=G 1x, https://2.gravatar.com/avatar/5ec5c7b3d84b85ae922b65e0741bc85284c01525e524636603f1e91d3edf8d85?s=72&d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&r=G 1.5x, https://2.gravatar.com/avatar/5ec5c7b3d84b85ae922b65e0741bc85284c01525e524636603f1e91d3edf8d85?s=96&d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&r=G 2x, https://2.gravatar.com/avatar/5ec5c7b3d84b85ae922b65e0741bc85284c01525e524636603f1e91d3edf8d85?s=144&d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&r=G 3x, https://2.gravatar.com/avatar/5ec5c7b3d84b85ae922b65e0741bc85284c01525e524636603f1e91d3edf8d85?s=192&d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&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&_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> 1532 </div> 1533 1534 1535 <div class="reply"> 1536 </div> 1537 </div> 1538</li><!-- #comment-## --> 1539<li class="comment byuser comment-author-uneasymoney848 bypostauthor odd alt thread-odd thread-alt depth-1" id="comment-604177"> 1540 <div id="div-comment-604177"> 1541 <span class="comment-author vcard"> 1542 <img referrerpolicy="no-referrer" alt='David Glasner's avatar' src='https://2.gravatar.com/avatar/e5ab3840011b8eb190b467c47ec5b8f503773de5530f505da69d487acd43fde2?s=48&d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&r=G' srcset='https://2.gravatar.com/avatar/e5ab3840011b8eb190b467c47ec5b8f503773de5530f505da69d487acd43fde2?s=48&d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&r=G 1x, https://2.gravatar.com/avatar/e5ab3840011b8eb190b467c47ec5b8f503773de5530f505da69d487acd43fde2?s=72&d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&r=G 1.5x, https://2.gravatar.com/avatar/e5ab3840011b8eb190b467c47ec5b8f503773de5530f505da69d487acd43fde2?s=96&d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&r=G 2x, https://2.gravatar.com/avatar/e5ab3840011b8eb190b467c47ec5b8f503773de5530f505da69d487acd43fde2?s=144&d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&r=G 3x, https://2.gravatar.com/avatar/e5ab3840011b8eb190b467c47ec5b8f503773de5530f505da69d487acd43fde2?s=192&d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&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’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&_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> 1551 </div> 1552 1553 1554 <div class="reply"> 1555 </div> 1556 </div> 1557</li><!-- #comment-## --> 1558<li class="comment even thread-even depth-1" id="comment-741740"> 1559 <div id="div-comment-741740"> 1560 <span class="comment-author vcard"> 1561 <img referrerpolicy="no-referrer" alt='Gideon's avatar' src='https://0.gravatar.com/avatar/3a371e672e048eebf304e6cbc828185d5cf4cea712c9966b7199be7fc1851873?s=48&d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&r=G' srcset='https://0.gravatar.com/avatar/3a371e672e048eebf304e6cbc828185d5cf4cea712c9966b7199be7fc1851873?s=48&d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&r=G 1x, https://0.gravatar.com/avatar/3a371e672e048eebf304e6cbc828185d5cf4cea712c9966b7199be7fc1851873?s=72&d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&r=G 1.5x, https://0.gravatar.com/avatar/3a371e672e048eebf304e6cbc828185d5cf4cea712c9966b7199be7fc1851873?s=96&d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&r=G 2x, https://0.gravatar.com/avatar/3a371e672e048eebf304e6cbc828185d5cf4cea712c9966b7199be7fc1851873?s=144&d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&r=G 3x, https://0.gravatar.com/avatar/3a371e672e048eebf304e6cbc828185d5cf4cea712c9966b7199be7fc1851873?s=192&d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&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, “Free Banking and Monetary Reform”. on pages 88 and 89, you mentioned, ” <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>“.</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&_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 1575 1576 <div class="reply"> 1577 </div> 1578 </div> 1579</li><!-- #comment-## --> 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's avatar' src='https://2.gravatar.com/avatar/e5ab3840011b8eb190b467c47ec5b8f503773de5530f505da69d487acd43fde2?s=48&d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&r=G' srcset='https://2.gravatar.com/avatar/e5ab3840011b8eb190b467c47ec5b8f503773de5530f505da69d487acd43fde2?s=48&d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&r=G 1x, https://2.gravatar.com/avatar/e5ab3840011b8eb190b467c47ec5b8f503773de5530f505da69d487acd43fde2?s=72&d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&r=G 1.5x, https://2.gravatar.com/avatar/e5ab3840011b8eb190b467c47ec5b8f503773de5530f505da69d487acd43fde2?s=96&d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&r=G 2x, https://2.gravatar.com/avatar/e5ab3840011b8eb190b467c47ec5b8f503773de5530f505da69d487acd43fde2?s=144&d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&r=G 3x, https://2.gravatar.com/avatar/e5ab3840011b8eb190b467c47ec5b8f503773de5530f505da69d487acd43fde2?s=192&d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&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. Itâs 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 âthe more prices of nontradables would rise in relation to those of tradablesâ when I should have written âfall in relation to those of tradables.â</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. Donât 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&_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> 1595 </div> 1596 1597 1598 <div class="reply"> 1599 </div> 1600 </div> 1601</li><!-- #comment-## --> 1602<li class="comment byuser comment-author-maxhemm even thread-even depth-1" id="comment-742007"> 1603 <div id="div-comment-742007"> 1604 <span class="comment-author vcard"> 1605 <img referrerpolicy="no-referrer" alt='max's avatar' src='https://0.gravatar.com/avatar/6e2f403ffa2940b331826a2db000d090053fe3a951ab2cc4e04761d385b92777?s=48&d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&r=G' srcset='https://0.gravatar.com/avatar/6e2f403ffa2940b331826a2db000d090053fe3a951ab2cc4e04761d385b92777?s=48&d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&r=G 1x, https://0.gravatar.com/avatar/6e2f403ffa2940b331826a2db000d090053fe3a951ab2cc4e04761d385b92777?s=72&d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&r=G 1.5x, https://0.gravatar.com/avatar/6e2f403ffa2940b331826a2db000d090053fe3a951ab2cc4e04761d385b92777?s=96&d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&r=G 2x, https://0.gravatar.com/avatar/6e2f403ffa2940b331826a2db000d090053fe3a951ab2cc4e04761d385b92777?s=144&d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&r=G 3x, https://0.gravatar.com/avatar/6e2f403ffa2940b331826a2db000d090053fe3a951ab2cc4e04761d385b92777?s=192&d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&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’ve found it through a google search on Say’
1612s Law , which took me to the post “who is afraid of Say’s Law?”, 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’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’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’s claims…)</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&_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> 1620 </div> 1621 1622 1623 <div class="reply"> 1624 </div> 1625 </div> 1626</li><!-- #comment-## --> 1627<li class="comment byuser comment-author-uneasymoney848 bypostauthor odd alt thread-odd thread-alt depth-1" id="comment-742008"> 1628 <div id="div-comment-742008"> 1629 <span class="comment-author vcard"> 1630 <img referrerpolicy="no-referrer" alt='David Glasner's avatar' src='https://2.gravatar.com/avatar/e5ab3840011b8eb190b467c47ec5b8f503773de5530f505da69d487acd43fde2?s=48&d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&r=G' srcset='https://2.gravatar.com/avatar/e5ab3840011b8eb190b467c47ec5b8f503773de5530f505da69d487acd43fde2?s=48&d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&r=G 1x, https://2.gravatar.com/avatar/e5ab3840011b8eb190b467c47ec5b8f503773de5530f505da69d487acd43fde2?s=72&d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&r=G 1.5x, https://2.gravatar.com/avatar/e5ab3840011b8eb190b467c47ec5b8f503773de5530f505da69d487acd43fde2?s=96&d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&r=G 2x, https://2.gravatar.com/avatar/e5ab3840011b8eb190b467c47ec5b8f503773de5530f505da69d487acd43fde2?s=144&d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&r=G 3x, https://2.gravatar.com/avatar/e5ab3840011b8eb190b467c47ec5b8f503773de5530f505da69d487acd43fde2?s=192&d=https%3A%2F%2Fs0.wp.com%2Fi%2Fmu.gif&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. iâm kind of busy now so rather than respond now i hope you wonât mind if i just point you to my papers a reinterpretation of classical monetary theory, on some classical monetary controversies, and sayâs 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&_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> 1640 </div> 1641 1642 1643 <div class="reply"> 1644 </div> 1645 </div> 1646</li><!-- #comment-## --> 1647 </ol> <!-- END #commentlist --> 1648 1649 <div class="navigation"> 1650 <div class="alignleft"></div> 1651 <div class="alignright"></div> 1652 </div> 1653 <br /> 1654 1655 <ol id="pinglist"> 1656 <li class="pingback even thread-even depth-1" id="comment-548428"> 1657 <a href="#comment-548428" title="Permanent Link to this Comment" class="counter">1</a> 1658 <span class="commentauthor"><a href="http://www.economiaendostardes.com/2016/08/mas-ladrillo-y-otros-i-told-you-so.html" class="url" rel="ugc external nofollow">¡¡¡MÃS LADRILLO!!! Y OTROS "I TOLD YOU SO" | EconomÃa en dos tardes</a></span> 1659 <small class="comment-meta"> 1660 <span class="pingtype">Trackback</span> on <a href="#comment-548428" title="10 years, 1 month ago.">August 19, 2016 at 5:38 am</a> </small> 1661</li><!-- #comment-## --> 1662<li class="pingback odd alt thread-odd thread-alt depth-1" id="comment-578315"> 1663 <a href="#comment-578315" title="Permanent Link to this Comment" class="counter">2</a> 1664 <span class="commentauthor"><a href="https://jaytaylormedia.com/should-we-restore-gold-standard/" class="url" rel="ugc external nofollow">Should we Restore the Gold Standard? – Inside BullionStar - Investing Video & Audio Jay Taylor Media</a></span> 1665 <small class="comment-meta"> 1666 <span class="pingtype">Trackback</span> on <a href="#comment-578315" title="8 years, 7 months ago.">February 6, 2018 at 6:28 pm</a> </small> 1667</li><!-- #comment-## --> 1668<li class="pingback even thread-even depth-1" id="comment-578319"> 1669 <a href="#comment-578319" title="Permanent Link to this Comment" class="counter">3</a> 1670 <span class="commentauthor"><a href="https://www.bullionstar.com/blogs/bullionstar/should-we-restore-gold-standard/" class="url" rel="ugc external nofollow">Should we Restore the Gold Standard? - Inside BullionStar</a></span> 1671 <small class="comment-meta"> 1672 <span class="pingtype">Trackback</span> on <a href="#comment-578319" title="8 years, 7 months ago.">February 6, 2018 at 6:36 pm</a> </small> 1673</li><!-- #comment-## --> 1674<li class="pingback odd alt thread-odd thread-alt depth-1" id="comment-578357"> 1675 <a href="#comment-578357" title="Permanent Link to this Comment" class="counter">4</a> 1676 <span class="commentauthor"><a href="http://olduvai.ca/?p=30631" class="url" rel="ugc external nofollow">Should we Restore the Gold Standard? – Olduvai.ca</a></span> 1677 <small class="comment-meta"> 1678 <span class="pingtype">Trackback</span> on <a href="#comment-578357" title="8 years, 7 months ago.">February 7, 2018 at 12:04 pm</a> </small> 1679</li><!-- #comment-## --> 1680<li class="pingback even thread-even depth-1" id="comment-578664"> 1681 <a href="#comment-578664" title="Permanent Link to this Comment" class="counter">5</a> 1682 <span class="commentauthor"><a href="http://www.goldinform.ru/za-i-protiv-zolotogo-standarta/" class="url" rel="ugc external nofollow">Ðа и пÑоÑив золоÑого ÑÑандаÑÑа — GoldInform</a></span> 1683 <small class="comment-meta"> 1684 <span class="pingtype">Trackback</span> on <a href="#comment-578664" title="8 years, 7 months ago.">February 15, 2018 at 1:26 pm</a> </small> 1685</li><!-- #comment-## --> 1686<li class="pingback odd alt thread-odd thread-alt depth-1" id="comment-716823"> 1687 <a href="#comment-716823" title="Permanent Link to this Comment" class="counter">6</a> 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 – EconForEverybody</a></span> 1689 <small class="comment-meta"> 1690 <span class="pingtype">Trackback</span> on <a href="#comment-716823" title="5 years, 1 month ago.">August 5, 2021 at 6:58 am</a> </small> 1691</li><!-- #comment-## --> 1692<li class="pingback even thread-even depth-1" id="comment-731257"> 1693 <a href="#comment-731257" title="Permanent Link to this Comment" class="counter">7</a> 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 wynalazÅ agregatów w ekonomii</a></span> 1695 <small class="comment-meta"> 1696 <span class="pingtype">Trackback</span> on <a href="#comment-731257" title="4 years, 2 months ago.">July 14, 2022 at 9:14 pm</a> </small> 1697</li><!-- #comment-## --> 1698 </ol> <!-- END #pinglist --> 1699 1700 1701 1702 </div> <!-- END .comments 1 --> 1703 1704 1705 1706 <div id="respond" class="comment-respond"> 1707 <h3 id="reply-title" class="comment-reply-title">Leave a comment</h3><form action="https://uneasymoney.com/wp-comments-post.php" method="post" id="commentform" class="comment-form"> 1708 1709 1710<div class="comment-form__verbum transparent"></div><div class="verbum-form-meta"><input type='hidden' name='comment_post_ID' value='2' id='comment_post_ID' /> 1711<input type='hidden' name='comment_parent' id='comment_parent' value='0' /> 1712 1713 <input type="hidden" name="highlander_comment_nonce" id="highlander_comment_nonce" value="d63d29d3c8" /> 1714 <input type="hidden" name="verbum_show_subscription_modal" value="" /></div><p style="display: none;"><input type="hidden" id="akismet_comment_nonce" name="akismet_comment_nonce" value="d070b9c470" /></p><p style="display: none !important;" class="akismet-fields-container" data-prefix="ak_"><label>Δ<textarea name="ak_hp_textarea" cols="45" rows="8" maxlength="100"></textarea></label><input type="hidden" id="ak_js_1" name="ak_js" value="105"/>
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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 Alitoâs 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 Alitoâs opinion can be added as a worthy addition to [â¦]'>The Monumental Dishonesty and Appalling Bad Faith of Chief Justice Robertsâs 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. 3:54â¯PM Gemini: F.A. Hayek and Ronald Dworkin both express deep skepticism toward the idea of broad, arbitrary judicial discretion, but they approach the [â¦]'>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 Grokâs understanding of my comment. Past experience hasnât led me to [â¦]'>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 âTime in Economicsâ in Collected Essays on Economic Theory, vol. II). […]'>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 [â¦]'>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. Hereâs 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. […]'>My Article âRalph Hawtrey: A Forgotten Pioneer of Macroeconomicsâ 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 [â¦]'>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, âMeasurement Without Theory,â 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 [⦠[…]'>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 [â¦]'>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 [â¦]'>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"> 1745<form method="get" id="searchform" action="/"> 1746 <input type="text" id="s" name="s" onblur="this.value=(this.value=='') ? 'search' : this.value;" onfocus="this.value=(this.value=='search') ? '' : this.value;" id="supports" name="s" value="search" /> 1747 <input type="submit" id="searchsubmit" value="go" /> 1748</form> 1749 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&qid=1636474895&s=books&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’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&keywords=studies+in+the+history+of+monetary+theory&qid=1636475519&s=books&sprefix=studies+in+the+%2Cstripbooks%2C141&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>
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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 Discretion</a> 1914 </li> 1915 <li> 1916 <a href="https://uneasymoney.com/2025/08/20/grok-karoline-leavitt-and-me/">Grok, Karoline Leavitt and Me</a> 1917 </li> 1918 <li> 1919 <a href="https://uneasymoney.com/2025/01/23/hicks-on-temporary-equilibrium/">Hicks on Temporary 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 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'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> 1938</div> 1939<div id="blog_subscription-3" class="widget widget_blog_subscription jetpack_subscription_widget"><h2 class="widgettitle"><label for="subscribe-field">Follow Blog via Email</label></h2> 1940 1941 1942 <div class="wp-block-jetpack-subscriptions__container"> 1943 <form 1944 action="https://subscribe.wordpress.com" 1945 method="post" 1946 accept-charset="utf-8" 1947 data-blog="24589280" 1948 data-post_access_level="everybody" 1949 id="subscribe-blog" 1950 > 1951 <p>Enter your email address to follow this blog and receive notifications of new posts by email.</p> 1952 <p id="subscribe-email"> 1953 <label 1954 id="subscribe-field-label" 1955 for="subscribe-field" 1956 class="screen-reader-text" 1957 > 1958 Email Address: </label> 1959 1960 <input 1961 type="email" 1962 name="email" 1963 autocomplete="email" 1964 1965 style="width: 95%; padding: 1px 10px" 1966 placeholder="Email Address" 1967 value="" 1968 id="subscribe-field" 1969 required 1970 /> </p> 1971 1972 <p id="subscribe-submit" 1973 > 1974 <input type="hidden" name="action" value="subscribe"/> 1975 <input type="hidden" name="blog_id" value="24589280"/> 1976 <input type="hidden" name="source" value="https://uneasymoney.com/about/"/> 1977 <input type="hidden" name="sub-type" value="widget"/> 1978 <input type="hidden" name="redirect_fragment" value="subscribe-blog"/> 1979 <input type="hidden" id="_wpnonce" name="_wpnonce" value="7e720dac8b" /> <button type="submit" 1980 class="wp-block-button__link" 1981 > 1982 Sign me up! </button> 1983 </p> 1984 </form> 1985 <div class="wp-block-jetpack-subscriptions__subscount"> 1986 Join 657 other subscribers </div> 1987 </div> 1988 1989</div><div id="follow_button_widget-3" class="widget widget_follow_button_widget"> 1990 <a class="wordpress-follow-button" href="https://uneasymoney.com" data-blog="24589280" data-lang="en" >Follow Uneasy Money on WordPress.com</a> 1991
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2080 2081 2082 <div style="display:none"> 2083 <div class="grofile-hash-map-e7303a78894afda1c5dae89903641d7d"> 2084 </div> 2085 <div class="grofile-hash-map-8271a8eaf544731f2ff111ed6230f09e"> 2086 </div> 2087 <div class="grofile-hash-map-6aa9bdb7eaf8777c1c7c0c75a0752cc1"> 2088 </div> 2089 <div class="grofile-hash-map-98fbd45f70fda1f83a1a00d25ab8faea"> 2090 </div> 2091 <div class="grofile-hash-map-234a7e0aa8b31ba5412eb0f0a611ec86"> 2092 </div> 2093 <div class="grofile-hash-map-da6bc6673b84ac57def4256e96ccb62a"> 2094 </div> 2095 <div class="grofile-hash-map-34c198a44ca74f1e6d03f4d6465ea132"> 2096 </div> 2097 <div class="grofile-hash-map-1b9f98b48b4aa814b1a37dee0830e7fa"> 2098 </div> 2099 <div class="grofile-hash-map-2877270aa65ed73b9be5916235269eb0"> 2100 </div> 2101 <div class="grofile-hash-map-9c0aae1218cae511c2d8a136a474dc46"> 2102 </div> 2103 <div class="grofile-hash-map-d7f3e5c30ae39ba68ae6e805f1ab1bf8"> 2104 </div> 2105 <div class="grofile-hash-map-91f817011c2a5c89faebc0bdeacb04df"> 2106 </div> 2107 <div class="grofile-hash-map-db5bf96bf30928ea3b5b7c46afb98c45"> 2108 </div> 2109 <div class="grofile-hash-map-6765e273e17d0cb7fe2bd9b3de4de3dd"> 2110 </div> 2111 <div class="grofile-hash-map-6645909f642aaefdcf651fec1b102668"> 2112 </div> 2113 <div class="grofile-hash-map-0d65e82002edad3bb3979a95b46ed72e"> 2114 </div> 2115 <div class="grofile-hash-map-d399b1bfee86253e60364a370b09bc1a"> 2116 </div> 2117 <div class="grofile-hash-map-08dfb32c2fa994e0892cf75a61b507cb"> 2118 </div> 2119 <div class="grofile-hash-map-b8ec1f69fb6f517ddf2d783d4378651b"> 2120 </div> 2121 <div class="grofile-hash-map-ba67a696777cad6ff0f0cc7e5584ddb7"> 2122 </div> 2123 <div class="grofile-hash-map-986f34ece16ff1d1e4b21a86b2fcdfaf"> 2124 </div> 2125 <div class="grofile-hash-map-e8a7fa545974d878d368bf196fcb011d"> 2126 </div> 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 & 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> 2323</div> <div id="actionbar" dir="ltr" style="display: none;" 2324 class="actnbr-pub-k2" role="region" aria-label="Site actions"> 2325 <span class="actnbr-live" aria-live="polite"></span> 2326 <ul> 2327 <li class="actnbr-btn actnbr-hidden"> 2328 <a class="actnbr-action actnbr-actn-follow " href="" role="button" aria-haspopup="dialog" aria-expanded="false"> 2329 <svg class="actnbr-icon actnbr-icon-bell" width="20" height="20" 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="M17 11.5c0 1.353.17 2.368.976 3 .266.209.602.376 1.024.5v1H5v-1c.422-.124.757-.291 1.024-.5.806-.632.976-1.647.976-3V9c0-2.8 2.2-5 5-5s5 2.2 5 5v2.5ZM15.5 9v2.5c0 .93.066 1.98.515 2.897l.053.103H7.932a4.018 4.018 0 0 0 .053-.103c.449-.917.515-1.967.515-2.897V9c0-1.972 1.528-3.5 3.5-3.5s3.5 1.528 3.5 3.5Zm-5.492 9.008c0-.176.023-.346.065-.508h3.854A1.996 1.996 0 0 1 12 20c-1.1 0-1.992-.892-1.992-1.992Z"/></svg> <span>Subscribe</span> 2330 </a> 2331 <a class="actnbr-action actnbr-actn-following no-display" href="" role="button"> 2332 <svg class="actnbr-icon actnbr-icon-check" width="20" height="20" 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>Subscribed</span> 2333 </a> 2334 <div class="actnbr-popover actnbr-panel actnbr-notice" id="follow-bubble" role="dialog" aria-label="Subscribe to Uneasy Money"> 2335 <div class="actnbr-follow-bubble"> 2336 <div class="actnbr-panel__group"><a class="actnbr-menu__item actnbr-sitename" href="https://uneasymoney.com"><img loading='lazy' alt='' src='https://secure.gravatar.com/blavatar/63388e38e12810662482423d087540a55e29613b33f026e9c456d1444dee9556?s=50&d=https%3A%2F%2Fs-ssl.wordpress.com%2Fi%2Flogo%2Fwpcom-gray-white.png' srcset='https://secure.gravatar.com/blavatar/63388e38e12810662482423d087540a55e29613b33f026e9c456d1444dee9556?s=50&d=https%3A%2F%2Fs-ssl.wordpress.com%2Fi%2Flogo%2Fwpcom-gray-white.png 1x, https://secure.gravatar.com/blavatar/63388e38e12810662482423d087540a55e29613b33f026e9c456d1444dee9556?s=75&d=https%3A%2F%2Fs-ssl.wordpress.com%2Fi%2Flogo%2Fwpcom-gray-white.png 1.5x, https://secure.gravatar.com/blavatar/63388e38e12810662482423d087540a55e29613b33f026e9c456d1444dee9556?s=100&d=https%3A%2F%2Fs-ssl.wordpress.com%2Fi%2Flogo%2Fwpcom-gray-white.png 2x, https://secure.gravatar.com/blavatar/63388e38e12810662482423d087540a55e29613b33f026e9c456d1444dee9556?s=150&d=https%3A%2F%2Fs-ssl.wordpress.com%2Fi%2Flogo%2Fwpcom-gray-white.png 3x, https://secure.gravatar.com/blavatar/63388e38e12810662482423d087540a55e29613b33f026e9c456d1444dee9556?s=200&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-panel__group"> 2337 <div class="actnbr-message no-display" aria-live="polite"></div> 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? 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2355 <svg class="actnbr-icon actnbr-icon-more-horizontal" width="24" height="24" viewBox="0 0 24 24" xmlns="http://www.w3.org/2000/svg" aria-hidden="true" focusable="false" fill="currentColor"><path d="M11 13h2v-2h-2v2zm-6 0h2v-2H5v2zm12-2v2h2v-2h-2z"/></svg> </button> 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&d=https%3A%2F%2Fs-ssl.wordpress.com%2Fi%2Flogo%2Fwpcom-gray-white.png' srcset='https://secure.gravatar.com/blavatar/63388e38e12810662482423d087540a55e29613b33f026e9c456d1444dee9556?s=50&d=https%3A%2F%2Fs-ssl.wordpress.com%2Fi%2Flogo%2Fwpcom-gray-white.png 1x, 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2361<script> 2362window.addEventListener( "DOMContentLoaded", function () { 2363 var link = document.createElement( "link" ); 2364 link.href = "\/wp-content\/mu-plugins\/jetpack-plugin\/sun\/jetpack_vendor\/automattic\/jetpack-newsletter\/src\/..\/build\/action-bar.css?ver=33ad88c8b02f7d5bc6d2"; 2365 link.rel = "stylesheet"; 2366 document.head.appendChild( link ); 2367 2368 var script = document.createElement( "script" ); 2369 script.src = "\/wp-content\/mu-plugins\/jetpack-plugin\/sun\/jetpack_vendor\/automattic\/jetpack-newsletter\/src\/..\/build\/action-bar.js?ver=33ad88c8b02f7d5bc6d2"; 2370 document.body.appendChild( script ); 2371 } ); 2372</script>
2372 2373 2374
2374<script type="text/javascript"> 2375 window.WPCOM_sharing_counts = {"https://uneasymoney.com/about/":2}; 2376 </script>
2376 2377 2378
2378<script type="text/javascript"> 2379 (function () { 2380 var wpcom_reblog = { 2381 source: 'toolbar', 2382 2383 toggle_reblog_box_flair: function (obj_id, post_id) { 2384 2385 // Go to site selector. This will redirect to their blog if they only have one. 2386 const postEndpoint = `https://wordpress.com/post`; 2387 2388 // Ideally we would use the permalink here, but fortunately this will be replaced with the 2389 // post permalink in the editor. 2390 const originalURL = `${ document.location.href }?page_id=${ post_id }`; 2391 2392 const url = 2393 postEndpoint + 2394 '?url=' + 2395 encodeURIComponent( originalURL ) + 2396 '&is_post_share=true' + 2397 '&v=5'; 2398 2399 const redirect = function () { 2400 if ( 2401 ! window.open( url, '_blank' ) 2402 ) { 2403 location.href = url; 2404 } 2405 }; 2406 2407 if ( /Firefox/.test( navigator.userAgent ) ) { 2408 setTimeout( redirect, 0 ); 2409 } else { 2410 redirect(); 2411 } 2412 }, 2413 }; 2414 2415 window.wpcom_reblog = wpcom_reblog; 2416 })(); 2417 </script>
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2418<script crossorigin='anonymous' type='text/javascript' src='/_static/??-eJx9jEsOwjAMBS9EcIuqdoU4i2msNKnzoXbI9ckO1AXbeTMPWjFrTkpJ4cnZmcLV+STQ8mHRilkZRUggdITK5n27BrnATxbrN/LWkQpQ7WvePRnGBkqxMCqd+J8f9nu3X5UqbZgs09HlR7yPyzxM0zyMS/gAPatD8g=='></script>
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2418
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2419
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2443
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2455
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Line numbers count LF bytes from the start of the resource, as the search results do. Vendor segments are library code the classifier recognised; they are stored but not indexed. Bytes are shown as Latin1 characters, one per byte.