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| User Info | Economics Professor Advocates Theft in forum [Ticker] | |||
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Genesis Posts: 71435 Incept: 2007-06-26 
KD^2 
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http://market-ticker.org/archives/973-Ec....
---------- "The monetary base in ALL modern monetary systems is the sum of unencumbered assets against which one is both WILLING AND ABLE to borrow." - Me
2009-04-20 11:04:55
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Amgrace Posts: 1304 Incept: 2008-02-15 
New Castle, PA 16101
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Mish slammed this too Karl.
---------- "In an informal survey at a recent meeting of 150 or so institutions, those admitting to feeling nervous about underexposure to risk outnumbered those feeling too aggressive by a neat 10 to 1! This also suggests how a speculative rally can keep going longer than reasonable investors expect." - Jeremy Grantham 07/2009
2009-04-20 11:05:52
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Bigcat Posts: 1523 Incept: 2008-09-10 
Nice, France
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thanks, Karl - the lack of mathematical support behind some of these concepts is truly frightening. Way to keep these thieving liars in check. ---------- "When the goal shifts to simple survival for the Fed their goals will change drastically and their strategy will adjust accordingly...Like Congress, the Fed will throw its "allies" under the bus when they become a political liability. Look at Mozillo now! " Sushihorn, 07/09
2009-04-20 11:11:30
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Krzelune Posts: 2080 Incept: 2007-10-08
DFW
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That just knocked selling ICBM's to Iran off my personal list of top ten dumbest ideas. How many idiots had to review that before it got published? sheesh
2009-04-20 11:18:16
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Margincalltime Posts: 830 Incept: 2008-04-01
NJ
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wow, is that the type of education you get for a few hundred grand? glad I passed on it and went another route...
2009-04-20 11:22:41
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Trappped Posts: 73 Incept: 2009-02-13 Banned
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The whole "higher education" industry is another scam in itself. Peter Schiff says it best when he says you have kids graduating college with a mortgage and no house or job to support it.
2009-04-20 11:41:05
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Hihoherewego Posts: 595 Incept: 2009-02-25
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KD-- I was 'shocked' to find out that Professor Mankiw was an adviser to George W. Bush. H.....
2009-04-20 11:44:14
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Moonoverseattle Posts: 2776 Incept: 2008-02-02
MOTEL 6
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the very fact that this **** is being discussed is spooky. Karl is right the whole system is going to collapse BETWEEN stupid actions and corruption. Amazed daily at the lack of common sense out there ---------- A democracy cannot exist as a permanent form of government It can only exist until the voters discover that they can vote themselves largesse from the public treasury.
2009-04-20 11:50:38
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Timbo Posts: 1132 Incept: 2008-10-10
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Greg Mankiw was found in his garage this morning, with a sign taped to his chest reading "MY BURPS SMELL LIKE HOT DOGS." Police are baffled. ---------- http://mises.org/story/770 http://www.theplacewithnoname.com/blogs/klessons/index.html If you don't fly the plane and find a place to land, then God will find a place to park you.
2009-04-20 11:58:42
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Perfectstorm Posts: 188 Incept: 2008-02-25
florida
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I am beginning to believe (damn I'm slow) that with taxpayer approaching the wrong side of 50% that we are going to continue to be amazed by the insanity of the "experts" in leadership when it comes to sound money management. It will be increasingly difficult not to slide into the economic abyss with a tax system that continues to influence election votes through unsound mathematical thinking.
2009-04-20 11:59:05
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Anti Posts: 1289 Incept: 2007-10-09
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this is proposing we be like Zimbabwe with currency that expires
---------- Health is better than health insurance http://gerson.org/ Over the past 60 years, thousands of people have used the Gerson Therapy to recover from so-called “incurable” diseases such as cancer, diabetes, heart disease and arthritis.
2009-04-20 11:59:19
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Jcwaliski Posts: 1897 Incept: 2008-10-01
Chief Douchebag
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http://www.economics.harvard.edu/faculty.... contact info for N. Gregory Mankiw Address: Littauer Center 223 E-Mail: ngmankiw@harvard.edu Tel: 617-495-4301 Fax: 617-495-7730 Staff Support: Lauren LaRosa Littauer 230 E-Mail: larosa@fas.harvard.edu Tel: 617-496-1488 Fax: 617-495-7730 Office Hours for Ec10 students will be held regularly. The hours will change week to week and will be emailed to all enrolled students. Other students should email Prof. Mankiw to set up an appointment. ---------- Ultimately, we are all seeking the truth--to expose it, lay it bare, own it as our own. My take on this place is simply that there will be NO COMPROMISE in exposing what IS. - Truthseeker
2009-04-20 12:03:31
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Jcwaliski Posts: 1897 Incept: 2008-10-01
Chief Douchebag
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I e-mailed him a copy of the Ticker.
---------- Ultimately, we are all seeking the truth--to expose it, lay it bare, own it as our own. My take on this place is simply that there will be NO COMPROMISE in exposing what IS. - Truthseeker
2009-04-20 12:05:08
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Pinal Posts: 699 Incept: 2007-08-16
Chicago
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Zimbabwe had something similar where their bills had expiration dates. This is basically the same idea which makes an economics degree from Harvard the worst investment anyone can make.
2009-04-20 12:07:13
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Perfectstorm Posts: 188 Incept: 2008-02-25
florida
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Also he fails to address the difference between FRN's in your pocket and cash in a bank. But I suppose we could trust the bank to tell us what number they assigned to the cash they are holding for us and what number they assigned to their prop accounts.
2009-04-20 12:15:01
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Themortgagedude Posts: 3930 Incept: 2007-12-17
saint louis
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I'm gonna send this to my cousin. If his son has attended any of these classes at Harvard I think he deserves his tuition $$$ for those back.
---------- "These are interesting times. We don't trust the government, we don't trust the legal system, we don't trust the media, and we don't trust each other! We've undermined all authority, and with it, the basis for replacing it! It's like a six-year-old's dream come true!"
2009-04-20 12:17:57
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Jcwaliski Posts: 1897 Incept: 2008-10-01
Chief Douchebag
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Professor Mankiw: You, sir, are out of line with your recent NYT article advocating negative interest rate policy. In the South, where I am from, we call that THEFT. What gives any government the right to physically take peoples' savings in the form you are mandating? The Congress/Treasury/Fed already do a good enough job of that via inflation and currency debasement. What you are advocating would kill the poor and lower middle class as they could never save enough to get ahead. When will Keynesians like you admit that your line of thinking has been patently false? I keep hearing from Krugman and others that we need more stimulus more often, which is complete nonsense. How can going deeper into debt solve a problem that has been caused by excess debt? I hope you realize that interest rates will moon shot, whether the FED wants them to or not, if we see massive deflation or inflation. With deflation comes the risk of sovereign default, and inflation brings about higher yields/lower prices on bonds to compensate. Either way interest rates WILL be higher in a few years, whether we desire that or not. I suggest you do your students a favor by taking two weeks off then quitting. I would also flunk all of them so they can get a real education by some other knowledgeable professor. By the way, according to your plan, how would the government distinguish between Federal Reserve Notes and bank deposits? Would banks assign us random notes in our savings account? This article demonstrates idiocy beyond comprehension. Don't believe me; take a read at what other bloggers think about your nonsensical scheme: http://market-ticker.org/archives/973-Ec.... http://globaleconomicanalysis.blogspot.c.... I hope to see a retraction in next Sunday’s NYT. ---------- Ultimately, we are all seeking the truth--to expose it, lay it bare, own it as our own. My take on this place is simply that there will be NO COMPROMISE in exposing what IS. - Truthseeker
2009-04-20 12:27:21
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Entrepreneur Posts: 1 Incept: 2009-02-21
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Once again, politicocrats have lost their bearings. Mankiw has completely lost sight of what money is in the first instance - a medium of exchange and a store of value. It is unfortunately treated by many as just one more tool to manipulate in their "toolbox". "Sandbox" would be a more accurate description. Mankiw's suggestion lends credibility to those who don't think governments can be trusted with fiat currency regimes. That's the real economic lesson here. That, and I guess Harvard should make its economics professors study history harder...
2009-04-20 12:29:44
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Utowna Posts: 165 Incept: 2008-02-26
Ancocisco
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This is the same type of thinking that got us into this economic mess! More of it will save us, right? Maybe the system should fail.
---------- Great Hunter of Bull and Bear.
2009-04-20 12:32:06
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Stoverny Posts: 250 Incept: 2009-02-25
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Any chance this article was intended as tongue-in-cheek? Otherwise it's just bizarre.
2009-04-20 12:32:45
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Jcwaliski Posts: 1897 Incept: 2008-10-01
Chief Douchebag
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Given the source, I'd think not. I haven't been as ****ed off as I am now in a long time. I need to take another shower. I'm still fuming at the idiocy behind this. However, there is a paper out there written by some Fed economist who suggests a stamp tax on money that is held physically. It was written in 2002-2003. May be good to look it up and post. http://www.federalreserve.gov/pubs/ifdp/.... ---------- Ultimately, we are all seeking the truth--to expose it, lay it bare, own it as our own. My take on this place is simply that there will be NO COMPROMISE in exposing what IS. - Truthseeker Last modified:
2009-04-20 12:39:52 by jcwaliski
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Yatez112 Posts: 102 Incept: 2009-01-20 Louisville Online
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Stoverny, that's what I was waiting for, too...but he posted this on his blog "My article on negative interest rates generated more than the usual volume of email, some of it quite heated. While I cannot possibly respond to all of it, let me add a few wonkish comments about the topic, from a variety of perspectives:" http://gregmankiw.blogspot.com/2009/04/o....
2009-04-20 12:36:34
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Genesis Posts: 71435 Incept: 2007-06-26
KD^2
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What a lying sack of ****. Now he tries to backpedal on what was blatant advocacy of theft. ---------- "The monetary base in ALL modern monetary systems is the sum of unencumbered assets against which one is both WILLING AND ABLE to borrow." - Me
2009-04-20 12:39:23
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Stockmonger Posts: 2159 Incept: 2007-06-28 Orange County
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It should be noted that Keynes himself was a fan of Silvio Gesell and "stamped money"--currency with expiration dates.Quote:
Ergo the idea of negative interest money is not new nor is it quite as far from the mainstream thought as you might think. Yes, it is fundamentally motivated by trying to force savings out of cash and into some sort of investments. ---------- occasionally I do like to see the other viewpoints of people not in my camp of theory, but I generally find it to be a waste of time. - Bear
2009-04-20 12:43:31
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Capeman Posts: 2169 Incept: 2007-07-12
San Diego
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Harvard Prof. I am not surprised at all and I'll be happy to see the Harvard endowment take an even further assplowing on the next leg down.
---------- "I believe all God's creatures have a soul... except bears, bears are Godless killing machines!" - Steven Colbert
2009-04-20 12:45:17
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