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Brass Tocs, there is a lot of substance and time in what I wrote and explained here...anyone can compare it to what you wrote; take it or leave it. Convertability, just cause you found it in Wickpedia doesn't make it so. Christina Romer was famous before she became part of the Obama...

Brass, you didn't make a point. You quoted me out of context again to support a lame comment that is conclusory, does not respond to my comments and misrepresents the substance of what was wrong with the policy; you add nothing of substance; you only tatoo your ideological position. Clearly...

Brass, you tack up a graph that built on unexplained presumptions and conjectures within a model that has never been accurate and you do nothing to explain it...as if your ability to find a graph on the internet and copy paste should pass for intelligent comment; it’s cheerleading; it ain't...

Toc, it is not surprising that you don't agree about consumption, but you have made no case that consumption is a driver. I guess you have ask, driver of what? Certainly it is not growth, unless you are so confused as to measure growth by spending on consumption. I wonder if you read what...

Trefoil, your history and localism is complete garbage on its face. New York was a Dutch Colony! You don't think they traded far afield? The biggest problem in colonial Boston was the lack of specie to finance merchant trade....trade with England not Dorchester! So merchants began lending...

Its more like if you eat your seed corn the next season is going to suck.

Toc, consumption is a surplus. There is no such thing as a consumer or a consumer economy. There is only producers who have surplus to consume or who are subsidizing others to consume. Consumption is never a driver, it is based on a surplus of production. If you borrow to promote...

If you want to raise money with taxes you have to let people make money first. They make money from investment; jobs come from investment...all spending, all taxes are funded by income from investment in the past (savings), income from assets presently (income), or future income from assets...

Think about the garbage you are talking about...the only thing that makes real growth happen is investment in the maintenance or creation of assets. In fact the only thing that pays for government spending and consumption is the investment in assets. The problem in the West today is that our...

That's interesting. Do you think the South African's will lend goods tot he Greeks? I think that on the export basis that the Greeks have more of a 'Diner economy'...."I will glady pay you next tuesday for a hamburger today!" Would you call that a 'Whimpy Repo?'

Currency money is just part of a nations credit profile, a zero interest demand note backed by the value of its longer term bills and bonds. It does not matter what you call it. What matteris is whether it is backed by valuable, tradeable, term securities of a solvent issuing sovereign. The...

Oldtime, take hart, no need to be grumpy, this is just the material world. I got this note from a friend that might give you some encouragement... "The Baltic nations of Latvia, Lithuania and Estonia provide good examples of successful fiscal adjustments. In the last few years, and contrary...

baggerlord, U.S. Treasuries are low because there is no better place to park an oversupply of big global money. Interest rates are low becuase there is a huge global demand for U.S. Treasuries as a liquid place for excess funds. In the context of Global deleveraging there is a contraction of...

Austerity never was a policy; it was a result; it is the result of insolvency; it never could meet its faux policy objectives becuase the objectives were based on a false premise. EU has a debt stabelization law based on a 3% GDP annual deficit limit. The false premise is that a GDP metric...

Walmart, Starbucks and McDonalds don't make people poor because of thier business model or thier pay structure. Actually, they provide jobs for the least employable; they provide work for the unemployed poor and unskilled. In fairness all these firms have management positions once a worker...

Mghoul, I re read all your posts in this thread and the the threads you cited to where you made comments on MMFs. I also read the WSJ journal article that supported the proposed changes being pushed by Mary Shapiro. I will give you credit that you did outline a criticism of MMFs based on a...

The political class in Greece conflated the idea of income and debt and treated both as revenue. That worked so long as new debt was forthcoming. Now, that new debt is not forthcoming the political class is forced to confront a basic truth, and this is the key to Greek future prospects. That...

I understand that you think the IMF industry should contract. I get that you gave that opinion several times in the thread...what is missing is any detailed discussion or why and what the likely consequences would be. I don't think you back up you reasoning very well...your opinions seem to be...

I was talking about the metric you used for national savings and national investment. I understand how the current account deficit is constructed and the source you used. I fail to see how that can be used to describe deleveraging. I would only be concerned with the private sector in any...

OK, so where do you get those metrics...how about a cite.