Wherever you go, it is your youth that you are leaving behind.
To what degree do you think the current US disinflation is attributable to
(1) more restrictive policy by the Fed;
versus
(2) normalizing of supply and the composition (as opposed to level) of demand in the broad economy?
Where would we be if the Fed had done nothing?
@necoleman Absolutely. "My doctor said" is very different than a public pitch's "doctor recommended".
Similarly, that a researcher I really respect has endorsed a study as worth taking seriously contains a lot more information than "peer reviewed".
@johnquiggin i mean, if you couldn’t even find one doctor to recommend your head creme, that might be a red flag too. more seriously, as the range of “peer reviewed” publications grows to represent groups of peers with very different worldviews and evidentiary standards, i think whatever signal remains in “not peer-reviewed” will continue to decline. it’s like hedge-fund alpha.
the phrase "peer-reviewed", on its own, should have about as much evidentiary weight as the phrase "doctor-recommended" in a late-night commercial.
@bignose @catastrophile another upside of decapitation is once it’s done they don’t make more. you steal the art and kill the artist all at the same time.
on a lark i sold a strand of hair for $10 now i live in fear of decapitation walking round with a million dollar asset on my neck.
He died thinking what he had done was a good thing. It was a mercy he never knew.
@GerardMacDonell on the other hand, the modern world does offer its websites whose sole function is to get you up.
@pkedrosky Please hold.
If you know your party's extension, you may dial it at any time.
My friend Doug Robertson with a book of new translations of Thomas Bernhard stories. Congrats Doug!
@SteveRoth @travisfw @rohan fair enough!
@SteveRoth @travisfw @rohan it probably wouldn’t have so much disinflationary effect, because the rich who would hold it would be exchanging inert financial assets for inert currency. it would mechanically reduce the velocity of currency on the denominator side, more currency, same transactions. 1/
@SteveRoth @travisfw @rohan but it would contribute to a kind of smallish wealth tax, as the rich who’d hold these put up with zero nominal, more negative real, returns than they would have otherwise. /fin
The mint should offer to put your face on a single coin, for $101,000 dollars. The coin would have a face value of $100,000 and be legal tender, so really the net cost would only be $1000, right? But who’s gonna spend a coin with their face on it? It’s basically a way of persuasing people to reduce the velocity of currency by making the inflation cost of holding cash worth bearing. (regulators should declare it imprudent for banks to lend against coin.)
inspired by @rohan
@ardenthistorian @maureenogle a little old fashioned but that’s all right.
i think i saw a ghost, haunting the parking lots of Ron DeSantis’s Florida.
a creepy lifesize image of Ruth Bader Ginsburg through the window of a car in a parking lot.
@maureenogle American exceptionalism just can't catch a break.