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Title: From Financial Crisis to Stagnation: An Interview with Thomas Palley
Source:
Naked Capitalism
URL Source: http://www.nakedcapitalism.com/2012 ... th-thomas-palley.html#comments
Published: Apr 18, 2012
Author: Philip Pilkington
Post Date: 2012-04-18 10:54:09 by lucysmom
Keywords: None
Views: 9793
Comments: 37
Philip Pilkington: At the beginning of your book From Financial Crisis to Stagnation you refer to the 2008 crisis as a ‘crisis of bad ideas’. Could you please briefly explain why you refer to the crisis in this way? Thomas Palley: A central and critical element of my book is its emphasis on the role of economic ideas in generating the crisis. This feature fundamentally distinguishes it from mainstream explanations that tend to represent the crisis in terms of surprise events and economic shocks (e.g. black swans). My book starts with the fundamental idea that economies are made, not found. The way economies are organized and function is significantly the product of social choices, not the product of nature. Over the past thirty years we (society) have embraced a set of economic ideas that shaped economic arrangements – including the pattern of income distribution, the power of corporations and finance relative to labor, and the way in which the economy generates demand. This shaping of economic arrangements was obviously driven by political forces acting on behalf of corporate and financial elite interests, but economic ideas also played a critical role. First, the ideas of mainstream economists provided justification for the re-shaping of the economy in ways that elite interests wanted. Second, mainstream economists put forward additional ideas that were picked up and incorporated into the policy project of corporate and financial elites. Third, the monopoly capture of economic discourse by mainstream economics served to exclude other competing economic ideas from making it on to the policy table, into classrooms, and into the public debate. The implication of this view is the crisis is at a deep level the product of a flawed economic policy paradigm derived from a set of flawed economic ideas. Escaping the crisis means replacing that policy paradigm and the ideas from which it derives. That is a massive challenge involving both a political contest and an intellectual contest. We need to win both. One without the other will be useless. It is no good winning the political contest if you simply replace Tweedledum (hardcore neoliberals) with Tweedledee (softcore neoliberals). Likewise, it is no good winning the intellectual contest if you do not win the political contest to implement different economic policy ideas. PP: In the book you distinguish between two sorts of alternative approaches to the crisis. One you term ‘Textbook Keynesianism’ and the other you term ‘Structural Keynesianism’. Could you briefly delineate the differences between the two approaches? Also, should it be understood that the two approaches overlap with different schools of economic thought? TP: Textbook Keynesianism and structural Keynesianism both emphasize the significance of total (aggregate) demand for the determination of economic activity. That is what makes both of them forms of Keynesianism. However, textbook Keynesianism sees the microeconomic structure of the economy as intrinsically healthy. If demand falls off, all that is needed is for policy to step in and temporarily fill the demand gap until private sector demand revives. That is the logic behind temporary fiscal stimulus and temporary easy monetary policy. Structural Keynesianism argues that the economy’s underlying income and demand generating process can be structurally flawed. For instance, income distribution can become badly skewed, creating a permanent shortfall of demand. In that case, private sector demand will not revive and the solution is structural remaking of the economy’s income and demand generating process. Textbook Keynesianism can be identified with neo-Keynesianism...
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#1. To: lucysmom (#0)
Society hasn't experienced a free economic market in 100 years. The economy has been heavily managed by the US government since the 1930's (FDR's "New Deal"), so his claim is nonsense. The Case Against the Market Economy The objections which the various schools of Sozialpolitik raise against the market economy are based on very bad economics. They repeat again and again all the errors that the economists long ago exploded. They blame the market economy for the consequences of the very anticapitalistic policies which they themselves advocate as necessary and beneficial reforms. They fix on the market economy the responsibility for the inevitable failure and frustration of interventionism. These propagandists must finally admit that the market economy is after all not so bad as their "unorthodox" doctrines paint it. It delivers the goods. From day to day it increases the quantity and improves the quality of products. It has brought about unprecedented wealth. But, objects the champion of interventionism, it is deficient from what he calls the social point of view. It has not wiped out poverty and destitution. It is a system that grants privileges to a minority, an upper class of rich people, at the expense of the immense majority. It is an unfair system. The principle of welfare must be substituted for that of profits. We may try, for the sake of argument, to interpret the concept of welfare in such a way that its acceptance by the immense majority of nonascetic people would be probable. The better we succeed in these endeavors, the more we deprive the idea of welfare of any concrete meaning and content. It turns into a colorless paraphrase of the fundamental category of human action, viz., the urge to remove uneasiness as far as possible. As it is universally recognized that this goal can be more readily, and even exclusively, attained by social division of labor, men cooperate within the framework of societal bonds. Social man as differentiated from autarkic man must necessarily modify his original biological indifference to the well-being of people beyond his own family. He must adjust his conduct to the requirements of social cooperation and look upon his fellow men's success as an indispensable condition of his own. From this point of view one may describe the objective of social cooperation as the realization of the greatest happiness of the greatest number. Hardly anybody would venture to object to this definition of the most desirable state of affairs and to contend that it is not a good thing to see as many people as possible as happy as possible. All the attacks directed against the Bentham formula have centered around ambiguities or misunderstandings concerning the notion of happiness; they have not affected the postulate that the good, whatever it may be, should be imparted to the greatest number. However, if we interpret welfare in this manner, the concept becomes meaningless. It can be invoked for the justification of every variety of social organization. It is a fact that some of the defenders of Negro slavery contended that slavery is the best means of making the Negroes happy and that today in the South many whites sincerely believe that rigid segregation is beneficial no less to the colored man than it allegedly is to the white man. The main thesis of racism of the Gobineau and Nazi variety is that the hegemony of the superior races is salutary to the true interests even of the inferior races. A principle that is broad enough to cover all doctrines, however conflicting with one another, is of no use at all. But in the mouths of the welfare propagandists the notion of welfare has a definite meaning. They intentionally employ a term the generally accepted connotation of which precludes any opposition. No decent man likes to be so rash as to raise objections against the realization of welfare. In arrogating to themselves the exclusive right to call their own program the program of welfare, the welfare propagandists want to triumph by means of a cheap logical trick. They want to render their ideas safe against criticism by attributing to them an appellation which is cherished by everybody. Their terminology already implies that all opponents are ill-intentioned scoundrels eager to foster their selfish interests to the prejudice of the majority of good people. The plight of Western civilization consists precisely in the fact that serious people can resort to such syllogistic artifices without encountering sharp rebuke. There are only two explanations open. Either these self-styled welfare economists are themselves not aware of the logical inadmissibility of their procedure, in which case they lack the indispensable power of reasoning; or they have chosen this mode of arguing purposely in order to find shelter for their fallacies behind a word which is intended beforehand to disarm all opponents. In each case their own acts condemn them. -- Ludwig Von Mises, 1949 --
To: mcToejam, rat-boy, drippy, Alzheimer Fred, whitesands, t-bird, LOL. There's never been a free "economic" market in the history of the whole wide world. And you idiots can't even agree on the definition. It's just another myth you guys like to throw around when your religious tenets are shown to be false.
Almost every country in the Middle East is awash in oil, and we have to side with the one that has nothing but joos. Goddamn, that was good thinkin'. Esso posted on 2012-01-13 7:37:56 ET
Please provide empirical evidence to support your... "claim." Until then, kindly STFU.
To: mcToejam, rat-boy, drippy, Alzheimer Fred, whitesands, t-bird, The Ludwig Von Mises Institute likes Somalia The Rule of Law without the State Mises Daily: Wednesday, September 12, 2007 by Spencer Heath MacCallum Were there such a category, Somalia would hold a place in Guinness World Records as the country with the longest absence of a functioning central government. When the Somalis dismantled their government in 1991 and returned to their precolonial political status, the expectation was that chaos would result — and that, of course, would be the politically correct thing to expect. Imagine if it were otherwise. Imagine any part of the globe not being dominated by a central government and the people there surviving, even prospering. If such were to happen and the idea spread to other parts of Africa or other parts of the world, the mystique of the necessity of the state might be irreparably damaged, and many politicians and bureaucrats might find themselves walking about looking for work. If the expectation was that Somalia would plunge into an abyss of chaos, what is the reality? A number of recent studies address this question... Another even more comprehensive study published last year by Benjamin Powell of the Independent Institute, concludes: "We find that Somalia's living standards have improved generally … not just in absolute terms, but also relative to other African countries since the collapse of the Somali central government." snip Somalia's pastoral economy is now stronger than that of either neighboring Kenya or Ethiopia. It is the largest exporter of livestock of any East African country. Telecommunications have burgeoned in Somalia; a call from a mobile phone is cheaper in Somalia than anywhere else in Africa. etc., etc. But for all of Eric's talk of self-reliance and independence, Somalia seems to demand just a tad more of those qualities than Eric is willing to develop in himself. Eric is like Angry Flower Anyone claiming to be an expert is selling something. I brandish my ignorance like a crucifix at vampires. Aaron Bady
Really? When did he say that? Do you have proof? Or are you just pulling this out of your ASS, as usual?
To: mcToejam, rat-boy, drippy, Alzheimer Fred, whitesands, t-bird, The Ludwig Von Mises Institute likes Somalia Eric: Really? When did he say that? Do you have proof? Or are you just pulling this out of your ASS, as usual? "The Ludwig Von Mises Institute" is not a he. The proof that the institute likes Somalia is in the article The Rule of Law without the State from the institute's site.
Anyone claiming to be an expert is selling something. I brandish my ignorance like a crucifix at vampires. Aaron Bady
You're in no position to judge whether that is true. Indeed, I don't have to use multiple screen-names, to bolster a failed position. YOU are the one who proudly proclaims your IGNORANCE, like that's a good thing... Psst... A little hint for you, bimbo... ignorance is a BAD thing. But then, this isn't about who has what qualities, is it? It's all about derailing the thread, because you're uncomfortable with having the results of your agenda exposed as being mass murder. You are morally and intellectually bankrupt. I would imagine you readily identify with this woman, who is your equal: To: mcToejam, rat-boy, drippy, Alzheimer Fred, whitesands, t-bird, Indeed, I don't have to use multiple screen-names, to bolster a failed position. YOU are the one who proudly proclaims your IGNORANCE, like that's a good thing... Psst... A little hint for you, bimbo... ignorance is a BAD thing. But then, this isn't about who has what qualities, is it? It's all about derailing the thread, because you're uncomfortable with having the results of your agenda exposed as being mass murder. You're the dude that is so obsessed that you are compelled to make every thread where I post about me and my many flaws. Stick to thread topics, Eric.
Anyone claiming to be an expert is selling something. I brandish my ignorance like a crucifix at vampires. Aaron Bady
Stick to thread topics, Eric. Now you've gone and got old Eric confused again.
Almost every country in the Middle East is awash in oil, and we have to side with the one that has nothing but joos. Goddamn, that was good thinkin'. Esso posted on 2012-01-13 7:37:56 ET
Confusion is Eric's natural state.
Anyone claiming to be an expert is selling something. I brandish my ignorance like a crucifix at vampires. Aaron Bady
You are like all the OTHER leftists/socialists. You all suffer the worst of flaws; the regrettable lack of substance between your ears. And from this void comes the crap that you post day-in, day-out. This flaw compels you to repeat the mindless propaganda you're constantly fed on this forum. This flaw comes from a complete lack of an intellectual core, and an absence of morals or character. You are defective. You are my ENEMY. You are the enemy to my country. You are TRAITORS. And THAT is the #1 topic.
To: mcToejam, rat-boy, drippy, Alzheimer Fred, whitesands, t-bird, This flaw comes from a complete lack of an intellectual core, and an absence of morals or character. You are defective. You are my ENEMY. You are the enemy to my country. You are TRAITORS. And THAT is the #1 topic. This is a fine screed that every doctoral candidate should indulge in while giving their orals.
Almost every country in the Middle East is awash in oil, and we have to side with the one that has nothing but joos. Goddamn, that was good thinkin'. Esso posted on 2012-01-13 7:37:56 ET
He seems to be stalking you. Maybe his cherished mail order bride went back to Russia and this is his idea of courtship.
Almost every country in the Middle East is awash in oil, and we have to side with the one that has nothing but joos. Goddamn, that was good thinkin'. Esso posted on 2012-01-13 7:37:56 ET
If that's his idea of courtship, it would explain his utter inability to get along with American women. As for the stalking, Eric writes, You are defective. You are my ENEMY. You are the enemy to my country. You are TRAITORS. And THAT is the #1 topic. Kind of looks like you're correct. (Notice the confusion between the singular "you" and the plural "traitors"?)
Anyone claiming to be an expert is selling something. I brandish my ignorance like a crucifix at vampires. Aaron Bady
Somalia is doing a lot better than most of the countries where Oilbomber is rendering "humanitarian aid", like Lybia, Afghanistan, and Egypt. Centralized planning is always a clusterflop, and meddling in the affairs of formerly sovereign nations, and overthrowing legitimate governments is bound to create resentment and hatred of the US. They hate us because we don't mind our own business, but instead loot and pillage, kill and maim, and install brutal tyrannical puppets. When the inevitable happens and they stab us in the back, we repeat the process. It's for the children. /s This new ‘Structural Keynesianism’ sounds even worse that the traditional ponzi scheme kind. Progressing, from bad to worse.
Obama's watch stopped on 24 May 2008, but he's been too busy smoking crack to notice.
Yep and he denies any responsibility. He's been continually done wrong by women through no fault of his own. Poor, innocent, Eric.... cluelessly trying to find one of those Stepford wives he knows must exist because he saw them on the TeeBee.
Almost every country in the Middle East is awash in oil, and we have to side with the one that has nothing but joos. Goddamn, that was good thinkin'. Esso posted on 2012-01-13 7:37:56 ET
Please provide empirical evidence to support your... "claim." With the exception of the short period of time during the Civil War, the U.S. was close to having a free market economy in the 19th century. Even after the so-called "Progressive" Era, the U.S. had a largely free market economy. Unfortunately, the "Progressive" Era sewed the seeds for massive growth in government, that Hoover, Roosevelt, LBJ, Nixon, Bush, and Obama fertilized and grew.
Exactly.
To: mcToejam, rat-boy, drippy, Alzheimer Fred, whitesands, t-bird, Even after the so-called "Progressive" Era, the U.S. had a largely free market economy. And how did that work out?
Anyone claiming to be an expert is selling something. I brandish my ignorance like a crucifix at vampires. Aaron Bady
Even after the so-called "Progressive" Era, the U.S. had a largely free market economy. Unfortunately, the "Progressive" Era sewed the seeds for massive growth in government, that Hoover, Roosevelt, LBJ, Nixon, Bush, and Obama fertilized and grew. You have to be kidding, unless you think forced slave labor is an integral part of a free market. Plus economic regulations abounded from our country's very inception and before. I guess you've never heard of revenue stamps.
Almost every country in the Middle East is awash in oil, and we have to side with the one that has nothing but joos. Goddamn, that was good thinkin'. Esso posted on 2012-01-13 7:37:56 ET
His total post is a figment of his imagination.
Almost every country in the Middle East is awash in oil, and we have to side with the one that has nothing but joos. Goddamn, that was good thinkin'. Esso posted on 2012-01-13 7:37:56 ET
After many States amended their constitutions to prohibit loans or gifts to corporations in the 1830-1870 period it worked out very well. The US economy grew at an unprecedented rate, held back only by the bankster funded refusal to coin silver. Had the addition of silver allowed the money supply to keep pace with growth we would have grown even faster (and not had the panics of '93 nor '07).
Interesting how that little slavery thing keeps slipping his mind.
Anyone claiming to be an expert is selling something. I brandish my ignorance like a crucifix at vampires. Aaron Bady
There doesn't seem to be much reality in his life.
Anyone claiming to be an expert is selling something. I brandish my ignorance like a crucifix at vampires. Aaron Bady
Of course there was that 1837 depression that lasted through 1844.
Anyone claiming to be an expert is selling something. I brandish my ignorance like a crucifix at vampires. Aaron Bady
What caused it?
Recession of 1845-1846; Recession of 1847-1848; Recession of 1853–1854; Panic of 1857; Recession of 1860–1861; Recession of 1869–1870
Anyone claiming to be an expert is selling something. I brandish my ignorance like a crucifix at vampires. Aaron Bady
Speculation and bank failures due to lack of confidence in paper money.
Anyone claiming to be an expert is selling something. I brandish my ignorance like a crucifix at vampires. Aaron Bady
In what market? Really? I didn't know that. I knew about the script that was used prior to the Revolution, and the "Continental Dollar", but I thought that gold and silver were used from the advent of the Constitution up until the Federal Reserve was instituted (with the exception of Lincoln's "Greenbacks"). Do you mean bank runs caused by banks issuing more goldnotes than they had in gold deposits?
That's a lot of recessions during a period when the country was expanding rapidly. What are the periods in between the recessions called? Is there a system where growth happens in an unaltered course -- straight line growth? If so, I've never heard of it. I wonder: If plant life could talk, would they call nights a "recession" and winters "a depression"?
Gold notes were issued by state banks, but also just plain old bank notes, but it's a little more complex than that. It begins with the Second Bank of the United States losing it's charter, The Trail of Tears (periods of economic growth for some is often a disaster for others) and Jackson's executive order (presidents did that back the too) demanding land purchases be made with gold and silver in the hope of containing land speculation. That had the effect of devaluing paper money, inflating prices and tightening the supply of specie.
Anyone claiming to be an expert is selling something. I brandish my ignorance like a crucifix at vampires. Aaron Bady
I think that would require a perfect world with a perfect economic system, populated by human beings that never make well intentioned decisions that turn out badly. Some believe that won't happen until Jesus returns.
Anyone claiming to be an expert is selling something. I brandish my ignorance like a crucifix at vampires. Aaron Bady
Well, you need to explain that, as "just plain old bank notes" needs to be defined. Legally, banks could not issue notes that were not collateralized by something -- gold, land, etc. Banking back in the 1830's was a wild and wooly market, with a lot of state government involvement. If you know what you're talking about it would behoove you to be more thorough and specific.
First, there was no federal regulation of banks during this period so rules varied from state to state. That being said, bank notes were backed by the bank's assets which could include gold and silver but could also be mortgages and bonds (I feel a little wobbly just typing that).
Anyone claiming to be an expert is selling something. I brandish my ignorance like a crucifix at vampires. Aaron Bady
Yep, LOL
Over the past thirty years we (society) have embraced a set of economic ideas that shaped economic arrangements – including the pattern of income distribution, the power of corporations and finance relative to labor, and the way in which the economy generates demand.
The economy is wonderful!
Re-elect Obama, he'll pay your rent!
A chicken in every pot!
-- Baghdad Bri-bri -- loonymom, ming, e-type jackoff, goober56, wreck, cal-CON, rabid dog, dummy DwarF, biff, harrowup the communist, and meguro. You're on the "a waste of human flesh" list. Brian S[ocialist], you're a propagandist moron. ALL of you can piss off.
#2. To: Capitalist Eric (#1)
(Edited)
Society hasn't experienced a free economic market in 100 years. The economy has been heavily managed by the US government since the 1930's (FDR's "New Deal"), so his claim is nonsense.
#3. To: mininggold (#2)
There's never been a free "economic" market in the history of the whole wide world.
The economy is wonderful!
Re-elect Obama, he'll pay your rent!
A chicken in every pot!
-- Baghdad Bri-bri -- loonymom, ming, e-type jackoff, goober56, wreck, cal-CON, rabid dog, dummy DwarF, biff, harrowup the communist, and meguro. You're on the "a waste of human flesh" list. Brian S[ocialist], you're a propagandist moron. ALL of you can piss off.
#4. To: mininggold (#2)
LOL. There's never been a free "economic" market in the history of the whole wide world.
#5. To: lucysmom (#4)
The Ludwig Von Mises Institute likes Somalia
The economy is wonderful!
Re-elect Obama, he'll pay your rent!
A chicken in every pot!
-- Baghdad Bri-bri -- loonymom, ming, e-type jackoff, goober56, wreck, cal-CON, rabid dog, dummy DwarF, biff, harrowup the communist, and meguro. You're on the "a waste of human flesh" list. Brian S[ocialist], you're a propagandist moron. ALL of you can piss off.
#6. To: Capitalist Eric (#5)
Me:
#7. To: lucysmom, mininggold (#4)
But for all of Eric's talk of self-reliance and independence, Somalia seems to demand just a tad more of those qualities than Eric is willing to develop in himself.
Irma Grese, AKA The Beautiful Beast or Die Hyäne von Auschwitz ("The Hyena of Auschwitz")
The economy is wonderful!
Re-elect Obama, he'll pay your rent!
A chicken in every pot!
-- Baghdad Bri-bri -- loonymom, ming, e-type jackoff, goober56, wreck, cal-CON, rabid dog, dummy DwarF, biff, harrowup the communist, and meguro. You're on the "a waste of human flesh" list. Brian S[ocialist], you're a propagandist moron. ALL of you can piss off.
#8. To: Capitalist Eric (#7)
You're in no position to judge whether that is true.
#9. To: lucysmom, Capitalist Eric (#8)
You're the dude that is so obsessed that you are compelled to make every thread where I post about me and my many flaws.
#10. To: mininggold (#9)
Now you've gone and got old Eric confused again.
#11. To: lucysmom, mininggold, A K A Stone, Badeye, jwpegler, CZ82, nolu chan, hondo68, eskimo, socalv8, sneakypete, Mad Dog, Liberator (#8)
you are compelled to make every thread where I post about me and my many flaws.
The economy is wonderful!
Re-elect Obama, he'll pay your rent!
A chicken in every pot!
-- Baghdad Bri-bri -- loonymom, ming, e-type jackoff, goober56, wreck, cal-CON, rabid dog, dummy DwarF, biff, harrowup the communist, and meguro. You're on the "a waste of human flesh" list. Brian S[ocialist], you're a propagandist moron. ALL of you can piss off.
#12. To: Capitalist Eric (#11)
You are like all the OTHER leftists/socialists. You all suffer the worst of flaws; the regrettable lack of substance between your ears. And from this void comes the crap that you post day-in, day-out. This flaw compels you to repeat the mindless propaganda you're constantly fed on this forum.
#13. To: lucysmom (#10)
Confusion is Eric's natural state.
#14. To: mininggold (#13)
He seems to be stalking you. Maybe his cherished mail order bride went back to Russia and this is his idea of courtship.
#15. To: Capitalist Eric, *Liberal Rehab Staff* (#11)
"We (government) need to do a lot less, a lot sooner" ~Ron Paul
#16. To: lucysmom, (#14)
Kind of looks like you're correct. (Notice the confusion between the singular "you" and the plural "traitors"?)
#17. To: Capitalist Eric (#3)
(Edited)
There's never been a free "economic" market in the history of the whole wide world.
Iran’s main drive for acquiring atomic weapons is not for use against Israel but as a deterrent against U.S. intervention -- Major General Zeevi Farkash, head of the Israeli Military Intelligence Directorate
#18. To: Capitalist Eric (#11)
You are like all the OTHER leftists/socialists. You all suffer the worst of flaws; the regrettable lack of substance between your ears...
Iran’s main drive for acquiring atomic weapons is not for use against Israel but as a deterrent against U.S. intervention -- Major General Zeevi Farkash, head of the Israeli Military Intelligence Directorate
#19. To: jwpegler (#18)
The economy is wonderful!
Re-elect Obama, he'll pay your rent!
A chicken in every pot!
-- Baghdad Bri-bri -- loonymom, ming, e-type jackoff, goober56, wreck, cal-CON, rabid dog, dummy DwarF, biff, harrowup the communist, and meguro. You're on the "a waste of human flesh" list. Brian S[ocialist], you're a propagandist moron. ALL of you can piss off.
#20. To: jwpegler, mininggold (#17)
With the exception of the short period of time during the Civil War, the U.S. was close to having a free market economy in the 19th century.
#21. To: jwpegler (#17)
(Edited)
With the exception of the short period of time during the Civil War, the U.S. was close to having a free market economy in the 19th century.
#22. To: lucysmom (#20)
And how did that work out?
#23. To: jwpegler (#18)
#24. To: lucysmom (#20)
And how did that work out?
#25. To: mininggold (#21)
You have to be kidding, unless you think forced slave labor is an integral part of a free market.
#26. To: mininggold (#22)
His total post is a figment of his imagination.
#27. To: Anthem (#24)
After many States amended their constitutions to prohibit loans or gifts to corporations in the 1830-1870 period it worked out very well.
#28. To: lucysmom (#27)
Of course there was that 1837 depression that lasted through 1844.
#29. To: Anthem (#24)
#30. To: Anthem (#28)
What caused it?
#31. To: lucysmom (#30)
Speculation
and bank failures due to lack of confidence in paper money.
#32. To: lucysmom (#29)
Recession of 1845-1846; Recession of 1847-1848; Recession of 1853–1854; Panic of 1857; Recession of 1860–1861; Recession of 1869–1870
#33. To: Anthem (#31)
Do you mean bank runs caused by banks issuing more goldnotes than they had in gold deposits?
#34. To: Anthem (#32)
Is there a system where growth happens in an unaltered course -- straight line growth? If so, I've never heard of it.
#35. To: lucysmom (#33)
but also just plain old bank notes, but it's a little more complex than that.
#36. To: Anthem (#35)
Well, you need to explain that, as "just plain old bank notes" needs to be defined. Legally, banks could not issue notes that were not collateralized by something -- gold, land, etc.
#37. To: Anthem (#23)
Iran’s main drive for acquiring atomic weapons is not for use against Israel but as a deterrent against U.S. intervention -- Major General Zeevi Farkash, head of the Israeli Military Intelligence Directorate
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