tag:blogger.com,1999:blog-2277215496195926573.post743087711133591788..comments2024-01-01T07:41:51.347-08:00Comments on RALPHONOMICS: Adair Turner, Positive Money and MMT: great minds think alike.Ralph Musgravehttp://www.blogger.com/profile/09443857766263185665noreply@blogger.comBlogger7125tag:blogger.com,1999:blog-2277215496195926573.post-47446710462833559842020-07-08T09:34:07.649-07:002020-07-08T09:34:07.649-07:00I spoke to the BOE and I asked them when they'...I spoke to the BOE and I asked them when they'd sterilise QE and they *laughed in my face*.<br /><br />They have no intention of ever selling back the securities they have purchased and if you think about you can see immediately why... it would crater the stock market whose value is inflated to high heaven by QE.Wilson Loganhttps://www.blogger.com/profile/00446798033233403058noreply@blogger.comtag:blogger.com,1999:blog-2277215496195926573.post-3898810450607553132017-02-17T12:41:07.002-08:002017-02-17T12:41:07.002-08:00Yes he is too verbose. When I see a long comment b...Yes he is too verbose. When I see a long comment by him my heart sinks. Sometimes I tackle it and sometimes I give it a miss.Ralph Musgravehttps://www.blogger.com/profile/09443857766263185665noreply@blogger.comtag:blogger.com,1999:blog-2277215496195926573.post-16543289484119097482017-02-17T11:24:58.063-08:002017-02-17T11:24:58.063-08:00Also like the cut of JKH's jib,though he does ...Also like the cut of JKH's jib,though he does dance around the subject a tad for my simple brain.vincehttps://www.blogger.com/profile/05690045138539663594noreply@blogger.comtag:blogger.com,1999:blog-2277215496195926573.post-47655048220834302562017-02-16T09:50:10.184-08:002017-02-16T09:50:10.184-08:00Coincidentally David Andolfatto (vice president of...Coincidentally David Andolfatto (vice president of the St Louis Fed) did a blog post on that topic in the last 24 hours. I left a couple of comments (taking care not to use the word “retard”, ho ho). See:<br /><br />http://andolfatto.blogspot.co.uk/2017/02/a-public-finance-case-for-keeping-feds.html#comment-form<br /><br />As I said there, the question as to whether to unwind QE is really the question as to whether the state’s liabilities should take the form of interest yielding debt or non-interest yielding debt (i.e. base money). Milton Friedman and Warren Mosler argued for disposing of the interest yielding stuff. On that basis, QE should be continued. Though there is something to be said for debt which yields a very low rate, as per Japan, sort of. But this is too complicated an issue to deal with properly here.<br /><br />There’s a comment or two on Andolfatto’s site by someone who calls himself JKH. I’ve forgotten his name, but he used to teach at the Manchester Business School, and may still do so.<br /><br />Ralph Musgravehttps://www.blogger.com/profile/09443857766263185665noreply@blogger.comtag:blogger.com,1999:blog-2277215496195926573.post-34563606772163063832017-02-16T09:38:37.723-08:002017-02-16T09:38:37.723-08:00It wasn't me that used the word retard actuall...It wasn't me that used the word retard actually: that was someone else entirely. But point taken: my language is often less than diplomatic, to put it mildly. Also twitter's "punishments" are normally temporary, far as I can see. I was excluded for a few hours.Ralph Musgravehttps://www.blogger.com/profile/09443857766263185665noreply@blogger.comtag:blogger.com,1999:blog-2277215496195926573.post-57966383486625254102017-02-16T05:39:16.010-08:002017-02-16T05:39:16.010-08:00I note that the BoE has also said it will reverse ...I note that the BoE has also said it will reverse its QE when the time arrives.You do wonder at which point that coems about,I mean there are no shelf lifes on these things.5 years? ,10 years?,100 years?Economic cycles used to come and go, so they are kind of used to 5 possibly 10 year recoveries,Japan has broken that trend,and we are likely to follow.<br /><br />Pity AT was not in favour of all this while he was in office.<br />vincehttps://www.blogger.com/profile/05690045138539663594noreply@blogger.comtag:blogger.com,1999:blog-2277215496195926573.post-58104448663356451112017-02-16T05:33:51.613-08:002017-02-16T05:33:51.613-08:00It was probably the "retards" bit that d...It was probably the "retards" bit that did it.I take your point here though, but if you want folk to read what you write I would say tone it down a tad.But maybe you weren't bothered so much about being removed rather than getting something off your chest ;)<br /><br />Generally the standard of journos has gone down since most of the dead tree press cannot afford a proper reporting team because of competition from the internet.Or they have retreated behind paywalls(a rather lemming like behaviour to be honest).I rarely read newsapers anymore for that reason.<br />vincehttps://www.blogger.com/profile/05690045138539663594noreply@blogger.com