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August 17, 2011
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In 1896, economist and marginal utility theorist Eugen von Bohm-Bawerk published what is still today considered the definitive criticism of Karl Marx's economic system. Despite the positive academic reception of his work, Karl Marx and the Close of His System, the response from Marxians can only be characterized as silence. Did they reject it as ad hominem? On the contrary, Eugen had gone out of his way to avoid direct criticism of the man, Karl Marx. Did they not understand it? Did they simply have no response to the powerful criticisms? No. In fact, as we know too well, there is always some response in heated economic debates.
It was about thirty years later, when a brilliant German socialist economist named Rudolf Hilferding burst on the scene, that we learned why the Marxians had continued to write volume after volume as if Bohm-Bawerk had never existed. Hilferding was a big picture guy, the kind that can read a passionate debate from both sides and find the root of their disagreement. And so it was that Hilferding (note 1), in his response to Bohm-Bawerk, became the first far left economist to make serious headway in debating marginal utility theorists. Hilferding identified the disconnect between the two schools of thought as one of relevance. Hilferding conceded to Bohm-Bawerk that he was correct in his formulation of value, but the key point to Hilferding was where does one begin their analysis. For a left leaning economist, value does not proceed from the individual and then out to society. Sure, Hilferding admitted, if you begin from the starting point of one man and attempt to build general theory in terms of his exchanges, the Marxian system is wrong and the marginal utility theorists are correct. However, if you start from how value exists in society and work in the opposite direction, Marx's theories, though admittedly incomplete, are more relevant (Coincidentally, Marxians ignored Hilferding as well!)
So the question left to the reader of Hilferding's work was not the correctness of each theory, but rather what is relevant to an economic analysis.
And so that is why I am temporarily pulled out of retirement. I have been drawn into a fascinating discussion with binve concerning the approach of MMT and how it differs from the framework of the Austrian School. As always, there is tension. This one, however, is different. I feel a bit of extra pressure because I am so fond of binve personally that I don't want to misrepresent his work or give him less than the full attention I can deliver.
I have been traveling a great deal recently, living up to my Fool handle, "whereaminow." I flew from Qatar to Baltimore to Anchorage to Baltimore to Chicago to Baltimore in the past two weeks. I am really really sick of BWI airport ;) But this has provided me with a chance to blaze through the library on my iPad, which is how I came across the Marx-Bohm-Bawerk-Hilferding debate. I was immediately struck by how similar the problem was to my debate with binve. In no way should you construe that as implying that binve is a Marxian! But let me show you what I mean after I provide some brief background on the schools of thought present in this debate. I don't want to take for granted anyone's knowledge level.
Introduction to the debating schools
The Austrian School of economics is among the oldest schools in existence, but it has existed completely outside the mainstream for roughly 80 years. Its present day explosion in popularity is directly linked to their success in not only identifying the housing and dot com bubbles but their ability to explain the reasons for the booms and busts that plague our economy. The Austrian Theory of the Business Cycle (sometimes called The Austrian Theory of the Trade Cycle) is the school's most famous contribution to modern day economic debate. Austrian School economists believe that economic science is a deductive exercise that starts from the premise that all human economic activity is purposeful action and proceed from there in order to discover general laws or truths about economics. The school does not rely on empiricism or mainstream positivist approaches in order to reach its conclusions. Austrians support sound money, i.e. money that derives its value from voluntary exchange (notably, gold and silver).
Modern Monetary Theory has also seen a surge in popularity in recent years. Like the Austrian School, MMT has benefited from the total failure of orthodox mainstream economists to predict or adequately explain the volatile swings in the global economy over the past decade and a half. MMT starts from an empirical framework, taking as given that our monetary system is fiat and unbacked paper, for better or worse. They see their significant contribution in developing an understanding of how a fiat unbacked paper money system operates, for example they argue that the Treasury's bond sales are unnecessary and a relic of the gold standard. MMT tends to promote economic stability by advocating policies that smooth out the business cycle. They also advocate stable money, i.e. that the value of money in terms of the price level should remain stable.
In many arguments, MMT and the Austrian School find themselves on the same side. Both usually argue that monetary policy is useless in directing economic activity. Both argued against QE, though for slightly different reasons. (Note 2) But on very significant issues with long range implications for all economic participants, they diverge, such as on the questions of business cycles, deficit spending, and inflation.
I see your 10,000 words and raise you 10,000
I want you to refer back to this post (http://caps.fool.com/Blogs/why-deficit-spending-and/621467) in which binve attempts to set the record straight on the many misconceptions surrounding Modern Monetary Theory. I get a kick out of binve's work. He is so driven to understand the economic theories he encounters that he really gets carried away with his enthusiasm. When I copied that blog into a Open Office document for further review it was 18 pages at 12 point font! When it comes to being long winded, I think I have met my match =D
But binve's work is important because he lays out, albeit in general strokes, the entire framework from which MMT views economic activity. The business cycle is taken as a given and follows the Schumpeter-ian analysis that capitalism's destructive nature (i.e. cut-throat competition) leads it to chronic booms and busts that are inevitable and necessary. From this point of view, if anything can be done to smooth out these fluctuations, particularly if you have the tools of proper macroeconomic accounting, it seems stubborn, foolish, and dangerous to propose anything else (e.g. austerity or balanced budgets).
So let's dive right into an example of how two schools can talk past each other. I cannot quote binve in length, or we'd end up at 36 pages =D, but this passage will help you get the concept of why we diverge:
1. A bank makes a loan (creates money out of thin air) to any credit worthy customer. 2. However, the bank cannot simply give the money away, it must record that transaction as a liability on its own balance sheet. 3. Which means that the bank did not increase the *net* amount of money in the financial system. 4. It created an asset (money out of thin air) but also created a liability of equal magnitude (that loan/money must be paid back). 5. The fact that this transaction did not generate any *net* financial assets is why it is called a 'horizontal' transaction.
For MMT the relevant sentences are #2-4. For the Austrian School, the relevant sentence is #1. Let's walk through it.
According to the Austrian School, the business cycle is not an inherent feature of the free market. The business cycle boom is created by the expansion of bank notes from a fractional reserve banking system (usually with a central bank acting as the engine of this expansion, though government intervention such as suspension of specie redemption can create the same effect). So what is important is that money is created out of thin air (the credit worthiness of the customer is less important in this analysis.) This new money increases the supply of available funds, thus lowering the interest rate – or the price of money – below what it would be without this injection of new money. (What that exact rate, sometimes called the natural rate, should be at any given instance is impossible to know a priori as that information is based on the subjective value scales of market participants and can only be revealed through action.)
Double entry bookkeeping has been around since the 13th century, at least. It was a major breakthrough in financial record keeping as it provided an easy way for the accountant to discover his mistakes. Just mark each asset with a corresponding liability and the two sides of the ledger should always add up. For 800 years, humans paid little attention to this novelty other than to note its convenience.
And here is where we start to talk past each other. From my perspective, I fail to see what it matters that Banker Bill marked this new money as a liability on his ledger sheet. Of course he did. He's been doing that for 800 years, under gold standards, paper standards, silver standards, etc. That's how he keeps track of his assets. But to say that this is important, well I have to differ. From an economic standpoint the important matter is how his action of creating new money distorts economic activity.
I agree that at some point the banker will be paid off. In fact, if that were the end of the story MMT would be correct in stating that there is nothing to see in sentence #1 and that it is sentences #2-4 that matter. But that's not where this story ends.
Let's take the scenario that Banker Bill at Bank A loans $10,000 to Joe Blow. Joe Blow borrowed that money for a reason, let's say to build a new garage for his small repair shop. He gives the $10,000 to the garage maker, who then deposits that check into his bank, Bank B. Bank B is now going to redeem the $10,000 from Bank A. Bank B can now pyramid off these new reserves, creating even more new money, assuming Bank A can actually cover the $10,000 it loaned out. (Note 3) And here is where the party starts for an Austrian. In a fiat unbacked paper banking system cartelized under a Federal Reserve, this continuous bank note expansion goes on for so long that it creates a boom. Interest rates are driven far too low, stimulating investment that would be seen as unprofitable in a higher rate environment (particularly for goods further away from consumption, such as housing or titles to capital goods i.e the stock market).
Now it is true that at no time during this boom has there been any new net financial assets created by the bank. But of course, there never would be anyway! Banks don't ever create new net financial assets in this way, even during the biggest bubbles in world history. So I fail to see why this matters at all in any economic discussion It is the nature of double entry bookkeeping that banks will mark a corresponding liability on the opposite side of the page. Big deal. (See us talk past each other?!)
So when MMT tells me that a reduction in government spending will cause a reduction in net financial assets, I simply shrug. Who cares? Net financial assets are the banker's bookkeeping entries. They have no relevance to a nation's true wealth or an economy's true health.
A bust is inevitable anytime that the expansion of bank notes creates a boom. But before we get to the bust, we need to talk about inflation.
Preaching Stable Inflation
Here again, MMT and the Austrian School talk past each other. Rather than quoting MMT economists at length, we can separate the two schools fairly easily. MMT believes in stable money. The Austrian School believes in sound money. As such, what they believe to be inflation is vastly different.
Stabilization theory came into popularity in the 1920s. Irving Fisher is probably the most famous stabilizer. Basically, the goal here is simple: the general price level should remain stable and it is reasoned that this will smooth out fluctuations in the economy and promote general stability. How you get from point A to point B through logical deduction is a bit less clear. (note 4) As long as the price level is considered stable, they argue, the environment is not inflationary. But there is a serious flaw in stabilization theory. Prices in a free market should generally be falling. The great thing about the market is that as prices fall, the benefits of increased production are spread out among an ever increasing amount of the population. So the poor can actually benefit and see their standard of living rise but only if you allow prices to fall. Second, if you are purposefully keeping prices stable, you must be creating new money (although, the banks are certainly going to mark the corresponding liabilities, lol). This was the case during the inflationary boom of 1921-1929. The reason Fisher and Keynes didn't see the Great Crash of 1929 coming is that they were staring at the price level, which was relatively stable and so they thought "well, nothing wrong here. We have a stable healthy economy!" Austrians such as Von Mises and Hayek saw that the total money supply was growing at unprecedented rate and thus interest rates were lower than they should have been. To an Austrian School economist, this is inflation.
We see the same disconnect today. Binve points out that the price level is relatively stable. But that means that the money supply must be continuously increased! That is inflation! Yet to binve it is not, since prices aren't rising and new net financial assets are not created thanks to an 800 year old bookkeeping practice. (Let's set aside the fact that prices are rising which means that the inflationary picture is even worse than during a stable money environment.)
That leads us to the bust, which only the Austrians see as inevitable once you have purposefully expanded the supply of bank notes. Prices do not rise in uniform through an economy. In fact, if they did, there would be no point to increasing the money supply in the first place, since no one would benefit and no one would suffer. During an inflationary boom it is the rise in prices in the complimentary factors of production that eventually undo the boom. As entrepreneurs compete for scarce resources, prices rise. At this point, just the slightest movement in interest rates upward can cause a wave of bankruptcies and a massive contraction of the supply of money (note 5). Prices fall and the economy slumps into depression.
At this point, would it help to create new money and start the cycle all over again? Of course not, yet that is exactly what MMT advocates.
The economy needs to be allowed to readjust, to find a sustainable level of growth, not to suffer the constant gyrations of funny money booms and busts.
In that sense, MMT is correct to say the business cycle is natural to capitalism under an unbacked paper money standard. General booms and busts are most definitely NOT part of a free market capitalist system, however. General booms and busts require government intervention, either suspension of specie redemption (prominent throughout Europe in the early days of loan banking) or cartelization under a central bank (usually couple with suspension of payment anyway.)
So from here I leave it to the reader to decide what is relevant. Does it matter that national accounting identities (aggregate bookkeeping entries) match up nicely or does it matter that a non-market institution (the Federal Reserve) is allowed to influence interest rates to create the booms and busts that plague the post sound money economy? Does it matter that money is stable or sound? Does it matter that we counter the business cycle or that we end it? Does it matter that the price level is stable or that new money is being created?
Although this is certainly not the last time we speak past each other, hopefully the readers can see why we do, and how it is up to them to decide what is truly important. After all, it is their economy that we are arguing over.
David in Qatar
1: Hilferding like Bohm-Bawerk's student Ludwig Von Mises, was at the top of the Nazi hit list. Sadly, Hilferding did not see the danger coming, once remarking to a friend that "Hitlers come and go". In 1941, at last recognizing the peril, he tried to escape, was caught, and was never heard from again.
2: MMT argued that QE caused distortions in the market by increasing inflationary expectations but did not actually cause inflation. The Austrian School argued that QE was both inflationary and damaging to economic calculation. Again, who is right depends on what you conclude is relevant much like our discussion of net financial assets versus inflation.
3. Outside of an unfortunate chapter of Scottish banking history, Murray Rothbard's Mystery of Banking is an excellent overview of how banks operate both under the conditions of free banking and under the cartelization caused by government intervention and a central bank.
4. See Rothbard's America's Great Depression for both a complete discussion of various business cycle theories as well as a look at the different stabilization theories in vogue in mainstream economics. The book is a must read for any serious economic enthusiast.
5. At the end of the 1921-1929 boom, a jittery Federal Reserve took rather drastic steps to force rates up and curtail the boom leading to history's most famous stock market crash. Again, see Rothbard's AGD.
This is a *fantastic* post! It really does highlight the differences between the two schools.
I am formulating a detailed reply right now. It will most definitely *not* be a rebuttal. There is no place to 'rebut' when there is a description of core tenets. I would be like a Christian trying to 'rebut' the core beliefs of a Muslim. It is non-sensical. Different people see the world in different ways. Is one 'right' and the other 'wrong'. No. It simply means that people believe in different core tenets and will gravitate toward schools of thought or belief that fit with their personal and world views.
Like with any study of human interaction, economics is a study in subjectivity. Not everybody sees things the same way and not everybody thinks economics should have the same aims. What is most important: Full Employment? Maximal Resource Utilization? Stable Prices? Sound Money? Generally Decreasing Prices?
Depending on your answer will be the economic systems that make the most sense ... to you. Again, there is an inescapably subjective facet to all of economics, because people value different things in different ways.
This is why I will never see you as an 'adversary' and why I will always enjoy the discussion. Because we are two well-meaning people who have thought a lot about economics and just see things in slightly different ways.
Thanks for a great post!
David,Thanks again for such a great post.Here are just a few replies to clarify some MMT positions. From this point of view, if anything can be done to smooth out these fluctuations, particularly if you have the tools of proper macroeconomic accounting, it seems stubborn, foolish, and dangerous to propose anything else (e.g. austerity or balanced budgets).This is a true statement. But let me also say that MMT does not have any problem with either balanced budgets or budget surpluses per se. MMT advocates that the Government net spending position should never be discretionary, and there is nothing inherently good about a government deficit or a surplus. It is simply a flow state to match the desires of the other two sectors. The goal of fiscal policy under and MMT framework is to arrive at an economy that: is running at full capacity, has full resource utilization (including especially employment), low (or zero) stable inflation. If this is also accompanied by a balanced current account (which I personally think is a worthwhile goal because we see time and again that trade imbalances create international political and economic friction), then a Government balanced budget is the natural outcome of this scenario.So from and MMT perspective, pursuing a balanced budget (independent of the state of the underlying macroeconomy) is not a worthwhile goal in and of itself. It is instead the natural by-product of a full operating economy. In other words: the fully operating and utilized economy is the cause, and the Government budget balance is the effect. MMT says it is incorrect to think of the effect (budget balance) begetting the cause (fully utilized economy).This new money increases the supply of available funds, thus lowering the interest rate – or the price of money – below what it would be without this injection of new money. (What that exact rate, sometimes called the natural rate, should be at any given instance is impossible to know a priori as that information is based on the subjective value scales of market participants and can only be revealed through action.)I am not debating this point since it is from the Austrian perspective, I will just give MMT's alternate interpretation. The supply of available funds (assuming you are referring to a Loanable Funds perspective) does not exist outside of previous net Government spending (the National debt). It is not exogenous to the macroeconomic sectoral balance, but exists exactly because of it. In a fiat currency system, the non-government sector has funds to buy assets precisely because the Government previously spent those funds into existence. Net Government spending creates reserves in the banking system, and without Government bond sales to soak up excess reserves, will put downward pressure on interest rates (due to overnight bank lending competition). This means that the natural/neutral rate of interest is zero.And here is where we start to talk past each other. From my perspective, I fail to see what it matters that Banker Bill marked this new money as a liability on his ledger sheet. Of course he did. He's been doing that for 800 years, under gold standards, paper standards, silver standards, etc. That's how he keeps track of his assets. But to say that this is important, well I have to differ. From an economic standpoint the important matter is how his action of creating new money distorts economic activity.This is why MMT goes to great lengths to distinguish horizontal money creation (loans created within the financial system where each asset has a corresponding liability) and vertical money creation (government spending which generates an asset in the financial system with no corresponding liability). The manifestation of a horizontal credit boom and bust has extremely different impacts on the economy and inflation than does vertical money creation. This was a theme discussed in the original post.So when MMT tells me that a reduction in government spending will cause a reduction in net financial assets, I simply shrug. Who cares? Net financial assets are the banker's bookkeeping entries. They have no relevance to a nation's true wealth or an economy's true health.Agreed! MMT says that nominal money ≠ wealth. Nor is fiat money a real resource. An economy and society creates wealth by adding value, increasing output of real goods and services, utilizing existing goods and services more efficiently (including and most especially labor). Net financial assets are not wealth, they are accumulated tax credits that the government previous spent into existence. Wealth that is not maximized (wasted and idle resources, unemployment, etc.) means that the government did not create enough financial assets for these resources to be bid for and utilized in the economy after the private domestic sector met its savings desires.We see the same disconnect today. Binve points out that the price level is relatively stable. But that means that the money supply must be continuously increased! That is inflation! Yet to binve it is not, since prices aren't rising and new net financial assets are not created thanks to an 800 year old bookkeeping practiceThis is an inaccurate statement. You are confusing horizontal money creation and vertical money creation, as explained above. As was elaborately detailed in this post it is unambiguously stated that the long term trend in inflation is in direct response to the long term deficit spending position of the United States.
Great discussion! I must say that I lean intuitively towards the Austrian Theory. I must also say, however, thay my opinion is worth less than you paid for it. In the school of economic theory, I'm still in Kindergarten. I downloaded a .pdf of Mises work a few months ago and found it heavy going (especially having to remind myself that his use of the term "liberal" is in the classical sense, rather than it's modern interpretation.)
I'm going to dive back into it whan I have more free time to go slowly and digest the meanings better. I will definitely continue to enjoy and learn from your discussions. You both, while holding to differing views, are providing a valuable source of education to us Fools. Thank you both.
Excellent discussion! Thanks for putting forth the effort.
binve wrote:
"The supply of available funds (assuming you are referring to a Loanable Funds perspective)"No. This is a common misperception of bankers, whose natural focus is what rate they can get when loaning out money. For an Austrian and anyone looking at the quantity of money in the system and the effects of that quantity on prices in general, 'available funds' pretty much means all money in existence. All money is owned by someone at all times. (Even money going between banks, in armored cars or electronically, is owned by someone, and when a bank 'holds' a check they still know who owns the money before and after clearing it.) Whether "available funds" are "Loanable Funds" depends on the market price of renting money (the interest rate) and the owner's preference for holding it as a cash balance (available for any use he may want) versus giving up the use of it for a certain time in exchange for getting back more at a later date. A higher rate of interest will cause the owners of money to make more of their money "loanable" but (except for money being created) doesn't change the amount "available". The total money supply is "available" for spending or holding or loaning out however the owners wish. "Loanable funds" are the subset that the owners are willing to do without for a time."does not exist outside of previous net Government spending (the National debt)."Yes, it does. Originally, when gold and silver were money, both specie and paper (strictly speaking "money substitutes" which are rights to specie) circulated, independent of government. (The 'dollar' was in fact named via Spanish 'dolar' after the privately minted Thaler.) Anyone who wished to enter the warehousing business could issue a paper receipt for the amount of specie warehoused, and any holder of paper or specie could alter his preferred ratio of hard and paper holdings by visiting such a warehouser (goldsmiths, bankers, and later and exclusively government offices) and trading paper for specie or vice versa. Even specie could change shape according to how useful the holders found dust, nuggets, bars, and coins, as a minter could exchange one shape for another, melting or minting as the free market participants changed their preferences. (Of course these services were provided at a cost, so to avoid high transaction costs you would want to predict your own desires for each form ahead of time fairly accurately, but the point is, you could change your preference.) When US gold was confiscated in 1933, the exchange resulted in paper alone in our hands. These funds were only 'spent into existence' in the same sense that any warehouser spends paper receipts into existence, by taking in the gold and giving out a receipt in return, except that the exchange was done by force and 38 years later the promise to redeem for specie was broken. (And less than one year later, the promised ratio was unilaterally altered from $20.67/oz to $35.00/oz, but that massive-at-the-time fraud has been dwarfed by the fraud of printing unbacked notes since then.) So, of all the dollars constituting the "supply of available funds" only the *new* ones exist because of government "spending them into existence". Money does not exist because of government spending; "fiduciary media," the excess, fraudulent, money-like slips of paper do so exist. The fraudulent ones are identical in appearance and use to the original ones (otherwise they'd be worthless, as people would only want the "real ones"), but not identical in origin or effect. Money is a creation of the free market because people found it much more useful to trade indirectly than directly (avoiding double coincidence of wants). Just because government has arrogated to itself control of its quantity doesn't mean that's how it was, or how it has to be, or will be, or should be. That's only how it *is*, currently, in a devastating, precarious, naturally unstable state.
When MMT analyzes and explicates this current condition, it is of interest. When MMT makes value judgements implying that the current state is good, it is of no interest except as an opponent to defeat. The violations of Life, Liberty, and Property that were necessary to bring us to this state are staggering. The violations continue to be perpetrated every time new fiduciary media are created."This means that the natural/neutral rate of interest is zero."No. Since the rate of interest is the price of renting money, a zero price would mean renting money is valueless, which would mean money is valueless. As much as printing more money units makes the existing money units less and less valuable, it's still not precisely true that they are totally valueless, yet. If (Keynesian and) MMT policy proponents get their way for an extended period of time, this false postulate will eventually *become* true.Wow. Sorry. All that from *one* paragraph of binve's. That's why I have a hard time reading or corresponding with MMT-ers. All the misconceptions make it hard going. And I do mean misconceptions. While many differences are just differences, some areas are flat out incorrect. I hope I have focussed on the latter. Mere differences are the fog that make it hard to communicate and navigate, while the misconceptions are the rocks you hit in the fog that derail a theory and produce errors of action.If I've got errors of my own, please point them out to me. While I am confident in this area, I highly doubt I'm perfect!@wolfman225,Kudos for trying Mises. He can be a little hard to read. Human Action (read aloud by Jeff Riggenbach) is available as a free download at mises.org. Murray Rothbard's Man, Economy, and State with Power and Market (also read by Jeff Riggenbach) is in production. Both are also available in PDF and ePub formats (I believe). Rothbard is a bit more readable than Mises and added some good bits to the theory (he meant to just restate it). For this particular conversation, I'd recommend Mises' 1912 "Theory of Money and Credit" (actually in 1912 it was in German, the English is from the '20s).
Welcome back David!
I learn the most from the exchanges you are involved in. I enjoy reading blogs at the Motley Fool and many are entertaining. Yours are mostly educational and evoke teaching from others even when you sometimes go "nuts".
I hope your travels end well and you find the success you seek. Please continue to find time to educate and enrich.
I agree with you entirely regarding rfaramir. He puts the exclamation point on information.
Thanks for the additional information and references. You don't need this from me however; you rock.
Thank you for continuing to teach Modern Monetary Theory. You're the Yin to David's Yang. I appreciate the quality you bring to the debate.
Great to have you back Dave! Awesome post.
ChrisGraley, FreeMarkets, rhallbick,
Thanks! Glad you enjoyed the post.
I remember that when I first started reading Mises (I started with him too), I could not get over the depth of his scholarship. I kept thinking "did everybody read that many books back in the day?!!"
Glad you liked it and yes, I am "nuts" from time to time lol. Don't know why :)
I saw that you helped get this post more readers, and I really appreciate that. I liked your response, but I really do believe that we just place emphasis on different factors and that leads us to different conclusions.
If I truly wanted an unbacked paper money standard, I would look to MMT and say, ok let's see how to make this work. However, if I believe there are irrefutable economic laws that are always at work, I must reject our operational reality and advocate a different system. So yes, we will find ourselves in opposition often, even at times when we are both absolutely correct depending on what we think is relevant.
I greatly appreciate that you took the time to learn our point of view. I look forward to many years of learning from you.
You are absolutely correct from our perspective, of course :) I do think that you are talking past binve as well, and vice versa. I know that I feel exactly the same way but that he would view that analysis as irrelevant. I'm just glad to know that we aren't the first to suffer these problems in discourse.
I really appreciate your comments and I would love for you to email me sometime so we can keep in touch. (That goes for many other Fools here that I can't talk to as often anymore!)
David in Qatar
I like saying "Bohm-Bawerk" so I'll finish this post later, very interesting, but yes, long.
Excellent post and discussion. I think I have some new wrinkles in my brain.
To me a key difference is here:
MMT says that nominal money ≠ wealth.
The Austrian definition of money includes the idea that it is a commodity with value perceived by the owner, in other words, wealth.
In looking at an acting person, his willingness to work or exchange is for something he perceives as valuable, especially if he is poor. Because money is often the first savings of any kind that he can make, it becomes his wealth. He has traded his effort for that wealth.
When saving for an entrepreneurial venture, money is often also the first savings of wealth by the entrepreneur. Unless she has already been successful, loans are unattainable by her. She resorts to saving money to prepare for the initial expense of the venture, to prove its value.
What this means to me is a couple of things. Under MMT, because money is not wealth, the treatment of the wealth of the poor and the startup (or small, "main street", business) is not protected. This means two things, it will be difficult to rise up out of poverty, and entrepreneurial ventures will tend to be only begun by the already wealthy.
Because the middle class is essentially made up of those rising out of poverty, the middle class will decline or will never get started.
Because the wealthy on an individual basis are as a general rule, "satisfied with the way things are" this will mean a potential for fewer great business ventures that raise people's standard of living. The average standard of living will probably decline due to the fact that there are generally far more poor than wealthy.
For me this means that MMT is not a viable way to define a good economic policy. Not because I care whether we define money as wealth or not, but instead because of the effects that I see would filter through a system like that.
I think that the average man, upon discovering that in the money he is using wealth does not exist, would move and keep his wealth outside that money as much as possible. I think he would also tend to borrow in that money and immediately spend that money to the limit of what he is allowed, thinking that he is receiving true wealth for nothing.
I think we have seen some of that in action in the past decades.
For such a long winded response, you are actually crediting the Austrian school of economics for exposing the housing bubble?
Your eloquently wrong, which doesn't say much for your selling of the debate with Marxist (not Marxian) mixed in with having stated that Keynes didnt know of the impending bust, when at the the time more than enough financial alarms were sounded but were sweeped under the proverbial rug due to the pressure placed by politicians.
As in any financial model, especially with those that deal with more advanced formulas, when a disruption to the formula is added or released then we tend to have a crisis.
The cause of the Great Depression, as you so elloquently missed was caused by the failure itself of Government regulation. Just as the root cause of the housing bubble was caused by not only the repeal of the Glass Steagal Act, but the application of the Gaussian copula function, dressed up into a nice package and presented by the same lobbying firm that provided us with Enron.
Furthermore, the act was also nicely called the Gramm, Leach Bailey act signed by then President Clinton. (Gramms wife was the lobbyist heading up the campaign) This opened the floodgates for new money to pour into the housing market. Not only new money, but new money invested into new money on the expectations that the first layer, the actual loans would make enough, that the second layer, the CDOs would profit from the interest earned.
The fact is, no school of economics can correct or deter what are unsound financial practices and the intervention of greedy lawyers with complex language similar to yours and a fancy powerpoint presentation plus the promise of a few million spread out amongst congressional leaders can do. It may sound good, but it doesnt add up. Now, will we look up at history and blame the scarcity of resources on this? Or do we also factor in the printing of money and going to a paperbacked standard, gold standard or silver standard? The fact is, although all of these things may have an influence to a small degree, but if the fundamental issue, of which I have provided you their cause in this comment is out of place, then the equations concavity will fluctuate in other ways that no gold, paper, silver or other standard would correct. In addition to any application of any of the schools of economics that you wrongly attribute to having seen the magic bubble before bursting.
"Just like a remote conrol that needs new batteries may work every once in a while to change the channel a little or raise the volume. The problem being forgotten, is the lack of batteries"
The issue here was bad policy allowed by the ineptitude of and unknowledgeable congress, and a bunch of impressive economists touting the sound benefits of its practice.
If you look at the formula especially at the higher levels of its parabolic progression, there will be a financial breakdown. (Just as in a polynomial equation that is now fitted with an additional exponent attached to the same variable).
As in numbers, and even in the most complex math, it must be stated simply and harmoniously.
Eloquence is not the fiber of intelligence. How do you tell a donkey it has big ears?
Your good at putting words together, but you push your point between badly placed chronological facts laced with your opinions that unfortunately almost all of us would have neither the will nor the research resources you fail to provide. Cite sources.
A good research paper will CITE SOURCES, give me something to reference the paragraph long explanations of supposed arguments that the economists had at the time. You cite many key people in here, but not a single source cited.
Ony citing "mystery of banking" and "Americas great depression" as the only verifiable sources, not offering the key fundamental arugments you are making.
I know religions that do that to the Bible all the time, most of these causing a mailaise to our very fiber as a country:
"Does it matter that national accounting identities (aggregate bookkeeping entries) match up nicely or does it matter that a non-market institution (the Federal Reserve) is allowed to influence interest rates to create the booms and busts that plague the post sound money economy?"
Your argument here is that the Federal Reserve is the root of causing booms and busts, of which there is no credibility to that point. Unfortunately the Federal Reserve is the one that ends up looking bad because it is the one looked at to fix the problem, as in its effort to salvage a system introduced to Congress by the same people that brought us Enron are to blame. Not the fed itself.
:) Maybe the solution would be to have the fed be the one that reviews every bill that has a financial founding to it to make sure it is sound, like a bank does before approving a loan.
You state:
"Prices do not rise in uniform through an economy. In fact, if they did, there would be no point to increasing the money supply in the first place, since no one would benefit and no one would suffer. During an inflationary boom it is the rise in prices in the complimentary factors of production that eventually undo the boom. As entrepreneurs compete for scarce resources, prices rise." You are speaking as if there is a direct influence in every single aspect of the economic cycle in every product.
You state what is a fact, what every book about economics would counter. Some prices rise out of a consequence not only of true scarcity, but of perceived scarcity, a simple marketing class will teach you that one.
"Does it matter that money is stable or sound? Does it matter that we counter the business cycle or that we end it? Does it matter that the price level is stable or that new money is being created?" I am guessing we should start trading in watermelons or bags of rice?
The true issue is, in your beautifully detailed but flawed argument, you are pointing your finger at the red herring, and you offer no argument of how and why the housing bubble occured only that it occured as an abhoration of scarcity, the fed printing to much money and the lack of Austrian economics, when in fact, as I have delineated in my own rebuttal, you have missed the point trying to explain it without introducing the emotional factors of Human Greed, or emotions of following an intelligently presented, but ill-fated argument as in this posting.
I will refrain from calling it retarded because I have countered it enough without needing to.
Gabriel in Miami, FL "yeah I can troll too, but im much better at it."
Cuban Troll,
Marxian vs. Marxist
Master this simple concept and then perhaps we'll talk.
Philosophy 101, ad hominem.
Master this simple concept then you can offer a better rebuttal than your less than fallacious argumen.
Now I can be just as childish as you. Your complete argument at the beginning of this blog, doesnt explain a hing about the fundamental problem that occured in the "housing bubble". It just offers people a way to address the problems neatly withouthaving to have addressed the real issue that occured.
How do you tell a donkey its ears are big?
Oh and I will autocorrect before you use another ad hominem. take away the words less than before fallacious. LOL, your a joke.
Oh, dont bother arguing, your obviously outmatched by things like facts.
You're not even in the top 20 of my trolls. Scroll through my blogs to find out the competition level. It's pretty steep.
In fact, I've already won. You have now spent three comments responding to an issue that has nothing to do with your original commnet.
So let's break this down. Here's a fact. You made a mistake in your comment. Second fact. No ad hominem was involved in my reply. Third fact. I successfully sidetracked you to the point that you were more concerned about my response than you were about the substance of the post or your original reply.
Check mate.
Have a wonderful day.
Where in the world is David whereaminow?
Do you wear a big red hat?
Like I stated, you are very good at not saying anything.
I would rather make a mistake in a comment, than make a mistake in poisting a blog blaming the fed for the current crisis, when you dont even understand the crisis that went underway.
To that you cant even respond to how the problem got started, which has nothing to do to which school of economics you belong to. Sounds to me like if its pretty aryan nation stuff.
But anyways, you dont even know what an ad hominem is then.
Here I will help you. Ad hominem: where you name call someone as you did. eg: "Why would you believe my opponent if he is a retard"
Fact, you are going in circles taking tiny jabs acting as if you are above my intellect level.
1: Never underestimate your enemy.
2: You couldnt even reply to my rebuttal with more than a putdown.
3: Arrogance is a true sign of weakness
4: Tell me of what you presume to know, and I will tell you of what you are lacking.
But yeah, you win, hands down. You are far more superior to me.
To quote Harold in "the fly", "If we were playing a game of crazy chess, I would be ten moves ahead. Your knig is trapped, my queen is breathing down his neck, my knight is chasing him down like a pig and my bishop is bashing his f%$king head on the chessboard."
wheraminow in the OP stated that "General booms and busts are most definitely NOT part of a free market capitalist system, however. General booms and busts require government intervention, either suspension of specie redemption (prominent throughout Europe in the early days of loan banking) or cartelization under a central bank (usually couple with suspension of payment anyway.)"
**Citation Required** :-)
This has long been refuted e.g. by Steve Keen's Pure Private Credit Model which models booms/busts without a Government Sector nor a Central Bank.
Such a dogmatic and easily refuted statement casts doubt as to either whether I should rely upon wheraminow to properly represent Austrian economics, or if that is a premise of Austrian Economics itself in which case it is in severe trouble.
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It is currently Sun Aug 19, 2018 2:20 pm
nigel w wrote:... if I knew how to scan and post photos, I'd happily show you !)
Definitely not a fashion disaster, but you really had to let the Levis dry on you to get that body fit - and who ever did that? The disaster was forgetting that they usually shrank further on a second wash, and if you had already cut and hemmed the bottoms then they'd be riding up your legs. And it's near impossible these days to get a new pair of Levi shrink-to-fit jeans even via the internet.Levis you had to sit in the bath wearing so they'd shrink to fit - my brother scrubbed his with a nail brush so they'd look less new. Blue dyed legs for 48 hours afterwards ... anyone?
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Why is the Cat not in the Zodiac?. project-based learning and world language and culture. What is project-based learning?. Students show through projects what they can do with what they know Start with open-ended question that require critical thinking and research
Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author.While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server.
project-based learning and world language and culture
Left Side of Brain Right side of Brain
-Facts and rules -Emotions
(vocabulary, grammar) (expression, fun )
-project-based learning does not require a right or wrong answer
-Give student the autonomy of choosing the most enticing story and ownership in writing, acting and editing.
-Teamwork: Class needs to agree on one story
-Controlled Autonomy: Required contents (previously learned vocabulary and structures) to use


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Done in the style made famous by RSA Animate.
I took on this job replacing an illustrator who became sick a day before the shoot.
I worked off a storyboard I had only seen the night before.
I'm an experienced whiteboard animator now, having produced videos for Ernst and Young (EY), Commonwealth Bank of Australia, IBM and Macquarie University to mention a few of my clients, but this was my first commission to attempt the artform and it was an adrenalin rush!


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Buffy the Vampire Slayer Season Eight #32
- Story by
- Brad Meltzer
- Art by
- Andy Owens and Georges Jeanty
- Colors by
- Michelle Madsen
- Letters by
- Albert Deschesne and Richard Starkings
- Cover by
- Jo Chen
- Publisher
- Dark Horse Comics
In case you haven't been following "Buffy" comics lately and are wondering why Buffy Summers is flying on the cover of the the latest issue, don't worry. This issue explains all the strange goings on on that score for the past few issues. Season 8 has done a good job of exploring stuff that, potentially, the shows creators always wanted to do but were hemmed in by the budget of a television show (and one that was budgeted on the "low" side.) "Season 8" has featured centaurs, Tibetan goddesses, and a Buffy Animated Series. So they're certainly making the best of the potential of the medium.
That being said, as what would be a setup act of a regular television episode, this issue in pretty solidly on the slow side. There are some significant revelations, but the issue is pulling itself in two directions. Just enough happens to keep Meltzer from being really able to kick back and luxuriate in some classic Scoobs banter, but not enough happens to keep the reader from missing it. It's obviously leading up to some big, widescale stuff, but it's not there yet. Also, hopefully, as the series goes along, it will touch more on Buffy's long term reactions to having these new powers. One of the show's strengths was always that as powerful as Buffy was, she still had to mostly deal with things on the ground level.
Jeanty's art is pretty disappointing throughout. He gives a fair and recognizable recreation of Buffy's renowned cast, but overall his artwork lacks an appropriate amount of detail. There's one panel that's supposed to be three characters in a wide shot that looks more like three wobbly matchsticks on the shore. In an issue that's mostly setup and explanation, this is a pretty hard slight to overlook. Nothing else is distracting you in terms of spectacle. In the series, this was the kind of act that would mostly be the Scoobs hanging out at the library or magic shop talking, and that would be fine. But here, Jeanty just doesn't keep things visually interesting enough.
Overall, this isn't a terrible issue, just a fairly slow one that's pretty hampered by not-that-great art. A pretty massive shift in the mythology has been introduced now, and this is the issue where we get to see the jokey, Xandery reaction to it. Not everyone thinks it's such a great thing, so here's hoping future installments get a little bit more in depth, emotionally. That was always the series' greatest strength, in either medium.
(CBR's interview with artist George Jeanty features some previews from the interior of the issue, too.)


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220 3571 Chatham Street, Richmond MLS®: R2279882
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Disclaimer: Listing data is based in whole or in part on data generated by the Real Estate Board of Greater Vancouver and Fraser Valley Real Estate Board which assumes no responsibility for its accuracy.


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30 Jun 2017
Barrett Brown Says Justice Department Subpoenaed The Intercept For Records On Him
The in-house counsel for the Intercept received a subpoena from the Justice Department for all communications between journalist Barrett Brown and his editor.
08 Jun 2017
Stories You May Have Missed As Comey Hearing Dominated US News
A much-anticipated Senate intelligence committee hearing featuring former FBI director James Comey dominated United States media over the past day and a half. Not only did every other media outlet publish coverage of the hearing, but several even covered how the media covered the Comey hearing. For example, the Washington


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Fringe! Official Saturday Party with Douche Bag DJs + Sandra Le (Fèmmme Fraîche)
Sat Nov 18, 22:30 to 02:00
Party, Hackney Showroom, Free
After a Saturday filled with panels, premieres and sexy shorts, we'll get the party started in our festival hub Hackney Showroom with 2 of the hottest queer parties recreated especially for Fringe! For the first time ever the femme fatale of a party Sandra Le (Fèmmme Fraîche) will be alongside the alt. party boys of Douche Bag, Mikey XCX & Laurence Del Rey.
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Douchebag are an alt-pop // faggy synth // trash guitar happening for happy east end homos. That will be us.


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Woodworking Project Paper Plan to Build Barn Playhouse, Plan No. 733
Flat Shipping Fee of $3.99
Use this paper plan to create this barn playhouse. Mostly plywood. Hinged top makes cleaning easy. 4.5 ft. tall by 4.5 ft. long by 3 ft. wide.Shipping / Billing Information This product ships...
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CWWSD#1 Online Payments
Cyber Innovation Center
Caddo-Bossier; Two Parishes One Community
Caddo-Bossier - Regional Water/Utility Study
Bossier Innovates
Bossier-WebsterResource ServiceProvider Directory
Parish News
What seemed like a good idea in the beginning
has now been tested in real time and may have proved to be an important tool in
Bossier Parish's emergency preparedness plans, especially if the area is hit by
floods similar to those in 2009, 2015 and 2016.
When it looked like northwest Louisiana was in
for a direct hit from Hurricane/Tropical Storm Harvey, Bossier Parish residents
began making preparations for heavy rains and the high water that usually
accompany such a storm.
One of the first lines of defense for
residents, especially those in flood-prone areas, is sandbags. This time, residents
from Elm Grove in the south to Plain Dealing up north didn't have to make the
long drive to Benton to pick up their bags at the police jury's maintenance
Six storage bins had been placed in five
locations, including four placed miles away from the maintenance department.
Each bin had been stocked with about 3,500 sandbags and homeowners took
advantage of the convenient locations.
"We opened the storage unit the day we had our
first weather briefing and there was a pretty steady flow of people picking up
sandbags," said Fire Chief Robert Rowe of Fire District 1 on Hwy. 80 East in
Haughton. "The people probably picked up around 1,500 sandbags."
Give or take a few, that number was pretty much
the average at other sites: the south Bossier Fire Dist. 2 station on Robertson
Rd. near Elm Grove, on McKinley Ave. in Haughton and on W. Palmetto in Plain
Dealing. Doors to the units were unlocked and people helped themselves.
Storage bins for sandbags placed strategically throughout
the parish was an idea Parish Administrator Bill Altimus brought back from a
statewide administrator's meeting last year. Altimus was convinced it was
something worth trying.
"The person who talked about the storage bins
said the sandbags that had been inside these large containers were still in
great shape even though they had been stored for a long time," Altimus said.
"The bags were still dry and ready for use."
Police jury members agreed the idea was worth
the investment and six units were purchased, repainted, customized for storing
sandbags and delivered to the five sites.
"This makes it so much easier and quicker for
people to get the sandbags they need," Altimus said. "They can load up and be
back to their destination with the bags, sometimes in less time that it would
take to drive to Benton."
Storage bins have already been refilled and are
ready in case of emergency.
"After the flooding we've experienced in the
parish on three different occasions, we want to be prepared. We've learned from
our experiences and we want to be ready to help our citizens any way we can
when there's an emergency," Altimus said.
About one-third of the sandbags originally loaded at Fire Dist. 1 on East 80 remained after residents prepared for potential heavy rains and high water from Harvey.
Sandbags are run up a conveyor belt to a police jury dump truck that will deliver replacement bags from the maintenance center to four satellite locations in the parish.
Inmates from Bossier Parish's correctional center refill a storage unit on Robertson Rd. near Elm Grove. Residents in the area picked up approximately 1,800 sandbags.
all news »
Welcome from William R. Altimus Bossier Parish Police Jury Administrator
Report Safety Issues
Police Jury Proceedings
Custodian of Records
Bossier Parish Code of Ordinances
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Don't let the money stand in the way of positive change - $80.00
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Hello stampers!
Today's card feastures some new products which will be available with the release of the new catalog coming in June.
I began with a card base of Whisper White cardstock, measuring 4-1/4" x 11", scored at 5-1/2". This forms a standard size A2 card. The next layer also in Whisper White measures 3-1/2" x 4-3/4". The DSP is from a new small paper stack called "Moonlight." The DSP layer measures 3-1/4" x 4-1/2", which has been adhered to the white layer. This layer was then attached to the card front using Stampin' Dimensionals. The tag was formed by stamping on a piece of Whisper White cardstock measuring 2" x 4". I first stamped the bottom chevron design from a new stamp set called "Work of Art" in Hello Honey ink. The technique is second generation stamping, because the lighter layer was stamped without re-inking the stamp. The "Happy Birthday" sentiment was stamped in Blackberry Bliss ink, and is from a new hostess set called "Bloom with Hope." The top of the tag was formed using the Scalloped Tag Topper punch. I added a piece of our new Blackberry Bliss ribbon. This ribbon is absolutely gorgeous and ties so beautifully. I stamped three small hearts in Blackberry Bliss, Hello Honey, and Basic Gray on a scrap of Whisper White cardstock using the stamp set called "Something to Say." We have a new trio of punches, and the small heart punch coordinates with this stamp set. So cute! The tag was attached at an angle to the front of the card using dimensionals, and I scattered the small hearts on the tag, The Blackberry Bliss heart was glued directly to the card front, but the Basic Gray and Hello Honey hearts were popped with dimensionals. The finishing touch was to add a small rhinestone to each heart. I think this is a simple but sweet card for someone special in your life.


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20 Mar, 2009
Hershey's Kisses - Chocolate Truffle
Posted by: Michael In: Candy Bars| Truffles
These were a bit of a surprise. I've never particularly been a fan of Hershey's Kisses – the crumbly texture and overly sweet taste has always struck me as being even worse than the typical Hershey milk chocolate. Plus, my experience with Hershey-made truffles has so far been less than stellar. But these were actually pretty tasty. Maybe it helps that my expectations were so low.
A package of Hershey's Kisses: Chocolate Truffle consists of five truffle-filled milk chocolate Kisses. I'm not sure if you can tell from the picture, but there's really not a whole lot of the truffle filling in there. That's probably a good thing, as Hershey's truffles tend to be fairly mediocre. The milk chocolate is quite creamy; so creamy, in fact, that it's hard to differentiate the chocolate from the truffle when you're eating it. It's quite sweet, of course, but not as sweet as you might expect.
Again, the low expectations might have helped – this is one of those things where I had pretty much decided that I wasn't going to like it right from the get-go – but this wasn't bad at all, and certainly something I could see myself buying again. They're definitely the best Hershey's Kisses that I've had so far, though I'm far from a Kiss expert.
Manufactured by: Hershey
Calories (5 Kisses, 36 g): 190


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I'm killing time re-watching The Matrix: Revolutions and suddenly it occurs to me where George Lucas went wrong. And I'll sum it up for you right here, so you don't have to read my opining and supporting arguments unless you want to (but your opinions to the contrary don't count unless you do): All good science fiction has always been more than what's presented on the surface, but Lucas forgot this and made kid's movies based on his franchise.
Now, there's nothing inherently wrong with cashing in, as long as we're honest about it. Heck, look at Cars 2. I imagine the meeting for that movie went something like this: "Kids like cars, toys and 'Mater. Any questions? Meeting adjourned!" But somehow I felt like there was at least some honesty in the intent. It was never purported to be a Toy Story 2 or 3, just a blatant cash-in featuring the wacky adventures of a side-kick given too much screen time. 'Mater + kids = profit. And if the devoted Star Wars fans out there recall, Lucas took a decidedly kid-oriented profit bent early on with the made-for-TV Ewoks movies. The real problem with the prequels is that we expected something different. Many Star Wars fans have other geeky tendencies, and maybe even didn't realize the depth of quality story-telling they were accustomed to. …and that Lucas has failed to achieve for 35 years, now.
First, let's establish the premise here that all good sci-fi is really deeper than it appears on the surface. It's not all laser beams and space ships, or it tends to be washed away in the annals of forgotten garbage. Sci-fi without a deeper message or purpose is nothing more than any other generic fantasy that winds up in pulp magazines and purchased in the we-can't-be-fussed-to-throw-this-away bargain bin at a second hand bookstore. But the good stuff? The classics and works that inspire other writers or film makers, spin-offs and tie-ins and fan fiction? All of them take science fiction to say something about the human condition. Let's run the list (and this is just off the top of my head):
- The Day the Earth Stood Still. The original is inarguably one of the greats, giving us the phrase "Klaatu barada nikto" to be repeated in Army of Darkness and Lucas himself named aliens after each word in Jedi. More than a story of how awesome Gort was, it was a cautionary tale of our own natures during an atomic age cold war with the Soviets, with Klaatu having more than one allegory of Jesus Christ.
- Starship Troopers. Not the Paul Verhoeven movie, but the book by Robert Heinlein on which it was based. I heard sci-fi nerds constantly lament that the movie "left out powered armor". Seriously? That was their complaint?!?! It's hokey 50's lingo and British author combine for a book that's tougher to digest for modern Americans, but the real crime of the film was stripping out all of Heinlein's political commentary.
- The Matrix. Calling it a trilogy is a bit of misnomer, there was the first movie and then a second magnum opus that was long enough it had to divided in theaters. But it doesn't change the fact that the entire film set (I never played the game or sat through The Animatrix) was so laden with religious and philosophical subtext that college professors now assign it's dissection as an assignment.
- Star Trek. Here was Gene Roddenberry trying to show us all what we could achieve, in a time when racial and political tensions were palpable. Uhura put a black woman in a prominent position, and with Kirk the first televised interracial kiss was put forth. Chekov put a Russian serving as a team member with a mixed cast during the cold war (even if the Klingons largely served as a USSR allegory). Sulu put an asian in a prominent position at a time when legend says producers were hesitant to hire Bruce Lee to play Kato on The Green Hornet because he looked "too asian"… to portray an asian.
- Star Wars. Because in my world, there is only one trilogy, and they're named as they were marketed and sold as VHS: Star Wars, Empire Strikes Back, and Return of the Jedi. ("A New Hope" might be technically correct, but it was literally never called this until the abomination Episode I was foisted upon us.) While I firmly believe Lucas got lucky here, the fact is he did it right. The first Star Wars was basically a fairy tale in outer space, where magic coexists with laser blasters, and borrowed heavily from Kurosawa. It also defied the norms of the day by being an overtly optimistic story in the cynicism of the '70s.
Allow me to vent my frustrations about George Lucas as a film maker here quickly before going on to my specific criticisms of the prequels (which you can probably see coming by now). In light of Lucas recently announcing his "retirement", it's only fair to point out some facts. He complains fans have called him a terrible person, but I think he's confused his identity with criticisms of being a terrible director. He's a good story man, but when you look at Empire and Jedi they're not good sci-fi, they're simply movie that were good because they directed by others and the screenplays weren't done by Lucas himself. All the Indiana Jones movies were directed by Steven Spielberg. The prequels, bad acting and crappy dialog, fall squarely on the shoulders of Lucas himself, who has admitted to being a terrible writer in favor of a visual director.
In brief defense of Lucas, while he's a terrible film maker, nobody else has forwarded the state-of-the-art like him either. ILM's visual effects, Skywalker Sound studios… His battles with the Director's Guild to open his movies with scrolling titles and story rather than credits. Heck, PIXAR owes its existence to George Lucas. He's done a lot for the movie industry- he just can't make a movie worth a damn.
So, specifically, where/why did the prequels fail in my line of thinking now? Aside from Lucas writing and directing them himself, these movies were doomed to fail because they became slaves to the franchise. They didn't have any deeper message, any statement of the human condition… They didn't have any depth at all, really. They were demanded by fans, and by dollars. They were Cars 2. And there's nothing wrong with that when you know that's what you're getting. Lucas likes to make relatively innocent, optimistic movies. He likes to entertain adolescents with tales of adventure (Star Wars began as an homage to Flash Gordon), and quite frankly that's admirable. But fans used to being served up sci-fi the likes of Asimov, 2001: A Space Odyssey, and stuff sourced from Philip K. Dick weren't ready to be served up the unabashedly shallow prequels. This is why they're loathed but still made money- they're slaves to a franchise, but it's a successful franchise.
I don't have a good closing statement, and I've said my piece. There's no use in bemoaning George as a movie maker- he's just not a very good one and that's that. And because of this, he confused visual spectacle for being the needed ingredient for science fiction. He forgot what made the first one special, and didn't tap into "something more". It's not a sin. It just doesn't make for good movies, either.
Now if you'll excuse me, I'm gonna go re-watch Blade Runner.


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DACA stands for Deferred Action for Childhood Arrivals. Those are the infants and children who are brought to our country by their mothers or guardians.
Some are now actually employed adults who are living here and contribute to our society. We call them "Dreamers," probably because they, like so many, hope to enjoy the American dream.
Many have arrived inside their pregnant mothers and were born in the United States, which automatically makes them an American citizen. But the others enjoy no such status.
The very controversial question that President Trump is always arguing with the Democrats about is should we let dreamers remain here as citizens or deport them?
While traveling last week to an economic summit in Switzerland, Mr. Trump suddenly offered to protect DACA immigrants if Congress would appropriate $25 billion to start paying for that controversial wall of his and also some money for related security.
I still see two possible problems. At the moment no one really knows if Mr. Trump's offer could successfully be passed by Congress. The second, and possibly greater challenge, is always the President himself. He is known to change positions on controversial issues hour by hour.
As a former legislator I found it almost impossible to commit my vote to some plan that was headed for disaster anyway. Many in Congress might be feeling the same way. As most of us have learned by now, President Trump does not have the best relationship with Mexico. At least he has backed off from his once repetitive statement that he will have Mexico pay for this 1,954-mile-long wall.
I believe at least two things. First, that America should let DACA immigrants remain here and grant them citizenship, since it is not their fault that they arrived in the first place. They did not come here on their own. Second, America is already a remarkably successful land of immigrants. I don't think anyone can argue with that. I believe we should continue on our already proven immigrant path to success.
At this point I am thinking we should give Mr. Trump the wall he wants to build between us and Mexico. In exchange for that I think we should protect the roughly 1.8 million DACA kids and adults now living here. In my opinion that is a political win for both sides.
I seriously think President Trump's urgency for this wall will never end. Also, there are locations on that border where a wall cannot be easily constructed at all, like crossing a river and the occasional jagged rock formations.
The best way I taught myself to decide my position on this DACA issue was to imagine that I was one of those people who might be deported just because of that immigrant status. Why don't you try that yourself. Think of the authorities arriving and removing you from your home and shipping you to Chile, Europe or Africa. Imagine loosing your relatives and everything you had done or have been in the United States and still being involuntarily deported to what you now really consider to be a foreign country. Please tell me what you think of what should be done about DACA and also President Trump's border wall.
My take on the movies
Hugh Jackman stars in a good film called "The Greatest Showman." The production of this movie reminds me of the film "Chicago." It is loosely based on the real life of circus man B. T. Barnum. I found it to be an interesting docudrama. The music is good, along with the choreography.
Stan Statham served 1976-1994 in the California Assembly and was a television news anchor at KHSL-TV in Chico 1965-1975. He is past president of the California Broadcasters Association and can be reached at email@example.com.


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Status Labs CEO, Darius Fisher, was recently interviewed on the DreamCast podcast. He discussed many aspects of his business during the interview, but one of the more interesting topics he touched on was how entrepreneurs are often well served by simply doing something. Taking some action is ultimately better than taking no action, Fisher contends. This is a sentiment widely expressed by many of the most successful people in business.
Avoiding analysis paralysis is more important than making mistakes
Fisher is a firm believer in mistakes. Not making them for their own sake, he says that they should be avoided wherever possible. But he believes that it is primarily through mistakes that lessons are learned and the chance to grow as an entrepreneur is achieved.
Fisher, however, sees one mistake as being so great that it can be difficult to overcome. That is the mistake of total inaction. Fisher believes that too many entrepreneurs with great potential get bogged down by either analysis paralysis, getting being mired in thought to the point where they no longer take actions or by having too many ideas and not being able to sufficiently focus on any one. Fisher believes that for people who fit this description, it is far better to simply focus on doing something then carry that task through to completion.
According to The Daily Beast, Fisher also believes strongly in the wisdom of diversification, not just of investments or products but in terms of nearly every aspect of a business. For example, he attributes the continued success of Status Labs largely to having such a well-diversified client list. While it is often a major disappointment to lose a major client with whom employees have worked extensively on projects, Status Labs is mostly shielded from the effects of losing any one, or even any ten clients at once. This is because they have such a deep, healthy client list that they can easily stay afloat, should a few things go wrong over the near term. Such a diversified client model also gives the employees the ability to select the projects for which their talents are best suited.


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The Internal Revenue Service has issued final regulations for tax deductions on domestic film productions, while revising the definition of the types of films that qualify for the deduction.
The deduction is for income attributable to domestic production activities under Section 199 of the Tax Code. The final regulations revise some of the rules and examples relating to the definitions of a qualified film and affect taxpayers who produce qualified films and taxpayers who are members of expanded affiliated groups.
The term "qualified film" means any motion picture film or video tape, or live or delayed television programming, if not less than 50 percent of the total compensation relating to the production of such film is compensation for services performed in the United States by actors, production personnel, directors and producers.
The term "actors" can include players, newscasters or any other persons who are compensated for their performance or appearance in a film. The term "production personnel" includes writers, choreographers and composers who are compensated for providing services during the production of a film, as well as casting agents, camera operators, set designers, lighting technicians, make-up artists, and other persons who are compensated for providing services that are directly related to the production of the film.
A Treasury Department decision also revises the "by the taxpayer" compensation fraction for determining a not-less-than-50-percent-of-the-total-compensation requirement. The numerator of the revised fraction is the compensation for services performed in the United States and the denominator is the total compensation for services regardless of where the production activities are performed.
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Debasis De. Dr
After taking masters in Animal Nutrition in 1995 and PhD in Animal Nutrition in 1998 I entered in to ARS stream and since 2003 I am working in CIBA on Aqua nutrition. I currently work in the division of Nutrition, Genetics and Biotechnology in CIBA. I have worked on nutrient requirement and feed development of Hilsa, grey mullet, Asian seabass and for multispecies culture. I contributed to the development of low cost polyculture feed, branded as PolyPlus, which has been commercialized. As team leader I contributed on successful rearing of hilsa in brackishwater pond using formulated feed. I have also worked on nutrient enrichment of feed ingredients through solid state fermentation.
Recognitions (National & international level) :


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|L-R: Loved Up/ Exxxagerate/
With Flash/Without Flash
Ohh have I perhaps broken rule number one (or maybe two) of blogging?
However, after several requests I decided to post this as early as possible!
This wont be a full review as I have not yet had the opportunity to rock these out for a while, this will simply be a quick 'show and tell!'
I am rocking two of Sleek's newest True Colour Lipsticks.
Loved Up is a cool hot pink which comes in a creamy sheen texture, whilst Exxxagerate is a creamy blueish purple which comes in a matte texture with slight gold reflects.
Although I like Exxxagerate it is a bit disappointing colour wise. It looks a bit washed out above but this could be due to the warm lights but the picture is not far off from it's true colour
Both lipstick require several coats to get a decent colour pay off but once they are on they look great!
I know a lot of readers wanted to see swatches so I uploaded them as fast as I could unfortunately I could only take them at night.
If you wish to see these lippies in natural daylight just let me know with a comment below and I will get to it for this weekend!
16 Comments
I've just bought loved up online, so I was wondering what it looked like. I'm glad its not too out there, looks good.
It's a great colour, perfect for adding a pop of colour if you're having an ordinary outfit day!
I'd love to see daytime swatches, however I am disappointed in the Exxxagerate as well. Loved up, looks lovely!
No probs! Will get that up this weekend for ya! x
To think I was lusting over exxxagerate but after seeing your swatches I don't think I'm going to like it at all!!!!
I will still probably get it to add to my lipstick swatches gallery but have a feeling I will give it away straight afterwards
I know! It's a bit dissappointing. It's not deep enough for me at all. I just checked out your lip stick swatches gallery! A fab idea! Very helpful!
Loved Up looks great on you. You've convinced em to buy especially as I have a hot pink lippy obsession right now
Thanks I am loving all these hot pinks as well! They work better than I thought on my skin tone!
i loveeee the pink one.. definitely on the list!!! lol
It's very pretty! Gorgeous on darker skin tones!
Thanks luv! 🙂 x
I have both shades and I always get a compliment when wearing Exxxagerate. Its such a beautiful matte purple
It is a beautiful colour, I can't lie. I think my expectations have played it down but it is stunning and very unique!
Love them both,I want e pink one!
Loved Up is GORGEOUS!


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Veterinary Acupuncture and Herbal Remedies & Supplements for Your Pet
I love your pets! Acupuncture and alternative cures aren't just for us "human animals," but also for our beloved pets! – Dr. Csoka
Page under construction currently – Call us for any questions and a free consultation!
Relieved Dog Owner Testimonial:
"My new puppy was dying of parvo-virus. The vet projected a $2000 minimum cost with overnight stays and no guarantee, so that was out of the question. Dr Csoka was able to give my dog the the nutrients through IV, give him proper treatment and this was at the fraction of the cost. Thanks to her, today he is well, full of energy and she managed his care without any close calls -this compared to the vet giving us a 50% chance of survival! I would definitely recommend her and Biorient any day of the week for any ailment:) Thank you!!"
– ggati80 (via Google+)


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1-0.xin was loaded in 0.71 seconds. This site has an Alexa popularity rank of 0. The hosting sever for 1-0.xin is located in Singapore.
The HTML code of the homepage for 1-0.xin loaded in 0.71 seconds, which is a great rate. Check out the links below for more detailed performance information.
Country: Singapore
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Latitude: 1.3667
Longitude: 103.8
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http://pingdom.comPingdom Speed Examination
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http://www.similarweb.com/website/1-0.xinAnalytics from SimilarWeb
https://majestic.com/Majestic Backlinks Service
https://google.com/What is Google currently listing?


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The Calgary Flames will shoot for their first victory in 37 years against the undefeated Townsend Tigers of the Alberta Children's Hospital when the teams face off in an annual game of wheelchair hockey on Monday afternoon.
Media are invited to catch the action of this long-standing tradition in the Ed Whalen Memorial Gym.
PLEASE NOTE: This is a private event. Please refrain from releasing information to the public until after the game concludes.
Who: Calgary Flames vs. Townsend Tigers
What: 37th Annual Calgary Flames vs. Townsend Tigers Wheelchair Hockey Game
When: Monday, November 6, 2017
Time: 1:30 PM – 3:00 PM
· Please park in the Visitor's Parkade and meet Alberta Children's Hospital Foundation staff at the front doors of the hospital at 1:15 pm
· Media will then be escorted to the gym
Where: Alberta Children's Hospital
2888 Shaganappi Trail NW
Ed Whalen Memorial Gym


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This league is more competitive than the Tuesday day ladies because individuals organize their own teams. Ladies of all ages and skill levels are encouraged to join this league.
This league also organizes a variety of lunchones and 2 social bonspiels, one at Christmas and one at the end of the season
League Fees
- Member Tuesday Only: $
- Member Tuesday & Wednesday: $
- Non-Member Tuesday Only: $
- Non-Member Tuesday & Wednesday: $
League Rep: Elaine Campbell email@example.com
For more information contact Kelly Shimizu firstname.lastname@example.com
Guys & Dolls Bonspiel
February 13, 14, and 15 2017
Ladies Lulu Bonspiel


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Babypalooza…. This Saturday
Augusta Health's Babypalooza is a one-stop shop for all things baby in our area! It's a new fun and relaxed event designed to answer questions you have about your pregnancy, delivery, new baby and young children. We will have a nursing lounge, bottle warming center, and changing station.
Come meet our physicians, lactation specialists, local store owners, and more. Visit the website for more information: https://www.augustahealth.com/babypalooza


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Simply Natural Mulberry Tea featured in Indiase Magazine
Our Simply Natural Organic Mulberry Tea was featured in the November issue of IndiaSe!
Using the 1:3 ratio of amaranth seeds to liquid, this recipe can be adjusted according to your preference.
How to register?
Step 1) Download form at facebook www.facebook.com/zenxinorganicpark
Step 2) You may either
– SMS your details to 019-7738985
– fill up the form and fax to 07-7595193
– Email us your details to [email protected]
– fill up the form and submit it to our outlets in Kluang.
Step 3) Pay RM10.00 as registration fee on the event day itself at Zenxin Organic Park.
No.8, Jln Teknologi 1, Kws Perindustrian Mengkibol, 86000, Kluang, Johor, Malaysia.
Tel: +60 (7) 7595196 / +60(19) 7738985
Fax: +60 (7) 7595193
Blk14 Wholesale Centre #01-25 Singapore 110014
Tel: +65-67797839 / +65 6778 7369
Fax: +65-67770879
Email: [email protected]


text: In the worst attack on law enforcement in our nation since 9/11, at least five Dallas law enforcement officers were killed and six wounded overnight. Please join us in praying for the victims and their loved ones, and for the chaplains we have serving in the area. Only the Lord Jesus Christ is greater than the sorrow – and the sin and evil – that has unfolded there in such magnitude. May we each be instruments of His comfort, healing and reconciliation. "He will wipe away every tear from their eyes, and death shall be no more, neither shall there be mourning, nor crying, nor pain anymore…" (Revelation 21:4)


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At Explore, our family holidays offer an informal, relaxed environment for mums or dads who want their children to see the world in a new and exciting way. The families who travel our Explore adventures are as diverse as the holidays we offer. We welcome extended families, families travelling with grandparents, multiple families travelling together, families with just one child and many other single parent families. In fact a quarter of all the families travelling on our holidays are single parent families.
While our adventure and activity holidays are popular with all kinds of families, the formula of travelling in a small group works especially well for single parent families. Our informal, easy going style of travel allows you to combine spending well-earned quality time with your children as well as enjoying the company of other adults. This makes it easy for friendships to blossom among children and adults alike.
Having carefully crafted excursions planned ahead, and an Explore leader to make suggestions along the way, means you don't have to worry about keeping your children permanently organised and entertained, leaving you able to fully appreciate your holiday time, see the sights and make new friends.
The ease at with which all families settle into the tour group is very much part of the Explore experience and an important reason why so many choose to come back year after year.
With the promise of travelling in a relaxed and welcoming group of like-minded, adventure-seeking families, why not make this the year to join an Explore Family tour and experience all the adventures and activities that the world has to offer? You'll come home feeling invigorated and inspired, with new friends and lifelong memories to treasure.
We will room you and your family using the most appropriate arrangements for your group, using a mixture of twin, triple and single rooms as necessary. For children under 12 years old we generally use a twin room if travelling with one child and a triple room for those travelling with two children.
If one or more of your children are over 12, we would recommend a twin or single room depending on how many children there are in your party.
On some of family tours we also use family apartments so that you and your children are able to stay all together during your Explore holiday. We encourage you to highlight any special requests at the time of booking to ensure that all your needs are fully accomodated.
The nature of our family group holidays is that every trip is made up by a broad selection of families and a different group make up each time, meaning that no two trips are the same. The best way to find out is to inquire about the group composition before you book.
Explore also offer dedicated teenage departures and open age trips, allowing you to select the most appropriate holiday for the age of each child you are travelling with. If you would prefer to travel on a group with other single parent families, please call our friendly reservations team, we are always happy to identify departure dates with other single parent families booked on.
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UDPATE: CNN reported that "Hillary Clinton has instructed her attorney to hand over her private email server and a thumb drive of all her work-related emails to the Justice Department in an effort to blunt an expanding probe into the use of a private email account."
Columnist Charles Krauthammer reacted to a report that two of Hillary Clinton's emails were "top secret" by predicting " at some point in the process…the government is going to have to seize the servers" on Tuesday's broadcast of the Fox News Channel's "Special Report."
Krauthammer said, [relevant remarks begin around 3:40] "she is telling us that there was nothing that were in the destroyed thousands of emails that were destroyed as supposedly private. And she said it was about Chelsea's wedding. It was about her yoga and stuff. She is swearing that there is nothing there that could be considered official business. Now, unless they are completely sure that the servers were wiped clean, that could be shown to be untrue. And I think at some point in the process, probably from the courts, not from the Congress, there's — the government is going to have to seize the servers, what's left of them. I assume they exist, but are cleaned, and check that. And I mean, everything is going to hinge on that. But on this issue today, I mean, it's not only her trustworthiness. It's the fact that nothing she says ever is true three weeks later. She says there was nothing classified, and I know how to do that, I know the process. And then it was revised to, nothing that at the time was classified. Well, now we're learning, it is quite probable, that actually at the time it was, and she should have known it, even if she'll claim obviously, that she didn't. There's always a movement, a parsing, a cutting of the edges with her husband and with herself. And that is the problem that dogs her and that she cannot escape."
Follow Ian Hanchett on Twitter @IanHanchett


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A Career Expert Told Us If Unpaid Internships Are Really Worth It
dose, 1 year ago 0 1 min read 0
Recent grads, listen up.
A recent study shows that almost every recent grad who takes an unpaid internship will end up disappointed with the outcome. That's because those who took internships straight out of college were less likely to transition to professional or managerial roles or be satisfied with their career.
Before you write off internships altogether, learn how to put yourself in the driver's seat, straight from an expert:
Are Unpaid Internships Worth It?
Is an unpaid internship worth it? We talked to a career expert to find out.
Posted by Dose on Monday, July 31, 2017


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In Stock
- Brand: UK / USA 10ml & Multipack Juices
- Product Code:
Renegade Vape Co eLiquids
- Price Match: We'll match any UK reputable company - please enquire via our contact form
Available Options
Renegade Vape Co eLiquids
Cookie Dough Ice Cream eLiquid by Renegade Vape Co features a delightful dessert mix of warmed Cookie Dough swirled with a cold scoop of creamy Vanilla Ice Cream.
Green Sour Belts eLiquid by Renegade Vape Co is characterised by a Sour Apple flavour candy coated in sugary goodness.
Pink Lemonade eLiquid by Renegade Vape Co features a fruity, citrus mixture Lemons, Raspberries, and Cranberries to create Pink Lemonade perfection.
High 70%VG mix
What's in the box:
3 X 10ml