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Valve's Economist Yanis Varoufakis Appointed Greece's Finance Minister

digsbo Re: Honestly... (327 comments)

No, an *increase* in expected inflation rates devalues loans. The anticipated inflation rate is already priced in to loans. The Fed's program of purchasing loans in exchange for digital dollars provides a strong incentive for banks to lend at lower rates than they otherwise would, because they are able to ignore the likelihood of increasing inflation rates. Once you hand off the loan, why do you care what the rate of return will be on the debt?

3 hours ago
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Valve's Economist Yanis Varoufakis Appointed Greece's Finance Minister

digsbo Re: Honestly... (327 comments)

BTW - people don't loan TO the Central Bank, as you said, but borrow FROM it.

yesterday
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Valve's Economist Yanis Varoufakis Appointed Greece's Finance Minister

digsbo Re: Honestly... (327 comments)

You're not reading the news, are you? On this planet, the central bank loans money to the government and commercial and commercial banks at well below the inflation rate. The europeans are actually paying the Swiss to borrow their currency now! http://www.bbc.com/news/busine... http://www.theguardian.com/bus...

yesterday
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Valve's Economist Yanis Varoufakis Appointed Greece's Finance Minister

digsbo Re: Honestly... (327 comments)

Tell you what - please take a look at the new money generated by the Fed to give to the banks in exchange for their "assets" since 2008. The banks will hold dollars instead of bonds and mortgage paper. They currently hold twice the amount of dollars in their excess reserves alone than existed in the monetary base prior to 2008. You don't think they're in a much better position because of the massive money creation that directly went to them? I get that the money's worth less and less, but what people never seem to comprehend is that whatever money is left after the debt collapse will have purchasing power. Only the banks will survive the cascading debt defaults, and as a result they will own everything.

yesterday
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Valve's Economist Yanis Varoufakis Appointed Greece's Finance Minister

digsbo Re: Honestly... (327 comments)

I know exactly how money works. Money is durable, divisible, easily transported, maintains its value, and is resistant to decay. Gold is money. Promises to pay gold in exchange for notes are currency. Promises not to pay gold in exchange notes are fiat currency.

yesterday
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Valve's Economist Yanis Varoufakis Appointed Greece's Finance Minister

digsbo Re:This doesn't sound... sound (327 comments)

That's not correct. The recovery started after the war, due to the existence of pent-up demand for good and services backed by the available household/personal savings glut which had developed during the war.

yesterday
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Scientists 3D-Printing Cartilage For Medical Implants

digsbo Re:Heart Surgery? (23 comments)

They've done some work on organs and muscles, but the strength/function doesn't seem to be very robust yet. It will happen eventually.

2 days ago
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Valve's Economist Yanis Varoufakis Appointed Greece's Finance Minister

digsbo Re:This doesn't sound... sound (327 comments)

Scarcity of goods and services is the closest thing to an intrinsic natural law in economics, but you're right, it is debated, but really only by Krugman (and those like him), who believes that destruction of goods leads to economic prosperity by "stimulating demand". Sane, honest people know better.

3 days ago
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Valve's Economist Yanis Varoufakis Appointed Greece's Finance Minister

digsbo Re:This doesn't sound... sound (327 comments)

As soon as economics goes from measuring and describing, and steps into applying policy .... it utterly ceases to be a science.

Exactly. This is why Paul Krugman is a jerk, not an economist. When he said in the interview he envisioned economics as ideal for him, because it made him feel he could control the future, like in Asimov's "Foundation" books.

3 days ago
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Valve's Economist Yanis Varoufakis Appointed Greece's Finance Minister

digsbo Re: Honestly... (327 comments)

Either EU gets euro to work without austerity, or it has to abandon it. Demanding sacrifices from the common people who's reward is having less say in their own local affairs is quickly discrediting the entire union.

That was a design bug known from the very beginning. Or, if you're a banker, a design feature. The less prosperous EU nations were interested in having other, more prosperous countries help finance their social programs' largesse. Of course those holding the purse strings saw an opportunity there.

3 days ago
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Valve's Economist Yanis Varoufakis Appointed Greece's Finance Minister

digsbo Re:This doesn't sound... sound (327 comments)

I wish I had mod points, you're so excruciatingly correct. Have you ever checked out the Austrian School economists, who reject empiricism largely in favor of recognizing that individual actions drive economic activity? You might like it. Look up "praxeology".

3 days ago
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Valve's Economist Yanis Varoufakis Appointed Greece's Finance Minister

digsbo Re:Brave Man (327 comments)

Swiss francs.

3 days ago
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Valve's Economist Yanis Varoufakis Appointed Greece's Finance Minister

digsbo Re: Honestly... (327 comments)

That's because game economies are like real economies in many ways and they know that economies collapse when you have too much debt...when too little debt is paid back.

FTFY.

3 days ago
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Senator Who Calls STEM Shortage a Hoax Appointed To Head Immigration

digsbo Re:No way! (512 comments)

"You get what you pay for when you understand what you're buying" is true more often than the simpler form you offered, which implies what you're buying is a known quantity. As many of us know, STEM talent is quite difficult to gauge effectively for most management teams.

about a week ago
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Gender and Tenure Diversity In GitHub Teams Relate To Higher Productivity

digsbo Re:Really? (106 comments)

All it takes is a few bad apples to mess it up for everybody.

Your company was covering their ass so that if someone does that in the future they can point to the training and say "you were warned".

Agreed on both counts. The thing that confuses the heck out of me is why anybody would think an hour long session like that is going to change anybody who's really got problems with different people. It seems a totally pointless waste of time and effort instead of just dealing with assholes directly and effectively. And that's why even though I agree with you, I still see the PC police as making things sucktastic. It's like paying a tax to fund a completely wasteful program.

about two weeks ago
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Microsoft Reveals Windows 10 Will Be a Free Upgrade

digsbo Re:Only for the first year (570 comments)

I need a viable replacement for TurboTax that will handle stocks and contract work.

about two weeks ago
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Gender and Tenure Diversity In GitHub Teams Relate To Higher Productivity

digsbo Re:Really? (106 comments)

No, you're missing the point. I was sent to "diversity training" with coworkers. At my table were immigrants from China, India, Syria, Ireland, South America, and a natural born US Citizen (me). The thing that made it sucktastic, which we all agreed it was, was wasting our time with infantile bullshit about understanding each other, which we already did.

Being preached at about non-problems sucks.

about two weeks ago
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NASA, NOAA: 2014 Was the Warmest Year In the Modern Record

digsbo Re:call me skeptical (360 comments)

Invalid SSL cert at linked site.

about two weeks ago
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NASA, NOAA: 2014 Was the Warmest Year In the Modern Record

digsbo Re:Don't fear... (360 comments)

Mocking someone for being ignorant and biased, and then not being able to spell the name of the person you're mocking, is not helping your case. It makes you look like you're ignorant and biased.

about two weeks ago
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NASA, NOAA: 2014 Was the Warmest Year In the Modern Record

digsbo Re:call me skeptical (360 comments)

Excellent. This brings me to question something: While people more concerned with AGW often point to positive feedback loops which will increase warming (i.e. clathrate release), they don't talk much about negative feedback. Slowing suggests there are negative feedback loops in action. I'd like to know more about them. There have to be forcings on both sides, right?

about two weeks ago

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