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Spencer Hall
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There's no monetary policy inertia. DFIs responded immediately to any injection of liquidity between 1942 and Oct. 2008, i.e., until the payment of interest on IBDDs. The remuneration of reserves emasculated the Fed's "open market power". BuB is responsible. BuB doesn't know money from mud pie: "Regulation Q, which capped interest rates payable on deposits, prevented banks from offsetting the decline in deposits by offering higher interest rates".
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Krugman doesn't understand what aggregate demand is. I discovered the Gospel in July 1979. It is worth trillions of economic dollars. It should be classified as "top secret" by the CIA. I should be awarded the Nobel Prize in economics.
A prior post.:
"John, the #'s (which represent AD), for the 3rd qtr. are 2x that of the 2nd qtr. And that's without extrapolation and assuming Vt remains constant (& Vt will rise). - 20 Jul 2016, 06:50 PM
Dr. Leland Pritchard (Ph.D, Economics, Chicago School -1933,MS, Statistics):
"You have a predictive device nobody has hit on yet" - 9/8/81
And “considering the distortions in the def. of M1a and the rapid increase in the currency component, the correlation of the time series is remarkable”
Today's BEA release: Real gross domestic product increased at an annual rate of 3.5 percent in the third quarter of 2016 (table 1), according to the "third" estimate released by the Bureau of Economic Analysis. In the second quarter, real GDP increased 1.4 percent.
I am going to change the world.
- Michel de Nostredame
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I'm the best market timer in history.  I discovered the Holy Grail
in July 1979.  It is impossible to miss economic prognostications within one year.  Bankrupt U Bernanke was the sole cause of the world-wide GR. And all boom/busts since 1933 were entirely the Fed's fault.
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A bank is liquid when it’s able to exchange its assets for cash rapidly enough to meet the demand made upon it for cash and payments. A bank is solvent when the realizable value of its assets is at least sufficient to cover all its liabilities. You, Bankrupt U Bernanke, turned safe-assets into impaired assets (those assets that served as loan collateral), by pursuing a contractionary monetary policy as soon as you were appointed Chairman.


There was absolutely no need for your liquidity funding facilities provided that you didn’t exacerbate the self-reinforcing downward spiral in the economy. I.e., you contracted the proxy for inflation (ergo the price level), by draining the rate of change in monetary flows (our means-of-payment money times its transactions rate-of-turnover), for 29 contiguous months. Then you forced many firms into bankruptcy by contracting (negative roc’s, i.e., less than zero), the proxy for real-output beginning in July 2008.


You, Bankrupt U Bernanke are the sole cause of the world-wide Great-Recession. And I promise, you’re going down.  -Nostradamus
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