This reads to me like a policy that is complete and utter nuts. "Such allocations are essentially a monetary gift from the IMF and have the effect of boosting overall global liquidity – the global money supply." It's bankers detached from the real world and is bound to lead to collapse. But then, what do I know, a mere engineer. I do know that it might be time to dig up the lawn and start growing food. I also know that, as Paul writes: "... the love of money is a root of all kinds of evils."
(That the Russian economy is doing well must be upsetting the old guy, across the pond.)
LOL - but Greg 'mere' engineers are the only professionals I know who have their feet on the ground - you can't get bridge math wrong! The rest are just puffed up pussies.
True Mark, but really it's the LOVE of money that causes the problem. In a de-industrialised local economy money becomes what its true worth is - a medium of exchange and nothing more. But 'credit' is vital for commerce and settled with sound money. I am an Austrian economist:
"If you carry the popular impression that data-hungry economists are always busy with complex formulas [fiat] and not with outside-the-box thinking, then you should take a look at the Austrian school. Just like monks living in their monasteries, the economists of this school strive to solve complex issues—economic ones—by conducting "thought experiments."
It is obvious to me too Mark, so I agree all you say. If you would like an appreciation of how we lived in UK in the 18th century, this book will amaze you. They had no local banks, did business with bills of exchange and promissory notes, and found cash (coin, often foreign gold) to be an embarrassment, which was collected over time and ridden to London in exchange for, would you believe it, a bill of exchange!
Credit was the fundamental driver of their economy and the book is a wonderful journey back in time to where real things happened. One Appendix explains the financial system they used very effectively and yes, they had abundance! read the synopsis:
Yes, indeed Mark - my plan is to go back south (I hate living 50 degs N) when my South African wife wonders whether it's morning at 2000 at night! Crazy place to live IMHO which is why I went to Cape Town in 1999 in the first place.
I had to return to UK to claim my pension (which I had paid for many times!) and sort finances etc and then we were locked down! This is the first opportunity to get away as SA lifted their Vaxx regs late last year. (we would never take the Big Pharma crap).
This reads to me like a policy that is complete and utter nuts. "Such allocations are essentially a monetary gift from the IMF and have the effect of boosting overall global liquidity – the global money supply." It's bankers detached from the real world and is bound to lead to collapse. But then, what do I know, a mere engineer. I do know that it might be time to dig up the lawn and start growing food. I also know that, as Paul writes: "... the love of money is a root of all kinds of evils."
(That the Russian economy is doing well must be upsetting the old guy, across the pond.)
LOL - but Greg 'mere' engineers are the only professionals I know who have their feet on the ground - you can't get bridge math wrong! The rest are just puffed up pussies.
True Mark, but really it's the LOVE of money that causes the problem. In a de-industrialised local economy money becomes what its true worth is - a medium of exchange and nothing more. But 'credit' is vital for commerce and settled with sound money. I am an Austrian economist:
"If you carry the popular impression that data-hungry economists are always busy with complex formulas [fiat] and not with outside-the-box thinking, then you should take a look at the Austrian school. Just like monks living in their monasteries, the economists of this school strive to solve complex issues—economic ones—by conducting "thought experiments."
https://www.investopedia.com/articles/economics/09/austrian-school-of-economics.asp
It is obvious to me too Mark, so I agree all you say. If you would like an appreciation of how we lived in UK in the 18th century, this book will amaze you. They had no local banks, did business with bills of exchange and promissory notes, and found cash (coin, often foreign gold) to be an embarrassment, which was collected over time and ridden to London in exchange for, would you believe it, a bill of exchange!
Credit was the fundamental driver of their economy and the book is a wonderful journey back in time to where real things happened. One Appendix explains the financial system they used very effectively and yes, they had abundance! read the synopsis:
https://www.amazon.co.uk/Diary-Thomas-Turner-1754-1765/dp/0952451603
Yes, indeed Mark - my plan is to go back south (I hate living 50 degs N) when my South African wife wonders whether it's morning at 2000 at night! Crazy place to live IMHO which is why I went to Cape Town in 1999 in the first place.
I had to return to UK to claim my pension (which I had paid for many times!) and sort finances etc and then we were locked down! This is the first opportunity to get away as SA lifted their Vaxx regs late last year. (we would never take the Big Pharma crap).
So now my Plan 'B' is in action: https://austrianpeter.substack.com/p/progressing-plan-b-a-quarterly-review?s=w