Dear Dirk. Re. the following: My worry is that in trying to ... Comment: The MV=PT equation can be read in one of two mutually exclusive ways: 1. As an...
Thanks for engaging, Gunnar. How do you mean a causal relation is temporal? 1) In the philosophical sense that the causes and effects are taking place in our...
Good question, Dirk! 1. In Say's Law written as M=PT, M denotes what Adam Smith called "the great wheel of circulation" - a "wheel" which picks up, as it...
Gunnar, I see your point, which already occured to me yesterday: 'time' is not a variable in the equation M=PT, in that sense it is timeless. Nothing deep or...
Dear John, Charlie, etc. The following was written by Henry Liu, a good friend of Paulsen, the new Secretary of the Treasury. It's very important re the future...
Dear Dirk, My disapproval of the Q-th of money is the idea of "price." It refers only to commodity prices, not asset prices. But the main and most immediate ...
Dear Michael, Thanks for clarifying - I agree with this. The really important issue then becomes how asset prices affect the real economy. Meanwhile, one can...
Dear Dirk. Re. the following: do you agree that an increase in that part of M that is credit-to-the-real-sector must be equal to that part of PT that is the...
Yes, one could study MV= PT withgard to only the "real" sector. But this isn't very interesting, and in my view by excluding asset prices it is distracting...
As usual Michael is getting to the crux of it. Asset prices essentially derive from the expected future value of their "production". So big coal-fired plants...
Dear Chris, Henry George (as obnoxious as the Binary economists) late in his life drew the distinction between "value in production" and "value from ...
Interesting exchange. Michael, to help this discussion could you provide the statistics that demonstrates that rentier income exceeds wages and salaries? ...
Dear gang, Re: Yes, one could study MV= PT withgard to only the "real" sector. But this isn't very interesting, and in my view by excluding asset prices it is...
I never said that rentier income exceeds wages. Rather, interest and rents are paid OUT OF wages and profit. How did the idea ever come about that I thought...
Dear Michael: Re. the following: "To understand these dynamics it is necessary to view economies as composed of two distinct systems. The largest system is...
Dear Gang. There's more to life than economics! Last April 9, I received an "inquiry" from an Icelandic artist/author named Pétur Halldórsson, asking whether...
060607 Gardiner to Cook Congratulations, Chris, on getting a letter into the FT. Beautifully written. My son saw it too and was impressed. But are the Islamic...
Geoffrey Gardiner
geoffrey.gardiner@...
Jun 7, 2006 6:01 pm
10871
Good letter Chris! Re. "indulgences", few scholars look gift horses in the mouth. Gunnar ... From: Geoffrey Gardiner To: gang8@yahoogroups.com Sent: Wednesday,...
Thanks Geoff, It almost wrote itself: the whole Islamic finance industry is such a charade I couldn't resist. I spotted a set of results for a loss-making...
Another article on which Bill is to be heartily congratulated. The evidence of American self-destruction grows - and grows. George W Bush didn't start it but...
³Big Companies Put Record Sums Into Buybacks Repurchases Aim to Bolster Shares but They Also Signal Hesitancy to Invest in Growth,² By IAN MCDONALD, The Wall...
This is a interesting piece - and at least a more honest appraisal - or enquiry, if you like - than we usually get. The widespread assumption or declaration...
Gang, I pick out: ...The week before, Tribune Co.announced a $2 billion buyback,* to be financed by debt, ... *which is the perfect illustration that 'direct'...
James, The accepted reason for the popularity of buy-backs is that there is less tax to be paid on capital gain than on a dividend. US Dividends still are...
Geoffrey Gardiner
geoffrey.gardiner@...
Jun 13, 2006 9:37 am
10879
Dirk is of course right. The borrowings can also result in a holding gain under inflation accounting rules. In Britian they substantially lower the tax charge,...
Geoffrey Gardiner
geoffrey.gardiner@...
Jun 13, 2006 9:38 am
10880
Michael, I noticed that US corporate profits are up from 8% of GDP to 12%, give or take a few decimals. Geoff ... From: Michael Hudson To: GANG8 ; lynn yost ;...
Geoffrey Gardiner
geoffrey.gardiner@...
Jun 13, 2006 9:44 am
10881
Geoffrey - and Michael, This GDP percentage rise is one of the features that I find especially extraordinary. Is the lift from 8 to 12 a real increase? That...
Dear Arno, Geoffrey and James Everything from Gang8 is being labeled Spam by my software. Any idea why? Could it be the headings -- "stock," etc? Michael On...
Me too. I don't know why. James ... From: Michael Hudson To: geoffrey gardiner ; GANG8 Cc: arno daastol Sent: Tuesday, June 13, 2006 2:57 PM Subject: Re:...
