Comments on: alsblog.net & ALS poll

By: Terje (say tay-a)

Terje (say tay-a) — Wed, 29 Aug 2007 22:49:39 +0000

Regarding comment 56. The sudden appearence of comment number 55 suggests that the global conspiracy may be off. However my earlier discussion of platinum that included an e-gold url still appears to be held hostage.

By: 2dogs

2dogs — Wed, 29 Aug 2007 20:52:14 +0000

The Bank Notes Tax Act of 1910 was repealed by the 1945 Commonwealth Bank Act, which in turn was repealed by the 1959 Reserve Bank Act.

While the 1910 Act only imposed a tax on bank notes, section 44 of the Reserve Bank Act prohibits the private issue of currency entirely.

Judging by some of the “e-currency” products floating around, such as this (e.g. http://www.westpac.com.au/internet/publish.nsf/content/PBTSGC+Frequently+asked+questions ) this law doesn’t appears to be a toothless tiger thes days.

By: Jim Fryar

Jim Fryar — Wed, 29 Aug 2007 09:18:51 +0000

I see we have 3 votes for “I don’t know”, I didn’t think that many Democrats visited our site.

By: terje (say tay-a)

terje (say tay-a) — Wed, 29 Aug 2007 02:42:25 +0000

Regarding #20. It seems that this blog rejects all comments that include an e-gold url. It does not just quarantine such comments but instead it immediately chucks them away. It must be a global conspiracy.

By: terje (say tay-a)

terje (say tay-a) — Wed, 29 Aug 2007 02:38:32 +0000

E-gold works in such a way that some of the Rothbardian school of thought have characterised it as banking without the use of fractional reserve (not something I advocate although I do advocate gold as a unit of account). E-gold facilitates roughly a billion dollars worth of gold denominated micro transactions each year. E-gold really deserves a full article here and maybe one day I’ll give it the relevant attention. However for now I just wanted to note that the founder of e-gold now runs a blog. I thought the following article by Dr Jackson demonstrated a good understanding of what banking is.

http://blog.e-gold.com/2007/08/deconstructin-1.html

By: Mark Hill

Mark Hill — Thu, 23 Aug 2007 00:48:48 +0000

The only assumptions that are needed to be made are that the velocity changes only matter in the short run (volatility of demand cannot by definition be a long run problem) and that external balances can be made…by a floating currency…both of which were implicit in the description of the policy.

By: terje (say tay-a)

terje (say tay-a) — Thu, 23 Aug 2007 00:28:08 +0000

That assumes all aussie currency circulates inside the domestic economy. It doesn’t. It also assumes that changes in velocity are merely cyclical however that need not be the case.

By: Mark Hill

Mark Hill — Thu, 23 Aug 2007 00:08:23 +0000

The inflation rate in the long run is equal to monetary growth in excess of GDP growth.

Just set Mg=GDPg over the cycle and match increases in supply with increases in reserves. It is very simple, predictable and in no way suffers from problems wih volatility as in the short run the target is within a band centred on zero.

By: terje (say tay-a)

terje (say tay-a) — Wed, 22 Aug 2007 15:12:49 +0000

REAL relative to what? The CPI?

I don’t think that you can adjust meaningfully in this way. The CPI measures price changes however your not using it to index a price your using it to adjust a quantity. That seems to entail some indifference to the dimension of the variables involved.

Sorry I still don’t understand what your driving at.

By: Mark Hill

Mark Hill — Wed, 22 Aug 2007 13:06:04 +0000

Zero REAL base growth.