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  • Re: 100% Gold Backing - Would Credit Cards exist?

    [quote user="LanceH"]Very well then, let's change the banknote for a promissory note, or even an interest-bearing banknote, redeemable in the future. That's even more similar to my own IOU, which also falls due in the future. Money consists in whatever is commonly accepted as payment. If a large proportion of companies operate in the
    Posted to Economics Questions (Forum) by A-R on Thu, May 29 2008
  • Re: 100% Gold Backing - Would Credit Cards exist?

    [quote user="Jain Daugh"] Perhaps the name - credit card is what is throwing everyone off base? I tend to use this moe (media of exchange) like one would a check or debit transaction. Currently having a grace period (25 days?) to pay does put this use into a short term loan status, but seeing how the agreement is that if paid in full, then
    Posted to Economics Questions (Forum) by A-R on Thu, May 29 2008
  • Re: Should credit card balances be included in the money supply?

    [quote user="leonidia"] Everyone seems to be missing the point; I'm not taliking about fractional reserve banking, nor am I talking about defaulting on the loan, nor on whether or not merchants deposit the cc slip right away. I'm talking about something more subtle, so follow closely here. Most people who have only a checking account
    Posted to Economics Questions (Forum) by A-R on Thu, May 29 2008
  • Re: Deflation, borrowing, and economic growth

    [quote user="LanceH"]The OP postulated that the rise in purchasing power of gold would equal the real rate of interest. Who, then, would invest in time-deposits at a real interest rate of 4% (i.e. a nominal interest rate of 0) when they expect an increase in purchasing power of 4% by holding gold?[/quote] Lance, the problem with this postulate
    Posted to Economics Questions (Forum) by A-R on Sat, May 24 2008
  • Re: Deflation, borrowing, and economic growth

    [quote user="LanceH"]I am referring to what in an inflationary envrionment is called the "real" rate of interest. It is the nominal rate of interest offset by what Mises called a "price premium" which reflects the expected change in purchasing power of the monetary unti over time.[/quote] Right, so it is some sort of extrapolation
    Posted to Economics Questions (Forum) by A-R on Fri, May 23 2008
  • Re: Deflation, borrowing, and economic growth

    leonidia, what is your definition of a pure interest rate? Specific rates for specific loanable goods can exist based on individual time preferences for those specific goods. But I can't imagine what a pure interest rate would represent or how it would come about. Please explain what I've missed here.
    Posted to Economics Questions (Forum) by A-R on Fri, May 23 2008
  • Re: Deflation, borrowing, and economic growth

    [quote user="leonidia"][quote user="LanceH"]It is impossible that gold could be generally expected to appreciate at a rate higher than the rate of interest, since gold would then be a superior investment in its own right.[/quote] if the increased demand for gold raised its price, wouldn't it then continue to give an even better
    Posted to Economics Questions (Forum) by A-R on Fri, May 23 2008
  • Re: Deflation, borrowing, and economic growth

    [quote user="LanceH"]What, then if gold were expected to appreciate at its maximum rate, i.e. at the rate of interest? In that case it would be unsuitable as money. Its purchasing power would be rising so rapidly from year to year that economic calculation over time would be as difficult as it is in an inflationary environment. Nor would there
    Posted to Economics Questions (Forum) by A-R on Fri, May 23 2008
  • Re: Tricky minimum wage arguments

    [quote user="Sphairon"] [/quote] Saphairon, your graph seems to confirm a negative correlation between employment and wages earned. This is what we would expect if the wages were raised coercively. However, it's hard to conclude much from this data since there's no way to really know which caused which, and whether the relationship
    Posted to Economics Questions (Forum) by A-R on Fri, May 23 2008
  • Re: 9/11 Conspiracy

    [quote user="Len Budney"]If you realize that the government is a criminal gang, then one crime more or less won't change your opinion.[/quote] Yep, I agree totally. But the question still remains one that I would like to find answers to. [quote user="Len Budney"]Currently, "19 al Qaeda hijackers" are better supported
    Posted to History (Forum) by A-R on Sat, May 17 2008
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