by
Mervyn King
290
Healing and Hubris: The World Economy Today
1
terms
3
notes
expropriation
(en)
(noun) the action of the state in taking or modifying the property rights of an individual in the exercise of its sovereignty; differs from eminent domain in that it can also refer to private property taken by a private entity authorised by the government
300
the imposition of a negative real interest rate--effectively a wealth tax--on all forms of financial wealth expropriates the incomes of savers and might alter expectations of future effective rates of wealth taxes.
notable
7 years, 3 months ago
the imposition of a negative real interest rate--effectively a wealth tax--on all forms of financial wealth expropriates the incomes of savers and might alter expectations of future effective rates of wealth taxes.
notable
7 years, 3 months ago
303
[...] If the government boosts spending to bring unemployment below its natural rate, then the increased demand for labour will push wages up. But to restore firms' profits, prices will also rise, and real wages will fall back to their original level. [...]
my original notes are "unless you also change policy to discourage profit-seeking ... this has real implications for the minimum wage debate" which, tbh, feels surprisingly woke for the me of 2016
[...] If the government boosts spending to bring unemployment below its natural rate, then the increased demand for labour will push wages up. But to restore firms' profits, prices will also rise, and real wages will fall back to their original level. [...]
my original notes are "unless you also change policy to discourage profit-seeking ... this has real implications for the minimum wage debate" which, tbh, feels surprisingly woke for the me of 2016
315
[...] One is convinced that the market will rise; the other that it will fall [...] The first person is so convinced that the markets will rise that he bets $1 million that it will be higher a year from now. Sure that he will be much richer in a year's time, he starts to spend now. The second person [...] also starts to spend now. The bookmaker covers his bets.
[...] Financial markets thrive on differences of opinion--they make the horse race. They also create 'mistakes' in perceptions of wealth or spending power. [...]
my margin notes: "the money shot" which I assume refers to me feeling vindicated about my own theories on financialisation (great)
[...] One is convinced that the market will rise; the other that it will fall [...] The first person is so convinced that the markets will rise that he bets $1 million that it will be higher a year from now. Sure that he will be much richer in a year's time, he starts to spend now. The second person [...] also starts to spend now. The bookmaker covers his bets.
[...] Financial markets thrive on differences of opinion--they make the horse race. They also create 'mistakes' in perceptions of wealth or spending power. [...]
my margin notes: "the money shot" which I assume refers to me feeling vindicated about my own theories on financialisation (great)
325
[...] debt was a consequence, not a cause of the problems that led to the crisis. Debt did not descend like manna from the heavens but was a conscious response by borrowers to the situation they faced. [...]
I mean if you want to take a more Marxist approach, debt was a result of rentiers (wages being suppressed, housing being too expensive, etc)
[...] debt was a consequence, not a cause of the problems that led to the crisis. Debt did not descend like manna from the heavens but was a conscious response by borrowers to the situation they faced. [...]
I mean if you want to take a more Marxist approach, debt was a result of rentiers (wages being suppressed, housing being too expensive, etc)