jganetsk
Joined 19 years ago
Karma
2,787
Submissions
680
Member since
Mar 29
Recent submissions
Comment · 1 year ago
The person to look to for explanations of why OCaml/SML and not Haskell is Bob Harper. For example, the module system vs ad hoc polymorphism: https://existentialtype.wordpress.com/2011/04/16/modules-mat... He also has in-depth critiques of laziness-by-default but the one link I found is a 404.
Comment · 2 years ago
I know the Effingo team at Google. It comes from Latin https://en.wiktionary.org/wiki/effingo#Latin
Comment · 2 years ago
That's all included in the article, which admittedly is behind a paywall. He goes into great detail, including purchasing power parity, means vs medians, etc.
And the conclusion is the US generates more wealth for the middle class than Europe does.
Comment · 2 years ago
> As far as know the amount of poor people in the usa is also way higher than in Europe. If we take that into account i'd say that Europe is doing just fine.
Citation needed. No, Europe is not doing just fine. https://www.noahpinion.blog/p/americans-are-generally-richer...
Comment · 2 years ago
This is a great observation! Indeed, most languages have very few words for smells.
- https://www.theatlantic.com/science/archive/2015/11/the-voca... - https://www.wired.com/2014/11/whats-up-with-that-smells-lang...
Comment · 3 years ago
Noah Smith is no activist. He was a professor of finance and a journalist for the Associated Press, Bloomberg, and other reputable outlets. He now writes a very successful Substack.
Comment · 3 years ago
This is a common misconception. Actually the primary fix is indeed to make affordable housing available. https://www.noahpinion.blog/p/everything-you-think-you-know-...
Comment · 3 years ago
Stannous flouride stains my teeth and I avoid it like the plague.
Comment · 3 years ago
One way to think about it: the world you are proposing is equivalent to one where the central bank fully monetizes all government debt. That possibility is a strict subset of the space of possible monetary policies we have today. The Fed could decide to do that, but it would have significant implications. It would push down interest rates substantially, which would (according to conventional thinking) potentially trigger inflation and incentivize various sectors of the economy to shift their portfolios towards riskier assets in an attempt to pursue greater returns. This could have a substantially destabilizing effect.
Another way of looking at the problem: generally, money is printed by banks, not by governments. The liabilities of the banking sector is precisely what we use as money. A bank is a "debt monetizer": it holds assets (often debt) on one side of the balance sheet, and balances that against money as a liability. https://nathantankus.substack.com/p/banks-as-debt-monetizers...
This property holds true for both central banks and private banks. They both print money that is balanced by assets on the other side of the balance sheet.
There are some benefits to this worldview:
- We have a unified model of banking that explains both central and private banks. "“Everyone can create money; the problem is to get it accepted“ -Hyman Minsky
- In a very real sense, all money is backed by something
If you just print money and use it outside of this framework, you essentially get cryptocurrency: https://www.crisesnotes.com/the-dangerous-brilliance-of-issu...
Comment · 4 years ago
All signs pointing to a stock market recovery:
- Decreased consumer savings - Decreased foreign savings
Plugged into the profit equation: https://www.levyforecast.com/assets/Profits.pdf
US corporate profits should be shooting back up
Comment · 4 years ago
There's a difference between economics and finance. It is possible to have real economic problems while having sound financial flows. That's what's happening now. Inflation is the consequence: there's more money chasing the same (or fewer) goods. That's not to say that a crash can't happen... because it did in 2020. It can happen again. But under these conditions, we can expect an aggressive recovery (like we just had).
> yet we are in the middle of pandemic, millions get sick every day, inflation 30yr high, supply shortages
None of these things impact the aggregate profitability of the corporate sector. Please read "Where Profits Come From" [1]. The Kalecki-Levy profits equation says:
Profits before tax = + Investment – Nonbusiness saving + Dividends + Corporate profits taxes
Profits for the most part come from the "nonbusiness saving" term, which is the government budget deficit minus the trade deficit minus household savings. The numbers are looking very good. [2]
> edit: i can't help but think there will be a counter reaction to the Fed printing dollars recklessly in 2020
> and i'm even more scared Fed will go on a printing spree again to keep the current bubble from popping
It's fascinating to me that in times of outsize fiscal stimulus, people continue to blame monetary policy on all of our economic woes. If you think that monetary policy has a much larger impact than fiscal policy, you have it backwards. Monetary policy has far less impact than is commonly stated. The Fed does not really print money, it swaps one highly liquid US government asset for another. And the size of bank balance sheets do not change when this happens. And repeat after me: banks cannot and do not lend out reserves [3]
[1] https://www.levyforecast.com/assets/Profits.pdf
[2] https://seekingalpha.com/article/4475023-white-house-fed-inf...
[3] https://www.hks.harvard.edu/sites/default/files/centers/mrcb...
Comment · 4 years ago
No. The persecution of religious minorities in Europe culminated in the Holocaust, which led to the Universal Declaration of Human Rights. Don't blame the minorities who have suffered and continue to suffer.