Monthly Archives: January 2015

Part 17: The Inflation-Protected Bond

In addition to regular Treasuries, the US government also offers Treasury Inflation-Protected Securities: TIPS. These are interesting beasts, in more than one way. Let's say you buy a 1000 dollar 1-year Treasury, the ordinary kind, and you manage to pay … Continue reading

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Part 16: The Bond

So big gummint is spending big bucks. They have revenues of three trillion dollars. Expenses are three and a half trillion dollars. (Fairly clean numbers last year.) Somehow they spent more than they took in. How did they do that? … Continue reading

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Debt Sustainability

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Aggregation

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Progressive Consumption Tax

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Automation

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Part 15: True and Useless

Here's another financial story. I first heard it with respect to stock prices in December, but the details don't matter as much as the pattern. An investor recognizes the pattern (e.g. stock prices drop in December because people are making … Continue reading

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Part 14: Hyman Minsky's Theory of Bubbles

We start by noting that most of the modern money supply is not currency, not the little pieces of paper or the jingling coins that we carry around in our pockets. Most of the stock of money that exists is … Continue reading

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The Japanese Recession

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Adam Smith on Value

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