In re government debt, in addition to or as an alternative to striking trillion dollar coins, the Administration could also issue consols. [Click] —Alan
The people who hold that debt call them investments. They don't want the dollars; they just want higher interest rates. Typically, higher interest rates are provided on riskier investments (don't ask me why) and threatening default increases risk. Republicans are representing their friends in the finance and insurance business whom they expect to fund their next campaign. Unfortunately, they cannot get back what they had because in 2010, while they were not looking, Congress passed legislation placing restrictions on banks and insurance companies so they cannot orchestrate another crash. Remember that the 2008:crash was triggered by the failure of a bank managed by GWB's cousin, who had moved from Goldman Sachs to Lehman Brothers and then divested that firm of all real assets before declaring bankruptcy. There is an irony in the fact that the Federal Reserve was established at the instigation of financiers because Congress "could not be trusted" and then their Jekyll Island Club went belly up and had to be taken over by the State of Georgia. Then, in the 2008 crash Georgia had the most failed banks of any state in the nation. And the state is still the financier's playground. A former Secretary of the Treasury bought himself an exclusive island. And then there was Senator Purdue who, in his six years, traded one third of all the stocks bought by Senators.
So I should check in. Back from Capricon (downtwon Chicago) late yesteday afternoon. Four-day con (two full days, two half days.) I was on six panels and did a reading from my book, in addition to the panels I attended. I tried to take it easy and get enough sleep (I need a lot these days), but stil arrived home exhausted. Still felt tired to today so I tested for Covid-19, but was negative. Despite the effort, the can was very much worthwhile. Leaned a lot.
7.8 earthquake has hit Turkey and neighbouring Syria. Over 300 dead and around 2000 injured (so far). 18 aftershocks, including 11 minutes after the quake measuring 6.7
ReplyDeleteTypically for the area, it seems most of the deaths were in poorly built multi-story concrete apartment buildings.
Delete---Alan
Thanks for alerting. The news is not getting better.
ReplyDeleteThe mystery of North America's missing eastern dinosaurs [Click]
ReplyDelete5,000 year old Chilean tree [Click]
——Alan
In re government debt, in addition to or as an alternative to striking trillion dollar coins, the Administration could also issue consols. [Click]
ReplyDelete—Alan
The people who hold that debt call them investments. They don't want the dollars; they just want higher interest rates. Typically, higher interest rates are provided on riskier investments (don't ask me why) and threatening default increases risk. Republicans are representing their friends in the finance and insurance business whom they expect to fund their next campaign.
ReplyDeleteUnfortunately, they cannot get back what they had because in 2010, while they were not looking, Congress passed legislation placing restrictions on banks and insurance companies so they cannot orchestrate another crash.
Remember that the 2008:crash was triggered by the failure of a bank managed by GWB's cousin, who had moved from Goldman Sachs to Lehman Brothers and then divested that firm of all real assets before declaring bankruptcy.
There is an irony in the fact that the Federal Reserve was established at the instigation of financiers because Congress "could not be trusted" and then their Jekyll Island Club went belly up and had to be taken over by the State of Georgia. Then, in the 2008 crash Georgia had the most failed banks of any state in the nation. And the state is still the financier's playground. A former Secretary of the Treasury bought himself an exclusive island. And then there was Senator Purdue who, in his six years, traded one third of all the stocks bought by Senators.
Judge Says Federal Right to Abortion May Still Exist [Click] 13th Amendent
ReplyDeleteFirst Dog on the Moon EXCLUSIVE: The octopus sex scandal that rocked the Antarctic [Click] “Why should we care and what business is it of ours anyway?”
ReplyDelete^^^^^ Alan (because obviously no one could have guessed)
DeleteMy Best Read of the Day: The Two Stalingrads [Click] Putin’s Russia is not the only heir to the Soviet heroics of the Second World War.
ReplyDelete____Alan
So I should check in. Back from Capricon (downtwon Chicago) late yesteday afternoon. Four-day con (two full days, two half days.) I was on six panels and did a reading from my book, in addition to the panels I attended. I tried to take it easy and get enough sleep (I need a lot these days), but stil arrived home exhausted. Still felt tired to today so I tested for Covid-19, but was negative. Despite the effort, the can was very much worthwhile. Leaned a lot.
ReplyDeleteSounds like a worthwhile adventure, Bill.
DeleteMay you also test negative tomorrow!
That lifetime learner stuff is pretty good, all right. And welcome back.
Delete---Alan