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FiatThe Bretton Woods Sticky (self.badeconomics)

PonderayFollows an AR(1) process[M] が 投稿 - announcement

Clearly Automod is having some trouble with the end of the gold standard. Here's a new discussion thread until automod kicks in again.

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ベストトップ論争中古い順Q&A

[–]BEE_REAL_PEREZ FOR DNC CHAIR 2 ポイント3 ポイント  (0子コメント)

Does anyone know how to get Bloomberg to stop auto-redirecting me to the Canadian version? I don't care about mining in Nunavut

[–]artosduhlordFDR caused Trump 0 ポイント1 ポイント  (0子コメント)

http://www.politicususa.com/2016/12/21/republicans-trump-pass-anti-lgbt-amendment-defense-act.html

Dear god why

[–]artosduhlordFDR caused Trump 2 ポイント3 ポイント  (1子コメント)

http://www.aei.org/publication/making-manufacturing-great-again-will-require-a-two-pronged-approach/?utm_source=twitter&utm_medium=social&utm_campaign=mathurmmga

AEI is doing penance to gain our forgiveness.

[–]Kelsigproponent of dumb market economics 0 ポイント1 ポイント  (0子コメント)

Im so glad that it seems like AEI isn't just being a pro-Trump mouth piece

[–]13104598210 5 ポイント6 ポイント  (12子コメント)

So I just saw on Bloomberg that Noah Smith WAS an assistant prof at Stony Brooks. Was he fired? Quit to focus on blogging full time? Something else?

Sorry this is gossipy, but I'm curious. Plus if there was some kind of malfeasance it might mean his work should be taken less seriously.

[–]IntegraldsLiving on a Lucas island 1 ポイント2 ポイント  (0子コメント)

He spent two or three years at Stony Brook. I think he left before his third-year review.

[–]say_wot_againMachine learning is a fad 8 ポイント9 ポイント  (10子コメント)

I quit to focus on blogging full time.

[–]13104598210 3 ポイント4 ポイント  (9子コメント)

Good for you! I quit academia to focus on working in the private sector full time. Greatest decision of my life. I do enjoy your work for the most part, and appreciate you put up with the bullshit on Reddit and elsewhere from assholes like me.

[–]wumbotarianhemispheric common market 6 ポイント7 ポイント  (8子コメント)

/u/say_wot_again isn't Noah Smith.

SWA, I appreciate the meme, but you're going to confuse a ton of people.

[–]say_wot_againMachine learning is a fad 3 ポイント4 ポイント  (2子コメント)

Stop lying about me. I am who I am and I'm proud of who I am. If you keep this up I'll have to put yesterday's "racism is libertarians' fault" rant on BV.

[–]wumbotarianhemispheric common market 1 ポイント2 ポイント  (1子コメント)

I'll have to put yesterday's "racism is libertarians' fault" rant on BV.

Seriously how many marijuanas did you eat yesterday?

[–]HeFlipYaThere isn't a literal connection, dude. 0 ポイント1 ポイント  (0子コメント)

So when BV Noah Smith gets top billing on Krugman's column, I shouldn't be congratzing SWA? burn on me.

[–]mrregmonkeyAbortions Reduce Crime 6 ポイント7 ポイント  (0子コメント)

Please ignore this poster.

He's Noah Smith.

[–]13104598210 3 ポイント4 ポイント  (3子コメント)

Oh--fooled me. So why did he leave Stony Brook? Anyone know?

[–]wumbotarianhemispheric common market 3 ポイント4 ポイント  (1子コメント)

Oh no, Noah did leave Stony Brook to blog full time.

But SWA isn't actually Noah.

[–]TheImmortalPassadoeconomists think everyone is a rational actor 0 ポイント1 ポイント  (0子コメント)

wait actually...

I'm a fucking idiot

[–]grevemoeskr"good RI but insuficient" - SWA 3 ポイント4 ポイント  (0子コメント)

Yeah. To blog full time

[–]BEE_REAL_PEREZ FOR DNC CHAIR 0 ポイント1 ポイント  (5子コメント)

???

The Bretton Woods system wasn't really fiat

[–]PonderayFollows an AR(1) process[S] 11 ポイント12 ポイント  (4子コメント)

Bretton woods = transition from gold standard to full fiat currency.

[–]IntegraldsLiving on a Lucas island 2 ポイント3 ポイント  (0子コメント)

I approve

[–]BEE_REAL_PEREZ FOR DNC CHAIR 4 ポイント5 ポイント  (2子コメント)

The transition period happened with Nixon's temperature price controls, Bretton Woods was just another gold standard system

[–]wumbotarianhemispheric common market 1 ポイント2 ポイント  (1子コメント)

Look here smarty pants, how about you just enjoy the memes

[–]BEE_REAL_PEREZ FOR DNC CHAIR 0 ポイント1 ポイント  (0子コメント)

Bretton Woods triggers me when it's mentioned even ironically

[–]artosduhlordFDR caused Trump 2 ポイント3 ポイント  (0子コメント)

https://www.ft.com/content/bbf54b3e-c5f3-11e6-9043-7e34c07b46ef

Deaton sells out to coal miners

[–]urnbabyurn 2 ポイント3 ポイント  (8子コメント)

Extra shitty /politics today with some economic news.

1) Trump's tariff is shitty economics. But what is shittier is poor economics arguments against it. (https://np.reddit.com/r/politics/comments/5jqyyq/trump_is_reportedly_considering_a_5_tariff_on_all/dbi8nzb/?utm_content=permalink&utm_medium=front&utm_source=reddit&utm_name=politics)

2) Horses are not people. (https://np.reddit.com/r/politics/comments/5jr9no/the_longterm_jobs_killer_is_not_china_its/dbicfdl/?utm_content=permalink&utm_medium=front&utm_source=reddit&utm_name=politics)

[–]DrSandbagsSurgically-Augmented Dickey-Fuller 4 ポイント5 ポイント  (2子コメント)

Jesus Christ it's like the Store Owner/Average Shopper commenter never learned about tax incidence.

[–]urnbabyurn 3 ポイント4 ポイント  (1子コメント)

Its certainly "possible" that a 5% tax raises prices by more than 5%. But that assumes the firms have significant market power and face demand curves with constant elasticities - meaning that raising prices won't affect the price-cost markup.

[–]HarlanStone16#NeverLaffer 0 ポイント1 ポイント  (0子コメント)

I can confirm that the literature and the practice on excise (edit:specifically alcohol below) taxes is to assume more than 100% pass through via mark-up power.

Nat Tax Journal March 2002

2009 study in Denmark

[–]PonderayFollows an AR(1) process[S] 7 ポイント8 ポイント  (4子コメント)

At least Mcconnell has said tariffs are dead on arrival.

[–]urnbabyurn 2 ポイント3 ポイント  (2子コメント)

I wonder if playing to protectionist democrats would get it through.

We will finally get to see how well the Trump adminsitration is at actual politics. My guess is he suffers from congress's non cooperation, gets frustrated, and nothing gets done.

[–]PonderayFollows an AR(1) process[S] 1 ポイント2 ポイント  (0子コメント)

I'm guessing he's going to do something else to alienate those democrats. His cabinet picks signal that he's going to run a pretty conservative administration instead of trying to reach across the aisle.

[–]crunkDealerGlobalist Islamic Banker Mexican 3000 3 ポイント4 ポイント  (0子コメント)

Who knew we'd be looking to Swamp King McConnell to defend us from the Trumple. The enemy of my enemy...

[–]artosduhlordFDR caused Trump 6 ポイント7 ポイント  (9子コメント)

https://twitter.com/realDonaldTrump/status/811977223326625792

Apparently having enough to render the world uninhabitable isn't enough

[–]grevemoeskr"good RI but insuficient" - SWA 3 ポイント4 ポイント  (1子コメント)

To be fair, this is in response to Russia building up both their nuclear and non-nuclear weaponry

[–]mrregmonkeyAbortions Reduce Crime 2 ポイント3 ポイント  (1子コメント)

This is his scariest tweet yet

[–]roboczarI see a linear VAR and I want to paint it black 4 ポイント5 ポイント  (3子コメント)

"comes to its senses"... what does that even mean? This is literally restarting the arms race. We came to our senses already. This is the opposite.

edit: what really galls me about this is the implied "not our problem" attitude that he takes with almost everything. Nuclear proliferation is "the world's" problem to solve, "the world" needs to come to its senses. There's no role for the US or Trump in this, we're just "doing what we need to" while the world (read: not us) figures out how to solve it.

This is a recurring theme and is what makes him incredibly dangerous. It's someone else's problem, it's someone else's fault.

[–]Randy_Newman1502Administration saves the nation 2 ポイント3 ポイント  (1子コメント)

"comes to its senses"... what does that even mean

It means "till we figure out what's going on."

Duh.

[–]roboczarI see a linear VAR and I want to paint it black 0 ポイント1 ポイント  (0子コメント)

Whatever he means, it's abundantly clear, as with climate change, that nuclear proliferation and the arms race are someone else's problems to solve.

[–]wumbotarianhemispheric common market 4 ポイント5 ポイント  (0子コメント)

Trump seems more and more like the nega-Reagan.

These same white people who voted for Reagan voted for Trump. Reagan stood up to Russia (well, the USSR) and even brokered a reduction in nuclear weapons and now Trump wants to be friends with Russian bullies and wants to beef up our nuclear capabilities????

Absolutely nuts. Reagan is probably turning over in his grave right now.

[–]Kelsigproponent of dumb market economics 2 ポイント3 ポイント  (0子コメント)

https://www.yahoo.com/news/putin-calls-strengthening-russias-military-nuclear-potential-101800687.html

🤔🤔🤔