the oregon-idaho border and minimum wage

[Rob Roy]

If you ever get beat down and a victim of police brutality, I'll be sure to laugh and point. You down, sistah? Better?

In a very real sense all people that are victimized by the DEA and the Po-po are beaten down when they love a certain plant.

Which is my cue to roll a fattie. Peace.

 

[londonfog]

If you ever get beat down and a victim of police brutality, I'll be sure to laugh and point. You down, sistah? Better?

just make sure your wife is around when you have the kids in public

 

[Harrekin]

Funny how the retard who started this thread stopped replying once he realised the smackdown he'd gotten.

No wonder the US economy tanked with people like Buck running the show.

 

[DonAlejandroVega]

 

[DonAlejandroVega]

 

[NoDrama]

Funny how the retard who started this thread stopped replying once he realised the smackdown he'd gotten.

No wonder the US economy tanked with people like Buck running the show.

Paul Krugman actually believes that banks lend from Deposits and cannot create credit "out of thin air". This man is considered a god to people like London, Bucky, Cheezy and Skylard.

Keen: [N]eoclassicals like Krugman read Minsky, and then proceed to build equilibrium models without banks, and think they’re modelling Minsky. … No they’re not: they’re creating an equilibrium-obsessed Walrasian hand puppet and calling it Minsky. … One key component of Minsky’s thought is the capacity for the banking sector to create spending power “out of nothing”—to quote Schumpeter.



KRUGMAN: I guess I don’t get that at all. If I decide to cut back on my spending and stash the funds in a bank, which lends them out to someone else, this doesn’t have to represent a net increase in demand … Banks don’t create demand out of thin air any more than anyone does by choosing to spend more; and banks are just one channel linking lenders toborrowers.



Keen: [T]he empirical evidence overwhelmingly supports the case Krugman is trying to dismiss out of hand, that banks can and do “create credit out of thin air”, with the supposed regulatory controls over their capacity to do so being largely ineffective.



KRUGMAN: I often see the view that banks can create credit out of thin air. There are vehement denials of the proposition that banks’ lending is limited by their deposits, or that the monetary base plays any important role; … This is all wrong … any individual bank does, in fact, have to lend out the money it receives in deposits.



Commenter Dan Nile: I have worked in bank lending. Bank loan investors can in fact write checks out of thin air … they are different from other financial intermediaries in having the privilege of issuing credit (fungible with currency) at will.



Commenter Ron T: Ms Kaminska from FT Alphaville laughs at one chap who “just discovered” that banks create money ex nihilo.She says this could have been “news” in 1913. Apparently, it is still news to Swedish Bank prize laureates 100 years later… Bankers know this full well, the street knows this, time for the ivory tower to catch up.



Commenter Neil Wilson: I strongly suggest you spend some time at a bank and understand how they actually conduct operations … There is no reserve limit … Failure to understand the buffering nature of banks *will* lead you to the wrong economic model. This is why you missed the great crash.



Commenter hangemhi: Paul – no shouting, and you’ve been rebutted, quite convincingly, about 20 times in 29 comments. What’s your reply?



KRUGMAN (replying to commenters): It’s obvious that many commenters don’t get the distinction between the proposition that banks create money — which every economics textbook, mine included, says they do (that’s what the money multiplier is all about) — and the proposition that their ability to create money is not constrained by the monetary base. Sigh.



Scott Fullwiler: Krugman demonstrates that he has a very good grasp of banking as it is presented in a traditional money and banking textbook. Unfortunately for him, though, there’s virtually nothing in that description of banking that is actually correct.

 

[UncleBuck]

Funny how the retard who started this thread stopped replying once he realised the smackdown he'd gotten.

No wonder the US economy tanked with people like Buck running the show.

good job on declaring victory.

 

[Harrekin]

good job on declaring victory.

If this was the moon, I'd be Neil Armstrong sticking a flag up your arse, back-tits.

 

[Harrekin]

Paul Krugman actually believes that banks lend from Deposits and cannot create credit "out of thin air". This man is considered a god to people like London, Bucky, Cheezy and Skylard.

Keen: [N]eoclassicals like Krugman read Minsky, and then proceed to build equilibrium models without banks, and think they’re modelling Minsky. … No they’re not: they’re creating an equilibrium-obsessed Walrasian hand puppet and calling it Minsky. … One key component of Minsky’s thought is the capacity for the banking sector to create spending power “out of nothing”—to quote Schumpeter.



KRUGMAN: I guess I don’t get that at all. If I decide to cut back on my spending and stash the funds in a bank, which lends them out to someone else, this doesn’t have to represent a net increase in demand … Banks don’t create demand out of thin air any more than anyone does by choosing to spend more; and banks are just one channel linking lenders toborrowers.



Keen: [T]he empirical evidence overwhelmingly supports the case Krugman is trying to dismiss out of hand, that banks can and do “create credit out of thin air”, with the supposed regulatory controls over their capacity to do so being largely ineffective.



KRUGMAN: I often see the view that banks can create credit out of thin air. There are vehement denials of the proposition that banks’ lending is limited by their deposits, or that the monetary base plays any important role; … This is all wrong … any individual bank does, in fact, have to lend out the money it receives in deposits.



Commenter Dan Nile: I have worked in bank lending. Bank loan investors can in fact write checks out of thin air … they are different from other financial intermediaries in having the privilege of issuing credit (fungible with currency) at will.



Commenter Ron T: Ms Kaminska from FT Alphaville laughs at one chap who “just discovered” that banks create money ex nihilo.She says this could have been “news” in 1913. Apparently, it is still news to Swedish Bank prize laureates 100 years later… Bankers know this full well, the street knows this, time for the ivory tower to catch up.



Commenter Neil Wilson: I strongly suggest you spend some time at a bank and understand how they actually conduct operations … There is no reserve limit … Failure to understand the buffering nature of banks *will* lead you to the wrong economic model. This is why you missed the great crash.



Commenter hangemhi: Paul – no shouting, and you’ve been rebutted, quite convincingly, about 20 times in 29 comments. What’s your reply?



KRUGMAN (replying to commenters): It’s obvious that many commenters don’t get the distinction between the proposition that banks create money — which every economics textbook, mine included, says they do (that’s what the money multiplier is all about) — and the proposition that their ability to create money is not constrained by the monetary base. Sigh.



Scott Fullwiler: Krugman demonstrates that he has a very good grasp of banking as it is presented in a traditional money and banking textbook. Unfortunately for him, though, there’s virtually nothing in that description of banking that is actually correct.

Technically speaking he is correct, there are supposed to be limits based on a fractional reserve.

In reality, the last few years have shown otherwise.

 

[UncleBuck]

If this was the moon, I'd be Neil Armstrong sticking a flag up your arse, back-tits.

are you even aware that we can look back through this thread and see how you thought this was all about 800 feet of land and geography, rather than that sales tax?

 

[Harrekin]

are you even aware that we can look back through this thread and see how you thought this was all about 800 feet of land and geography, rather than that sales tax?

The sales tax doesn't save the company any money, you dumbass.

Its one part of a huge equation your cat shit weed brain can't comprehend.

 

[UncleBuck]

The sales tax doesn't save the company any money, you dumbass.

Its one part of a huge equation your cat shit weed brain can't comprehend.

but setting up 800 feet away in idaho would save them about $2 an hour on damn near every one of their employees. so why don't they, "the one"?

 

[Harrekin]

but setting up 800 feet away in idaho would save them about $2 an hour on damn near every one of their employees. so why don't they, "the one"?

Again obviously something tips the cost benefit ratio that way...you realise real estate costs, available parking, town taxes, utility rates, population density, socioeconomic conditions, favourable location are but a few of the many things you consider?

Your assumption that the minimum wage is a huge factor is at best an assumption.

Show me all the numbers, I'll gladly agree if its the case.

You did make the claim it was purely the minimum wage spurring demand...

 

[UncleBuck]

Again obviously something tips the cost benefit ratio that way...you realise real estate costs, available parking, town taxes, utility rates, population density, socioeconomic conditions, favourable location are but a few of the many things you consider?

yeah, how hard would it be for them to get parking in idaho?



not to mention how drastically the socioeconomic conditions change 800 feet away!

dear god you are flailing here.

Your assumption that the minimum wage is a huge factor is at best an assumption.

my point here has been that despite the conservative dogma, minimum wage is NOT an impediment to job creation. i've stated this several times. are you fucking stupid?

You did make the claim it was purely the minimum wage spurring demand...

i have to see this. please show me where i did this. please, i beg you.

 

[desert dude]

Face it, Marie. This thread was a clusterfuck from the start.

 

[UncleBuck]

Face it, Marie. This thread was a clusterfuck from the start.

yeah, you righties really showed me by doing nothing whatsoever to contradict the reality that we cal all see with our own eyes.

good job on declaring victory, princess. we're all very proud of you.

 

[Harrekin]

yeah, how hard would it be for them to get parking in idaho?



not to mention how drastically the socioeconomic conditions change 800 feet away!

dear god you are flailing here.



my point here has been that despite the conservative dogma, minimum wage is NOT an impediment to job creation. i've stated this several times. are you fucking stupid?



i have to see this. please show me where i did this. please, i beg you.

B=============D ~~~~`

Thats probably the first thing you've understood in this thread.