News: 2013-01-22

By Edward Harrison On Jan 22, 2014

“IN my last year on Wall Street my bonus was $3.6 million — and I was angry because it wasn’t big enough. I was 30 years old, had no children to raise, no debts to pay, no philanthropic goal in mind. I wanted more money for exactly the same reason an alcoholic needs another drink: I was addicted.”

EconoMonitor : Policies of Scale: Efficient Global Policy » Mexican Nationalism and the De-Nationalization of its Energy

Economics

Banks Don’t Lend Out Reserves – Forbes

Money as a social construct and public good | British Politics and Policy at LSE

Macro and Other Market Musings: My Interview on RT

Why Wall Street shorts economists and their DSGE models | LARS P. SYLL

Bubbles as a deflationary escape chute | FT Alphaville

“even a little bit of inflation can encourage bubbles in alternative stores of value which appear scarcer or less likely to be “debased” than government-controlled money/assets. The bubbles in that sense represent what would otherwise be the deflationary concentration effect in conventional stores of value, if they weren’t eroded out by greater monetary distribution for the sake of a functioning economy and distributive growth. In other words bubbles result from society’s attempt to distribute increasing national wealth in a way that preserves incentives but still benefits everyone, and old wealth attempting to escape that distribution out of fear of the social hierarchal loss that can lead to. The wealth escapes the debasement effect by instead reviving the deflationary effect by concentrating in a entirely new zone altogether.”