ARNOLD KLING
August 14, 2011
The Top Political Contributors
August 11, 2011
Gender and the New Commanding Heights
August 11, 2011
Jamie Galbraith Makes an Assumption
August 11, 2011
Macroeconometrics: The Science of Hubris
August 10, 2011
Real and Nominal Bond Yields
BRYAN CAPLAN
August 14, 2011
The Effect of Thumb Sucking on Income
August 12, 2011
The Voice of Cold, Hard Truth to All Would-Be Educators
August 12, 2011
Ability, Morality, and Prosperity: A Paper and a Report
August 11, 2011
The Theory of Time and Frittering
August 10, 2011
Male Variance and the Remnants of the Gender Gap
DAVID HENDERSON
August 9, 2011
Hayek in "Unbroken", Part Two
August 8, 2011
Hayek in "Unbroken"
August 5, 2011
James Bovard on the Peace Corps
August 4, 2011
Summers Way Off on FDR and 1941
August 3, 2011
The "Amazon" Tax
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What makes money valuable is that you will accept it back (which is why a counterfeit bill that you don't know is counterfeit is actually worth something, a successful theft from the Treasury).
This is a system with two solutions, however. The other solution is that you won't accept it back, because neither will the other guy.
There's no dynamical theory for systems with two solutions. Whatever happens, happens elsewhere than the analytics.
Another system with muliple solutions is created whenever securitized risk completes a circle.
Dear rhhardin,
would you care to explain to last line:
"Another system with muliple solutions is created whenever securitized risk completes a circle."
I find this interesting but I am not quite sure whether I get it right.
Cheers,
Philippe
Evidently, the bailout thing didn't remove or reduce any fear. So we still have to fear the fear itself.