House of Paine

seems no one cares to cuff pinky's comments

been posting at the sites 
of the  twin brads
                   
but with 
no taker uppers 

here's some of my coquetery ....


=======================================


brad the good 

on sovereign bankruptcy .....



amazed no comments here  
so far  brad 
 
seems to me 
in general  
all formal models fail 
as much as anything 
because  
no one has actually dissected  
and imprisoned 
at least
not 
in timeless algebra 
 
the  true CBer's game  
 

my solemn  literary view:

just as
 the " fisc state " 
acting internally  
isn't either 
a household or a firm 
 
a CB ISN'T acting externally
                         A bank  
 
specifically : 
 
sovereigns CBs 
going bankrupt  
brings out 
just how obviously 
states acting externally 
are not household 
or firm like at all

not 
father of
the  ugah  bugah familly  

nor 
ceo's of Ruritania inc   
 
and as a side light 


WHATS WITH THE   rhetorical SURPRISE HERE?

 
" UNCLE DOESN'T WANT A UNIFORM
 INTERNATIONAL 
BANKRUPCY SYSTEM"
AT LEAST NOT ONE AVAILIBLE
BY RIGHT 
TO ANY AND ALL SUBMERGING STATES 
 
who could be surprised by that :


a hyper power 
like our uncle  
prefers  
"avenues of response "
that are  
discretionary  
unilateral  
and 
taylor made  
 
no open air  
collective apparatus  
for these  bully boyz  
 
a dark mews 
with no view from the street 
is much prefered  

-------------------------------------------
 more at sesterhood is baleful 
 
question brad :
 
who "runs "
the IMF  anyway ???


i mean really runs it 

behind the wall of print out 
                        bureaucrats  
 
maybe "they" 
want this set up

maybe
a nice cheap bundle   
of domestic chinese dollar prices
are just what "they"  want 
so "they "
can  
 buy and build there 

especially seeing as
witrh the same price regime 
 they also  have 
          a nice 
           over priced 
            dollar  
  home  market to sell into 

-------------------------------------
here's more still .....

on why no global system 
of incentives
as keynes had urged back in '44

ie a way to make it worth while  
for  surplus trader states
with undervaluedcurrencies
to let their legal tenders  rise .....

---------------------------------

keynes was operating as the spokesman 
of the ex champ 
in need of relief 
 
to the new champ's spokesman 

it was loser talk  
 
the new champ
            back then 
not only did not  
see today's  wopping uncle deficits 
  
he fore  saw 
 a post war
regime
 where 
yankee surpluses  would run forth 
till blue skies return  to pittsburgh 
  
 
hence no " national "desire 
to curb the tilt 
toward surplus states
retaining

           full  freedom of action  
 
next nodal question 
 
why then 
when the rules changed in 71 
didn't a clearing house arise ?? 
 
the still champ uncle sam 
after a look see 
had a better 
idea :
 
a  goldless " reserve system of our own "

cause 
by such 
         means 
           uncle wins 
       any which way the wind blows   
 

and regardez the resultat comrades  :

for nearly 35 years 
after a rather puffy first 8 years  
the globe has revolved 
about it's tilted  dollar only axis 
with no
   '29s

so 
who's to say 
uncle would be

 better served 

  by a straight
              up axis  
 
for that matter 

who's to say
 any 
   FDI  type 
first world 
             capital exporter  
                        would be  
                    better served

              "damn the torpedos....." 


---------------------------------------------
mean while  back 
  at the high octane delong blog

 being less sanguine 
           i played it  very blandishing  

----------------------------------------------
 dearest brad :

i must say
u have 
 the makings
of a nice little
        word bender
               there fella 

too bad your  wonk will out 
                      so much 

cause 
with  some  
      time and  proper buffing
  you could be
 
      the george jones
          of jewish engineering

 ----------------------------------

not able to brake ice 
even with that seemy PI  crack....


i struck at 
 another
          really  wonkatoid post

my comment :

--------------------------------

please brad...

this sort of ivy tower nonsense
gives pangloss a bad name.....

this recent barro
reminds me of early barro

with his reckless mis-use of ricardo

in a glass hammer  attempt 
to end the reign of keynes 

imagine thinking
the end of state  managed prosperity 
lay just a small hop 
         furher down 
                   practical  reason's  dusty trail 

i remember 
phelps saying to uz studentz
at the time 

"well what if uncle Sam borrows 
  the cash 
on our behalf..."

 recall we all as mere atomized householders
  are  credit rationedand thus come pinch time 
  highly contsrained  
so  
here comes uncle 

very willing  and able
  to borrow against a future 
             collective  obligation

we'd gladly take our piece of 

but are market wise
        unable to

because our credit be so ....

yup
 bingo 

uncle does  for us 
what we'd prefer to hooveration 


tax backed credit 
is a mighty fine thang 
...
blah blah blah 
----------------------------------------------

but never mind ....

instead 
more on point

just tell me ....super brad 

this fear of the big one
barro profers up

the fear  
  that creates 
" the equity risk premium "

is it a reflection 
of a  very broadly shared
               race memory ???? 

or cometh it from  the other extreme

from the spontaneous mobilization
year after year after year 
 of a million small minds 
             doin hunchy calculations
 that lead to this   
         median guestimation
       of a one percent
                      fat devil's tail 

if so what a fuckin invisible providence 
                   that is

since it so closely
          co frames with
              damn  barro's 
                fortress of solitude 
              produced
                      rational calc

a calc  based overtly 
on the huge croakers
salted through
the last 
 one hundred years 
           of  fluxy  econcon mischief  


yes madame
        it appears
we've been speaking 
 excellent prose for generations