"It is easy to confuse what is with what ought to be, especially when what is has worked out in your favor."
- Tyrion Lannister

"Lannister. Baratheon. Stark. Tyrell. They're all just spokes on a wheel. This one's on top, then that's ones on top and on and on it spins, crushing those on the ground. I'm not going to stop the wheel. I'm going to break the wheel."

- Daenerys Targaryen


"The Lord of Light wants his enemies burned. The Drowned God wants them drowned. Why are all the gods such vicious cunts? Where's the God of Tits and Wine?"

- Tyrion Lannister


"The common people pray for rain, healthy children, and a summer that never ends. It is no matter to them if the high lords play their game of thrones, so long as they are left in peace. They never are."

- Jorah Mormont


"These bad people are what I'm good at. Out talking them. Out thinking them."

- Tyrion Lannister


"What happened? I think fundamentals were trumped by mechanics and, to a lesser extent, by demographics."

- Michael Barone

"If you want to know what God thinks of money, just look at the people he gave it to."
- Dorothy Parker

Saturday, April 21, 2012

Inflationistas*

Is Inflation a Highly Regressive tax on wages? by Dean Baker

Much Ado About Zero (Wonkish) by Krugman

In Wicksellian Terms, It Is Easier for a Central Bank to Alter the Nominal Market Rate of Interest than for It to Alter the Nominal Natural Rate of Interest: Why the Zero Lower Bound Matters by DeLong

As I see it, having high unemployment is a regressive tax on the "middle class." Government policies are structuring the market so that we have slow growth and high unemployment. Wages don't rise with productivity. Inequality rises though.

That last time wages rose with productivity was in the late '90s, something candidate Obama pointed out to BusinessWeek and the Wall Street Journal.

When the economy isn't running at capacity, the government is engineering a regressive tax on wages.

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*Inflationistas want low inflation and slow growth

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