Monetary Policy

Not Heaven Cent

Here’s a letter to the Washington Post:

Arguing that “In God We Trust” should be displayed more prominently on the dollar coin, Michael Bridges says “The motto is something we should be proud of” (Letters, Sept. 2).  Perhaps.  But the history of that motto raises serious questions about just what sovereign Americans are being encouraged to trust: God or government?

Monetary Nationalism Is a Curse

Here’s a passage from the not-to-be-missed book by Benn Steil and Manuel Hinds, Money, Markets & Sovereignty (Yale University Press, 2009), pages 94-95:

Obsessed With Aggregate Demand

Here’s a letter to the New York Times:

The Theory of Free Banking

George Selgin’s 1988 book, The Theory of Free Banking: Money Supply under Competitive Note Issue, is now available on-line, free, at the Online Library of Liberty.

This development deserves loud applause, for this book is a major work contributing to our understanding not only of free banking, but of banking and money more generally.

Yet More Rainbow Stew

Here’s a letter to the New York Times:

One of Pres. Obama’s economic advisors explained to David Einhorn that the U.S. government is unlikely to default on its debt because (as Mr. Einhorn summarizes the proffered explanation) “the government is different from financial institutions because it can print money” (“Easy Money, Hard Truths,” May 27).

More Rainbow Stew

Here’s a letter to Lynn Parramore of New Deal 2.0:

Dear Ms. Parramore:

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Psalms 16:10

For thou wilt not leave my soul to Sheol; Neither wilt thou suffer thy holy one to see corruption.
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There must be love in the relation between the person who says "I am" and the observer of that "I am". As long as the observer, the inner self, the higher self, considers himself apart from the observed, the lower self, despises it and condemns it, the situation is hopeless. It is only when the observer (vyakta) accepts the person (vyakti) as a projection or manifestation of himself and, so to say, takes the self into the Self, the duality of "I" and "this" goes, and in the identity of the outer and the inner the Supreme Reality manifests itself. This union of the seer and the seen happens when the seer becomes conscious of himself as the seer; he is not merely interested in the seen, which he is anyhow, but also interested in being interested, giving attention to attention, aware of being aware. Affectionate awareness is the crucial factor that brings Reality into focus. When the vyakti realizes its non-existence in separation from the vyakta, and the vyakta sees the vyakti as his own expression, then the peace and silence of the avyakta state come into being. In reality the three are one: the vyakta and the avyakta are inseparable, while the vyakti is the sensing-feeling-thinking process.

Sri Nisargadatta Maharaj