Friday, September 18, 2015

how can you have any pudding if you don't eat your, err Cereal?

So I am an old guy and had never seen these before. Pretty fun:

I guess the author recently passed away and Mr. Gosling ate some cereal in his honor:

Men in Kilts

Men in Kilts Window Cleaning

Not sure what the "in Kilts" part is doing here, though of course that is what made me notice it.  So maybe that's the answer.

But is it so that interested parties can peek up the skirts when the lads are up washing windows?

Leading to the REAL question, of course:  Are these "true Scotsmen?"

Leading to a question I didn't even know about, the "True Scotsman Fallacy."

But then that all reminds me of the joke:  Scottish regiment visits France.  Young French female reporter breathlessly asks one of the soldiers, "Sir, people want to know:  Is anything worn under that kilt?"

Scotsman answers, "Nah, lassie, 'tis good as new!"

Thursday, September 17, 2015

Fed Hysteria

Check out this quote from Daniel Henninger in today's  WSJ:

"Not least, the future of the slow-growth, anxiety-producing American economy is in the hands of one nice lady named Janet Yellen, who presides over what is literally a central-bank black box. Crazy."

People this is indeed crazy. Also ridiculous, untrue, ignorant, etc. 

 Repeat after me, the FED does NOT control the real growth rate of economy!

(In fact it barely influences it).

Then as a corollary try this, The FED chair is NOT the dictator of the FED and the FED is NOT independent of politics.

There is a boatload of academic research supporting all three of these points.

But America is gripped by this weird cult of personality view of economic events. The Volcker recession, Alan Greenspan; The Maestro, the Greenspan (and Bernanke) put. 

The FED chair is NOT steering the American Economy.

Tuesday, September 15, 2015

Just another Brick in the wall

Over on Cherokee Gothic yesterday, I wrote about a factory in Russia that was paying its workers in bricks.

I claimed that bricks were not a very good medium of exchange.

It was pointed out to me on social media by Alex Tabarrok and Larry White that James Buchanan had mooted exactly a brick standard for money!

As Larry put it,  "Bank reserves wouldn't be in the vault, they would BE the vault."

There's a discussion of Buchananian monetary musings in Chapter 2 of a recent book put out by Cato. The chapter is written by Hugh Rockoff.

Buchanan also discussed a labor standard, where you could pedal a stationary bike to get cash from an ATM.

In both cases he wanted the monetary system to be "the employer of last resort".