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Overnight Reverse Repurchase Agreements

Posted: 2021-10-01 08:39:13

Lessons from the French hyperinflation of 1790s

Economics

- Government confiscation of wealth
- One injection of money is not enough
- There will be multiple injections until the fiat money collapses
- Government claiming to help the people
- Government claiming inflation is good
- Initial euphoria
- Commerical activity decreased
- Rich leaving country
- Increase import tariff
- Price control
- Gold/silver illegal
- Reward spys
- Dislike for labor
- Increase of greed, speculation, and gambling
- Shortage of food
- Mob violence

Fiat Money Inflation in France

"They knew too well, from that ruinous experience, seventy years before, in John Law’s time, the difficulties and dangers of a currency not well based and controlled. They had then learned how easy it is to issue it; how difficult it is to check its overissue; how seductively it leads to the absorption of the means of the workingmen and men of small fortunes; how heavily it falls on all those living on fixed incomes, salaries or wages; how securely it creates on the ruins of the prosperity of all men of meagre means a class of debauched speculators, the most injurious class that a nation can harbor,—more injurious, indeed, than professional criminals whom the law recognizes and can throttle; how it stimulates overproduction at first and leaves every industry flaccid afterward; how it breaks down thrift and develops political and social immorality. whom the law recognizes and can throttle; how it stimulates overproduction at first and leaves every industry flaccid afterward; how it breaks down thrift and develops political and social immorality."

"In April, 1790, came the final decree to issue four hundred millions of livres in paper money, based upon confiscated property of the Church for its security."

"Paper money is without inherent value unless it represents some special property. Without representing some special property it is inadmissible in trade to compete with a metallic currency, which has a value real and independent of the public action; therefore it is that the paper money which has only the public authority as its basis has always caused ruin where it has been established; that is the reason why the bank notes of 1720, issued by John Law, after having caused terrible evils, have left only frightful memories. Therefore it is that the National Assembly has not wished to expose you to this danger, but has given this new paper money not only a value derived from the national authority but a value real and immutable, a value which permits it to sustain advantageously a competition with the precious metals themselves."

"The first result of this issue was apparently all that the most sanguine could desire: the treasury was at once greatly relieved; a portion of the public debt was paid; creditors were encouraged; credit revived; ordinary expenses were met, and, a considerable part of this paper money having thus been passed from the government into the hands of the people, trade increased and all difficulties seemed to vanish."

"But soon there came another result: times grew less easy; by the end of September, within five months after the issue of the four hundred millions in assignats, the government had spent them and was again in distress."

"The cheaper currency had largely driven out the dearer; paper had caused small silver and copper money mainly to disappear; all sorts of notes of hand, circulating under the name of "confidence bills," flooded France,—sixty-three kinds in Paris alone."

"Yet each of these issues, great or small, was but as a drop of cold water to a parched throat. Although there was already a rise in prices which showed that the amount needed for circulation had been exceeded, the cry for "more circulating medium" was continued. The pressure for new issues became stronger and stronger."

"This was the doctrine that all currency, whether gold, paper, leather or any other material, derives its efficiency from the official stamp it bears, and that, this being the case, a government may relieve itself of its debts and make itself rich and properous simply by means of a printing press:—fundamentally the theory which underlay the later American doctrine of 'fiat money.'"

"Throughout France there came temporary good feeling. The nation was becoming inebriated with paper money. The good feeling was that of a drunkard just after his draught; and it is to be noted as a simple historical fact, corresponding to a physiological fact, that, as draughts of paper money came faster the successive periods of good feeling grew shorter."

"Attention was aroused by another menacing fact;—specie disappeared more and more. This disappearance of specie was the result of a natural law as simple and as sure in its action as gravitation; the superior currency had been withdrawn because an inferior currency could be used."

"Still another troublesome fact began now to appear. Though paper money had increased in amount, prosperity had steadily diminished. In spite of all the paper issues, commercial activity grew more and more spasmodic."

"The plenty of currency had at first stimulated production and created a great activity in manufactures, but soon the markets were glutted and the demand was diminished."

"Heavy duties were put upon foreign goods; everything that tariffs and custom-houses could do was done."

"Thus came a collapse in manufacturing and commerce, just as it had come previously in France: just as it came at various periods in Austria, Russia, America, and in all countries where men have tried to build up prosperity on irredeemable paper."

"The result was that capitalists feared to embark their means in business. Enterprise received a mortal blow."

"With the masses of the people, the purchase of every article of supply became a speculation—a speculation in which the professional speculator had an immense advantage over the ordinary buyer. Says the most brilliant of apologists for French revolutionary statesmanship, 'Commerce was dead; betting took its place.'"

"One of these was the obliteration of thrift from the minds of the French people. The French are naturally thrifty; but, with such masses of money and with such uncertainty as to its future value, the ordinary motives for saving and care diminished, and a loose luxury spread throughout the country."

"at large there grew a dislike of steady labor and a contempt for moderate gains and simple living."

"The artful plundering of the people at large was bad enough, but worse still was this growing corruption in official and legislative circles. It is some comfort to know that nearly all concerned were guillotined for it."

"In speeches, newspapers and pamphlets about this time, we begin to find it declared that, after all, a depreciated currency is a blessing;"

"Daniel Webster, that "of all the contrivances for cheating the laboring classes of mankind, none has been more effective than that which deludes them with paper-money."

"Issue after issue followed at intervals of a few months, until, on December 14, 1792, we have an official statement to the effect that thirty-five hundred millions had been put forth"

"The result was that on the 28th of February, 1793, at eight o’clock in the evening, a mob of men and women in disguise began plundering the stores and shops of Paris. At first they demanded only bread; soon they insisted on coffee and rice and sugar; at last they seized everything on which they could lay their hands—cloth, clothing, groceries and luxuries of every kind. Two hundred such places were plundered. This was endured for six hours and finally order was restored only by a grant of seven million francs to buy off the mob. "

"In view of the steady rise in prices of the necessaries of life, had proposed a scheme by which these prices should be established by law, at a rate proportionate to the wages of the working classes. Shopkeepers therefore could not sell such goods without ruin. The result was that very many went out of business and the remainder forced buyers to pay enormous charges under the very natural excuse that the seller risked his life in trading at all. To detect goods concealed by farmers and shopkeepers, a spy system was established with a reward to the informer of one-third of the value of the goods discovered."

"It decreed that any person selling gold or silver coin, or making any difference in any transaction between paper and specie, should be imprisoned in irons for six years:—that any one who refused to accept a payment in assignats, or accepted assignats at a discount, should pay a fine of three thousand francs; and that any one committing this crime a second time should pay a fine of six thousand francs and suffer imprisonment twenty years in irons. Later, on the 8th of September, 1793, the penalty for such offences was made death, with confiscation of the criminal’s property, and a reward was offered to any person informing the authorities regarding any such criminal transaction."

"The mercantile classes at first thought themselves exempt from the general misfortune. They were delighted at the apparent advance in the value of the goods upon their shelves. But they soon found that, as they increased prices to cover the inflation of currency and the risk from fluctuation and uncertainty, purchases became less in amount and payments less sure; a feeling of insecurity spread throughout the country; enterprise was deadened and stagnation followed."

"It progressed according to a law in social physics which we may call the "law of accelerating issue and depreciation." It was comparatively easy to refrain from the first issue; it was exceedingly difficult to refrain from the second; to refrain from the third and those following was practically impossible."

"Napoleon was hard pressed financially, and it was proposed to resort to paper money; but he wrote to his minister, "While I live I will never resort to irredeemable paper."

Posted: 2021-05-13 09:17:32

Jobs report miss by over 700,000 jobs

Current Events

- Economists expected 1 million new jobs created
- 266,000 actual jobs added
- Biggest miss of expections on record
- Unemployment went up to 6.1% from 6.0%
- March revised down to 770,000 from 916,000 jobs
- Total jobs down 8.2 million jobs versus February last year
- Average hourly earnings jumped 21 cents to $30.17 last month
- 4.8% rise in leisure and hospitality average hourly earnings
- "The disappointing jobs report makes it clear that paying people not to work is dampening what should be a stronger jobs market," U.S. Chamber of Commerce
- $300 benefit results in approximately one in four recipients taking home more in unemployment than they earned working.

Links

U.S. adds just 266,000 jobs in April, far below expectations
April jobs report disappoints: What happened, and how did economists get it so wrong?
Tough jobs report scrambles Washington battle ahead of crucial week
Major disappointment: America added way fewer jobs than expected in April
What Caused the Biggest Jobs Miss on Record?
The Jobs Report: The Boom That Wasn’t
US Chamber of Commerce calls for ending extra unemployment benefits after disappointing jobs report
29% of unemployed Americans have been jobless over a year




Posted: 2021-05-10 07:40:37

Upgraded iPhone 7+ to 12

iPhone

T-Mobile currently has a deal to get a $415 credit for a iPhone 7+ trade-in for a iPhone 12, with no add-a-line requirement. I liked having the fingerprint sensor, esp since it works at night time and wearing a mask. But, I doubt I'll ever be able to get this much for the phone, so I decided to upgrade.

I was waffling between the 12 and the 12 pro. The 12 pro costs $170 more with the 12 pro at $1000 and the 12 at $830. The 12 with 128 GB runs $880. So, would I be willing to pay $120 more for a better camera? The store sales rep surprisingly said to just get the 12. The better camera isn't really worth it. So, went with the 12.

Since the store didn't have a 12, had it shipped to my house. I think this worked out better since I could then transfer the data at home. I had bought it on Wed night and the phone arrived at my house on Friday afternoon. The automatic phone settings transfer is very convenient. It replicated everything on my old phone to the new phone, including apps, the menu setup, and alarms. The only problem I encountered was the apps were not initially downloading. I guess having so many apps to be downloaded at once confused it. So, I paused the download of the apps by individually clicking on each app and pausing the download. When it only got down to a few apps to download, it then was able to download them. Then I reenabled the download for each app. I was a little concerned the phone was running hot during this time. But, after it all got setup, it hasn't been a problem.

Surprisingly, I don't notice much significant feature difference between the 7+ and the 12. I had expected more since there's a 5 generation difference between the two. The biggest gain is having 5G. Speed at my house is 273 M down and 27 up. It's significantly faster than my wifi with 86 down and 21 up. 12 is much lighter than the 7+. Screen size is about the same. Form factor is smaller. It's also nice now to have better portrait modes.


Posted: 2021-04-25 00:13:01

Atlanta Spa Shooting

Current Events

Suspect:
- Robert Aaron Long
- 21 years old, white male
- Described himself as "Pizza, guns, drums, music, family, and God. This pretty much sums up my life. It's a pretty good life."
- According to police, his parents recently kicked him out of their house due to concerns about his sex addiction - "kicked out of his parents' house last night"
- Cherokee County sheriff’s captain Jay Baker told investigators that he blames the massage parlors for providing an outlet for his addiction to sex

Victims:
- 8 killed in 3 spas
- Young's Asian Massage
- Gold Spa
- Aroma Therapy Spa
- Killed: Delaina Ashley Yaun, 33; Paul Andre Michels, 54; Xiaojie Tan, 49; Daoyou Feng, 44; Soon Chung Park, 74; Hyun Jung Grant, 51; Suncha Kim, 69; and Yong Ae Yue, 63
- Injured: Elcias R. Hernandez-Ortiz, 30

Police:
- Capt. Jay Baker - "Place your order while they last," Baker wrote above the photo of two T-shirts that said, "Covid 19 IMPORTED VIRUS FROM CHY-NA."

Response:
- President Joe Biden has ordered that flags across the United States lowered to half-staff to honor the eight people who were killed at three Atlanta-area spas.
- "Today @POTUS and I met with Asian American leaders in Atlanta, Georgia to discuss the rise in attacks against the community. We want Asian Americans in Georgia and across our nation to know: We won't be silent. We won't standby. We will always speak out against violence." Kamala Harris
- Crabapple First Baptist shut down their site and replaced with a statement page


Links:
Wikipedia
Cpt. Jay Baker, who said spa shooting suspect had 'bad day'
Metro Atlanta spa shooting victims remembered amid outpours of support
Atlanta spa shootings: Biden says ‘hate can have no safe harbor in America’
Christian leaders wrestle with Atlanta shooting suspect’s Southern Baptist ties
Georgia Church Disowns Spa Shooting Suspect, Says He Betrayed Faith
Did Georgia Capt. Jay Baker Promote ‘Imported Virus From Chy-na’ Shirts?
Parents of alleged Atlanta spa shooter Robert Aaron Long helped cops apprehend him

Posted: 2021-03-19 21:51:48

Unique Bible App

Bible

Discovered a free and powerful Bible study software - Unique Bible App. It runs on all platforms - Mobile, Windows, Mac, Linux. Getting it to run on the computer requires installing Python and some modules.

I've already contributed some features to the code - dark mode theme, text-to-speech language detection, and disabling Bible update check on startup.

I've also converted my Transliteral Bible that I'm currently working on into Bible and lexicon modules.

More details at Unique Bible App discussion.


Posted: 2021-01-01 11:17:00

Coronavirus update Dec 5

Current Events, Financial Crisis

Coronavirus
- New York City to Close Public Schools Again as Virus Cases Rise
- U.S. surpasses 250,000 coronavirus deaths as virus mortality rate surges
- More than 3 million people in U.S. estimated to be contagious with the coronavirus
- US sees highest Covid-19 death toll in months as deaths top a quarter of a million
- Virus Surge, Once in the Nation’s Middle, Gains Steam All Around
- "I Humbly Ask For Your Forgiveness" - Yet Another Democrat Leader Busted Breaking His Own COVID Rules
- Doctor Who Demanded Mandatory Mask Law Pictured Partying Maskless On Boat Surrounded By Bikini-Clad Women
- Los Angeles County Issues Stay-At-Home Order as COVID-19 Cases Surge in California
- Pence tells governors coronavirus vaccine distribution could begin in 2 weeks

Business/Economics
- COVID Unleashes The Undead Army: 20% Of All US Corporations Are Now Zombies
- U.S. Economy Stumbles as the Coronavirus Spreads Widely
- Americans Raid Savings To Prop Up Spending As Incomes Slide In October
- Q3 GDP Unchanged At Record 33.1% In First Revision; Profits Soar 27.1%

Food
- "Largest Distribution Ever" - Thousands Of Cars Lined Up At Texas Food Bank
- Growing Food Bank Lines Across America Signal Economic Crisis Far From Over
- Two million expected to go hungry today amid unprecedented demand for food banks

Crypto
- Bitcoin Hits $18,000

Posted: 2020-12-05 21:01:50

Queen's Gambit Miniseries

Chess

Links:
- Wikipedia
- World Chess Champion Garry Kasparov on What The Queen’s Gambit Gets Right
- The Queen's Gambit: That ending explained and all your questions answered
- The Queen's Gambit Is Based on the True Story of Several Chess Players Including the Book Author
- Column: So many lives would be different if we’d had ‘The Queen’s Gambit’ 50 years ago. Including mine

Chess games:
- Harmon vs Borgov final game - Agadmator
- Borgov vs Harmon - Agadmator
- Harmon vs Beltik - Agadmator
- Final game on Stackexchange
- Vassily Ivanchuk vs Patrick Wolff - Biel Interzonal (1993)

Posted: 2020-11-21 08:52:59

Coronavirus update Nov 8

Current Events, Financial Crisis

Coronavirus
- When the Virus Came for the American Dream
- Boris Johnson's ministers expect England's coronavirus lockdown to be extended into next year
- France Reports 50k+ New COVID-19 Cases In Latest Daily Record
- Texas records highest number of total COVID-19 cases in US
- Covid 19 coronavirus: 'Bleak midwinter' in Europe as 250 million face lockdown
- Counties with worst virus surges overwhelmingly voted Trump
- World Suffers Most Deaths In A Day
- US breaks daily record of new coronavirus infections, topping 118,000 cases
- U.S. daily coronavirus cases top 100,000 for the first time

Politics
- Joe Biden leads President Trump by double digits nationally, USC poll suggests
- Final Yahoo News/YouGov poll: Biden leads Trump by 10 as voters fear a chaotic Election Day
- More than 96 million Americans have voted with one day to go until Election Day
- Biden narrowly leads Trump in six swing states before Election Day, poll shows
- Your Last Minute Election Night Preview: Here's All You Need To Know
- Trump turns angry and despondent as possible defeat looms
- Trump’s lead shrinks to 2,500 over Biden in Georgia
- Trump, Biden coalitions show race, class divide
- Trump pushes bogus fraud allegations as vote count moves away from him
- North Carolina Republican Madison Cawthorn, 25, will be the youngest member of Congress
- America's Disastrous Drug War Is Finally Unravelling
- ABC, CBS, NBC all cut away from Trump's news conference on the election
- Oregon becomes first state in US to decriminalize possession of all drugs
- Biden overtakes Trump in Georgia count as tally nears completion
- AP FACT CHECK: Trump fabricates election corruption
- Biden defeats Trump for White House, says ‘time to heal’
- Donald Trump vows not to attend inauguration of 'phoney President' as White House staff light rose-scented candles to improve the toxic atmosphere
- Americans flood streets to celebrate Joe Biden's win
- Biden addresses nation for 1st time as president-elect: 'This is the time to heal in America'

Business/Economics
- Boarded-up windows and extra security: Retailers brace for the worst ahead of Election Day
- US economy grew a record 33.1% annual rate last quarter but the pandemic remains an enormous threat
- Fed Makes No Changes To Policy, Sees Economic Activity "Continuing To Recover"
- Another 751,000 Americans filed for unemployment benefits last week

Global
- New Zealand Appoints First Indigenous Female Foreign Minister

Posted: 2020-11-08 07:00:14

Coronavirus update September 18

Current Events, Financial Crisis

Coronavirus
- Virus America, six months in: Disarray, dismay, disconnect
- Eight People In Indonesia Caught Not Wearing Masks Punished By Having To Dig Graves Of COVID Victims
- The Latest: United Nations chief: Virus is ‘out of control’
- Global coronavirus cases pass 30 million

Business/Economics
- Las Vegas is a ghost town where even the strippers put up signs­ saying, 'Sorry, we're clothed'
- US Industrial Production Big Disappointment In August As "V" Evaporates
- A Staggering 84% Of All S&P500 Assets Are Now Intangible
- Manhattan Rental Market Sees Another Record Plunge For August With 15,000 Empty Apartments
- A Depression For The 21st Century
- Fed To Continue "At Least" $120BN In Monthly QE To "Support Flow Of Credit To Households"
- Federal Reserve sees rates near zero at least through 2023
- More than half of businesses that closed during the pandemic won't reopen
- Yelp Reveals 60% Of Business Closures Are Now Permanent
- US Retail Sales Disappoint, Online Spending Growth Hits A Wall As Government Handouts End
- 860,000 Americans Filed For First-Time Jobless Benefits Last Week

Government/Politics
- Scientific American Makes First Presidential Endorsement In Its 175-Year History
- Justice Ruth Bader Ginsburg Dead At 87

Global
- Bank of England eyes sub-zero rates in face of virus, Brexit
- Belarus president closes some borders, puts army on alert

Crime
- Chicago Logs Whopping 52% Jump In Homicides From 2019: 'Five Times Any Prior Year'

Race
- Breonna Taylor’s Family to Receive $12 Million Settlement From City of Louisville

Culture
- Self-censorship in the US

Education
- GW University Reports 17% Enrollment Drop As Students Opt Out Of COVID-Restricted Campus Life
- College leaders deserve a flunking grade for their reopening

Weather
- ‘Huge rainmaker’: Hurricane Sally threatens historic floods
- Sally is leaving widespread flooding in parts of Alabama and Florida, and rescues are underway

Wildfires
- Smoke from US wildfires spreads across country and into Europe
- Yosemite National Park closes as wildfires scorch West Coast
- Wildfires, smoke continue to impact the West Coast

Posted: 2020-09-18 22:29:35


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