Beckworth argues that Keynes' "paradox of thrift" is really only an excess demand for money. There are three ways for people to save more - reduce spending and hoard cash; spend more on investments; reduce debt. That second option is directly productive and does not lead to a paradox, and the third is a transfer of resources to creditors who do not produce a paradox of thrift unless they hoard the cash. If people want to hold on to cash, this shows up as a decrease in the velocity of money. Increasing the money supply allows people to hold more cash while maintaining their spending."Another way of saying this, is that the paradox of thrift requires the Fed to be asleep on the job."
This links to a news article about a scientific paper. This sentence wittily demonstrates my approval of said satire and sparks the reader's interest in clicking. This sentence could have been deleted if I had edited more carefully, but I thought it was cute at the time.
LDS in Peru: the President expresses warm feelings
"President Garcia told us that when he was about 10-years-old his grandmother and an aunt joined the Mormon Church," said Elder Christofferson [Mormon apostle]. "His grandmother took him to meetings from time to time and he remembered, as a boy, helping with the construction of our first chapel in Lima, carrying bricks and things like that."Did you know that Brazil is the world's largest exporter of orange juice (85% of all traded orange juice comes from Brazil), sugar (45%), coffee (30%), beef (20%), and among the top 5 exporters of soybeans (40%), corn/maize (10%), pork (10%), and cotton (10%)?
The Peruvian president also expressed thanks for the humanitarian work the Church has performed in his nation, including a recent project to help scores of members rebuild their homes following a massive earthquake in 2007. "He recognized the quality of citizens that the members of the Church make and said that we could count on him for any need that we might have in the country."
On the lack of morphine in Africa.