<?xml version="1.0" encoding="UTF-8"?>
 <rdf:RDF xmlns="http://purl.org/rss/1.0/" xmlns:rdf="http://www.w3.org/1999/02/22-rdf-syntax-ns#" xmlns:content="http://purl.org/rss/1.0/modules/content/" xmlns:taxo="http://purl.org/rss/1.0/modules/taxonomy/" xmlns:dc="http://purl.org/dc/elements/1.1/" xmlns:cc="http://web.resource.org/cc/" xmlns:syn="http://purl.org/rss/1.0/modules/syndication/" xmlns:admin="http://webns.net/mvcb/">
  <channel rdf:about="http://pinboard.in">
    <title>Pinboard (Vaguery)</title>
    <link>https://pinboard.in/u:Vaguery/public/</link>
    <description>recent bookmarks from Vaguery</description>
    <items>
      <rdf:Seq>	<rdf:li rdf:resource="http://www.levyinstitute.org/publications/the-macroeconomic-effects-of-student-debt-cancellation"/>
	<rdf:li rdf:resource="https://monthlyreview.org/2017/06/01/the-origins-of-american-fascism/"/>
	<rdf:li rdf:resource="http://www.theguardian.com/global-development-professionals-network/2015/jun/10/the-microfinance-delusion-who-really-wins"/>
	<rdf:li rdf:resource="http://www.nakedcapitalism.com/2013/11/michael-hoexter-loathsome-wall-street-deficit-hysterics-blame-the-old-and-sick-not-us-part-1.html"/>
	<rdf:li rdf:resource="http://www.nakedcapitalism.com/2013/06/dan-kervick-do-banks-create-money-from-thin-air.html"/>
	<rdf:li rdf:resource="http://www.nakedcapitalism.com/2012/09/the-euro-as-idealist-project-or-how-i-learned-to-stop-worrying-and-love-pragmatic-elites.html"/>
	<rdf:li rdf:resource="http://www.nakedcapitalism.com/2012/08/our-coming-rentcropper-society.html"/>
	<rdf:li rdf:resource="http://www.nakedcapitalism.com/2011/09/david-graeber-on-the-invention-of-money-–-notes-on-sex-adventure-monomaniacal-sociopathy-and-the-true-function-of-economics.html"/>
	<rdf:li rdf:resource="http://seekingalpha.com/article/207889-naive-thinking-about-sovereign-risk?source=feed"/>
	<rdf:li rdf:resource="http://seekingalpha.com/article/192227-debt-dim-prospects-for-what-was-once-america-s-greatest-export-success-story?source=feed"/>
	<rdf:li rdf:resource="http://economistsview.typepad.com/economistsview/2009/12/standard-models-predict-that-we-should-have-no-safety-net.html?utm_source=feedburner&amp;utm_medium=feed&amp;utm_campaign=Feed%3A+EconomistsView+(Economist's+View+(EconomistsView))"/>
	<rdf:li rdf:resource="http://seekingalpha.com/article/170406-a-personal-look-at-debt?source=feed"/>
	<rdf:li rdf:resource="http://paul.kedrosky.com/archives/2009/07/debt_class_warf.html"/>
	<rdf:li rdf:resource="http://www.thevalve.org/go/valve/article/no_problem_with_student_debt/"/>
	<rdf:li rdf:resource="http://www.newsneconomics.com/2008/11/consumers-still-adding-leverage-to.html"/>
      </rdf:Seq>
    </items>
  </channel><item rdf:about="http://www.levyinstitute.org/publications/the-macroeconomic-effects-of-student-debt-cancellation">
    <title>The Macroeconomic Effects of Student Debt Cancellation | Levy Economics Institute</title>
    <dc:date>2018-02-27T12:44:55+00:00</dc:date>
    <link>http://www.levyinstitute.org/publications/the-macroeconomic-effects-of-student-debt-cancellation</link>
    <dc:creator>Vaguery</dc:creator><description><![CDATA[Among the more ambitious policies that have been proposed to address the problem of escalating student loan debt are various forms of debt cancellation. In this report, Scott Fullwiler, Research Associate Stephanie Kelton, Catherine Ruetschlin, and Marshall Steinbaum examine the likely macroeconomic impacts of a one-time, federally funded cancellation of all outstanding student debt.

The report analyzes households’ mounting reliance on debt to finance higher education, including the distributive implications of student debt and debt cancellation; describes the financial mechanics required to carry out the cancellation of debt held by the Department of Education (which makes up the vast majority of student loans outstanding) as well as privately owned student debt; and uses two macroeconometric models to provide a plausible range for the likely impacts of student debt cancellation on key economic variables over a 10-year horizon.

The authors find that cancellation would have a meaningful stimulus effect, characterized by greater economic activity as measured by GDP and employment, with only moderate effects on the federal budget deficit, interest rates, and inflation (while state budgets improve). These results suggest that policies like student debt cancellation can be a viable part of a needed reorientation of US higher education policy.
]]></description>
<dc:subject>debt public-policy economics macroeconomics and-yet-they-won't</dc:subject>
<dc:source>https://pinboard.in/</dc:source>
<dc:identifier>https://pinboard.in/u:Vaguery/b:fc9ffe7ec7ba/</dc:identifier>
<taxo:topics><rdf:Bag>	<rdf:li rdf:resource="https://pinboard.in/u:Vaguery/t:debt"/>
	<rdf:li rdf:resource="https://pinboard.in/u:Vaguery/t:public-policy"/>
	<rdf:li rdf:resource="https://pinboard.in/u:Vaguery/t:economics"/>
	<rdf:li rdf:resource="https://pinboard.in/u:Vaguery/t:macroeconomics"/>
	<rdf:li rdf:resource="https://pinboard.in/u:Vaguery/t:and-yet-they-won't"/>
</rdf:Bag></taxo:topics>
</item>
<item rdf:about="https://monthlyreview.org/2017/06/01/the-origins-of-american-fascism/">
    <title>The Origins of American Fascism | Michael Joseph Roberto | Monthly Review</title>
    <dc:date>2017-12-23T10:09:35+00:00</dc:date>
    <link>https://monthlyreview.org/2017/06/01/the-origins-of-american-fascism/</link>
    <dc:creator>Vaguery</dc:creator><description><![CDATA[In the U.S. capitalist epicenter, the driving force of fascism came from the capitalist class itself, intent on extending and protecting the wealth and power it had gained during the boom years of the 1920s. In Germany, by contrast, fascism found its natural base in a disaffected lower middle class moved by rising nationalist anger over the punitive accords of Versailles. In Germany, terrorist ultra-nationalism brought Hitler and his party to power. In the United States, capitalists with the assistance of the State smashed labor during the Red Scare and shared common ground with reactionary terrorist groups such as the Ku Klux Klan in promoting the doctrine of “100 percent Americanism.” However, from 1922 until 1929 they propagated a more palatable nationalism in the form of the American Plan, a strategy of the “open shop” and company unions, used against organized labor.

]]></description>
<dc:subject>fascism debt uh-oh history but-it-rhymes</dc:subject>
<dc:source>https://pinboard.in/</dc:source>
<dc:identifier>https://pinboard.in/u:Vaguery/b:cc5706e89890/</dc:identifier>
<taxo:topics><rdf:Bag>	<rdf:li rdf:resource="https://pinboard.in/u:Vaguery/t:fascism"/>
	<rdf:li rdf:resource="https://pinboard.in/u:Vaguery/t:debt"/>
	<rdf:li rdf:resource="https://pinboard.in/u:Vaguery/t:uh-oh"/>
	<rdf:li rdf:resource="https://pinboard.in/u:Vaguery/t:history"/>
	<rdf:li rdf:resource="https://pinboard.in/u:Vaguery/t:but-it-rhymes"/>
</rdf:Bag></taxo:topics>
</item>
<item rdf:about="http://www.theguardian.com/global-development-professionals-network/2015/jun/10/the-microfinance-delusion-who-really-wins">
    <title>The microfinance delusion: who really wins? | Global Development Professionals Network | The Guardian</title>
    <dc:date>2015-06-12T10:45:00+00:00</dc:date>
    <link>http://www.theguardian.com/global-development-professionals-network/2015/jun/10/the-microfinance-delusion-who-really-wins</link>
    <dc:creator>Vaguery</dc:creator><description><![CDATA[There’s also a much more immediate solution we could try. Why not just give money to the poor, for free? A growing body of evidence suggests that direct cash transfers, with no strings attached, not only deliver success where microfinance fails, they appear to be the single most impactful anti-poverty intervention available. Experiments with basic income grants have been conducted in Namibia, Mexico, South Africa, Indonesia, and elsewhere, all with astonishingly good results. They smooth out consumption deficits, improve health indicators, and allow people to start small businesses that are successful because they can take advantage of increased local demand.

]]></description>
<dc:subject>microfinance charity markets debt public-policy market-theology-amuck-again</dc:subject>
<dc:source>https://pinboard.in/</dc:source>
<dc:identifier>https://pinboard.in/u:Vaguery/b:bdcc98945308/</dc:identifier>
<taxo:topics><rdf:Bag>	<rdf:li rdf:resource="https://pinboard.in/u:Vaguery/t:microfinance"/>
	<rdf:li rdf:resource="https://pinboard.in/u:Vaguery/t:charity"/>
	<rdf:li rdf:resource="https://pinboard.in/u:Vaguery/t:markets"/>
	<rdf:li rdf:resource="https://pinboard.in/u:Vaguery/t:debt"/>
	<rdf:li rdf:resource="https://pinboard.in/u:Vaguery/t:public-policy"/>
	<rdf:li rdf:resource="https://pinboard.in/u:Vaguery/t:market-theology-amuck-again"/>
</rdf:Bag></taxo:topics>
</item>
<item rdf:about="http://www.nakedcapitalism.com/2013/11/michael-hoexter-loathsome-wall-street-deficit-hysterics-blame-the-old-and-sick-not-us-part-1.html">
    <title>Michael Hoexter: Loathsome Wall Street Deficit Hysterics: ‘Blame the Old and Sick, Not Us’ – Part 1 « naked capitalism</title>
    <dc:date>2013-11-29T13:04:02+00:00</dc:date>
    <link>http://www.nakedcapitalism.com/2013/11/michael-hoexter-loathsome-wall-street-deficit-hysterics-blame-the-old-and-sick-not-us-part-1.html</link>
    <dc:creator>Vaguery</dc:creator><description><![CDATA[In any case, the deficit/public debt hysteria campaign, even with the statutory requirement to issue bonds in the amount of budget deficits, is founded on a fundamental category error about the nature of public debt and how governments with their own floating currencies finance themselves, as well as upon a fundamental misconception about how economic growth and concomitant permanent growth in the amount of circulating or saved currency can even take place.  The social catastrophe is that significant sectors of the political class in Europe and the US, who can significantly influence the trajectories of national economies and the fates of hundreds of millions of people, have been captured to some degree or completely by deficit/public debt hysteria.  In test cases of the effects of austerity, the British government has increased unemployment, decreased wages, increased hunger and degraded social services by pursuing austerity and the US government has, as recognized by both the current and the outgoing chairs of the Federal Reserve, reduced economic growth and placed a drag on the economy by pursuing deficit hysteria-inspired austerity.  More of the same is promised in the wake of more deficit hysteria-inspired policy.  As long as deficit hysteria reigns in the national government, the chances of sustained recoveries with significant job growth are deemed by neutral observers to be very slim.  Swimming against and denying the facts, the austerity campaign has exploited the confused nature of mainstream neoclassical economics and economic policy advice as applied to government finance to sow economic chaos and destruction.

]]></description>
<dc:subject>debt austerity economic-crisis public-policy</dc:subject>
<dc:source>https://pinboard.in/</dc:source>
<dc:identifier>https://pinboard.in/u:Vaguery/b:2c2fa342c1a6/</dc:identifier>
<taxo:topics><rdf:Bag>	<rdf:li rdf:resource="https://pinboard.in/u:Vaguery/t:debt"/>
	<rdf:li rdf:resource="https://pinboard.in/u:Vaguery/t:austerity"/>
	<rdf:li rdf:resource="https://pinboard.in/u:Vaguery/t:economic-crisis"/>
	<rdf:li rdf:resource="https://pinboard.in/u:Vaguery/t:public-policy"/>
</rdf:Bag></taxo:topics>
</item>
<item rdf:about="http://www.nakedcapitalism.com/2013/06/dan-kervick-do-banks-create-money-from-thin-air.html">
    <title>Dan Kervick: Do Banks Create Money from Thin Air? « naked capitalism</title>
    <dc:date>2013-06-07T12:22:39+00:00</dc:date>
    <link>http://www.nakedcapitalism.com/2013/06/dan-kervick-do-banks-create-money-from-thin-air.html</link>
    <dc:creator>Vaguery</dc:creator><description><![CDATA[But it is crucial to recognize that banks do not and cannot simply manufacture their own assets – whether from thin air or otherwise. What they manufacture are liabilities; that is, debts. And they obtain assets from external sources, mainly by trading debts for debts.

]]></description>
<dc:subject>economics debt finance opportunities-for-inefficiency money explanation</dc:subject>
<dc:source>https://pinboard.in/</dc:source>
<dc:identifier>https://pinboard.in/u:Vaguery/b:1ccb1febb0fb/</dc:identifier>
<taxo:topics><rdf:Bag>	<rdf:li rdf:resource="https://pinboard.in/u:Vaguery/t:economics"/>
	<rdf:li rdf:resource="https://pinboard.in/u:Vaguery/t:debt"/>
	<rdf:li rdf:resource="https://pinboard.in/u:Vaguery/t:finance"/>
	<rdf:li rdf:resource="https://pinboard.in/u:Vaguery/t:opportunities-for-inefficiency"/>
	<rdf:li rdf:resource="https://pinboard.in/u:Vaguery/t:money"/>
	<rdf:li rdf:resource="https://pinboard.in/u:Vaguery/t:explanation"/>
</rdf:Bag></taxo:topics>
</item>
<item rdf:about="http://www.nakedcapitalism.com/2012/09/the-euro-as-idealist-project-or-how-i-learned-to-stop-worrying-and-love-pragmatic-elites.html">
    <title>The Euro as Idealist Project or: How I Learned to Stop Worrying and Love Pragmatic Elites « naked capitalism</title>
    <dc:date>2012-09-11T11:08:10+00:00</dc:date>
    <link>http://www.nakedcapitalism.com/2012/09/the-euro-as-idealist-project-or-how-i-learned-to-stop-worrying-and-love-pragmatic-elites.html</link>
    <dc:creator>Vaguery</dc:creator><description><![CDATA["Ironically, the proof that OCA theorists marshaled to “prove” a monetary union between various different states is beneficial, was the United States! To someone who knows anything about our financial system after the Revolutionary war, that’s comical. First, it’s true the constitution banned states from printing paper money and minting coins (which is how they financed their budget previously), but they didn’t actually switch to some central currency. That doesn’t really start to happen until Lincoln issued “Greenbacks” during the civil war. Instead, they chartered banks whose notes were acceptable in payment of state taxes. The states financed most of their spending out of the dividends they got from owning a percentage of their chartered banks, and later out of taxing their capital. The notes of the First and Second Bank of the United States were acceptable in payment of federal taxes and to purchase public lands. Both banks could even make loans directly to states with the authorization of Congress! This system certainly was designed to help certain interests, but at least they knew how to take a few golden eggs without killing the goose.

The Euro would be a much more workable system of the European Parliament had taxing authority over all of Europe and each country kept its own currency. But then, why would Europe need or want such a system? Each generation of politicians in Europe seem to think that they can get what they want through the Euro while trying to keep this jerry-rigged system operational (or at least the appearance of operational) for the time being. Indeed, its designers were well aware that there were fundamental gaps in its architecture, and anticipated that they would be addressed in future crises. While the future is now, but there doesn’t seem to be a pragmatic set of politicians in sight to implement these measures. That might prove to have been their most fatal, idealistic assumption of all."]]></description>
<dc:subject>economic-crisis economics cash Graeberism debt history</dc:subject>
<dc:source>https://pinboard.in/</dc:source>
<dc:identifier>https://pinboard.in/u:Vaguery/b:05d16a60a4ff/</dc:identifier>
<taxo:topics><rdf:Bag>	<rdf:li rdf:resource="https://pinboard.in/u:Vaguery/t:economic-crisis"/>
	<rdf:li rdf:resource="https://pinboard.in/u:Vaguery/t:economics"/>
	<rdf:li rdf:resource="https://pinboard.in/u:Vaguery/t:cash"/>
	<rdf:li rdf:resource="https://pinboard.in/u:Vaguery/t:Graeberism"/>
	<rdf:li rdf:resource="https://pinboard.in/u:Vaguery/t:debt"/>
	<rdf:li rdf:resource="https://pinboard.in/u:Vaguery/t:history"/>
</rdf:Bag></taxo:topics>
</item>
<item rdf:about="http://www.nakedcapitalism.com/2012/08/our-coming-rentcropper-society.html">
    <title>Our Coming Rentcropper Society « naked capitalism</title>
    <dc:date>2012-08-22T06:02:22+00:00</dc:date>
    <link>http://www.nakedcapitalism.com/2012/08/our-coming-rentcropper-society.html</link>
    <dc:creator>Vaguery</dc:creator><description><![CDATA["Debt is not just a credit instrument, it is an instrument of political and economic control.

It’s actually baked into our culture. The phrase ‘the man’, as in ‘fight the man’, referred originally to creditors. ‘The man’ in the 19th century stood for ‘furnishing man’, the merchant that sold 19th century sharecroppers and Southern farmers their supplies for the year, usually on credit. Farmers, often illiterate and certainly unable to understand the arrangements into which they were entering, were charged interest rates of 80-100 percent a year, with a lien places on their crops. When approaching a furnishing agent, who could grant them credit for seeds, equipment, even food itself, a farmer would meekly look down nervously as his debts were marked down in a notebook. At the end of a year, due to deflation and usury, farmers usually owed more than they started the year owing. Their land was often forfeit, and eventually most of them became tenant farmers…

[W]e are in the midst of creating a second sharecropper society..Today, the debts do not involve liens against crops. People in modern America carry student loans, credit card debt, and mortgages…Young people and what only cynics might call ‘homeowners’ have no choice but to jump on the treadmill of debt, as debtcroppers. The goal is not to have them pay off their debts, but to owe forever. Whatever a debtcropper owes, a wealthy creditor owns. And as a bonus, the heavier the debt burden of American citizenry, the less able we are able to organize and claim our democratic rights as citizens. Debtcroppers don’t start companies and innovate, they don’t take chances, and they don’t claim their political rights."]]></description>
<dc:subject>politics financial-crisis bankers-should-start-avoiding-lampposts-right-about-now debt</dc:subject>
<dc:source>https://pinboard.in/</dc:source>
<dc:identifier>https://pinboard.in/u:Vaguery/b:eeae1fcbe6dd/</dc:identifier>
<taxo:topics><rdf:Bag>	<rdf:li rdf:resource="https://pinboard.in/u:Vaguery/t:politics"/>
	<rdf:li rdf:resource="https://pinboard.in/u:Vaguery/t:financial-crisis"/>
	<rdf:li rdf:resource="https://pinboard.in/u:Vaguery/t:bankers-should-start-avoiding-lampposts-right-about-now"/>
	<rdf:li rdf:resource="https://pinboard.in/u:Vaguery/t:debt"/>
</rdf:Bag></taxo:topics>
</item>
<item rdf:about="http://www.nakedcapitalism.com/2011/09/david-graeber-on-the-invention-of-money-–-notes-on-sex-adventure-monomaniacal-sociopathy-and-the-true-function-of-economics.html">
    <title>David Graeber: On the Invention of Money – Notes on Sex, Adventure, Monomaniacal Sociopathy and the True Function of Economics « naked capitalism</title>
    <dc:date>2011-09-13T12:57:01+00:00</dc:date>
    <link>http://www.nakedcapitalism.com/2011/09/david-graeber-on-the-invention-of-money-–-notes-on-sex-adventure-monomaniacal-sociopathy-and-the-true-function-of-economics.html</link>
    <dc:creator>Vaguery</dc:creator><description><![CDATA["At this point, it’s easier to understand why economists feel so defensive about challenges to the Myth of Barter, and why they keep telling the same old story even though most of them know it isn’t true. If what they are really describing is not how we ‘naturally’ behave but rather how we are taught to behave by the market—well who, nowadays, is doing most of the actual teaching? Primarily, economists. The question of barter cuts to the heart of not only what an economy is—most economists still insist that an economy is essentially a vast barter system, with money a mere tool (a position all the more peculiar now that the majority of economic transactions in the world have come to consist of playing around with money in one form or another) [10]—but also, the very status of economics: is it a science that describes of how humans actually behave, or prescriptive, a way of informing them how they should? (Remember, sciences generate hypothesis about the world that can be tested against the evidence and changed or abandoned if they don’t prove to predict what’s empirically there.)

Or is economics instead a technique of operating within a world that economists themselves have largely created? Or is it, as it appears for so many of the Austrians, a kind of faith, a revealed Truth embodied in the words of great prophets (such as Von Mises) who must, by definition be correct, and whose theories must be defended whatever empirical reality throws at them—even to the extent of generating imaginary unknown periods of history where something like what was originally described ‘must have’ taken place?"]]></description>
<dc:subject>economics rationality conservatism David-Graeber anthropology debt Austrian-school takedown pragmatism-it-ain't</dc:subject>
<dc:source>https://pinboard.in/</dc:source>
<dc:identifier>https://pinboard.in/u:Vaguery/b:a28fc2f7eb2a/</dc:identifier>
<taxo:topics><rdf:Bag>	<rdf:li rdf:resource="https://pinboard.in/u:Vaguery/t:economics"/>
	<rdf:li rdf:resource="https://pinboard.in/u:Vaguery/t:rationality"/>
	<rdf:li rdf:resource="https://pinboard.in/u:Vaguery/t:conservatism"/>
	<rdf:li rdf:resource="https://pinboard.in/u:Vaguery/t:David-Graeber"/>
	<rdf:li rdf:resource="https://pinboard.in/u:Vaguery/t:anthropology"/>
	<rdf:li rdf:resource="https://pinboard.in/u:Vaguery/t:debt"/>
	<rdf:li rdf:resource="https://pinboard.in/u:Vaguery/t:Austrian-school"/>
	<rdf:li rdf:resource="https://pinboard.in/u:Vaguery/t:takedown"/>
	<rdf:li rdf:resource="https://pinboard.in/u:Vaguery/t:pragmatism-it-ain't"/>
</rdf:Bag></taxo:topics>
</item>
<item rdf:about="http://seekingalpha.com/article/207889-naive-thinking-about-sovereign-risk?source=feed">
    <title>Naive Thinking About Sovereign Risk -- Seeking Alpha</title>
    <dc:date>2010-06-07T12:20:21+00:00</dc:date>
    <link>http://seekingalpha.com/article/207889-naive-thinking-about-sovereign-risk?source=feed</link>
    <dc:creator>Vaguery</dc:creator><description><![CDATA["The folks at CreditSuisse have created a new figure making this point by re-ranking sovereigns according to credit risk based on this multifactor model. The upshot is that China, Germany, Switzerland, the U.S., Australia, Japan, and Canada lead the way in terms of least sovereign credit risk. Agree or disagree with the absolute levels from the model, the point stands that naive models of sovereign risk are mostly fodder for idiotic headline writers, not helpful standalone measures for assessing real risk."
]]></description>
<dc:subject>it's-more-complicated-than-you-think economics debt deficit public-policy government the-idea-of-debt-raises-the-question-of-boundaries</dc:subject>
<dc:identifier>https://pinboard.in/u:Vaguery/b:125fe6672cb2/</dc:identifier>
<taxo:topics><rdf:Bag>	<rdf:li rdf:resource="https://pinboard.in/u:Vaguery/t:it's-more-complicated-than-you-think"/>
	<rdf:li rdf:resource="https://pinboard.in/u:Vaguery/t:economics"/>
	<rdf:li rdf:resource="https://pinboard.in/u:Vaguery/t:debt"/>
	<rdf:li rdf:resource="https://pinboard.in/u:Vaguery/t:deficit"/>
	<rdf:li rdf:resource="https://pinboard.in/u:Vaguery/t:public-policy"/>
	<rdf:li rdf:resource="https://pinboard.in/u:Vaguery/t:government"/>
	<rdf:li rdf:resource="https://pinboard.in/u:Vaguery/t:the-idea-of-debt-raises-the-question-of-boundaries"/>
</rdf:Bag></taxo:topics>
</item>
<item rdf:about="http://seekingalpha.com/article/192227-debt-dim-prospects-for-what-was-once-america-s-greatest-export-success-story?source=feed">
    <title>Debt: Dim Prospects For What Was Once America's Greatest Export Success Story -- Seeking Alpha</title>
    <dc:date>2010-03-07T17:40:58+00:00</dc:date>
    <link>http://seekingalpha.com/article/192227-debt-dim-prospects-for-what-was-once-america-s-greatest-export-success-story?source=feed</link>
    <dc:creator>Vaguery</dc:creator><description><![CDATA["In 2008 and 2009 exports of debt (the toxic stuff plus the nominally non-toxic stuff (US Treasuries)), only accounted for 3%.

It is common practice to ignore exports of debt when calculating America’s balance of trade. But, conceptually, there is not much difference between selling a foreigner or a foreign government a toxic synthetic CDO (that blows up in his face) and selling him a ship-load of genetically engineered soya-beans (or melamine tainted milk).

The logic for leaving exports of debt out of the calculation is presumably that at some point in the future the CDO that was “sold” will need to be paid back, which will require funds to flow out of USA into the pockets of foreigners, who may then decide to exchange those dollars for something else."
]]></description>
<dc:subject>financial-crisis debt public-policy markets international-policy finance woops</dc:subject>
<dc:identifier>https://pinboard.in/u:Vaguery/b:01f8c23e2b42/</dc:identifier>
<taxo:topics><rdf:Bag>	<rdf:li rdf:resource="https://pinboard.in/u:Vaguery/t:financial-crisis"/>
	<rdf:li rdf:resource="https://pinboard.in/u:Vaguery/t:debt"/>
	<rdf:li rdf:resource="https://pinboard.in/u:Vaguery/t:public-policy"/>
	<rdf:li rdf:resource="https://pinboard.in/u:Vaguery/t:markets"/>
	<rdf:li rdf:resource="https://pinboard.in/u:Vaguery/t:international-policy"/>
	<rdf:li rdf:resource="https://pinboard.in/u:Vaguery/t:finance"/>
	<rdf:li rdf:resource="https://pinboard.in/u:Vaguery/t:woops"/>
</rdf:Bag></taxo:topics>
</item>
<item rdf:about="http://economistsview.typepad.com/economistsview/2009/12/standard-models-predict-that-we-should-have-no-safety-net.html?utm_source=feedburner&amp;utm_medium=feed&amp;utm_campaign=Feed%3A+EconomistsView+(Economist's+View+(EconomistsView))">
    <title>Economist's View: &quot;Standard Models Predict That We Should Have No Safety Net&quot;</title>
    <dc:date>2009-12-25T20:56:27+00:00</dc:date>
    <link>http://economistsview.typepad.com/economistsview/2009/12/standard-models-predict-that-we-should-have-no-safety-net.html?utm_source=feedburner&amp;utm_medium=feed&amp;utm_campaign=Feed%3A+EconomistsView+(Economist's+View+(EconomistsView))</link>
    <dc:creator>Vaguery</dc:creator><description><![CDATA["We can add the inadequate funding of unemployment compensation programs to the ever growing list of things that the crisis has revealed need to be fixed."
]]></description>
<dc:subject>financial-crisis economics what-gets-modeled-gets-done models-and-modes debt</dc:subject>
<dc:identifier>https://pinboard.in/u:Vaguery/b:0ce22f664e47/</dc:identifier>
<taxo:topics><rdf:Bag>	<rdf:li rdf:resource="https://pinboard.in/u:Vaguery/t:financial-crisis"/>
	<rdf:li rdf:resource="https://pinboard.in/u:Vaguery/t:economics"/>
	<rdf:li rdf:resource="https://pinboard.in/u:Vaguery/t:what-gets-modeled-gets-done"/>
	<rdf:li rdf:resource="https://pinboard.in/u:Vaguery/t:models-and-modes"/>
	<rdf:li rdf:resource="https://pinboard.in/u:Vaguery/t:debt"/>
</rdf:Bag></taxo:topics>
</item>
<item rdf:about="http://seekingalpha.com/article/170406-a-personal-look-at-debt?source=feed">
    <title>A 'Personal' Look at Debt -- Seeking Alpha</title>
    <dc:date>2009-11-02T12:34:13+00:00</dc:date>
    <link>http://seekingalpha.com/article/170406-a-personal-look-at-debt?source=feed</link>
    <dc:creator>Vaguery</dc:creator><description><![CDATA["It is common enough to look at debt as a percentage of GDP, DPI, etc. but that's so... impersonal. So here are a couple of (very scary) charts that look at things from a dollars per person perspective (click on charts to enlarge)."
]]></description>
<dc:subject>debt financial-crisis economics long-depression</dc:subject>
<dc:identifier>https://pinboard.in/u:Vaguery/b:2ea177c0d60d/</dc:identifier>
<taxo:topics><rdf:Bag>	<rdf:li rdf:resource="https://pinboard.in/u:Vaguery/t:debt"/>
	<rdf:li rdf:resource="https://pinboard.in/u:Vaguery/t:financial-crisis"/>
	<rdf:li rdf:resource="https://pinboard.in/u:Vaguery/t:economics"/>
	<rdf:li rdf:resource="https://pinboard.in/u:Vaguery/t:long-depression"/>
</rdf:Bag></taxo:topics>
</item>
<item rdf:about="http://paul.kedrosky.com/archives/2009/07/debt_class_warf.html">
    <title>Debt, Class Warfare and Entrepreneurship</title>
    <dc:date>2009-07-02T12:36:05+00:00</dc:date>
    <link>http://paul.kedrosky.com/archives/2009/07/debt_class_warf.html</link>
    <dc:creator>Vaguery</dc:creator><description><![CDATA["The preceding is such an important point. We became indebted, in large part, because of a structural imbalance in society, one that skewed incomes, redirected wealth, and encouraged companies and individuals to lever up instead of seeking out and earning higher incomes. At the same time, our unwillingness to say no to great society programs, without raising taxes to pay for them, meant that we became beholden to the bond market for funding ongoing operations, this creating an elevated base of required income to service our rising debt."
]]></description>
<dc:subject>debt economics financial-crisis depression class capitalism lending fixing-things</dc:subject>
<dc:identifier>https://pinboard.in/u:Vaguery/b:426377a2f1de/</dc:identifier>
<taxo:topics><rdf:Bag>	<rdf:li rdf:resource="https://pinboard.in/u:Vaguery/t:debt"/>
	<rdf:li rdf:resource="https://pinboard.in/u:Vaguery/t:economics"/>
	<rdf:li rdf:resource="https://pinboard.in/u:Vaguery/t:financial-crisis"/>
	<rdf:li rdf:resource="https://pinboard.in/u:Vaguery/t:depression"/>
	<rdf:li rdf:resource="https://pinboard.in/u:Vaguery/t:class"/>
	<rdf:li rdf:resource="https://pinboard.in/u:Vaguery/t:capitalism"/>
	<rdf:li rdf:resource="https://pinboard.in/u:Vaguery/t:lending"/>
	<rdf:li rdf:resource="https://pinboard.in/u:Vaguery/t:fixing-things"/>
</rdf:Bag></taxo:topics>
</item>
<item rdf:about="http://www.thevalve.org/go/valve/article/no_problem_with_student_debt/">
    <title>The Valve - A Literary Organ | No Problem With Student Debt?</title>
    <dc:date>2009-05-24T14:16:15+00:00</dc:date>
    <link>http://www.thevalve.org/go/valve/article/no_problem_with_student_debt/</link>
    <dc:creator>Vaguery</dc:creator><description><![CDATA["Among the many inconvenient facts that Wilson leaves out is that present trends suggest that 40 to 50 percent of all persons with bachelor’s degrees in 2009 will eventually go on to graduate or professional school. Those debts can be enormous, and when one acknowledges the real chances that any individual with a B.A. will go on to grad school the “lifetime of debt” is indeed more “likely.”"
]]></description>
<dc:subject>students financial-crisis debt academia disintermediation-targets Chronicle-of-We-Got-Tenure-an-You-Don't</dc:subject>
<dc:identifier>https://pinboard.in/u:Vaguery/b:f84df143560d/</dc:identifier>
<taxo:topics><rdf:Bag>	<rdf:li rdf:resource="https://pinboard.in/u:Vaguery/t:students"/>
	<rdf:li rdf:resource="https://pinboard.in/u:Vaguery/t:financial-crisis"/>
	<rdf:li rdf:resource="https://pinboard.in/u:Vaguery/t:debt"/>
	<rdf:li rdf:resource="https://pinboard.in/u:Vaguery/t:academia"/>
	<rdf:li rdf:resource="https://pinboard.in/u:Vaguery/t:disintermediation-targets"/>
	<rdf:li rdf:resource="https://pinboard.in/u:Vaguery/t:Chronicle-of-We-Got-Tenure-an-You-Don't"/>
</rdf:Bag></taxo:topics>
</item>
<item rdf:about="http://www.newsneconomics.com/2008/11/consumers-still-adding-leverage-to.html">
    <title>News N Economics: Consumers still adding leverage to income; when will this stop?</title>
    <dc:date>2008-12-02T02:08:02+00:00</dc:date>
    <link>http://www.newsneconomics.com/2008/11/consumers-still-adding-leverage-to.html</link>
    <dc:creator>Vaguery</dc:creator><description><![CDATA["I recently had a client apply for a credit card. She is a homemaker, with no personal income. The house she lives in is in her husband’s name. She would have asked for a $3,000 credit line, just to pay miscellaneous expenses and to establish some credit on her own. So the computer is told that her household income is $150,000; her mortgage/rent payment is zero. The fact is that her husband’s mortgage payment is $7,000 a month (which he got with a no income verification loan). She had a good credit score, but limited credit since she has only lived in this country for the last three years. The system gave her an approval for a $26,000 line of credit!"
]]></description>
<dc:subject>leverage economics financial-crisis social-norms consumerism debt credit-cards</dc:subject>
<dc:identifier>https://pinboard.in/u:Vaguery/b:ed11c82eac2f/</dc:identifier>
<taxo:topics><rdf:Bag>	<rdf:li rdf:resource="https://pinboard.in/u:Vaguery/t:leverage"/>
	<rdf:li rdf:resource="https://pinboard.in/u:Vaguery/t:economics"/>
	<rdf:li rdf:resource="https://pinboard.in/u:Vaguery/t:financial-crisis"/>
	<rdf:li rdf:resource="https://pinboard.in/u:Vaguery/t:social-norms"/>
	<rdf:li rdf:resource="https://pinboard.in/u:Vaguery/t:consumerism"/>
	<rdf:li rdf:resource="https://pinboard.in/u:Vaguery/t:debt"/>
	<rdf:li rdf:resource="https://pinboard.in/u:Vaguery/t:credit-cards"/>
</rdf:Bag></taxo:topics>
</item>
</rdf:RDF>