I will not be proposing a course which has been under some public discussion recently - deficit financing. It is wholly inappropriate to our economic situation. In its least extreme form it is based on the theory that additional money generated by a Government deficit (and given currency, as necessary, by use of the printing press) will stimulate consumption and thereby production, in time to match the excess money with goods before real inflationary harm is done. Unfortunately we don't, and can't, produce more than a small fraction of what we consume, and increased consumption would merely mean increased imports without matching exports; and a severe balance of payment crisis, which would destroy Hong Kong's credit and confidence in the Hong Kong dollar; and which we could not cure without coming close to ruining ourselves. Keynes was not writing with our situation in mind. In this hard world we have to earn before we spend.
John James CowperthwaiteRelated topics
additional close coming confidence consumption course credit cure currency deficit done earn excess form fraction given goods government hard harm hong match mean mind money necessary payment printing produce production public real ruining situation small spend under use Keynes financing kongRelated quotes
One of the common means by which one nation exploits another and one that is relevant to Africa's external relations is exploitation through trade. When the terms of trade are set by one country in a manner entirely advantageous to itself, then the trade is usually detrimental to the trading partner. To be specific, one can take the export of agricultural produce from Africa and the import of manufactured goods into Africa from Europe, North America, and Japan. The big nations establish the price of the agricultural products and subject these prices to frequent reductions. At the same time the price of manufactured goods is also set by them, along with the freight rates necessary for trade in the ships of those nations. The minerals of Africa also fall into the same category as agricultural produce as far as pricing is concerned. The whole import-export relationship between Africa and its trading partners is one of unequal exchange and of exploitation.
Walter Rodney
We must be prepared to accept the will of God. The Lord permits all sorts of things to happen to us contrary to our will, for if we always have it our way, we will not be prepared for the Kingdom of Heaven. Neither heaven nor earth will receive those who are self-willed.
God has a Divine plan for each one of us, and we must submit to His plan. We must accept life as it is given to us, without asking, "Why me?” We must know that nothing on earth or in heaven ever happens without the will of God or His permission. We must not become too engrossed with our hardships but concentrate on preserving our inner peace.
Even when we are praying for something, we are trying to force our will instead of accepting God's. All hardships and sorrows that God sends us are necessary for us, but we do not understand this when we are young. When we are older, then we understand that this is the way God shows His love for us.
Tadej of Vitovnica
The proof of the pudding is in the eating. There was a widespread myth of the 1970s, a myth along Tom Kuhn's (1962) Structure of Scientific Revolutions lines. The Keynesianism, which worked so well in Camelot and brought forth a long epoch of price-level stability with good Q growth and nearly full employment, gave way to a new and quite different macro view after 1966. A new paradigm, monistic monetarism, so the tale narrates, gave a better fit. And therefore King Keynes lost self esteem and public esteem. The King is dead. Long live King Milton!
Contemplate the true facts. Examine 10 prominent best forecasting models 1950 to 1980: Wharton, Townsend–Greenspan, Michigan Model, St. Louis Reserve Bank, Citibank Economic Department under Walter Wriston's choice of Lief Olson, et cetera. ... M did matter as for almost everyone. But never did M alone matter systemically, as post-1950 Friedman monetarism professed.
Paul Samuelson
Welcome to the early twenty-first century, human.
It's night in Milton Keynes, sunrise in Hong Kong. Moore's Law rolls inexorably on, dragging humanity toward the uncertain future. The planets of the solar system have a combined mass of approximately 2 x 10 kilograms. Around the world, laboring women produce forty-five thousand babies a day, representing 10 MIPS of processing power. Also around the world, fab lines casually churn out thirty million microprocessors a day, representing 10 MIPS. In another ten months, most of the MIPS being added to the solar system will be machine-hosted for the first time. About ten years after that, the solar system's installed processing power will nudge the critical 1 MIPS per gram threshold-one million instructions per second per gram of matter. After that, singularity-a vanishing point beyond which extrapolating progress becomes meaningless. The time remaining before the intelligence spike is down to single-digit years ...
Charles Stross
The truth is that the mathematical sciences are growing in complete security and harmony. The ideas of Dedekind, Poincare, and Hilbert have been systematically developed with great success, without any conflict in the results. It is only from the philosophical point of view that objections have been raised. They bear on certain ways of reasoning peculiar to analysis and set theory. These modes of reasoning were first systematically applied in giving a rigorous form to the methods of the calculus. [According to them, ] the objects of a theory are viewed as elements of a totality such that one can reason as follows: For each property expressible using the notions of the theory, it is [an] objectively determinate [fact] whether there is or there is not an element of the totality which possesses this property. Similarly, it follows from this point of view that either all the elements of a set possess a given property, or there is at least one element which does not possess it.
Paul Bernays