NC's collection of interesting links yesterday brought us this paper by the Bank of England.

The summary upfront is somewhat interesting, the rest gives you cancer.

But here's something, page 3/61, second paragraph:

Furthermore, if the loan is for physical investment purposes, this new lending and money is what triggers investment and therefore, by the national accounts identity of saving and investment (for closed economies), saving. Saving is therefore a consequence, not a cause, of such lending. Saving does not finance investment, financing does. To argue otherwise confuses the respective macroeconomic roles of resources (saving) and debt-based money (financing).

Unless my brain truly did take same damage from reading the first ten pages of the paper, this paragraph is basically saying that the mainstream theory of crowding out is a load of shit. It's probably just a minority position within the BoE, but still...

The last paragraph of the summary also states that reserve positions have little to no effect on a bank's ability and willingness to lend. Any claims that a shortage of savings is responsible for a lack of credit are thrown out of the window right then and there. It's a lack of credit-worthy customers, end of story.

The BoE folks responsible for this paper still don't go all the way, but these two issues alone are devastating enough to mainstream economics and the policies that result from it.

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https://twitter.com/sammaule/status/596825146184355841 (via NC comment section)

Clever indeed. And oh so depressing.

A comment further down put the cherry on top, invoking the Drowned God: "what is debt may never die."

As a nerd and ASoIaF-aficionado, I have to tip my hat. Credit where credit is due, that's a wonderfully depressing pun, given the legal status of student debt.

These tests have been very corrosive for my son ( 4th grade). He has broken down time and time again , thrown-up and and all manner of anxiety for the EOG ( End of grade tests). Most of this is from math, which there is not even a book that they use. This even sickens me.

All based on common core -- my state, NC is close of abolishing it and hope it does.

My daughter is less effected by these but the EOG also gets to her.

Jeb Bush is all in for Common Core and for this I would never volt for this man.

( I would not vote for him for any other reason also.. Don't need another Bush/ or Clinton in the WH)

A comment on NC summed up the current situation of Greece in a single sentence:

"In my mind, the choice is cowardly servitude or a proud suicide."

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Your video, New Record Breaking Roller Coaster In Charlotte NC, has made it into the Top 15 New Videos listing. Congratulations on your achievement. For your contribution you have been awarded 1 Power Point.

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Whoever put this together is rather dishonest.
NC: "These lightsaber battles looked prettier (but the plot/characters sucked)"
P: "These lightsaber battles suck because of the plot/characters (but at least they look pretty)"

OH THEY'RE SO DIFFERENT!


Truckchase, he's none of those things. The Big Bang Theory?! If you also think that TBBT is cheap, lousy comedy then NC might be right up your street. He's definitely not upbeat.

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Coincidentally, North Carolina also has a state-run monopoly on its liquor sales, and NC average teacher salaries have declined by fifteen percent over the past decade.

If I were cynical, I might even say NC is deliberately cultivating stupid people as a resource.

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