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| Friday, March 12th, 2010 | | 1:51 pm |
Hyperinflation
From the perspective of sovereign debt, the commonly understood process of hyperinflation is that if a government responds to declining foreign appetite for its debt with monetization (or in a historical context direct currency debasement) rather than immediate budget cuts, its currency looses value, at first in proportion to the dilution of the money supply and then more quickly as foreign bond holders and the nation’s own citizens seek shelter from inflation in other asset classes. The cost of the government’s future obligations then tends to rise in nominal terms, creating an apparent need for larger bond issues while bond yields rise, i.e., the cost of borrowing increases since monetization signals greater risk to investors. Exacerbating the problem, tax receipts tend to lag behind as domestic price inflation sets in. Further monetization is the path of least resistance. Although officials certainly believe that monetization is only a temporary measure both confidence in and the credibility of the government fail. Insolvency is eventually recognized as a reality and the nation’s currency then collapses entirely. When the balance sheets of US banks are maintained by suspending accounting rules and when banks hold financial derivatives liabilities greater than world GDP, both the stability and credibility of the banks is questionable. When US economic data consistently seems to reflect a Pollyanna bias and the US federal budget contains unrealistic projections of GDP growth and tax revenues, while public debt and government liabilities (which now include unlimited bailouts for government sponsored entities Fannie Mae and Freddie Mac) are obviously unworkable and the US government’s own central bank is already a major buyer of US Treasuries, the federal government’s credibility is questionable. When private financial losses and toxic financial assets are transferred to taxpayers while profits and bonuses abound on Wall Street thanks to accounting rule changes in the midst of the worst economic contraction since the Great Depression, the credibility and competency of the US Treasury and Congress, with respect to the finances of the nation, is questionable. When the US Federal Reserve defies the US Congress, resists independent auditing, engages in ongoing QE and is the lender of last resort for banks that under normal conditions would be insolvent, its credibility is questionable. When the Chairman of the Federal Reserve, who failed to detect the largest asset price bubble in the history of the world and who has been consistently wrong in his assessment of the US economy is reappointed following the worst financial and economic disaster in generations, both his credibility and that of the Obama administration are questionable. The plethora of red flags spewing from Wall Street, from the Federal Reserve and from the federal government point to a breakdown of de jure value that is already in progress, thus to a hyperinflationary outcome for the US dollar. | | Sunday, October 18th, 2009 | | 4:21 am |
| | Tuesday, September 15th, 2009 | | 11:42 pm |
| | Tuesday, August 18th, 2009 | | 12:48 pm |
I saw two accidents on the way to Chapel Hill this morning. One was a white SUV on its roof on Mount Carmel Church road, the other was at the bridge at University lake. When I drove over the lake, they still had the diving team at search. If given the choice, I'd rather roll it into a grove of trees over going into a lake, I imagine. Last Friday I had to detour around another darwinian 3-car tie - the red fubar'd thing I saw was unidentifiable. It may have been a SUV crumbled down to look like a 2-door convertible. Sunday night I saw a white coupe that ended up, after a spin, underneath an overpass, on the rocks at a 45, with all its tires blown out. What's with all the accidents lately? | | Wednesday, July 29th, 2009 | | 7:26 pm |
Pennsic 38
Almond Swampwater Crown Royal & Maple Syrup Vanilla Swampwater Strawberry Orange Raspberry Blueberry Syrup Vodka Apple Cinnamon Spiced Rum Blueberry Vodka Blueberry Spiced Rum  | | Tuesday, July 21st, 2009 | | 3:06 pm |
I plan to go to Wake Med this evening to visit a friend (who is my age, btw.) after her stint operation. This will be her 2nd stint in her heart. I hope there will be no complications.. she is probably under as I type this. If you knew with 100% certainty that your life expectancy will be 15 years, would you change the way you live? | | Sunday, July 12th, 2009 | | 10:15 pm |
I'm glad nobody was bitten by that black widow today. I saw it on the brick (after handing the brick to Carolyn) and yelled for her to drop it. She did, and we killed it. What a nasty looking thing. | | Saturday, June 13th, 2009 | | 11:50 pm |
| | Thursday, May 14th, 2009 | | 9:40 pm |
| | Friday, April 10th, 2009 | | 9:56 pm |
 3/4oz Ouzo + 3/4oz homemade fennel cordial (4 months, 2/3 vodka, 1/3 sugar) | | Saturday, February 28th, 2009 | | 10:44 am |
| | 10:39 am |
Writer's Block: AKA
At one point I ran a small business called "Island Books" from my home. "42" is the answer for life, the universe and everything. | | Wednesday, January 28th, 2009 | | 6:26 pm |
 I admit the acting was a bit off for the main character, but the entire storyline was simply great. Carolyn and I thoroughly enjoyed it - one of the best films we have seen in a long time. Imaginative, dark, artistic, provocative & a creative story arc. :) | | Monday, November 10th, 2008 | | 11:01 pm |
| | Sunday, August 24th, 2008 | | 3:39 am |
| | Wednesday, August 20th, 2008 | | 11:11 pm |
Your result for The Perception Personality Image Test... NBPS - The Idealist
You perceive the world with particular attention to nature. You focus on the hidden treasures of life (the background) and how that fits into the larger picture. You are also particularly drawn towards the shapes around you. Because of the value you place on nature, you tend to find comfort in more subdued settings and find energy in solitude. You like to ponder ideas and imagine the many possibilities of your life without worrying about the details or specifics. You are in tune with all that is around you and understand your life as part of a larger whole. You prefer a structured environment within which to live and you like things to be predictable. The Perception Personality Types:  Take The Perception Personality Image Test at HelloQuizzy | | 10:32 am |
| | Wednesday, July 9th, 2008 | | 9:38 am |
Your result for The hardcore SCA Test... The Lord or LadyYou scored 42% hardcore SCA! You really enjoy the SCA and like to go to events when you can. However it doesn't take over you life or anything. You've probably got an AOA or will have one soon. Sometimes folks wonder where you've been when you make it back to a meeting or event. Take The hardcore SCA Test at HelloQuizzy | | Tuesday, May 20th, 2008 | | 4:23 pm |
 Volume 11 tavern here in Raleigh tonight! | | Thursday, March 20th, 2008 | | 12:42 am |
 What better way to waste one's time? |
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