18 Jul 2009


All Posts, Potpourri No Comments

* Here’s Bryan Caplan’s reply to Krugman and Drum.

* An interesting analysis of a paper (on boundary layer clouds and the effect on global warming) that clearly went into the IPCC summary, and yet had key words changed to match with the spirit of the IPCC report. (HT2 Rob Bradley)

* I have gotten a lot of negative feedback about my Mish article. Folks, before you confidently tell me that “in our system, money is debt and that’s why the money supply is shrinking,” please look at the below graph. M1 consists of checkable deposits, travelers checks, and currency in circulation; it is the money supply “held by the public.” I don’t see it crashing because of losses by lenders. That’s why, in my Mish article, I dealt with credit cards; I thought people couldn’t be talking about the money supply fostered by the fractional reserve banking system, since that clearly started exploding in late 2008.

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