My hotel in Maastricht is housed in an old (renovated) church, and it now has excellent internet connections, so I can blog a bit more than I expected.
Paul Klemperer has written a paper on auction design for England's version of the Troubled Asset Recovery Program. It is called
A New Auction for Substitutes: Central Bank Liquidity Auctions, the U.S. TARP, and Variable Product-Mix Auctions.
It describes a sealed bid auction, required because of the speed and interdependence of markets for financial products:
"a multi-stage auction was ruled out because bidders who had entered the highest bids early on might change their minds about wanting to be winners before the auction closed, and because the financial markets might themselves be influenced by the evolution of the auction, which magnifies the difficulties of bidding and invites manipulation."
Friday, January 23, 2009
Subscribe to:
Post Comments (Atom)
Posts
1 comment:
You Bail Them Out, We Opt Out.
Dear [May Be Too Much to my Taste, OK!, It will rather be:] Expensive Chairman Ben S. Bernanke,
All of Our Economic Problems Find They Root in the Existence of Credit.
Out of the $5,000,000,000,000 bail out money for the banks, that is $1,000 for every inhabitant of this planet, what is it exactly that WE, The People, got?
If my bank doesn't pay back its credits, how come I still must pay mines?
If my bank gets 0% Loans, how come I don't?
At the same time, everyday, some of us are losing our home or even our jobs.
Credit discriminates against people of lower economic classes, as such it is unconstitutional, isn't it? It is an supra national stealth weapon of class struggle.
Credit is a predatory practice. When the predator finishes up the preys he starves to death. What did you expect?
Where are you exactly in that food chain?
Credit Stands Up Against Both of All the Principles of Equal Opportunity and Free Market.
Credit is a Stealth Weapon of Mass Destruction.
Credit is Mathematically Inept, Morally Unacceptable.
You Bail Them Out, We Opt Out
Opting Out Is Both Free and Strictly Anonymous.
My Solution: The Credit Free, Free Market Economy.
Is Both Dynamic on the Short Run & Stable on the Long Run, The Only Available Short Run Solution.
I Am, Hence, Leading an Exit Out of Credit:
Let me outline for you my proposed strategy:
✔ My Prescription to Preserve Your Belongings.
✔ The Property Title: The Free, Anonymous Right to Opt Out of Credit.
✔ The Credit Free Money: The Dinar-Shekel AKA The DaSh, Symbol: - .
✔ Asset Transfer -The Right Grant Operation - Multiply Your Wealth.
✔ A Specific Application of Employment, Interest and Money.
[A Tract Intended For my Fellows Economists].
If Risk Free Interest Rates Are at 0.00% Doesn't That Mean That Credit is Worthless?
Since credit based currencies are managed by setting short-term interest rates, on which all control has been lost, are they managed anymore?
We Need, Hence, Cancel All Interest Bearing Debt and Abolish Interest Bearing Credit.
In This Age of Turbulence The People Wants an Exit Out of Credit: An Adventure in a New World Economic Order.
The only other option would be to wait till most of the productive assets of the economy get physically destroyed either by war or by rust.
It will be either awfully deadly or dramatically long.
A price none of us can afford to pay.
“The current crisis can be overcome only by developing a sense of common purpose. The alternative to a new international order is chaos.”
- Henry A. Kissinger
What Else?
You Bail Them Out, Let's Opt Out!
Check Out How Many of Us Are Already on Their Way to Opt Out of Credit.
Let me provide you with a link to my press release for my open letter to you:
Chairman Ben S. Bernanke, Quantitative [Ooops! I Meant Credit] Easing Can't Work!
I am, Mr Chairman, Yours Sincerely [Like do I have really the choice?],
Shalom P. Hamou AKA 'MC-Shalom'
Chief Economist - Master Conductor
1 7 7 6 - Annuit Cœptis
Tel: +972 54 441-7640
Post a Comment