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Cullen Roche

 
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  • Understanding The Deposit:Loan Discrepancy And Why It's Not Scary [View article]
    HI Guys,

    Yes, you're right. The axis of the chart is wrong. The chart should just be labeled excess deposits relative to loans.

    Thanks for pointing that out.
    Oct 14 11:00 PM | Likes Like |Link to Comment
  • The Trade That Led To The Demise Of PIMCO Total Return [View article]
    Are you calling me fat? :-)

    I don't think it's controversial to say that someone like Bill Gross doesn't necessarily understand macroeconomics as well as some other people do. I don't understand it as well as some other people do. Does it make me arrogant to point out something that should be obvious if there's a good lesson in there?

    And yes, I do want you to buy my book.

    Is that less subtle? :-)
    Sep 29 12:27 PM | 3 Likes Like |Link to Comment
  • The Stupidest (And Most Prominent) QE Chart In The World [View article]
    Mike Norman is an advocate of Modern Monetary Theory (MMT). MR is Monetary Realism. We agree on some things, but vehemently disagree on some other things. MMTers are generally focused on govt centric policies such as fiscal policy and their govt Job Guarantee. MR just focuses on how the system is designed.

    I don't agree with MMT's description of the system. They believe it's all govt centric. I think that's totally wrong. Norman and I are not working from the same premise by any means....
    Dec 28 05:37 PM | Likes Like |Link to Comment
  • SSA: Real Median Wages Up 14% Since 1990, Flat Since 2001 [View article]
    David, I mentioned, explicitly, that the median real wage hasn't moved in 12 years. So I don't know what you think is wrong with this piece? You seem to be saying the same thing I said. Maybe you misread my chart or it is poorly labelled.
    Nov 12 02:01 AM | Likes Like |Link to Comment
  • The Age When Being Wrong (Again And Again And Again) Just Doesn't Matter [View article]
    Well, I've been having these debates with people for 10 years so it's not just 3 years. And my guess is that your predictions pre-date your blog archive in 2010, but I guess we can't prove that.

    Anyhow, I guess we get to "just wait" a little while longer and when we have this exact same discussion in 2 years you'll say the same exact thing....

    Oh well. Take care.
    Oct 30 01:35 AM | 1 Like Like |Link to Comment
  • The Age When Being Wrong (Again And Again And Again) Just Doesn't Matter [View article]
    Vincent,

    I am fine admitting that some of the operational realities described in MMT are wrong. We created MR because nothing like MR existed before it. So you're saying that being an MMTer for a brief while discredits me because I've transitioned to a position that didn't exist? That's like learning something new, admitting your old position was wrong, establishing your new position and then claiming this evolution of thought is backwards. That's called learning. That doesn't discredit me. It proves I am open minded enough to learn from past mistakes, build on them and establish superior positions.

    You seem like a very nice guy and I don't like to argue with you, but you have proven no ability to evolve from your past errors. Everyone gets stuff wrong. But most mistakes are really just lessons. They're only mistakes when you fail to learn from them. In my opinion, your persistent belief in hyperinflation is a mistake.

    Take care.
    Oct 26 02:57 PM | 1 Like Like |Link to Comment
  • The Age When Being Wrong (Again And Again And Again) Just Doesn't Matter [View article]
    You know what debunks your position on hyperinflation? When you predicted hyperinflation on my website 2.5 years ago and stated that it would happen within 2 years. We've been going back and forth for years now Vincent. I've been debunking your position for years. You just haven't been listening.

    http://bit.ly/1d55dfX
    Oct 25 01:21 AM | 1 Like Like |Link to Comment
  • The Age When Being Wrong (Again And Again And Again) Just Doesn't Matter [View article]
    To me, it's actually not about winning a monetary bet on stocks and bonds versus gold. It's about framing a certain world view. I think people should bet on people and not rocks. When you bet on gold you're basically placing a financial bet that the paper money system will fall apart or won't work for us. I don't think that is true. And I think the fiat money system has served the USA extremely well for 100 years +. When I engage in that system I want to use my access to the monetary system to hopefully make it a better place by investing in people, progress and real things. Putting all your savings in gold is a bet that progress and people will fail. I just hate that mentality. Call me a naive optimist. Oh well. Maybe I am an idiot who doesn't know any better.
    Oct 24 05:24 PM | 6 Likes Like |Link to Comment
  • The Age When Being Wrong (Again And Again And Again) Just Doesn't Matter [View article]
    Good question. Why do people believe in different Gods? Why do some people believe in no God? Why do some societies believe in paper money? Why do some societies believe in rock money? Money's a strange thing. It's largely an accounting function that exists because we create it in our minds. It's based on belief.

    Maybe the central bank is just hedging its bets in case people decide to stop believing in paper money? I don't know to be honest. But that's my guess.

    Personally, I think gold is money. I just think it's a bad type of money because it's not a very convenient medium of exchange.
    Oct 24 05:19 PM | 9 Likes Like |Link to Comment
  • The Age When Being Wrong (Again And Again And Again) Just Doesn't Matter [View article]
    The purpose of these articles (this one was simply a response to a previous one) was to show that allocating one's entire portfolio into gold and silver is silly.

    Anyhow, readers on SA don't always see the running dialogue that occurs on my site so the article is being viewed out of context. I also don't post articles here. SA feeds them off my site as they choose so I don't have any say in what gets posted or not.

    Sorry if some people misinterpreted my overarching point. I didn't intend for this to come off as a whiny rant, which is what it looks like on its own....
    Oct 24 03:35 PM | 5 Likes Like |Link to Comment
  • The Age When Being Wrong (Again And Again And Again) Just Doesn't Matter [View article]
    And the argument from hyperinflationists, for 10 years running, has been "just you wait". Those of us who said you'd be wrong have waited. And your time is up. The tired old hyperinflation nonsense was wrong. Let's just admit that those people have no clue what they're talking about and move on.
    Oct 24 03:31 PM | 6 Likes Like |Link to Comment
  • The Age When Being Wrong (Again And Again And Again) Just Doesn't Matter [View article]
    By my count there are still hundreds of fiat currencies in existence. There are zero gold standards. Therefore, the gold standard has always failed as well. :-)
    Oct 24 03:29 PM | 12 Likes Like |Link to Comment
  • Understanding Why Austrian Economics Is Flawed [View article]
    The Fed doesn't CAUSE growth. The Fed system is mostly just a clearinghouse where interbank payments settle. That's 99% of what the Fed does. It really just exists to make sure that Bank of America doesn't tell JP Morgan to screw off with their Bank of America deposits. That's it. All this other stuff the media focuses on like QE and ZIRP is all secondary to the Fed's main purpose as a clearinghouse. It's not inconsequential, but the Fed is really just a big support system for interbank payments to make sure the bankers don't wreck the economy.....It's not perfect, but it sure works better than banking did before there was a Fed.
    Sep 12 01:20 AM | 3 Likes Like |Link to Comment
  • Understanding Why Austrian Economics Is Flawed [View article]
    Sorry, but the Fed has engaged in open market operations long before QE. You seem to be reading the wrong sources on what QE is precisely because there's nothing really all that unusual or remotely illegal about it. It's just open market operations....Nothing really that fancy going on.
    Sep 12 01:17 AM | 3 Likes Like |Link to Comment
  • Understanding Why Austrian Economics Is Flawed [View article]
    The Federal Reserve is granted its operational capabilities by the US Congress via the Federal Reserve Act. Saying that it has no legal authority to implement QE or saying that this wasn't voted on "by the people" is nonsense. Congress created the Fed and the Fed Act. If you don't like it then elect some new people to revise the Act or repeal it. But don't go around just blatantly lying about how the Fed is operating illegally without Congressional authority. You discredit yourself in claiming such preposterous things!
    Sep 11 02:27 PM | 8 Likes Like |Link to Comment
COMMENTS STATS
223 Comments
591 Likes