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Toradol For Sale, Complex Adaptive Monetary Policy (CAMP) is, in essence, a reconciliation of Keynes' top-down view of macroeconomics with Hayek's bottom up view. Effects of Toradol,  The particular details of the proposed policy below are not as important as the recognition of the fundamental forces at play and empirical evidence that we are at a very dangerous chaos point in history.  Both Keynes and Hayek have deep truths to tell, Toradol images, Toradol trusted pharmacy reviews, and we discount one or the other at our collective peril.  For those who want a primer on the great debate, Toradol price, coupon, Buy generic Toradol, this rap battle sums it up better than any text book could.  Now on to the idea.., Toradol results.

The fragility of the global financial system (as measured by the US dollar) is a function of the gap between rich and poor, Toradol For Sale. Toradol overnight,  In the past, only a small ruling elite could decide to use capital to purchase all of the following: food/clothing/shelter; savings; insurance; personal free time; investment; starting a business; buying a private jet; leverage/volatility; political influence; fame, cheap Toradol. Is Toradol safe,  Today an ever-increasing population has more of these purchasing options at their disposal.  The percentage of wealthy is inversely proportional to the percentage of poor, cheap Toradol no rx, Online buying Toradol hcl, meaning: as the few grow wealthier, more people become poor, order Toradol online overnight delivery no prescription, Toradol long term, relatively speaking.  This is what's known as a Pareto distribution (aka the "80-20 rule") and it's an inexorable unintended consequence of network effects from the internet and global connectivity, purchase Toradol. Toradol For Sale, The recent financial crisis illustrated very clearly that in Pareto wealth distributions, those above you on the curve can unilaterally decide to gamble capital that is backed by you. Toradol mg,  In particular, the top 0.01% have the ability (and incentive) to take a free shot at increasing their wealth by putting up as collateral the homes and living wages of the bottom 99.9%, buy Toradol from mexico. Where can i order Toradol without prescription,  This dynamic is not something that can be "solved" by political or legislative action, for it crosses sovereign and geographic boundaries, Toradol steet value. Taking Toradol, At the same time though, because of global finance and the internet, about Toradol, Toradol without prescription, we are also seeing the emergence of a meta-stable system of worldwide, frictionless virtual currencies, purchase Toradol online. Kjøpe Toradol på nett, köpa Toradol online,  Already virtual currencies are being traded on the open market for cold hard cash.  World of Warcraft, Second Life, Farmville and other games are just the start, Toradol For Sale.  As "game-ification" of social networks takes hold we will begin to see the accumulation of vast wealth that is created strictly along the social dimensions (friendship, rx free Toradol, Toradol pictures, trust, humor, Toradol coupon, Where can i buy cheapest Toradol online, reputation, loyalty, generic Toradol, Toradol price, risk-tolerance, transparency, Toradol no prescription, Toradol pharmacy, etc.).

This shift represents an opportunity for the world economy to evolve into an what Taleb calls antifragile: a system which not only is resistant to chaos and endogenous shocks, online Toradol without a prescription, Where can i find Toradol online, but actually thrives on them.  Antifragile systems derive their metastability from two properties in combination: (1) ability to adapt to a changing environment (2) ratchet mechanisms, buy cheap Toradol. Toradol recreational, (See Parrondo's Principle for the math underlying antifragillity). Toradol For Sale,  What this means in practice is that the system has to be configured such that there is flexibility when perturbed, but flexibility in such a way that the perturbation causes the system to tighten up (not come undone).  Think of a tangled string which turns into to a sturdy knot the more forcefully you yank on it, Toradol wiki. Order Toradol from United States pharmacy, Unfortunately complex adaptive systems (such as the global economy) cannot be "engineered" from the top down.  But once the system is close enough to a new metastable state, buy Toradol online no prescription, Toradol pics, it can be nudged close enough to the attractor basin so that it falls into orbit.  It is my belief that we are at that tipping point already in the global economy, purchase Toradol for sale.  Or if we are not, we are close enough that by employing a fairly straightforward policy in the U.S, Toradol For Sale. (or perhaps Europe), we can assure the metastability the world needs and desires.  Here's the simple outline:


  • Bipartite Fed Policy:

    • Continue/expand current policy to create an strong attractor towards basic cost-of-living (i.e. incentivize humane social policies)

    • Reintroduce a gold standard floor to act as insurance against total collapse of the dollar.  This is the ratchet.



  • Exempt virtual fiat currencies from all tax, securities law and other regulatory regimes, creating an ecosystem of creative risk-taking

    • Upon conversion to cash, all of the normal policies would apply, including capital gains taxation. Toradol For Sale,  There may not be such a thing as a free lunch, but unfettered chaos in the kitchen is important.




In essence, what I'm proposing is to assure -- via the Bipartite Fed Policy -- basic human rights, plus the right to earn a living and save for retirement.  This then frees up virtual currencies as a mechanism for the entrepreneurs, risk-tolerant investors, and social innovators to go as crazy as they want without infecting "real life" with toxic assets.

Here's why this might work.  It is well-known that the physical economy (of scarce goods and resources) is governed by the law of diminishing returns.  By contrast, the virtual world has increasing returns to scale, because you can actually give something away and still keep it for yourself (e.g. an idea), Toradol For Sale.  Economies based on scarcity suffer when leverage and volatility go unchecked; economies of abundance thrive on leverage, due to antifragility.

As we wake up to the new world that is emerging, we begin to see that we are naively applying economic policies designed for a scarce world, to the abundant, virtual economy.  The CAMP model above simply honors the important distinction between these two worlds and lets the inherent economic forces in each world act freely and naturally.   By segregating the scarcity economy from the the abundance economy (via the ratchet) we dampen the destructive oscillations in the physical world caused by leveraged self-intrest; at the same time we are able to reap the benefits of leveraged self-interest in the virtual world.  Think of CAMP as a pressure release valve for the current volatility in the world economic system.

And here's the the epic win scenario: imagine what happens when tens of millions of people have had the experience that very few are ever afforded, which is to directly experience the fundamental dynamics of abundance: the more you give, the more you get.  The only way to reach such a scenario is by allowing everyone to feel safe and secure about their basic living needs.  One way or another, we will pass through the storm.  The question is, how much chaos are we willing to accept along the way.

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  • Anonymous

    You’re not using “Monetary Policy” as economists normally do.

    To a first order in the US, the Fed’s setting of interest rates and open market operations constitute monetary policy. Congressional stimulus decisions constitute fiscal policy. Together, they constitute macroeconomic policy.

    The issues of income distribution and social welfare are separate still. The relationship between the optimal macroeconomic policy and income distribution/social welfare is among the most debated topics in macroeconomics. As far as I know, there is absolutely no consensus behind your statement that, “The fragility of the global financial system (as measured by the US dollar) is a function of the gap between rich and poor.”

    Moreover, as far as I know, your statement, “…those above you on the curve can unilaterally decide to gamble capital that is backed by you.” has no foundation.

    • Rafe Furst

      Yeah, but other than these predictable objections, what do you think? :-)

      • Anonymous

        Yes, but in spite of their predictability, you left yourself wide open to them anyway :-)

        As for your recommendations…

        By default, I’m for exempting any voluntary exchange from regulation and taxation. So by all means, lets exempt virtual currencies from regulation and taxation.

        I did three very long posts detailing why I don’t think commodity money is special, so I think the gold standard floor is useless.

        I have no idea what this means in practice: “Continue/expand current policy to create an strong
        attractor
        towards basic cost-of-living.” If we can increase equality without reducing economic growth, sure, let’s do it. But I don’t know if this is possible and I certainly don’t think we know how to do it. So I don’t think it’s actionable.

        • Rafe Furst

          gold standard floor as useless: yes, I agree with the artificiality of the distinction between reserve vs fiat currency, but of course the general public doesn’t seem to, which creates a self-fulfilling prophecy of a semi-durable floor.

          continuing the policy of interest rate and money supply modification: all i am saying here is that while this is no doubt inadequate by itself, it provides a certain type of stability (against *-flation, runs on banks) which makes it safer to allow the virtual/social economy to exist completely unfettered.

          and given that we could then concede the virtual/social sandbox to leveraged risk-takers, we could insist that such leverage be banned from the physical economy.

          • Anonymous

            No, there is no self fulfilling prophecy for a gold standard. There’s a ton of literature on the history of various forms of the gold standard and, despite what goldbugs assert, there is no clear cut evidence that it works better and some that it is worse.

            I see what you’re saying about current monetary policy. However, as I’ve written several times, we would have more stability if we switched to NGDP targeting a la Sumner. Note that NGDP targeting is truly “adaptive” and more likely to create the “attractor” you desire than either current policy or the gold standard.

            So my “CAMP” would be NGDP targeting and exemption of virtual/social currencies. If we broadened this to be “CAPE” (complex adaptive policy for economics) I would throw in elimination on taxes of capital gains and dividends plus dramatically reduce regulations preventing the formation of new businesses. The goal being to maximize incentives for innovation.

            • Rafe Furst

              my thinking is that as a practical matter tax reform is way harder than
              monetary policy based on the relevant players (legislature vs Fed). i’ll
              trade gold standard for NGDP if you forget about existing tax code reform
              and use that wasted energy to lobby vigorously for laissez-faire on all
              things virtual :-)

              • Anonymous

                Well, I think the Fed is actually more entrenched than tax policy. But tax policy is definitely a lower-order bit.

                I’ll take your deal, but it feels like I’m getting something for nothing. I already believe in laissez faire for all things virtual. :-)

              • Rafe Furst

                Wouldn’t want to give you a free pass entirely… how about an alternate currency that is backed by gold so that it’s more frictionless than private citizens trading actual gold or futures?

                This wouldn’t need to be a sovereign currency, just fungible with it at market rates. Does the literature address a multi-currency system with one based on commodity and another based on fiat?

                The reason I think it’s a good idea is that there are many people who believe the gold story and who are hoarding actual gold. Unless you have $1500 in cash laying around you can’t partake in this “insurance”. Thus there is structural discrimination that can be alleviated by allowing me to buy $1 worth of gold.

                I guess the market will determine whether the idea is good in time: given the demand, such currencies will crop up organically because it’s a good business opportunity for the issuers and market makers.

                Of course, if it’s good with gold, it should be good with oil-backed currency, corn-backed currency, mortgage-backed– oh, wait :-)

              • Anonymous

                Well, I think the Fed is actually more entrenched than tax policy. But tax policy is definitely a lower-order bit.

                I’ll take your deal, but it feels like I’m getting something for nothing. I already believe in laissez faire for all things virtual. :-)

  • http://profiles.google.com/madihalim Halim Madi

    Fellow TED Activator hello ! You’re suggesting to separate the financial economic sphere from the physical economic sphere to make sure the financial risk doesn’t affect the physical economy ? Say, this system was in place before the MBS crisis, do you think it would’ve helped? Decisions taken in one sphere will reflect ont he other if the medium used in one can be used in the other in one way or another

    I don’t know how big Fiat currencies’ effect will be on the economy but here are two groups I’ve been following if you’re interested by alternative currencies :

    http://people.thetransitioner.org/
    http://www.metacurrency.org/

    • Rafe Furst

      Hey Halim :-)

      Yeah, my point was to envision a system that would be resilient vs the mortgage meltdown because all of the speculation and leverage we saw would be semi-contained in the virtual world, not backed by your house or food for your family.  I don’t believe total separate is possible (or desirable), but it is possible to reduce the real-life impact to a point where nobody loses their house (except those who take big risks).

      BTW, fiat currencies are the only currencies we have these days (no more gold standard).

  • http://profiles.google.com/madihalim Halim Madi

    Fellow TED Activator hello ! You’re suggesting to separate the financial economic sphere from the physical economic sphere to make sure the financial risk doesn’t affect the physical economy ? Say, this system was in place before the MBS crisis, do you think it would’ve helped? Decisions taken in one sphere will reflect ont he other if the medium used in one can be used in the other in one way or another

    I don’t know how big Fiat currencies’ effect will be on the economy but here are two groups I’ve been following if you’re interested by alternative currencies :

    http://people.thetransitioner.org/
    http://www.metacurrency.org/