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Blog: The Grumpy Economist | An Apocalyptic View of Central Banks — "You may or may not think that carbon emissions are the 'biggest threat facing the planet.' Personally, while not denying carbon, I think war, pandemic, non-carbon-related environmental collapse and general social and government breakdown, are (even?) bigger threats. But if carbon is, in fact, our greatest threat, what is a central bank supposed to do about it?"

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Blog: The Grumpy Economist | Almost sane housing supply — "This is almost a remarkable outbreak of sanity. In a divided government, one can keep touting slogans. But when one party takes over, apparently permanently, they do have to actually govern, and eventually some reality must sink in..."

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Blog: Palladium | What Botswana Can Teach Us About Political Stability — "The world, including its functional governments, is a lot more dynastic than we like to admit, and dynasties work a lot better at securing institutional continuity and good government than we like to think. As we look into what’s actually working about the American order, and how it could work better, we should pay close attention to cases where dynasties like the Khamas are a significant driving force of success. We would do well to become more comfortable with their role."

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Blog: The Grumpy Economist | Ip on carbon tax — "Either you have visible economic damage (carbon tax) of $1,000 per ton or invisible economic damage of$10,000 per ton. Prices are better than restrictions because you can see where you're wasting \$10,000 per ton, which money could reduce 9 times as much carbon properly deployed."

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Blog: The Grumpy Economist | Smith, MMT, and science in economics — "From the summaries I have read, some of the central propositions of MMT draw a false conclusion from two sensible premises. 1) Countries that print their own currencies do not have to default on excessive debts. They can always print money to pay off debts. True. 2) Inflation in the end can and must be controlled by raising taxes or cutting spending, sufficiently to soak up such printed (non-interest-bearing) money. True. The latter proposition is the heart of the fiscal theory of the price level, so I would have an especially tough time objecting..."