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> I don't know... printing valueless fiat (paper) money by the truckload
> doesn't seem like a sound long-term policy to me, regardless of who
is in
> monetary control.
Well I agree with that to a large extent, but if you check the Fed's
balance sheet you will see that their actual contribution to monetary
expansion is in fact highly limited.
In reality the truckloads of monetary aggregates created aren't even
printed, but are instead electronically created in areas completely
outside the Fed's control. This includes both unregulated and
extremely loosely regulated areas such as over-the-counter
derivatives, securitization, and large swathes of consumer finance
such as credit cards.
As such the widespread focus on the Fed as the root of all monetary
evil is not only deeply misguided, but the usual accompanying rally
call for laissez-faire market and regulatory policies is laughably
wide of the mark and diversionary.
> And why not let a publicly-elected government control the money
printing
> presses? Actually, given some of the decisions made by the current US
> administration, perhaps that is not a good idea.
I'm glad you said that, Jose. I recall when Richard Russell not too
long ago called for the abolition of the Fed system and the return of
full monetary control - unbridled my market discipline - to politicos,
it was widely acclaimed in golbug circles as an unusually innovative
and far-sighted proposal, instead of being condemned as a moronic idea
that has a singular track-record of spectacular failure.
> As an example of what I would consider a conflict of interest, I
remember
> reading somewhere about (the previous Fed Reserve chairman) Alan
Greenspan
> giving out advice to home buyers to lock their home loans into fixed
> interest rate loans.
Conspiracy or cock up? I agree that was astonishingly bad advice, but
I really don't think it was due to a conflict of interest. Rather I
suspect what was at play was the usual systematic feature of financial
orthodoxy to straightline project relatively short term trends into
the distant horizon.
--- In equismetastock@xxxxxxxxxxxxxxx, "Jose Silva" <josesilva22@xxx>
wrote:
>
>
> Thanks for clearing that up, Pastor - I'll sleep better at night now
> knowing that there is no conflict of interest at the highest financial
> levels. :)
>
> Nevertheless, putting all issues of direct profits aside, isn't there a
> danger that monetary decisions being made by a privately-owned printing
> press, may benefit some corporate members and not the public in
> general? ;)
>
> And why not let a publicly-elected government control the money
printing
> presses? Actually, given some of the decisions made by the current US
> administration, perhaps that is not a good idea.
>
> As an example of what I would consider a conflict of interest, I
remember
> reading somewhere about (the previous Fed Reserve chairman) Alan
Greenspan
> giving out advice to home buyers to lock their home loans into fixed
> interest rate loans. This advice was given just prior to the Fed's
> decision to drop interest rates steadily to almost historical lows.
>
> I don't know... printing valueless fiat (paper) money by the truckload
> doesn't seem like a sound long-term policy to me, regardless of who
is in
> monetary control.
>
>
> jose '-)
> http://www.metastocktools.com/#USindex
>
>
>
>
> --- In equismetastock@xxxxxxxxxxxxxxx, pastor_barr <no_reply@> wrote:
> >
> >> "The USD printing press is privately owned."
> >
> >> It's amazing the number of sites that try and point the above
fact, and
> >> disappear in the process...
> >
> > Hmmm.
> >
> > To use an - in this case unrepresentative - corporate analogy the
> > executive branch appoints the Fed board that takes all strategic
> > decisions.
> >
> > The US treasury owns the net profits of the Fed system and can at its
> > sole discretion transfer said profits to the treasury or leave them in
> > reserves.
> >
> > The "dividend" mentioned in the Fed's accounts are at a 5% fixed rate
> > on capital committed in cash to the reserve system (like a preferred
> > dividend), that for the vast majority of history has not come close to
> > covering member bank's cost of capital. In accounting this equates to
> > interest expense, not an economic share of profits generated as
> > accrues to shareholders in the ordinary sense; this is a distinction
> > not lost on the Fed's auditors in their statement of departures from
> > accounting convention, last time I checked.
> >
> > Further, member banks can not sell any shares if they wish to retain a
> > banking license. On the contrary, member banks are obliged to
> > unconditionally subscribe for new issues as determined at the sole
> > discretion of the politically appointed board of governors from time
> > to time.
> >
> > So, while the Fed member banks are for archaic reasons known as
> > "shareholders" they are not private owners of the Fed in any
> > meaningful sense.
> >
> > Maybe that is why the sites you refer to disappeared; perhaps people
> > realized they were peddling misrepresentations so egregious that they
> > can only be accurately described as a pack of lies.
> >
> > Nice indicator though ;-)
> >
> >
> >
> >
> > >
> > >
> > > jose '-)
> > > http://www.metastocktools.com
> > >
> > >
> > >
> > >
> > > --- In equismetastock@xxxxxxxxxxxxxxx, "Lionel Issen" <lissen@>
wrote:
> > > >
> > > > Jose:
> > > >
> > > > This link and the sub links are excellent! Too bad our
politicians
> are
> > > > largely illiterate and cant read them. J))
> > > >
> > > >
> > > > Two sub links are unavailable
> > > >
> > > > The US Printing Press is Privately Owned
> > > >
> > > > An Anatomy of A Bear Market
> > > >
> > > >
> > > > Can you suggest another way/place to access these items?
> > > >
> > > >
> > > > Lionel
> > > >
> > > >
> > > >
> > > >
> > > > From: equismetastock@xxxxxxxxxxxxxxx
> > > > On Behalf Of Jose Silva
> > > > Sent: Tuesday, May 01, 2007 7:42 AM
> > > > To: equismetastock@xxxxxxxxxxxxxxx
> > > > Subject: Day of Week Function? performance for the specified day
> > of the
> > > > week.
> > > >
> > > >
> > > >
> > > > From http://www.metastocktools.com/#metastock :
> > > >
> > > > This indicator measures individual weekday performance (from
today's
> > > > Close to the previous Close), either as an average % or
cumulative %.
> > > >
> > > > This statistical tool is very useful to determine micro-seasonal
> > > > tendencies in any market.
> > > >
> > > > Example statistics for the Dow Jones index (1997-2007):
> > > >
> > > > Day Avg Cumulative
> > > > -----------------------
> > > > Mon: +0.1% +45.2%
> > > > Tue: +0.06% +32.1%
> > > > Wed: +0.04% +19.0%
> > > > Thu: +0.0% + 0.1%
> > > > Fri: -0.03% -15.8%
> > > > All: +0.03% +80.5%
> > > >
> > > > Related material:
> > > > Rev2 kit - Reversal Pattern finder v2.0
> > > > http://www.metastocktools.com/Rev2/Rev2.htm
> > > >
> > > > MetaStock -> Tools -> Indicator Builder -> New ->
> > > > -> copy & paste complete formula between "---8<---" lines.
> > > >
> > > > =====================
> > > > Weekday performance %
> > > > =====================
> > > > ---8<--------------------------------------
> > > >
> > > > { Weekday Average/Cumulative performance %.
> > > >
> > > > Copyright C 2007 Jose Silva.
> > > > The grant of this license is for personal use
> > > > only - no resale or repackaging allowed.
> > > > All code remains the property of Jose Silva.
> > > > http://www.metastocktools.com }
> > > >
> > > > { Indicator inputs }
> > > > day:=Input("Select Day of Week: [Mon-Sun = 1-7, All = 0]",0,7,1);
> > > > type:=Input("Performance type: [1]Avg for Day,
> [2]Cummulative",1,2,1);
> > > >
> > > > { Daily performance % }
> > > > pf:=(C/Ref(C,-1)-1)*100;
> > > >
> > > > { Monday's performance % }
> > > > Mon:=DayOfWeek()=1;
> > > > tot:=Cum(pf*Mon);
> > > > Mon:=If(type=1,tot/Max(Cum(Mon),1),Tot);
> > > >
> > > > { Tuesday }
> > > > Tue:=DayOfWeek()=2;
> > > > tot:=Cum(pf*Tue);
> > > > Tue:=If(type=1,tot/Max(Cum(Tue),1),Tot);
> > > >
> > > > { Wednesday }
> > > > Wed:=DayOfWeek()=3;
> > > > tot:=Cum(pf*Wed);
> > > > Wed:=If(type=1,tot/Max(Cum(Wed),1),Tot);
> > > >
> > > > { Thursday }
> > > > Thu:=DayOfWeek()=4;
> > > > tot:=Cum(pf*Thu);
> > > > Thu:=If(type=1,tot/Max(Cum(Thu),1),Tot);
> > > >
> > > > { Friday }
> > > > Fri:=DayOfWeek()=5;
> > > > tot:=Cum(pf*Fri);
> > > > Fri:=If(type=1,tot/Max(Cum(Fri),1),Tot);
> > > >
> > > > { Saturday }
> > > > Sat:=DayOfWeek()=6;
> > > > tot:=Cum(pf*Sat);
> > > > Sat:=If(type=1,tot/Max(Cum(Sat),1),Tot);
> > > >
> > > > { Sunday }
> > > > Sun:=DayOfWeek()=7;
> > > > tot:=Cum(pf*Sun);
> > > > Sun:=If(type=1,tot/Max(Cum(Sun),1),Tot);
> > > >
> > > > { All weekdays }
> > > > tot:=Cum(pf);
> > > > all:=If(type=1,tot/Cum(1),Tot);
> > > >
> > > > { Plot in own window }
> > > > If(day=1,Mon,
> > > > If(day=2,Tue,
> > > > If(day=3,Wed,
> > > > If(day=4,Thu,
> > > > If(day=5,Fri,
> > > > If(day=6,Sat,
> > > > If(day=7,Sun,
> > > > all)))))))
> > > >
> > > > ---8<--------------------------------------
> > > >
> > > >
> > > > jose '-)
> > > > http://www.metastocktools.com
> > > >
> > > >
> > > >
> > > > --- In equismetastock@xxxxxxxxxxxxxxx,
> "really_4real" <really_4real@>
> > > > wrote:
> > > >
> > > >
> > > > I'm trying to create an indicator which can show me
performance based
> > > > on a selected day of the week. Performance should be relative
to the
> > > > previous days close. Ex: Selecting Monday, will return the %
> > > > gain\loss from Friday's close to Monday close.
> > > >
> > > > I went through the formula primer and could not find any
example to
> > > > help me on the way. If anyone can provide me with a the formula or
> > > > related it would be greatly appreciated or point me in the right
> > > > direction.
> > > >
> > > > Thanks in advance
> > > > Frank
>
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