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on 15-Dec-2015 (Tue)

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Flashcard 150890283

Tags
#artificial-intelligence #minsky #society-of-mind
Question
perhaps it's because there are no persons in our heads to make us do the things we want -nor even ones to make us want to want-that we construct the myth that [...] inside ourselves
Answer
we're

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perhaps it's because there are no persons in our heads to make us do the things ws want -nor even ones to make us want to want-that we construct the myth that we're inside ourselves

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Flashcard 150916347

Tags
#2015 #book-2 #cfa #cfa-level-1 #economics #schweser
Question
A [...] is of the form u = U(QA, QB, ... ,QN), where the variables are quantities consumed of goods A through N. We assume that no quantities are negative (some may be zero), and that holding all other quantities constant while increasing one always results in greater utility.
Answer
utility function

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A utility function is of the form utility = U(Q A , Q B , ... ,Q N ), where the variables are quantities consumed of goods A through N. We assume that no quantities are negative (some may be zero), and tha

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Annotation 3513912588

That’s right, the Federal Reserve lowered interest rates to an unprecedented 0% level on December 16th, 2008, meaning that if they do raise rates this week it will have been at 0% for exactly seven years to-the-day
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The Magic Number Seven: Fed May Raise Rates Seven Years to the Day of Rate-Drop to 0% | The Dollar Vigilante
All eyes in the financial world will be once again on Janet Yellen on December 16th, as she announces a decision to raise rates by 0.25% or to leave them at 0%… where they have been for exactly seven years. <span>That’s right, the Federal Reserve lowered interest rates to an unprecedented 0% level on December 16th, 2008, meaning that if they do raise rates this week it will have been at 0% for exactly seven years to-the-day. That’s an interesting factoid considering how much we’ve covered the Shemitah, or the 7 year cycle, this year. As usual, we’re exposed to the financial elite’s wearisome, numerical



Annotation 3515485452

As is visible below, the last time the Fed actually raised rates was on June 29th, 2006… nearly a decade ago!
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The Magic Number Seven: Fed May Raise Rates Seven Years to the Day of Rate-Drop to 0% | The Dollar Vigilante
me, numerical mumbo-jumbo. But, let’s not forget that Yellen NEEDS to raise rates in order to establish the Fed’s continuing credibility, such as it is. Whether she will remains to be seen. Rates have been “zero-bound” for a very long time. <span>As is visible below, the last time the Fed actually raised rates was on June 29th, 2006… nearly a decade ago! Back then, rates were over 5%. The reason rates haven’t been raised nor ever will be raised substantially (0.25% doesn’t really count!) is because of the following chart. The last t



Annotation 3516534028

The last time the Fed raised rates was on June 29, 2006. At that time, the total US federal debt was $8.4 trillion. Today the total debt of the US federal government is $18.7 trillion, a 123% rise!
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The Magic Number Seven: Fed May Raise Rates Seven Years to the Day of Rate-Drop to 0% | The Dollar Vigilante
ually raised rates was on June 29th, 2006… nearly a decade ago! Back then, rates were over 5%. The reason rates haven’t been raised nor ever will be raised substantially (0.25% doesn’t really count!) is because of the following chart. <span>The last time the Fed raised rates was on June 29, 2006. At that time, the total US federal debt was $8.4 trillion. Today the total debt of the US federal government is $18.7 trillion, a 123% rise! With a debt of $18.7 trillion, if interest rates were allowed to rise to where they last peaked in 2006, at 5.25%, that would mean nearly $1 trillion per year in interest payments owed a



Annotation 3517582604

With a debt of $18.7 trillion, if interest rates were allowed to rise to where they last peaked in 2006, at 5.25%, that would mean nearly $1 trillion per year in interest payments owed alone on the national debt.
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The Magic Number Seven: Fed May Raise Rates Seven Years to the Day of Rate-Drop to 0% | The Dollar Vigilante
!) is because of the following chart. The last time the Fed raised rates was on June 29, 2006. At that time, the total US federal debt was $8.4 trillion. Today the total debt of the US federal government is $18.7 trillion, a 123% rise! <span>With a debt of $18.7 trillion, if interest rates were allowed to rise to where they last peaked in 2006, at 5.25%, that would mean nearly $1 trillion per year in interest payments owed alone on the national debt. The total “revenue” of the US government is $3 trillion. Therefore, more than 30% of tax “revenue” would go to pay interest on the debt alone. Obviously, interest rates rising to 10% w



Annotation 3518631180

The total “revenue” of the US government is $3 trillion. Therefore, more than 30% of tax “revenue” would go to pay interest on the debt alone. Obviously, interest rates rising to 10% would see well more than half of all tax “revenue” going towards interest payments on the debt alone. And at 16% the entire tax “revenue” of the US government would go to make interest payments alone. Of course, if you consider that most of the government’s debt is at the 5-10 year duration, and that typically the yield curve is positively shaped, the numbers get a bit worse.
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The Magic Number Seven: Fed May Raise Rates Seven Years to the Day of Rate-Drop to 0% | The Dollar Vigilante
.7 trillion, a 123% rise! With a debt of $18.7 trillion, if interest rates were allowed to rise to where they last peaked in 2006, at 5.25%, that would mean nearly $1 trillion per year in interest payments owed alone on the national debt. <span>The total “revenue” of the US government is $3 trillion. Therefore, more than 30% of tax “revenue” would go to pay interest on the debt alone. Obviously, interest rates rising to 10% would see well more than half of all tax “revenue” going towards interest payments on the debt alone. And at 16% the entire tax “revenue” of the US government would go to make interest payments alone. Of course, if you consider that most of the government’s debt is at the 5-10 year duration, and that typically the yield curve is positively shaped, the numbers get a bit worse. And if we assumed the debt grew more – as interest rates rose – or that tax revenues fell owing to a slump in production they get worse still. For these reasons, as well as where we pr



Flashcard 3524398348

Question
The total “revenue” of the US government is [...]. Therefore, more than 30% of tax “revenue” would go to pay interest on the debt alone. Obviously, interest rates rising to 10% would see well more than half of all tax “revenue” going towards interest payments on the debt alone. And at 16% the entire tax “revenue” of the US government would go to make interest payments alone. Of course, if you consider that most of the government’s debt is at the 5-10 year duration, and that typically the yield curve is positively shaped, the numbers get a bit worse.
Answer
$3 trillion

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The total “revenue” of the US government is $3 trillion. Therefore, more than 30% of tax “revenue” would go to pay interest on the debt alone. Obviously, interest rates rising to 10% would see well more than half of all tax “revenue” going t

Original toplevel document

The Magic Number Seven: Fed May Raise Rates Seven Years to the Day of Rate-Drop to 0% | The Dollar Vigilante
.7 trillion, a 123% rise! With a debt of $18.7 trillion, if interest rates were allowed to rise to where they last peaked in 2006, at 5.25%, that would mean nearly $1 trillion per year in interest payments owed alone on the national debt. <span>The total “revenue” of the US government is $3 trillion. Therefore, more than 30% of tax “revenue” would go to pay interest on the debt alone. Obviously, interest rates rising to 10% would see well more than half of all tax “revenue” going towards interest payments on the debt alone. And at 16% the entire tax “revenue” of the US government would go to make interest payments alone. Of course, if you consider that most of the government’s debt is at the 5-10 year duration, and that typically the yield curve is positively shaped, the numbers get a bit worse. And if we assumed the debt grew more – as interest rates rose – or that tax revenues fell owing to a slump in production they get worse still. For these reasons, as well as where we pr






Flashcard 3531476236

Question
A more modest estimate from Jagadeesh Gokhale and Kent A. Smetters (2006, 203) estimates the gap as of 2010 at [...] The Congressional Budget Office’s (CBO’s) most recent long- term outlook (2011, 80) has federal expenditures in its Alternative Fiscal Scenario—not counting interest on the accumulating national debt—rising by 2085 to nearly 35 percent of GDP whereas revenues will still be below 20 percent of GDP, a shortfall of almost 15 percent. Marc Joffe (2011), a former employee of Moody’s Analytics, projects that by 2040 the national debt will have already reached more than 180 percent of GDP and that interest alone will swallow nearly 40 percent of federal revenue.
Answer
$79.4 trillion.

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an>The latest estimate of Laurence J. Kotlikoff (2011) puts the gap’s present value at the bone-crushing level of $211 trillion. A more modest estimate from Jagadeesh Gokhale and Kent A. Smetters (2006, 203) estimates the gap as of 2010 at <span>$79.4 trillion. The Congressional Budget Office’s (CBO’s) most recent long- term outlook (2011, 80) has federal expenditures in its Alternative Fiscal Scenario—not counting interest on the ac

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