text:
Wednesday, September 12, 2007
Gov. Easley's fantasy?
Here's what he said in a statement shortly after he signed the bill:
"This tool is a fantastic statement by the General Assembly that North Carolina is focused on the future and determined that our citizens will compete and win in the new world economy. This legislation will create cutting edge economic competitiveness in North Carolina, unlike any state in America. It requires huge investments -- each more than $200 million -- by companies that accept the challenge to build world-class facilities here that are the most technologically advanced on the globe. The bill ensures workers' job security, wages, benefits and advanced training as part of the incentives. It is performance based with clear criteria for earning any incentive."
No doubt the governor was using the word the same way the gubernator – California Gov. Arnold Schwarzenegger – often uses it, to connote a superlative – usually a positive one.
But here's the Merriam Webster entry for "fantastic" from its online website:
1 a : based on fantasy : not real b : conceived or seemingly conceived by unrestrained fancy c : so extreme as to challenge belief : UNBELIEVABLE; broadly : exceedingly large or great 2: marked by extravagant fantasy or extreme individuality : ECCENTRIC 3 fantastic : EXCELLENT, SUPERLATIVE (a fantastic meal)
.... synonyms FANTASTIC, BIZARRE, GROTESQUE mean conceived, made, or carried out without adherence to truth or reality. FANTASTIC may connote unrestrained extravagance in conception or merely ingenuity of decorative invention (dreamed up fantastic rumors to spread). BIZARRE applies to the sensationally queer or strange and implies violence of contrast or incongruity of combination (a bizarre medieval castle built in the heart of a modern city). GROTESQUE may apply to what is conventionally ugly but artistically effective or it may connote ludicrous awkwardness or incongruity often with sinister or tragic overtones (grotesque statues adorn the cathedral) (though grief-stricken, she made a grotesque attempt at a smile). synonym see in addition IMAGINARY
I'm guessing these are not quite what the governor meant. But some folks probably think the legislature's action really was unbelievable.
18 comments:
- Anonymous said...
I would guess that fantastic was meant in the context of the third definition, which would totally fit what I think he meant:
3 fantastic : EXCELLENT, SUPERLATIVE (a fantastic meal)
- September 12, 2007 at 2:04 PM
- JAT said...
It is no more fantastic than editors and reporters in this state having no ability to properly ground and identify what went on this week.
Yet that happened too.
- September 12, 2007 at 3:27 PM
- Anonymous said...
Why does the NC media avoid coverage of ALL the statewide CORRUPTION wielded through 100+ years of democrackkk domination?
'gov Sleazely is an embarrassment to our once great state'
'STRIVE to be SMARTER than a DEMOCRACKKK*!'
*spelled with 3Ks to honor the democrat heritage as the ORIGINAL party of SLAVERY!
- September 13, 2007 at 7:26 AM
- David McKnight said...
Maybe the Governor would like for the North Carolina Symphony and the Charlotte Symphony to play more music by Berlioz in the future--such as the "Symphonie Fantastique."
- September 13, 2007 at 5:29 PM
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text:
Chidiebube Okeoma, Owerri
AFTER spending two days in a forest in Imo State, the Anti-kidnapping Unit of the State Police Command has rescued unhurt a Catholic priest, Rev. Father Charles Nwachukwu, who was abducted by a group of gunmen.
The rescue came is even as the police discovered a human skull in a shrine in Umualulu in the Ngor Okpala Local Government Area of the state.
A police source told Southern City News on Tuesday that the priest was abducted by the kidnappers on June 16, 2017 at Amauzari in the Isiala Mbano Local Government Area of the state at about 8pm.
Confirming the breakthrough to our newsmen on Tuesday, the state Commissioner of Police, Chris Ezike, disclosed that the victim was rescued in an Agbaja forest in the Nwangele LGA of the state on June 18.
Agbaja is where another kidnap kingpin, Henry Chibueze, popularly known as Vampire was killed in a gun duel with the police in Rivers State in February.
He gave the names of the suspected kidnappers as Ogadinma Ajonuma, Chinedu Odoemenam and Uzoma Mejuru, all from Agbaja community, where the priest was held in captivity for the two days.
Ezike said, "Rev. Father Charles Nwachukwu has been rescued unhurt. He was rescued on Saturday in a forest in Agbaja in the Nwangele Local Government Area of Imo State. Three of the kidnappers were nabbed immediately."
He said the Toyota SUV, gold colour, with the Registration Number, WER 334 NJ, which belongs to the Catholic Church priest was recovered by the police.
The CP stated that the priest had identified the suspects as his abductors, even as the suspects had equally made confessional statements.
He assured that the police would continue to make the state a difficult one for criminals.
Ezike said, "The victim has identified the three suspects. They have equally made confessional statements to us. Investigations are ongoing. We will charge them to the court. We will not rest on our oars until all the bad elements are flushed out of the state. Imo people have a right to enjoy our protection and that is what we are offering them."
The Catholic Church priest said that his abductors had demanded N100m as ransom for his release, an amount he stated was beyond his reach.
He said the suspects later collected at gunpoint the code of his Automated Teller Machine card and withdrew about half a million naira.
Copyright PUNCH.
All rights reserved. This material, and other digital content on this website, may not be reproduced, published, broadcast, rewritten or redistributed in whole or in part without prior express written permission from PUNCH.
Contact: [email protected]

subset: commoncrawl


text:
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On the Street. Own Space, Metro, Helsinki.
The other day I was traveling home with metro and saw this guy. The arrogant facial expression tells the story of inconvenience. Forced to travel among the people. Oh, at least the music (or whatever he is listening) gives some barrier against the existing situation.
His haircut gives him a poetic touch together with the feather hanging the bag. The feather itself is a life saver reflector, which will flash when the light hits it in the middle of dark.
He is a good example of the Finnish state of mind. It is the fact that a Finn needs a lot more space around than many other nations. In a crowded place like metro it may feel more convenient to stand instead of sitting next to strangers.
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text: To the Times of Ti: Barack Obama is not the change we can believe in. Obama loves to try and relate to the middle class by mentioning what they talk about around their kitchen tables. He focuses on healthcare and the economy. I agree these issues are important, but heres what I talk about around my table. Obama is considered to be the most liberal senator. The area where this concerns me the most is the issue of abortion. Did you know that Obama voted against a bill that would protect the lives of babies that survive a botched abortion? We may not all agree when life begins, but most can agree that denying life to a baby who survived this evil process is inhumane. Did you also know that Obama supports government funding for abortion, and that some of your hard-earned money is already helping to pay for organizations that promote casual sex yet profit from abortion (see it for yourself at takecaredownthere.org). Did you know that Obama is against legislation that would require parents to be notified when their minor child crosses state lines to have an abortion? This is a big problem! Obama also has an undeniable shady past. He started his campaign in the home of an unrepentant domestic terrorist, William Ayers. Now he tries to cover up his ties with him saying he was just a guy in his neighborhood. He sat under a black liberation theology pastor for 20 years who rants anti-American and white folks greed sermons, yet Obama denies ever hearing him say those things. It angers me that he thinks Im that naﶥ. And what about his close relationship with Frank Marshall Davis, a communist who was investigated by the CIA. How about ACORN? The Obama campaign has given them over $800,000 and now they are being investigated for voter fraud in over 14 states. Fellow citizens, Obama has consistently demonstrated poor judgment. He may have eloquent speeches, but we cannot afford to vote him to be our next president. If so, we are as sheep headed to the slaughter. Carrie Savage Mineville


text:
The boys have been busy together putting together our new wardrobe, so we can finally put away all the clothes that have sat on our bedroom floor since we moved in a months ago. When Sausages saw daddy hard at work he had to get his tools out and join in. Such a helpful boy! He's also enjoying his World Book Day book; an author and characters that we know and love well from my own childhood. It's so nice to see Sausages loving the same stories.
There has also been home baking and knitting for me:
My usual sourdough, made with pumpkin seeds this week for variation. The sourdough provides all of our bread, and we have hardly bought any since my lovely Mother in Law gave me the starter. In the spirit of my mother, a great anthropomorphist, our starter is called Honore after the patron saint of bread. There are a few projects recently finished and awaiting making-up. I have to be in the right mood to make-up, don't you? In the meantime I have cast on the first of two long tops for two lovely little girls using yarn left behind by their great grandmother, which I consider to be a privilege. It also gives me an excuse to indulge in the pink and girly, which I need sometimes! The greenish jumper is for Sausages, as are most of my projects. I love to wrap my boy in hand-knitted love!
This morning I had a special mother's day lie-in. I could hear the boys whispering outside the bedroom door. Suddenly, Sausages bursts in wielding the card that he made with his childminder. "Happy birthday!" he cried, as Husband smacked his forehead in the background. Nice try daddy! Happy mother's day to all of you, be you mothers, step-mothers, supporters of mothers, or loved as mothers.


text:
This prompt can be a little awkward, and I'm sorry about that. Let get to 'er. We want to know about your 3 favourite blogs today, because we're
In no particular order, here are a few of my favourite daily reads (not including my two co-hosts Juliette, and Allie).
Lindsay @ The Wife in Training
Lindsay is one of my favourite people I have ever befriended on the interwebs. Seriously. Her, Juliette, and I are also known as triplets. Her blog cracks me up, and her recipes make my stomach grumble at work, and her friendship keeps me entertained on gchat for hours every day. If you don't already read her blog, what the heck are you waiting for? Scoot over there right now and say hi (or wait until the end of this post - your call).
Whitney @ I Wore Yoga Pants
Whitney is another one of my favourite people. I've probably known her for 10+ years (thanks to good 'ol LJ) and I can tell she she's one of the funniest bloggers I know. Homegirl always cracks me up with her posts, and I can't say enough good things about her blog. If you haven't heard of her, then you're probably living under a rock.
Shan (Shannon) @ Gin and Bare It
Shan never fails to make me laugh. Ever. Okay, I think we have a trend here - I tend to read (and stick to reading) funny blogs. She is recently married (to Shitler) and is another one of my favourite people I've met through blogging. She makes me laugh a lot, whether it's through her blog, or twitter, or just from the most ridiculous texts ever... if you don't already know about her, go check her out right now.
Aaaand I think that's it. Link up and share some of your favourites!
Even though we don't like rules, every fun thing in life has them. So here are a few of ours:
1. Please only link up a post if it matches with the day's topic.
2. Make sure you either grab the button code and put it in the HTML portion of your post, or link back to at least one of the hosts.
3. Go make some friends. Comments=Love


text:
There's a saying that goes 'Work smarter, not harder' and whilst this is true for our jobs and professions, this can also be true when you're planning a move. Whether you're going through a residential move or an office move, it pays to be smart. Being smart means being able to do things in a highly-efficient, timely, and cost-effective manner. So, are you planning a move? Here's how you can really make your move 'smart' and hassle-free.
Pack smart
If you want to make packing a smarter and more efficient endeavour, then don't do it all at once. Give yourself time to pack, and if you can, set a quota for yourself every day (one or two boxes per day is ideal). Packing this way will also help you be more organised and not leave you scrambling to look for things that you've already packed.
Don't pack your clothes
Most of us opt to rely on a professional moving company, such as Advanced Removals & Storage, the specialists in removals in Worcester, Swindon, Bristol, and other nearby areas. A good removals firm can help transport all your goods, but there's one other thing they can do for you: provide you with boxes for your wardrobe so you don't have to pack your own clothes into cardboard boxes or luggage. The removals team can simply take your clothes as they are, not even taking them off their hangers, and your clothes are then easily transported. A bonus with this is that you don't have to re-iron your clothes once you're in your new home.
Prioritise your utilities
Another thing you can do to make your move smarter and not harder is to prioritise your utilities. As soon as you have confirmation for the date of your move, call your utility provider and request a switch. This is essential if you're going to move to a newly-built home or one which has been vacant for some time, since a maintenance call may have to be arranged first before service can be re-established.
Bring in the basics beforehand
If the area where you're moving to is near your current residence, you can also be smarter by bringing in some basic supplies and items to your new home before the day of the move. Supplies such as toiletries and small kitchen necessities such as knives and forks, a tea kettle, and a tin opener can be brought beforehand; you can also arrange to bring in sleepwear and other necessary clothing to your new home a day or two before your move, so you don't have to worry about leaving or forgetting some essential supplies when moving day comes.


text:
SmartSensor HD's accurate per vehicle speed data, easy installation and low maintenance cost make it an ideal detection solution for large cities.
Project Team
Istanbul Metropolitan Municipality Traffic Department; and ISBAK, a Turkish ITS supplier and the technical team in charge of onsite sensor installation and maintenance.
Project Scope
Istanbul is one of Europe's most congested cities, with over 13 million inhabitants and 2.6 million registered vehicles. To keep traffic moving, the Istanbul Metropolitan Municipality has invested heavily in intelligent transportation systems, and these systems rely on accurate data: real-time speeds for traveler information systems; and traffic volumes and occupancy for transportation planning and traffic signal optimization. The IMM requires vehicle detection devices that are accurate, easy to install and more cost effective to maintain.
Problems and Challenges
The IMM has used a broad mix of detection technologies to monitor traffic conditions, including radar sensors, loops, Bluetooth sensors, image processing sensors and wireless magnetometers. However, IMM has seen that some of these technologies have been unreliable from time to time and costly to maintain; in some cases, device installation or location requirements have made using these devices impossible. "Use of some of these technologies has resulted in high maintenance costs, and we have found that some are difficult to keep working properly after their initial configuration," says Esma DİLEK, a software engineer for the IMM Traffic Department and director of the VITAL project under the Seventh Framework Programme of the European Community (2013-2016) at IMM. "Also, we have received negative feedback from our driving public when sensors fail to work and do not detect accurate traffic flow speeds."
In 2013, the IMM installed SmartSensor HD in order to get more accurate speed data and to reduce installation and maintenance costs. SmartSensor HD uses true high definition radar to monitor up to 22 lanes of multi-directional traffic, and it is the only radar traffic detector in its class to feature dual radar beams for highly accurate per vehicle speeds. The IMM tested SmartSensor HD for two years and found it easy to install and very easy to maintain. They were also impressed with its performance in difficult locations. "We would like to get traffic data from roads that include two lanes for metro buses in the middle of the highway," DİLEK says. "In the past, we had to install one sensor on each side of the road. Now with SmartSensor, one sensor is enough to collect data from both sides."
The IMM has benefitted from the training and support it has received from Wavetronix. Wavetronix trained employees from the IMM and its technical partner, ISBAK and certified them to properly install and configure the sensor. As a result, the sensor has been easy to install, saving the agency both time and money. In performance, SmartSensor HD provides accurate speed data, which results in better control of traffic flow; it also provides accurate volume data, particularly during peak hours, which is essential for planning and signal optimization. "The data we get from SmartSensor HD allows us to provide drivers with more accurate journey time information, and this allows them to make better driving decisions," DİLEK says.
For more information on SmartSensor HD, click here.


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|Skip Navigation Links
|Exit Print View
|System Administration Guide: IP Services Oracle Solaris 11 Express 11/10
1. Planning an IPv4 Addressing Scheme (Tasks)
2. Planning an IPv6 Addressing Scheme (Overview)
3. Planning an IPv6 Network (Tasks)
4. Configuring TCP/IP Network Services and IPv4 Addressing (Tasks)
5. Enabling IPv6 on a Network (Tasks)
6. Administering a TCP/IP Network (Tasks)
8. Troubleshooting Network Problems (Tasks)
9. TCP/IP and IPv4 in Depth (Reference)
12. Planning for DHCP Service (Tasks)
13. Configuring the DHCP Service (Tasks)
14. Administering DHCP (Tasks)
15. Configuring and Administering the DHCP Client
16. Troubleshooting DHCP (Reference)
17. DHCP Commands and Files (Reference)
18. IP Security Architecture (Overview)
20. IP Security Architecture (Reference)
21. Internet Key Exchange (Overview)
23. Internet Key Exchange (Reference)
24. IP Filter in Oracle Solaris (Overview)
Part IV Networking Performance
26. Integrated Load Balancer Overview
27. Configuration of Integrated Load Balancer Tasks
28. Virtual Router Redundancy Protocol (Overview)
29. VRRP Configuration (Tasks)
30. Implementing Congestion Control
Part V IP Quality of Service (IPQoS)
31. Introducing IPQoS (Overview)
32. Planning for an IPQoS-Enabled Network (Tasks)
33. Creating the IPQoS Configuration File (Tasks)
34. Starting and Maintaining IPQoS (Tasks)
35. Using Flow Accounting and Statistics Gathering (Tasks)
36. IPQoS in Detail (Reference)
In each exclusive-IP zone, the VRRP service svc:/network/vrrp/default is enabled automatically when any VRRP router is created in the particular zone. The VRRP service manages the VRRP router for that specific zone.
However, the support for an exclusive-IP zone is limited because of the following reasons:
VNIC cannot be created inside a non-global zone. Therefore, create the VRRP VNIC in the global-zone first, and then assign the VNIC to the non-global zone where the VRRP router resides. The VRRP router can then be created and started in the non-global zone by using the vrrpadm command.
On a single Oracle Solaris 11 Express system, it is not possible to create two VRRP routers in different zones to participate with the same virtual router. The reason is that Oracle Solaris 11 Express does not allow you to create two VNICs with the same MAC address.
The VRRP service cannot work on an IP Network Multipathing (IPMP) interface. The reason is because VRRP requires specific VRRP MAC addresses while IPMP works completely in the IP layer.
Further, the VRRP virtual IP addresses can only be statically configured and cannot be auto-configured by the two existing auto-configuration tools for IP addresses: in.ndpd for IPv6 auto-configuration and dhcpagent for DHCP configuration. Because the master and the backup VRRP routers (VNICs) share the same MAC address, in.ndpd and dhcpagent can become confused. Eventually unexpected results can occur. Therefore, IPv6 auto-configuration and DHCP configurations are not supported over VRRP VNICs. If you configure either IPv6 auto-configuration or DHCP over a VRRP VNIC, the attempt to bring up the auto-configured IP address fails, as will the auto-configuration operation.


text:
Life Threatening Situations
Me & My Nurse: cute-asian-straight-male-married)
HIM: I need to readjust your leads.
ME: Okay… (I take the lead and clamp it on my nipple)
HIM: Dr. Gordon!
ME: Sorry, force of habit;.
HIM: So I want to take your temperature.
ME: Let's do it rectally.
HIM: Okay…. fine…
ME: Wait. You were supposed to be shocked and appalled.
HIM: Hey We don't have a wine list like Cedars… but we pride ourselves on customer service and satisfaction. (We laugh)
ME: Ha! You got me….
HIM: You like to laugh. Even when you were feeling very bad you still made jokes.
ME: Laughing is easy exercise… and I prefer to save my tears for life threatening situations…
HIM: Oh you mean like when you collapsed on Thursday.
ME: No, like when me and my husband were preparing for an IRS audit and I had to tell him that I fell asleep with a cigarette in my hands and burned up 3 years of tax receipts..


text:
Calling all Music and Travel Lovers
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Do you think you are a festival junkie and would travel half way across the world to find a party no one else knows about? With our ever expanding team we are always on the look out for people to join us and become a part of the Beats Travel family!
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Working Paper No. 272
- Suzan Lawson
- 3 years ago
- Views:
1 Working Paper No. 272 Functional Finance and Full Employment: Lessons from Lerner for Today? by Mathew Forstater The Jerome Levy Economics Institute July 1999 The Levy Economics Institute Working Paper Collection presents research in progress by Levy Institute scholars and conference participants. The purpose of the series is to disseminate ideas to and elicit comments from academics and professionals. Levy Economics Institute of Bard College, founded in 1986, is a nonprofit, nonpartisan, independently funded research organization devoted to public service. Through scholarship and economic research it generates viable, effective public policy responses to important economic problems that profoundly affect the quality of life in the United States and abroad. Levy Economics Institute P.O. Box 5000 Annandale-on-Hudson, NY Copyright Levy Economics Institute All rights reserved ISSN X
2 Working Paper No. 272 Functional Finance and Full Employment: Lessons from Lerner for Today? by Mathew Forstater The Jerome Levy Economics Institute July 1999 The Asian Crisis, with the fallout in Latin America and the transition economies; the Russian default; continuing troubles in Japan; weaknesses in the structure of the new European EMU; volatility on Wall Street; deflationary pressures in the global economy: recent economic developments invite a reconsideration of some of our most deeply held beliefs concerning economic theory and public policy. Even within the hallowed halls of mainstream economics, voices of dissent can be heard. Paul Krugman, Joseph Stiglitz, and Jeffrey Sachs are among those whose recent proclamations indicate that we have entered a period in which orthodox views are being openly questioned, creating an atmosphere characterized by a crisis of confidence. Such periods of impending crisis and open expressions of self-doubt, questioning our most deeply held beliefs about the way the world works, creates a climate in which the ideas of the great unorthodox thinkers of the past may be revisited. The work of those who in the past dedicated their lives to formulating solutions to the challenges of modern capitalist economies may contain lessons applicable to the contemporary situation. It is in this spirit that this paper revisits the early works of Abba Lerner, outlining fifteen such lessons regarding macroeconomic theory and policy, as fresh in the context of the current scene as they were some five decades ago when they were first formulated. Lesson #1: Full employment, price stability, and a decent standard of living for all are fundamental macroeconomic goals, and it is the responsibility of the state to promote their attainment. Lerner rejected the positive/normative dichotomy in economics. His distinction between "objective" and "normative" was based not on whether one considers macroeconomic goals as part and parcel of their analysis, but whether one does so openly and honestly: Objectivity turns out to be not the avoidance of concern with what is desired in a pure concentration on what is, but merely the avoidance of smuggling in an advocacy of desired objectives without making it clear that this is being done or making it clear whose are the desires being considered (1969, 131). Lerner (1941) likened laissez-faire to a refusal to take hold of the "economic steering wheel." Government must use its powers to "fill its two great responsibilities, the prevention of depression, and the maintenance of the value of money" (1947, 314). Lerner's arguments for full employment are worth reviewing. First, "the economic gains from full employment are enormous" (1951, 31-32). The costs of unemployment are staggering. These include the permanent loss of output of goods and services, but also the social costs resulting from increased crime, illness, and other social problems. Full employment increases efficiency. By removing the threat imposed on workers by the existence of a reserve army of unemployed, workers will feel more confident to move out of one job and into another. This often means a movement from a lower productivity job to a higher productivity job (1951, 32).
3 Individual economic security is an even more important benefit than the increase in goods and services (1951, 33). Though this means foremost individual economic security for workers, government commitment to full employment has an important stabilizing impact on business confidence, derived from the awareness that the state is committed to maintaining aggregate demand (1951, 33). A full-employment policy can weaken racial and other discrimination in hiring (1951, 36). There are incentives in an economic system characterized by general unemployment for workers to seek ways of "tying up the jobs they have so they cannot be easily fired" (1951, 34). "The economic interest of a group of workers in protecting their scarce jobs against competition from outside," so often conducted through racial and other discrimination, would be significantly decreased with the elimination of job scarcity (1951, 36-37). In addition, employers, who have the opportunity to indulge their own racial and other prejudices in hiring when there is widespread unemployment, would no longer be able to do so in a full-employment economy (1951, 36). Full employment also helps to remove wage differentials, well-known to be highly related to race and gender (1951, 37). Full employment is key to social stability (1951, 37ff.). Without employment and income security, citizens are vulnerable to dangerous ideologies, scapegoating, and anti-democratic political movements. Full employment and the maintenance of the value of the currency are the key initial prerequisites for a decent standard of living for all. To leave such matters to the market would be like driving a car without using the steering wheel. Fortunately, people do not drive their cars without using the steering wheel: But are they as reasonable about other things as they are about the desirability of steering their automobiles? Do they not allow their economic automobiles to bounce from depression to inflation in wide and uncontrolled arcs? Through their failure to steer away from unemployment and idle factories are they not just as guilty of public injury and insecurity as the mad motorists? (Lerner, 1951, 4-5). Lesson #2: Policies should be judged on their ability to achieve the goals for which they are designed and not on any notion of whether they are "sound" or otherwise comply with the dogmas of traditional economics. This, of course, is Lerner's functional finance (1943). The state has the ability to promote full employment and price stability and should use its powers to do so: The central idea is that government fiscal policy, its spending and taxing, its borrowing and repayment of loans, its issue of new money and its withdrawal of money, shall all be undertaken with an eye only to the results of these actions on the economy and not to any established traditional doctrine about what is sound and what is unsound. This principle of judging only by effects has been applied in many other fields of human activity, where it is known as the method of science opposed to scholasticism. The principle of judging fiscal measures by the way they work or function in the economy we may call Functional Finance Government should adjust its rates of expenditure and taxation such that total spending in the economy is neither more nor less than that which is sufficient to purchase the full employment level of output at current prices. If this means there is a deficit, greater borrowing, "printing money," etc., then these things in themselves are neither good nor bad, they are simply the means to the desired ends of full employment and price stability (1943, 354). This principle is so simple, yet apparently so difficult to understand. If one supports balancing the budget as the proper means to achieving some economic goal, this is entirely consistent with the principle of functional finance. It is not the balanced budget that is "sacred," it is simply a means to the ends that are desired. They should thus agree, in principle, that if some other relation between government expenditure and tax receipts were the best means to attaining those ends, the balanced budget should be abandoned and those other means instituted. But if one promotes a balanced budget as an end in itself--as the "right" thing to do, it would be
4 "irresponsible" to do otherwise--without regard to the potential effects and the sacrifice of macro goals, this is not consistent with the principle of functional finance. This is best referred to as dysfunctional finance. If one is opposed to government borrowing, lending, taxing, spending, buying, or selling, it should be because such an action will cause unemployment, inflation, deflation, or some other undesirable macroeconomic outcome, or because it will hinder the abolition of these undesirable macroeconomic problems. But if any of those means promotes the desired macro goals or prevents undesirable macro problems, then they should be utilized for that purpose. There is nothing inherently "good" or "bad" about any particular relation between government expenditure and tax receipts. It all depends on the economic circumstances and on the results that such a relation will promote under those circumstances. If the amount of taxing, spending, borrowing, lending, buying, or selling "should conflict with the principles of sound finance' or of balancing the budget or of limiting the national debt, so much the worse for those principles" (1951, 11). Lesson #3: "Money Is a Creature of the State" The ability of the government to conduct fiscal and monetary policy according to the principles of functional finance is made possible by the fact that "money is a creature of the state" (1947). The state has the power not only to tax, but to designate what will suffice to retire tax (and other) obligations, that is, what it will accept at its pay offices. By determining public receivability, the state can create a demand for otherwise worthless pieces of paper, leading to general acceptability. The state can issue this currency and use it to purchase goods and services from the private sector: The modern state can make anything it chooses generally acceptable as money and thus establish its value quite apart from any connection, even of the most formal kind, with gold or backing of any kind. It is true that a simple declaration that such and such is money will not do, even if backed by the most convincing constitutional evidence of the state's absolute sovereignty. But if the state is willing to accept the proposed money in the payment of taxes and other obligations to itself the trick is done. Everyone who has obligations to the state will be willing to accept the pieces of paper with which he can settle the obligations, and all other people will be willing to accept those pieces of paper because they know that taxpayers, etc., will accept them in turn. On the other hand if the state should decline to accept some kind of money in payment of obligations to itself, it is difficult to believe that it would retain much of its general acceptability What this means is that whatever may have been the history of gold, at the present time, in a normally well-working economy, money is a creature of the state. Its general acceptability, which is its all-important attribute, stands or falls by its acceptability by the state. (Lerner 1947, 313) Thus, a variety of state powers--such as government's ability to tax, declare public receivability, create and destroy money, buy and sell bonds, and administer the prices it pays for goods and services purchased from the private sector--constitutes a menu of instruments with which full employment and stability of the value of the currency may be promoted. Lesson #4: Taxing is not a funding operation Since money is a creature of the state and the government budget should be judged purely on its macroeconomic effects, decisions concerning taxation should be made only with regard to the economic effects in terms of the promotion of full employment, price stability, or other economic goals, and not ever "because the government needs to make money payments" (1943, p. 354): "(T)axes should never be imposed for the sake of the tax revenues" (1951, p. 131, original emphasis). Lesson #5: Government Borrowing is not a funding operation. Likewise, for the same reasons as taxation, Lerner argued that "borrowing" is not a funding operation. Since it is not a funding operation, it is questionable whether we should even use the term "borrowing." Perhaps it would be best to simply refer to bond sales. Thus Lerner argued that "the government should borrow only if the effects" of borrowing are desired (1943, p. 355).
5 Lesson #6: The primary purpose of taxation is to influence the behavior of the public. If taxation is not a funding operation, then what is its purpose? The purpose of taxation, according to Lerner, is "its effect on the public of influencing their economic behavior" (1951, p. 131, original emphasis). First, through its power to determine public receivability, the government can create sellers who will offer goods and services for sale in exchange for the government currency. Thus, taxation, as mentioned above, endows otherwise worthless bits of paper with value. Another important way in which taxation affects the public's behavior is through its impact on spending. In the days when Lerner was much concerned with excess demand inflation, this was a major focus of his. But taxation can effect behavior in many other ways, and for Lerner this, and not funding government spending, is its primary function. Lesson #7: The primary purpose of government bond sales is to regulate the overnight interest rate. As we have seen, for Lerner neither taxation nor government bond sales are funding operations. Taxation creates a demand for State money, and also can be used to fine-tune spending and other public behavior. What is the purpose of government bond sales if not to fund government spending? For Lerner, the primary purpose of bond sales is to manage reserves and thus the overnight rate of interest (inter-bank lending rate) in the face of government fiscal operations. The government should sell bonds, writes Lerner, "if otherwise the rate of interest would be too low" (1943, p. 355). Lesson #8: Bond sales logically follow from, rather than precede, government spending. Since government need not "borrow" to finance its expenditure, and instead bond sales are a means of managing bank reserves and hitting some target rate of interest, then it follows that, logically speaking, bond sales follow from rather than precede government spending: (T)he spending of money out of deficits keeps on increasing the stock of money (and bank reserves) and this keeps on pushing down the rate of interest. Somehow the government must prevent the rate of interest from being pushed down by the additions to the stock of money coming from its own expenditures There is an obvious way of doing this. The government can borrow back the money it is spending. (Lerner, 1951, pp , original emphasis) By selling bonds, government can drain the banking system of excess reserves created by its own deficit spending, and thus prevent the rate of interest from falling to 0 bid. Such a process clearly supports the view that, far from selling bonds in order to finance it expenditure, bond sales logically follow spending by the government. Lesson #9: "Printing money" in and of itself has no impact on the economy whatsoever. For Lerner, there are six (or three pairs of) fiscal instruments of government: taxing and spending, buying and selling, and borrowing and lending. "Printing money" is not independent of these. Therefore, printing money, in and of itself, has no impact on the economy whatsoever. Suppose the government prints money and puts it in a rocket ship and blasts it to the moon. Will the printing of money have had any effect on the economy? Of course not: (T)he creation of money has no effects on the economy as long as the printed money remains in the print shop. It is only when the money gets out into the economy that any effects come about. Money which is newly created and kept locked up might as ell never have been created.(lerner, 1951, 132). Only if the money printed is spent on goods and services or lent through issuing bonds, will there be some economic impact, but these impacts are already covered through the consideration of the six fiscal instruments: "The printing of money is not an instrument of policy. It is only a servant of these policies, just like printing stationery used in the various government departments" (Lerner, 1944, pp ):
6 All the decisions of any importance are made when it is decided to apply the fiscal instruments If any of the instruments involves the paying out of money, the effects are just the same whether the money paid out was previously resting in the treasury or whether it had to be printed because there was not enough available in the treasury to permit them to be carried out on the scale that was considered necessary to prevent deflation. The use of the instrument should never be hampered just because there may not be enough money stock in the treasury at the moment. To sacrifice the prevention of deflation because of shortage of money which could be printed is no more sensible than to refrain from carrying out any other important government action because the necessary paper forms or stationery would have to be printed.(lerner, 1951, p. 133). Lesson #10: Without a full employment policy, society cannot benefit from labor-saving technological advance, that is, efficiency becomes inefficient. With a full employment policy, labor-saving technical advance becomes truly beneficial to society. Under conditions of continuous full employment, resources are scarce and so instituting a technical or organizational innovations that would free up some labor for other uses constitutes a welcome economizing of resources. But in an economy with persistent unemployment, what would have been efficient becomes inefficient: When there is unemployment it is not important or even useful to use less resources in any task There is no point, for instance, in managing to carry out some task with less labor if there are unemployed workers available, because the workers set free would not be utilized for other tasks any more than the workers who are already unemployed. They would merely be added to the unemployed. Where there is unemployment, an increase in efficiency in any particular productive process does not result in any increase in the efficiency in the economy as a whole.(lerner, 1951, p. 143) Lerner does consider the possibility that instead of producing the same amount of output with a fewer number of workers, society could produce more output with the same amount of workers. Yet, as he rightly points out, if there is increased saving resulting from the increased income that would accompany the higher level of output, unless there is an exactly offsetting higher level of investment or government expenditure, the new higher level of output will not be sustainable, as all production will not be sold, and firms will cut back their production and lay off workers. In the absence of a full employment policy: Economizing resources by the use of more efficient methods is like pouring water into a broken vessel with a large hole in it that is already holding as much as it can hold. No matter how much more is poured into it there will remain no more than at the beginning. The savings due to greater technical efficiency merely go to waste in further unemployment just as any additional water merely goes to waste through the hole.(lerner, 1951, p. 144) Neither is it the case that such technical advances are merely neutral; they may be harmful. First, rather than making more leisure possible, with labor-displacing technical advance "what we get is not the tranquillity of refraining from effort but the frustration of failing to find work. In ewvery socially significant sense the increase in efficiency brings not greater happiness but greater misery" (Lerner, 1951, p 144). Second, labor-displacing technical advance may result in lower aggregate output and income. This can occur if the technical change leads to a redistribution of income from wages to profits, or from those with a higher marginal propensity to consume to those with a lower marginal propensity to consume. In such a case, aggregate spending will decline, reducing effective demand, and thus aggregate output and income (Lerner, 1951, pp ). With a true full employment policy in place however, labor-displacing technical change is truly efficient, since the inceased efficiency will not result in unemployment. Thus, technical advance can be welcomed by society, as it is truly beneficial.
7 Lesson #11: Without a full employment policy, a country must suffer over its trade balance. With a full employment policy, there is no need to worry about importing "too much" relative to exports. In the absence of full employment guaranteed by functional finance, a country must worry about rising unemployment stemming from an increase in the value of imports over the value of exports. Thus, an excess of imports over exports is considered an "unfavorable balance of trade" and the reverse is considered a "favorable balance of trade." But Lerner looks at foreign trade as "the means by which we obtain for our own use goods that are manufactured abroad" (Lerner, 1951, p. 321): The input of the foreign-trade industry consists of the effort involved in the manufacture of our exports The output of the foreign-trade industry consists of the imports which it yields to us for our use. (Lerner, 1951, p. 321, original emphasis) In other words, exports are a cost, and imports are a benefit. Thus, with a real commitment to full employment, an increase in a country's imports relative to its exports is an increase in its benefits. It is only without a full employment policy that this is undermined, as such a development will have a negative impact on aggregate demand, output, income, and employment. Countries therefore attempt to increase employment through promoting exports and restricting imports, i.e., by promoting costs and restricting benefits. The idea that a country can cure unemployment only by developing an export surplus is completely baseless unless the society has developed a taboo against every other way of increasing the level of spending Functional Finance dissolves any "imported unemployment." (Lerner, 1951, pp. 327, 332). Lesson #12: Attempts to argue that the deficit and debt are not really as big as they look, or that if we measure them differently or keep a capital account they are not really that bad, are counter-productive. For Lerner, "deficit doves," by trying to placate concerns about government budget deficits and the national debt, actually do harm to their own position as "proponents of organized prosperity" (Lerner, 1951, p. 15): A kind of timidity makes them shrink from saying anything that might shock the respectable upholders of traditional doctrine and tempts them to disguise the new doctrine so that it might be easily mistaken for the old. This does not help much, for they are soon found out, and it hinders them because, in endeavoring to make the new doctrine appear harmless in the eyes of the upholders of tradition, they often damage their case. Thus instead of saying that the size of the national debt is of no great concern (and) that the budget may have to be unbalanced and that this is insignificant when compared with the attainment of prosperity, it is proposed to disguise an unbalanced budget (and therefore the size of the national debt) by having an elaborate system of annual, cyclical, capital, and other special budgets.(lerner, 1951, p. 15). Even worse for Lerner are those who state they agree with the principles of functional finance but waffle in their support because they believe the public will not understand, and those who claim that functional finance seems reasonable but believe there must be something wrong with it that they are unable to see (Lerner, 1951, p. 16). The former tend to be 'intellectuals' who underestimate the public's ability to understand, while the latter tend to be members of the public who hold intellectual adherents of sound finance in unwarranted high esteem. Both tendencies result in stalling policies for prosperity. Lerner compares the situation to the fable of the emperor with no clothes, in which the people are too timid or fearful to speak out. When it comes to functional finance, The scholars who understand it hesitate to speak out boldly for fear that the people will not understand. The people, who understand it quite easily, also fear to speak out while they wait for the scholars to speak out first. The difference between our present situation and that of the story is that it is not an emperor but the people who are periodically made to go naked and hungry and insecure and discontented a ready prey to less timid organizers of discontent for the destruction of civilization. (Lerner, 1951, p. 16, original emphasis)
8 Lesson #13: When there is unemployment, jobs and money, not resources and goods, are scarce. In a full employment economy, resources are scarce. Economizing is important, as resources can only be allocated to any use if they are removed from some other productive activity. In an economic system with unemployment, however, goods are not scarce, as more can be produced by employing the unemployed resources. But there are other kinds of scarcity in the economy suffering from unemployment: What is scarce is money. The lack of money to spend on the goods is what keeps the unemployed resources from producing more goods. Work, moreover, instead of being a curse, is desired more than anything else because the alternative is not the enjoyment of leisure but the suffering of unemployment and deprivation. Of course, if people could get income without having to work they would not object too much (although their self-respect in feeling they are useful members of society who are earning their income is too easily underestimated). But it is only by finding work that they can obtain the necessary income they need. (Lerner, 1951, ) Lesson #14: Functional Finance is not a policy; it is a framework within which all sorts of policies may be conducted. There may be misconceptions that functional finance is equated with a particular policy, e.g., running a big deficit. Functional finance is rather a general approach within which a whole series of policies may be conducted. The actual policies which will be implemented will depend on the economic circumstances that exist at a particular time. Functional finance is an outlook that what matters are the effects of policies and not the policies themselves, which are mere means. Thus functional finance does not advocate big deficits under any and all circumstances, just as it does not view a balanced budget as inherently good' in and of itself, independently of its impact on the economy. What functional finance advocates first and foremost is that policy be based on an understanding of the monetary and financial system in which we live, and not some idealized vision of some other system, or some system that may have existed at some other time. For example, if fiscal and monetary policy is formulated as if we were on a gold standard, we not only will sacrifice tremendous potential benefits, we may subject ourselves to grave danger. You cannot, and should not, run a fiat currency system by the logic of a metallic standard system. Lesson #15: To achieve full employment, government spending may have to include direct job creation. Traditional fiscal and monetary policies may be ineffective in achieving full employment. Direct job creation in the form of public works may be necessary in order to attain and maintain full employment and price stability (1944, 315ff). Even public employment that produces no visible good or service is beneficial, in that it still creates jobs for the unemployed and increases aggregate output and income, with all their associated benefits. But there is no reason that public employment should ever have to be unproductive, since there are so many public and social services and activities that are not normally undertaken by the private sector and that benefit the economy and society in numerous ways (see, e.g., 1951, 90ff). Public works can increase the productivity of the private sector. In addition, public employment is key to respecting individuals' desire not to relocate in order to find employment, which avoids disruption of family and community. Conclusion The work of Abba Lerner on functional finance and full employment contains lessons as relevant today as when they were first put forward some five decades ago. At a time when orthodox theory and policy offers little in the way of either explanation of the causes of crisis or cures in the form of effective policy approaches, it would do well to revisit these ideas and the ideas of other great thinkers of the past. Their work is of more than antiquarian interest; they contain valuable lessons that can inform current analysis and formulation of
9 approaches to macroeconomic policy. References Lerner, Abba "The Economic Steering Wheel." University of Kansas Review (June) "Functional Finance and the Federal Debt." Social Research 10: The Economics of Control. New York: Macmillan "Money as a Creature of the State." American Economic Review The Economics of Employment. New York: McGraw Hill "On Instrumental Analysis." In Economic Means and Social Ends: Essays in Political Economics edited by R. L. Heilbroner. Englewood Cliffs, N.J.: Prentice Hall.
Supplemental Unit 5: Fiscal Policy and Budget Deficits
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text:
Potential for increasing producers' income from wool, fibre and pelts in Central Asia
TypeWorking Paper
AccessibilityOpen Access
MetadataShow full item record
Permanent link to cite or share this item: https://hdl.handle.net/10568/49754
Google URL: https://books.google.com/books?id=CgJ2K8q_yr0C
The systems of livestock production, marketing and research have been profoundly transformed by recent policies in Central Asia since the break up of the Soviet Union. Decollectivisation of state farms has transferred livestock ownership to new private farming units. These receive little or no state support for inputs, or for processing and selling livestock products. Most livestock-keeping families have much-reduced incomes compared to the Soviet period. Live animal sales now constitute the main subsistence income for such families, but may be unsustainable for the majority of families who own small numbers of animals. Poverty is particularly prevalent in the more remote areas distant from urban markets.
AGROVOC Keywords
SubjectsRESEARCH; RANGELANDS;
RegionsASIA; CENTRAL ASIA
- ILRI archive [4980]


text:
The Fosters
One new show in the summer I have been hooked on is The Fosters. it really is a different show and the writing just keeps getting better. When I seem the promo I was a little iffy on it at first. It looked good, but thought it was going to get a lot of negative reviews and get cancelled. Boy was I wrong and glad I was.
The season finale was amazing. It had joy, sadness, anger, all emotions in the finale. I do ship Callie and Brandon, but was hoping they became closer before kissing.
Lena's parents and Stef's mom were funny. The tension with the parents was bigger than the wedding. When Stef went to her fathers house and told him not to come if he's not 100% for this to not even show up was so rawr and beautifully done. So amazed by this scene I had to watch it a few times.
I seen the Jude and Callie getting adopted by Lena and Stef. I'm happy for them and the second half will be difficult. Jude walked in when Callie and Brandon were making out. The things Jude said to Callie were hurtful, but he had that bottled up for sometime now. Callie deciding to leave to make Jude happy and have him a safe place to live and not be selfish. Even though running isn't the best idea. I'm glad now we won't see the last of Wyatt. He is such a sweetheart.
The whole Lexi storyline was bound to happen. It will effect Mariana more than Jesus. What will happen now that Callie ran away? Will they go look for her? How will Jude feel? Abandoned? What will happen to Brandon and Callie? How will he feel when he finds out she ran away? They didn't talk after they kissed, will he think its his fault?
So many questions, I'm excited for the second half of season 1 which will be back in January! What did you think of the episode?


text:
If we went for hyperbole, it would be entirely justifiable to write that the future of modern corporate communications will be "fought on the great battlefield of unified communications." An entirely realistic case can be made that much of the positioning and posturing vendors and service providers have done during the past half-decade or so will culminate in the great tussle over UC.
Well, we don't really go for hyperactive writing. The reality is, however, that once everything was put on the same IP-based network, the die was cast for initiatives aimed at knitting all the applications so closely together that they could seamlessly and elegantly ferry messages across the entire landscape. This, logically, can do nothing but eviscerate the competitive landscape, ripping what was built over a century of toil to shreds (oh, sorry, make that "change the competitive landscape significantly").
However it is phrased, a different future is arriving. One bookend is the potential of UC. The other is the importance of Microsoft. The company introduced core components of its UC strategy this week in San Francisco, including the RoundTable video conferencing device, updated Live Meeting videoconferencing software and the Office Communicator.
By far the most important product is Office Communications Server 2007. News.com does a nice job of describing how the product expands on its predecessor, Live Communications Server. IP data -- an e-mail, an IM or anything else -- can move effortlessly between IP-based applications. Indeed, the breadth of the project is evident at this Microsoft link, which enables searches of the company's UC partners by general area (conferencing, e-mail, hardware, IM/presence, unified message and voice) or summon them all at once (about 90 companies are listed, many of which introduced products for the occasion).
The handwriting is on the wall. As the network collapses into one big UC bouillabaisse, vendors need to subtly redefine what they do. The common and unsurprising wisdom -- which also is voiced in the ZDNet story -- is that Cisco is taking a network approach and Microsoft a software approach to UC. The interesting (and amusing) part is the ways in which the two vendors say they will work together. The reality is that the line between cooperation and competition will be a lot fuzzier in an era in which different hardware and software elements of a network fit together so much more snugly than in the past.
One example of how UC changes things is that it gives Microsoft a presence in the telecommunications sector. Sean Gallagher at InfoWorld blogs that Microsoft has been smart in that it has waited until most of the technology development needed to enable IP to work in the telecom sector -- and therefore support UC -- has been done. The next great challenge, one for which Microsoft is uniquely qualified, is making products that are user-friendly.
Such a significant shift also has its human ramifications. Computerworld describes the contretemps that likely will occur between IT and telecommunications staffs as the demarcations between the two realms fade. What's at stake is which department, telecom or IT, will have control. While no definitive conclusions are reached, the sense of the piece is that the telecom folks will always have an important role and a big say in things, but the ultimate hammer will be wielded by IT.
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