I'm curious how do you filter the air?

It is not same amount of goods, new goods produced more and more every day, or the quality improves continuously

And, those inflated money were typically used to finance a long term project in loans form. After that project finished, what left over is debt, if there are any inflation, it should be happened during the project (when the new money enter the market), not after project completion

So, if there are many long term project (10 year +) and loan based consumption, the inflation will have no direct relationship with money supply, thus make the money supply control more difficult

Inflation happens when there are plenty of money but little goods/services, but now most of people do not have enough money and the goods/services can be produced in whatever scale/speed

No, that will more likely be driven by the chinese underground shadow banking system

So, after collective action clauses invoked, 95.7% of the bond holders will forced to take a 53.5% loss on the Greek bonds they hold

A natural question is, if some of those bonds are protected by CDS contracts, then who is going to take the loss instead? Investment banks? Insurance companies?

What if ECB itself issue the CDS? Could all these losses disappear?

It's a norm that if you saying that a bank is protected by saving guarantee then almost everyone will trust the bank, although they have no idea who is providing this guarantee

better places to put the mining rig:

1. In mountains of Tibet
2. water radiator sunk into a lake, or even better a river

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WASHINGTON (MarketWatch) — Federal Reserve officials are considering a new type of quantitative easing that will attempt to boost the economy without accelerating inflation, according to a report published Wednesday.

Analysts said the new approach would allow the Fed to move despite high oil prices.

Under the new approach, the Fed would print new money to buy long-term mortgage or Treasury bonds but effectively tie up that money by borrowing it back for short periods at low rates, according to a story in The Wall Street Journal.

This “sterilized” quantitative easing, would use reverse-repurchase agreements to keep the money from flowing to bank reserves.
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Why can't such measurement apply to Greece? The printed money is used to buy the debt, and that money is exclusively reserved for  finance the debt, it should not flow into the bank reserves, but make the banks' balance sheet much healthier: The toxic assets (or debt, or loss) are moved from bank's balance sheet into FED's balance sheet, so that banks can operate without worry

The most attractive property of FPGA miner for me is low heat and low noise. Of course with advanced cooler or even water cooling, the problem could be less for GPUs, but still an issue

I just RMAed a 5970 weeks ago, and since it is out of stock now, I only get my money back, so I have to hunt another 5970

one of my 5970 never has been able to run stable above 760 MHz, but it turned out to be a bad pci-e extender cable, re-soldered one of the wire and now it runs at 800+ Mhz stable

Another 5870 died after 30 seconds into mining, that is because I installed too thick heat pad on the memory thus make the GPU not able to contact the cooler surface evenly, replaced the heat pad solved the problem

Let's suppose the Greek really spent others money, then, how to prevent other people from spending your money?

A capture fish and sell them to market, B pick fruits and sell them to market, both of them use exchanged shells to buy other products. But from one day, B just buy everything with a long term loan without pick enough fruits, what will happen?

1. The price of fruits will rise due to reduced supply
2. C will produce fruits due to rising prices
3. Fruit price get back to normal
4. B can not produce fruits any more since now the competition is hard (C took his job)
5. B will live on loan and accumulate huge debt

Both A and C thought the money are created by them (or corresponding to wealth created by them), so they can think that B is spending their money, but the essential part is: B is consuming A and C's products without providing any valuable things in exchange. Although B provide money as exchange, he did not contribute to the amount of consumable wealth

How much B should provide in exchange, is very difficult to judge. It is not decided by B's labor, but mostly decided by A and C's desire (if Greece can provide lots of petroleum, it is no problem at all). So, as long as A and C desire money, B can pay them with money, A and C will feel satisfied

A want others to buy his products as much as possible, but on the other side, he will feel unfair if B just buy his products by printing money, this is essentially a moral question, not an accounting or economy question

So, if A can not do anything about B, the only way to prevent B from spending A's money is: A spend the money he earned immediately and exchange to consumable goods, thus he will make sure no one can have access to his labor. But that is also not very practical, due to none of the consumable goods can be kept for long, and transportation and liquidation for them is also troublesome

Then he will realize that if he would like to hold the value in goods form, he will immediately face lots of risk, so finally maybe he still prefer holding the currency, but he will try all he can to stop B from buying his labor with loaned money

So who is the most clever guy here, B of course. He spent big, lived a good life, and have lost his job, thus he has nothing to pay the debt, what the banks can do is only write off his debt and keep going forward. And IMO, since both A and C has earned enough money in this process, they will feel satisfied anyway, why should they blame B? Of course when they start to spend their savings, they will find out that there is not enough goods in the market, but that is many years later, and if that is the case, B will find a job and payback his debt

We need more country like Greece to raise up the GDP for those export based countries 

I think the key is to raise all the parts of the fan at the same time, since you do not have access to all the parts of the fan at the same time, some parts will be lifted first, but only marginally, if you lift one part too high, then the spool will get high tension from that side and becomes more difficult to lose

I guess another solution is to use 5-7 strong string to evenly tie the fan blades at different parts and drag the fan out slowly

Actually I don't see the currency is a problem in a network based society, and most people don't even care about exchange fee when they buy something on internet using paypal, but the transportation and custom clearance of goods are the biggest trouble, how can BTC help with that? (If you pay by BTC, then shipping and tax will be free?)

As usual, professional miners will move some operations into china due to lower manufacturing cost of FPGA miners, but not the mining operation, since if their police try to ban the BTC related traffic on internet, that will be done quickly

Both 

Actually it is not robbery, but allure, since the consumption is always voluntary. Allure others into spending future income and trap them into debt, typical credit card company's business

My point is that the consumption should not deviate from the production too much, otherwise there will be imbalances in the system. If someone suddenly increased their production by a great margin and their consumption did not increase at the same pace, then either their products will drop in value due to oversupply, or someone else is going to have a debt due to increased consumption

It's also interesting to see Buffet's view, he pointed out 16 hours of working, but how about those people can working 24 hours (by using automation and computer)? Would those guys buy out every thing? Or any other people have to work 24 hours to keep their deficit from growing?

This crazyness has to stop, no one should work more than 8 hours, and they should even reduce working hours to 4 to increase the employment rate. Robbing other people through hard working does not change the fact that it is still robbery

Another type of fan from 5870, this one is much easier to remove, and there is a black heat pipe on the back of the VRM cooler part, so that it can run easily at 900+ mhz

Comparative advantage only apply to the situation that production can not keep up with the demand, thus increasing overall production efficiency is the concern. But after production speed has outpaced demand in modern times, how to increase the demand is the  question

In another word, "Demand=Big customer", if everyone will find a big customer, they will happily make a lot of money. Then who is this "Big customer"?   ---- Greece;) since they are the one that spend more than they earn, everyone that spend less than they earn is not a customer since they take more from you than they give you

In an island with only 2 people, both A and B produce 100 shells worth of products and consume 100 shells worth of products each month, it means that their production is equal to their demand. They will never get much richer. If A managed to make some savings, then B will accumulate same amount of debt (suppose their products can not be stored for a long time)

But, if A and B both can get 100 extra shells loan to spend each month, they will have more consumption, these consumption in turn will create some extra shells of earning for both of them, so after one month their income will increase to 120 shells, and as long as their income are increasing, their loan can also increase, this has been the case for most of the countries running fiat money today

Danger arises when one of them becomes more self-sufficient. For example A could produce whatever he want and he don't really need B's products since they are of low quality, he only need B's money to buy his products. In such a case, even B noticed that his sale towards A dropped quickly, as long as B has access to the loans, he can always cover up the hole with new loan and the whole process will take decades until it runs out of control

Those islands are valuable because of their Greek history and culture, if they changed owner, the culture will not be there any more, then the island will not be attractive to travelers, just like any other small tropical islands

Maybe, those money has already been spent long time ago, now newly printed money are only used to refinance the debt and wait for production to keep up

Actually I think it is the central bank's tighten action caused the financial crisis, but why do they tighten? (They might concerned about the validity of the currency)


That is questionable, what if Greece can not impress Germany and France with their products/services? And why do they need to? They could live a life without any Germany and France products, only self sufficient. Ricardo's comparative advantage theory is no longer suitable for today's high production power

Time to re-apply thermal compond and thermal pads (1mm thick pads will work, best with those brown colored soft pads), my 2 GPU on 5970 never differ more than 2C and they are all on AS5 (very thin layer)