Tuesday, December 20, 2011

assume a closed system

assume credit is rationed by interest  rate
assume there is only internal credit
assume no defaults
assume adjustments are only made to prices
not quantities

etc etc etc

thus might one launch
 a just so story for the chattering herd

of course whatever the list of pre requisites

 leave them  strictly implicit
so the monks at the local econ con  monastery
can chase each others tales and tails

endlessly providing
the necessary excavations of hidden assumptions

chime the terrors of tiny town

trigger the ceaseless gibber of toyland  cross talk