As of this writing the Dow is down another 125 points or
so. Don’t worry, though. Primarily, of course, despite what “the
experts” would have you believe, the stock market is not the sector where primary
activity takes place. That’s why it’s
called “the secondary market.” In a
rational world, the primary market affects the stock market, not the other way
around.
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| Welcome to Keynesian Backwards Land |
Of course, we are not living in a rational world, at least
economically speaking. In Keynesian
Looking Glass Land, everything is backwards.
The secondary market is the primary market, and vice versa. The production
of marketable goods and services depends on the money supply instead of the
money supply — the medium of exchange — being derived from exchanges involving
marketable goods and services. And so
on.
The other reason you shouldn’t be worried (much) is that the
government will start pouring more money into the stock market to “reflate” the
price level by issuing more debt. As
long as the new money goes to increase prices instead of being invested in new
productive capacity or even direct consumption, everything will be fine. Look how well it’s worked for Greece. . . .
Meanwhile, back in the real world:
• CESJ’s article that appeared last
month in Homiletic and Pastoral Review,
“Pope
Francis and the Just Third Way”, has been translated
into Spanish and is currently being edited and formatted. We plan on releasing it both as a stand-alone
piece and in a dual language version.
 |
| Soon available in Spanish |
• Members of the CESJ
core group recently re-discovered the original list of participants in the
meeting on April 7, 1984 that led to the formation of CESJ.
• Plans for CESJ’s
participation in the World Meeting of Families are moving ahead.
• As of this morning, we have had
visitors from 52 different countries and 46 states and provinces in the United
States and Canada to this blog over the past two months. Most visitors are from
the United States, the United Kingdom, Canada, Guatemala, and India. The most
popular postings this past week were “Halloween Horror Special XIII: Mean Green
Mother from Outer Space,” “News from the Network, Vol. 8, No. 26,” “News from
the Network, Vol. 8, No. 28,” “Thomas Hobbes on Private Property,” and “Solving
the Greek Debt Crisis, V: Presenting the Solution.”
Those are the happenings for this week, at least those that
we know about. If you have an
accomplishment that you think should be listed, send us a note about it at
mgreaney [at] cesj [dot] org, and we’ll see that it gets into the next
“issue.” If you have a short (250-400
word) comment on a specific posting, please enter your comments in the blog —
do not send them to us to post for you.
All comments are moderated, so we’ll see it before it goes up.
#30#