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"Is there a ban on printing more money? If so he should lift that too and fix the economy while he's at it."
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"Uncertain Principles" features the miscellaneous ramblings of a physicist at a small liberal arts college. Physics, politics, pop culture, and occasional conversations with his dog.
"Prof. Orzel gives the impression of an everyday guy who just happens to have a vast but hidden knowledge of physics." (anonymous student evaluation comment)
Emmy is a German Shepherd mix, and the Queen of Niskayuna. She likes treats, walks, chasing bunnies, and quantum physics.
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« Owie, Owie, Owie | Main | links for 2008-07-18 »
links for 2008-07-17
Category: Links Dump
Posted on: July 17, 2008 5:31 AM, by Chad Orzel
Comments
# 1 | AlyoshaPo | July 17, 2008 8:12 AM
Increasing oil supply lowers value of oil -- which would be good.
Printing more money = inflation -- which is very bad.
Not that drilling offshore would somehow fix oil prices, but the analogy here is horrible.
# 2 | CCPhysicist | July 17, 2008 3:38 PM
But inflation also lowers the price of oil. Printing money actually was the strategy used by the United States to deal with previous price hikes. (The Onion is often very preceptive.) The pump price (paper dollars) did not come down much, but the cost in real terms did.
http://oregonstate.edu/cla/polisci/faculty-research/sahr/gasoline.pdf
Compare 1981 to 2002. Same pump price (about 1.30 per gallon), but inflation drove the value from 3.26 to 1.60 in current dollars. If oil ends up effectively priced in Euros or Yuan, the same thing might not happen this time.