Nicolas Goetzmann is now blogging

There is now a market monetarist blog in France.  Nicolas Goetzmann has published some MM articles at  He’s also supplied me with useful tips about the situation in Europe.  It’s good to see that Nicolas is now blogging. France may need some help on the demand side, as the new government doesn’t seem to be doing much for the supply-side of the French economy.

There are now MM blogs in Canada (Rowe), Brazil (Nunes), Denmark (Christensen), Germany (Kantoos), Britain (Britmouse), Australia (Lorenzo), and now France.  I’m probably leaving some people out.  If so, contact me and I’ll add your name to the list.

Market monetarism is becoming a global phenomenon.



27 Responses to “Nicolas Goetzmann is now blogging”

  1. Gravatar of Major_Freedom Major_Freedom
    19. October 2012 at 19:57


    France may need some help on the demand side, as the new government doesn’t seem to be doing much for the supply-side of the French economy.

    Inflation is not a substitute for real wealth. If a government is hampering the economy and reducing real growth through bad regulations, then it is silly to believe that all or some of the losses can be eliminated by people using more Euros in their transactions.

    I mean, if one is stranded on a deserted island, and he is faced with hardships in terms of food, shelter, and clothing, then it would be rather strange to believe that he can at reduce these hardships by collecting clamshells and believing he is rich.

  2. Gravatar of Justin Irving Justin Irving
    19. October 2012 at 20:42

    Good to see that there is a Market Monetarist writing in French. I am increasingly worried about about the synchronization of monetary policy needs between France and Germany. If Merkel goes through with this stimulus, and it proves more stimulating than estimated, and Hollande’s policies prove more damaging than estimated, the ECB could find itself in an even more serious bind.

  3. Gravatar of Mikko Mikko
    19. October 2012 at 23:07

    A friend of mine is blogging Market Monetarism in Finland (in Finnish) And I know another who’s doing his PhD on market monetarist ideas.

  4. Gravatar of Lars Christensen Lars Christensen
    19. October 2012 at 23:55

    Excellent news…I am trying to have links all of the MM blogs on my own blog. I would also mention in Switzerland and in Hong Kong. and in Spain.

    And Mikko thanks for the link!

  5. Gravatar of Saturos Saturos
    20. October 2012 at 03:19

    WOW that’s a nice looking blog. Now I really wish I could read French.

  6. Gravatar of Saturos Saturos
    20. October 2012 at 04:27

    Bryan has a new reply to your post on government, which I should have thought of:

    See also my updated response:

  7. Gravatar of Saturos Saturos
    20. October 2012 at 04:55

    Scott, how much of this do you agree with?

  8. Gravatar of Saturos Saturos
    20. October 2012 at 04:56

    Lars, your Swiss link is the same as Scott’s French link…

  9. Gravatar of ssumner ssumner
    20. October 2012 at 05:59

    Saturos, I agree with almost none of it, but I only read a few paragraphs.

    I left a long reply over at Bryan’s blog.

    Lars and Mikko, Thanks for the links.

  10. Gravatar of marcus nunes marcus nunes
    20. October 2012 at 06:23

    Nicholas Goetzmann´s blog has a great name: “Counterintuitve”. The Oct. 19 post title is also good:
    La crise…. des subprimes (non) / financière (non plus) / de la dette (toujours pas)… est monétaire
    Translation: The crisis…subprime(no)/financial(also no)/debt(forget about it)…is monetary

  11. Gravatar of Bonnie Bonnie
    20. October 2012 at 07:28


    Google translate is your friend!
    The Chrome browser also has a built in translate feature.

  12. Gravatar of Nicolas Goetzmann Nicolas Goetzmann
    20. October 2012 at 07:39

    Dear all, thanks for all your comments. Will try to make MM popular in france. But as far as I can see resistance is also very strong here, not so different than Germany on that point. We are still under Trichet influence…

    Thanks again.

  13. Gravatar of Patrick R. Sullivan Patrick R. Sullivan
    20. October 2012 at 12:49

    Interruption for a Pot, Kettle, Black Award for a former Clinton Admin Treasury official;

    ‘I think Noah misses an important thing here: it’s not just that economic advisors give their political masters the free gift of endorsements in return for vague promises of future high federal office. Politicians also do craft their messages and their policies to win validation from economists.’

  14. Gravatar of W. Peden W. Peden
    20. October 2012 at 17:35

    Nicolas Goetzmann,

    A very interesting blog. Apart from Lars Christensen, I read very little from inside the eurozone, so your blog is a very welcome addition.

    It is particularly interesting to read that inflation-phobia is as common in France as in other places, although this is a time of low inflation and high unemployment across most of the eurozone. In Britain, we hear a lot about French tax policy, but little about more general economic opinions in France.

    What does “HICP” mean? Is it a broad measure of retail prices? Or a producer price index?

  15. Gravatar of W. Peden W. Peden
    20. October 2012 at 17:38

    (Sorry, I have found the answer to my question by looking up on the English wikipedia: . I had assumed it was a French initialism and I was trying to guess what it would be.)

  16. Gravatar of Lorenzo from Oz Lorenzo from Oz
    20. October 2012 at 19:00

    Wow, that puts me in elevated company; I’ll take the compliment thanks 🙂

  17. Gravatar of Benjamin Cole Benjamin Cole
    20. October 2012 at 19:03

    OT, but I have thought that maybe Sumner, or a sociologist-economist somewhere, may want to pursue.

    It seems to me that the Fed can create consensus in the econ world, merely by acting. There seems to be some sense that if an authoritarian body takes a step, then that step must be warranted, ergo it becomes consensus.

    When the Fed went to QEI, there was hue and outcry. Less so after QEII, Now, with perma-QE, we hear nothing. QE has become accepted, despite Bernanke’s feeble dithering, lack of transparency and confidence.

    When Volker did the Volcker thing, many assented thereafter.

    This says to me Bernanke could have pushed the envelope a lot more.

  18. Gravatar of Jonasch Wiaderny Jonasch Wiaderny
    21. October 2012 at 04:08

    Nicolas, you picked indeed a very nice theme for your blog. Too bad you write in french though, but considering your target audience it’s comprehensible.

  19. Gravatar of Saturos Saturos
    21. October 2012 at 04:32

    So money is the medium of account? Check out this idea, with a semi-endorsement from Tyler Cowen:

  20. Gravatar of Saturos Saturos
    21. October 2012 at 04:37

    Did Klemperer auctions improve UK monetary policy?

    And does this argument seem as suspect to you as it does to me?

  21. Gravatar of Ben J Ben J
    21. October 2012 at 05:02

    MF missed the concept of involuntary employment completely? Or is he just ignoring it; hoping the clamshells have won the day…

  22. Gravatar of ssumner ssumner
    21. October 2012 at 05:45

    Saturos, If currency is not the medium of account, then what use is it? Will vending machines still accept my change?

  23. Gravatar of Saturos Saturos
    21. October 2012 at 06:34

    Bonnie, yep, sorry, just did that. But I’ve given up on Chrome; contrary to claims it is not suited for many-tabbed browsing…

    Will vending machines still accept my change?

    Yes, but it does not denominate its own value. It’s just another commodity, like apples; except it’s the only commodity that appears on every market.

  24. Gravatar of J.V. Dubois J.V. Dubois
    21. October 2012 at 09:16

    Saturos: About that “Global price unit” article I really don’t get it. Besides of obvious flaws, such as accusing quantity of money for inflation/deflation without even a mention of money velocity, is not something that cannot exist now.

    People regularly use their dollar credit cards for buying things in Eurozone and many other currencies and there are people purchasing things in bitcoins. I can easily see a true “gold” credit card – a system where all your cash is stored in gold which is then sold for their spot price at the exact moment of making a payment. You can do this for any sufficiently liquid market commodity. Only for some reason people don’t like it.

    And don’t let me get into other things, like money illusion nominal rigidites etc.

  25. Gravatar of Doug M Doug M
    21. October 2012 at 12:57

    Regarding “Global price units”, if we could find something that is valued around the world, with a supply that cannot be manipulated by local governments… I’ve got it Gold!

  26. Gravatar of ssumner ssumner
    22. October 2012 at 15:56

    Saturos, You lost me there. If the candy bar costs one unit, then won’t the machine reject my one dollar?

  27. Gravatar of Major_Freedom Major_Freedom
    22. October 2012 at 17:36

    Ben J:

    MF missed the concept of involuntary employment completely? Or is he just ignoring it; hoping the clamshells have won the day…

    Involuntary employment? You’re right, I did miss the concept of slavery completely in this discussion. Should I have included slavery in some respect?

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