The fiscal theory of the price level (FTPL) provides an update and revision of monetary theory to address puzzles raised by the failure of both the new Keynesian theory (commonly used by central bankers) and neoclassical monetarism (in particular, the quantity theory of money as interpreted by Milton Friedman and Anna Schwartz)—puzzles such as the low inflation that followed the sustained expansionary monetary policies post-2008. We aim to summarize and explain the FTPL as developed by Eric Leeper, John Cochrane, and others. The FTPL builds on neoclassical monetarism by observing that government liabilities—bonds, notes, bills, and currency—derive their value from the assets that back these liabilities. These assets are chiefly the present value of future tax revenues, minus government spending other than that part of spending used to service the liabilities themselves. This net “profit” of the government is called the primary surplus. This primary surplus can be expressed in real terms (a quantity of goods and services, rather than a money amount). The total real value of the bonds is thus the total real value of the assets backing the bonds: the present value of all future real primary surpluses (which we shorten to PVFS, present value of future surpluses). In a very important sense, the FTPL harkens back to commodity-based theories of money, except now the “commodity” is the real value of future surpluses earned by the government. We can then solve for the price level. It is simply the nominal value of the bonds (the face value or number of bonds issued) divided by the real value of the bonds (the PVFS). If the nominal value of the bonds is held constant and the underlying asset (PVFS) becomes less valuable, prices go up. If the PVFS becomes more valuable, prices go down. We thus calculate the value of “money” (including government liabilities of all maturities) the way one would calculate the value of any security: through discounted cash flow analysis. Note that this approach is consistent with the QTM because, if money is defined in the traditional way as currency and demand deposits and we now hold the PVFS (the backing of the money) constant, then the price level is proportional to the amount of money in circulation. The FTPL is a more complete theory, however, because (1) it incorporates all government liabilities, not traditional money alone, and (2) because it is forward-looking and dynamic rather than considering only conditions in the present.
Where is the Ark of the Covenant? Rachel Davis, a troubled archaeologist, invites colleagues to visit a dig at Mount Sinai in Egypt, where many believe the ark was created. She's found something buried deep in the copper mines that riddle the mountain. Then an earthquake strikes leaving her trapped under ground. Devlin Lang, a brilliant app developer has an app that uses super-fast quantum computing. He used to work for the U.S. military. They want him back to stop an out-of-control energy experiment. Devlin is also funding a dig in Ireland. He needs Rachel to interpret some ancient Hebrew writing they've found. If you have any interest in the Ark of the Covenant and the latest theories for its location featured on Discovery Science Channel in their Secrets of the Lost Ark, 2021 TV series, including multiple interviews with this author, you'll love this book. Don't miss it. Reader's reviews of other books by this author: "★★★★★ Excellent characterisation, gripping story, very well written," - Verified Amazon Reviewer. "★★★★★ Characters are well drawn and realistic in not being "perfection personified" story keeps moving at appropriate pace, landscapes well described," - A. Morgan, Verified Amazon Reviewer. "★★★★★ Author Laurence O'Bryan paints scenes with highly descriptive writing that puts you in the scene, making you feel you are right there witnessing the action," - Robert Lalonde, Verified Amazon Reviewer. "★★★★★ Brilliant book, that pulled me right in from the start. The characters are wonderful, full of life," Verified Amazon Reviewer.
Torn between love and duty Constantine faces disaster. Juliana, his mistress, has been kidnapped by a raiding party and taken to northern Germania, out of reach of his legions. Ignoring his mother's demands for him to marry quickly, Constantine assembles a Roman cavalry cohort and heads into the endless forest. Somewhere far ahead is the meeting place of the tribes where Juliana is facing a fight to the death among a people who collect skulls as ornaments and are ruled by a queen with a strong blood lust. Constantine then finds out that his young son has been taken to Rome as a hostage. His only hope of rescuing him is to march on the city. Battered and in disarray, he and his legions finally reach the city walls. His Saxon allies have defected. He is seriously injured, and every key battle his army has won, was because of his personal intervention. Then his closest friend, the leader of the Christians in Rome, also defects to the enemy. Is this the end for Constantine? The Battle of the Milvian Bridge was one of the most important in history. This story tells us what could have happened that stormy day in 312 A.D. and who the women were who changed the course of the battle.
The conspiracy spreads. Dr. Robert McNeil has been released from Federal prison, but after traveling to Egypt, where difficulties with his vaccine have been reported, he faces a familiar enemy. Vladimir is also in Cairo. Russia wants a leading role in vaccine manufacture for the developing world and is wiling to do anything to achieve this. In Washington, a Chinese agent is tasked with stopping revelations about the Chinese Communist party and its role in the early days of the virus sweeping a path of misery around the world. The body count piles up as the forces unleashed strive to control what comes next. The explosive ending in Washington D.C., as the Chinese and Russians attempt to subvert the United States, while a presidential election is taking place, is not to be missed by anyone who loves thrillers with twists that will keep you guessing to the last page. Reader's reviews for this series: "★★★★★ A timely masterpiece. The Conspiracy is one of those books you read well into the night not caring if you'll wake with little sleep," - Vine Voice, Verified Amazon Reviewer. "★★★★★ An important book during an important time in world history," - Verified Amazon Reviewer. "★★★★★ The Conspiracy is a well-crafted novel that quickly pulls the reader into the intrigue of our new pandemic world. This timely book is easy to read but thought-provoking and insightful. The fast pace and intelligent storyline are absolutely addictive," - Verified Amazon Reviewer. "★★★★★ An exceptional follow up to his first book. It can't get any more timely than this, and who knows all that is really going on?" - Verified Amazon Reviewer. "★★★★★ An excellent story. I read the book in one sitting," - Verified Amazon Reviewer.
Fresh and exciting," SJA Turney, author of Caligula. Cool mist settles over the legion sneaking toward the Persian army. Constantine, the son of an emperor, the Roman officer leading this raid, tells his men to halt - something is wrong. Have they been seen in the pre-dawn light? Before long, the battle rages. Eventually he frees a slave named Juliana. She is half Persian and half Roman. As they are pursued to Britannia over land and sea, he learns that she can see the future - his future. It is 306A.D., long before Constantine the Great converted to Christianity and became the first Christian emperor. To ensure he survives, he must now eliminate his enemies. But who must die first? The priestess, Sybellina, who joined them in Rome and practices dark and seductive magic? Or the brutal legion commanders who surround his father? Or, as Juliana suspects, are those who want him dead even closer? An electrifying historical novel about Constantine's bloody rise to power, the woman who helped him, and the real reason he supported a persecuted Christian minority, a decision which changed the world into the one we know. Reviews of previous books by the author: "A delight," Yorkshire Evening Post. '... superbly executed...' Irish Examiner. 'Well written, beautifully descriptive, and with smart dialogue and a compelling air of menace throughout,' The Lancashire Evening Post. 'A brisk plot...which draws the reader into a conspiratorial rapport,' Telegraph.
As one of the first roadies ever, Rooney tells firsthand about life on and off the road and around the world with Procol Harum, Reinhard Mey, The Beatles, Harry Nilsson, Keith Moon, Donna Summer, and others.
From the award-winning bestselling author of The Istanbul Puzzle. Henry warned her. "If you go to Cairo, you'll get yourself killed." But what choice does Isabel have? She has to find Sean, her missing husband, and she's discovered that a hospital in Cairo treated an American patient recently, flown to Cairo from Germany for some unexplained reason. But she's arrived at the wrong moment. A mass uprising is being crushed in Tahrir Square. The next day, an Egyptian billionaire announces a discovery at the Great Pyramid of Giza. Isabel decides to talk to him. He might help her find Sean. She ends up deep in the desert, at a camp run by the Muslim Brotherhood. They murder her driver in front of her, then ask her to carry one simple task. They will lead her to Sean if she agrees. But what they are asking goes against everything she believes in. And time is running out. The Great Pyramid of Giza provides the final piece of the puzzle, which Isabel and Sean first encountered in Istanbul. In a fabled hall, assumed by most to be an ancient myth, Isabel finds out what happened to her husband. She also discovers what lies beneath the Great Pyramid, based on real, ground penetrating archaeology, which will undermine what millions cherish as the truth. Reviews for other novels in the Puzzle series: "5.0 out out 5 stars for this guy's stories and plots." Kindle Customer - Verified Purchase "Love this guy's stories. I have read all volumes of this series and was not disappointed with any of them. Looking forward to the next one." 5.0 out of 5 stars Kindle Customer - Verified Purchase "Could not put this book away, held my attention from the first page to the last one. Can't wait to read more from this author." Kindle Customer - Verified Purchase
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