Based on Desire but Not Laws
Sometimes a very prominent economist starts to praise some successful businessman.
Then you will know that his learning is so frivolous, since it is a result of his studying economics to be a friend of some successful businessman for some material merit or vanity.
If an economist starts to praise, say, Newton, it must mean that he might be able to see and overcome truth of economics or economy being developed by mostly admitting desire of people.
Yet, it is very likely that economics and economy in this world will be totally changed around 2060.
SECTION I: How Much Bond Can Central Bank Buy?
Before the Lehman Shock, FRB decreased the amount of Treasury bonds it purchased as seen in the figure below. Was it trying to delay the occurrence of the catastrophe in Wall Street till the 2008 Presidential Election was over? Or, did China purchase too many Treasury securities so that FRB could decrease its share?
(http://d.hatena.ne.jp/nyanko-wonderful/20100304/p1 )
The Bank of Japan has a specific internal rule: the total amount of national bonds it has purchased should not exceed the total amount of yen it has provided to society through private banks.
Economists argue that there is no justification based on economics for this policy.
The amount of yen the BOJ has supplied is booked as liability.
The amount of government bonds the BOJ has purchased is booked as assets.
Yet, BOJ Governor Mr. Shirakawa said, "It is to secure sound operation by the BOJ in the money market. It is not to support the value of the government bonds."
There is a great gap between rhetoric and reality. New economics is needed which provides justification for flexible money supply and bond purchase by the BOJ.
For example, economics that authorizes existence of the central bank might be invalid any more in the 21st century.
The central bank might be an enemy of poor people, since no rich men take up current operation of the central bank.
The printing department of currency must belong to the Government but not to the central bank.
It is from the beginning very irrational to position the central bank as a bank, so that the central bank must comply with regulations and economics for banks.
Printing bills and providing them for the needy is a duty of the Government, since a bank never does it.
SECTION II: Isaac Newton (1642 - 1727)
John Maynard Keynes (1883-1946) purchased many letters and manuscripts written by Newton.
Why did Keynes have to study Newton?
Newton studied science believing that the God created the universe and the nature. Behind every natural phenomenon, there must be natural laws the God had set. So, studying the nature and finding such laws are acts of believing the God.
Keynes studied economy and economics to realize that there must be something holy behind them. Otherwise, study of economics is nothing but handing of chaos in the long term or following phenomenon of expressed desire of human being.
As Newton tried to see the God over his work, Keynes must have tried to see the God over his work. Accordingly, Keynes studied Newton to see how to seek the God, in my interpretation.
Anyway, it is not clear what Keynes thought about Newton's prophetic calculation on the end of the world or the second coming of Jesus Christ.
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How did Newton arrive at the date 2060?
This did not involve the use of anything as complicated as calculus, which he invented, but rather simple arithmetic that could be performed by a child. Beginning in the 1670s and continuing to the end of his life in 1727, Newton considered several commencement dates for the formal institution of the apostate, imperial Church. Earlier commencement dates include 607 and 609 A.D. As Newton grew older, he pushed the time of the end further and further into the future. In Yahuda MS 7 Newton twice gives 800 A.D. for the beginning of "the Pope's supremacy". The year 800 is a significant one in history, as it is the year Charlemagne was crowned emperor of Rome in the west by Pope Leo III at St. Peter's in Rome. Since Newton believed that the 1260 years corresponded to the duration of the corruption of the Church, he added 1260 to 800 A.D. and arrived at the date 2060 for the "fall of Babylon" or cessation of the apostate Church. It seems that Newton believed the fall could perhaps begin somewhat before the end of the 1260-year period and continue for a short time afterward. Whatever the precise chronology, Newton believed that sometime shortly after the fall of the corrupt (Trinitarian, Catholic) Church, Christ would return and set up a 1000-year Kingdom of God on earth...
Did Newton believe the world would end in 2060?
No, not in a literal sense. For Newton, 2060 A.D. would be more like a new beginning. It would be the end of an old age, and the beginning of a new era—the era Jews refer to the Messianic age and the era premillenarian Christians term the Millennium or Kingdom of God.
http://www.isaac-newton.org/update.html
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It should be also noted that the major factor for the 2060 prophecy is the Vatican or corruption of the Vatican. In other word, it can be the fall of Europe.
Otherwise, it could be the end of economics originated in Europe.
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Cherry blossoms are now blooming in and around Tokyo.
At a Shinto shrine I found a copy of a letter a certain kamikaze pilot had written and sent to his wife and young daughter before his final mission on April 1, 1945.
Then I saw an old lady, probably in her mid 80's, coming out of a background of cherry trees and proceeding to the front of a shrine to pray, since it is April 1 today.
If you had been 20 years old in 1945, you would be now 85 years old.
If you are now 20 years old, you will be 85 years old in 2075 over 2060.
Yet, it might be just a moment for cherry blossoms still in the middle of falling and fading away for these 2000 years.
Mar 4:1 And he began again to teach by the sea side: and there was gathered unto him a great multitude, so that he entered into a ship, and sat in the sea; and the whole multitude was by the sea on the land.