Decompression sickness (DCS; also known as divers’ disease, the bends or caisson disease) describes a condition arising from dissolved gases coming out of solution into bubbles inside the body on depressurisation
(From Wikipedia, the free encyclopedia)


1.The Federal Reserve has been dropping hints about tapering off their 85 billion dollar per month money printing strategy. I suppose they can’t keep printing forever- can they? So how much money will central banks print?

Central banks will print enough money to guarantee the totality of non-governmental money. In other words the value of every NGM* note (derivative contract etc) will be given the legal protection of one or another national government.

2.Wow. How much non-governmental money is out there?

Nobody really knows, trillions and trillions. But that’s not the point anyway. The point is that NGM is guaranteed as a concept; as a class of money. This means the idea of private entities creating and issuing intractable, sovereign money is here to stay if Monetarist politicians have anything to say about it.

3.What kind of guarantee are you talking about?

A guarantee at exchange and a guarantee at liquidation. The guarantee at liquidation is covered by a variety of legislation including the Dodd-Frank Act-which you can read about in ‘Crackernomics’ It’s free to download- because I want to tell you something- not sell you something.(click the image on the right hand side). The guarantee at exchange is covered by the government purchasing of NGM and government debt. Central banks purchasing government debt lowers interest rates and weakens state money (see Crackernomics again). So, Monetarists can’t guarantee that NGM is worth anything much, but they can sure as hell guarantee that state money is worth less.

4.What is the exchange rate between state money and non-governmental money?

The interest rate is effectively the exchange rate between NGM and state money.

5.How will national governments know if they have successfully guaranteed their pet project of NGM?

They can’t ever know that they have permanently guaranteed the success of NGM anymore than they can guarantee the continued success of a national state issued currency. Remember, this round of crisis was based almost entirely on the housing sector. There is going to be a whole new round of NGM issued based on food commodities including water, agricultural land maybe even genetic material in the future. And each one of these will have its attendant disaster!
At the moment, Monetarists are looking to see that the banks holding the NGM are stable. They are looking to see if the exchange rate chaos caused by NGM in the international sphere is under control,( they have long term plans to deal with this which I will get to later). They are assessing the damage caused to the housing itself as a result of NGM. And they are waiting to see if you are really stupid enough to let this all go on under your nose without doing anything. If this looks reasonable they will move onto the next phase- throttling down the money printing although they won’t cut it completely and they will leave the option of ramping up the printing presses again if state money needs another kick in the balls.

*NGM- Non-governmental Money

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