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Date: Thu, 9 Jul 2009 16:57:49 +0300
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	Content preview:  On Thu, Jul 9, 2009 at 15:28, Sander Säde
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	Content preview:  On Thu, Jul 9, 2009 at 15:28, Sander Säde
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On Thu, Jul 9, 2009 at 15:28, Sander S=C3=A4de <sander.sade@gmail.com> wrot=
e:

> Stem cells, not steam cells. And what is bad in giving money to
> science, I can hardly find a better way for a government to spend
> money.


It's good as long as you're spending money that you have.  But when you're
spending money you don't have, you'll have the risk of running out of money=
.

In state-funded research, the funding typically comes from some sort of
endowment -- that is to say, the funds ultimately come from long-term
investments -- or from money collected from taxes.  In the case of
California, I believe Biophys is talking about the recent stem cell researc=
h
funding decision, which was to be funded from issuing state bonds -- but
without an accompanying tax to pay off the bonds.  It is not the only
spending measure of this sort, either.

What does a sovereign entity do when its cash runs
out?  It can sell something; it can print more money; it can borrow
some money (if it finds somebody to lend it the money), or it can
collect taxes.  States of USA are not sovereign enough to be able to
print money (federal constitution's Article I, Section 10).  In case
of California (and actually several other states), tax increases have
been severely hampered by the Proposition 13 (aka Article 13A of state
constitution).  So, the options that have remained to it are selling
stuff (but it doesn't have a lot of stuff in the first place) or
borrowing money.  Actually, there's another one that sovereign
entities don't have: California can lobby for more federal aid money.
But that has got its complications, too.

So, California has been cutting services time and again, and is trying to
borrow some money.  But amidst its budget woes, its credit rating has been
steadily falling, and credit is getting scarcer and more expensive.
 Besides, as Bernie Madoff can testify, borrowing money to cover current
expenses is not a particularly sustainable strategy.

I don't know what lies ahead for California, but they will need to figure
out a way to make their revenues match their spending.

--=20
Andres Soolo

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<div class=3D"gmail_quote">On Thu, Jul 9, 2009 at 15:28, Sander S=C3=A4de <=
span dir=3D"ltr">&lt;<a href=3D"mailto:sander.sade@gmail.com">sander.sade@g=
mail.com</a>&gt;</span> wrote:<br><blockquote class=3D"gmail_quote" style=
=3D"margin:0 0 0 .8ex;border-left:1px #ccc solid;padding-left:1ex;">
Stem cells, not steam cells. And what is bad in giving money to<br>
science, I can hardly find a better way for a government to spend<br>
money.</blockquote><div><br></div><div>It&#39;s good as long as you&#39;re =
spending money that you have. =C2=A0But when you&#39;re spending money you =
don&#39;t have, you&#39;ll have the risk of running out of money.</div><div=
>
<br></div><div>In state-funded research, the funding typically comes from s=
ome sort of endowment -- that is to say, the funds ultimately come from lon=
g-term investments -- or from money collected from taxes. =C2=A0In the case=
 of California, I believe Biophys is talking about the recent stem cell res=
earch funding decision, which was to be funded from issuing state bonds -- =
but without an accompanying tax to pay off the bonds. =C2=A0It is not the o=
nly spending measure of this sort, either.</div>
<div><br></div><div>What does a sovereign entity do when its cash runs out?=
=C2=A0=C2=A0It=C2=A0can=C2=A0sell=C2=A0something;=C2=A0it=C2=A0can=C2=A0pri=
nt=C2=A0more=C2=A0money;=C2=A0it=C2=A0can=C2=A0borrow=C2=A0some=C2=A0money=
=C2=A0(if=C2=A0it=C2=A0finds=C2=A0somebody=C2=A0to=C2=A0lend=C2=A0it=C2=A0t=
he=C2=A0money),=C2=A0or=C2=A0it=C2=A0can=C2=A0collect=C2=A0taxes.=C2=A0=C2=
=A0States=C2=A0of=C2=A0USA=C2=A0are=C2=A0not=C2=A0sovereign=C2=A0enough=C2=
=A0to=C2=A0be=C2=A0able=C2=A0to=C2=A0print=C2=A0money=C2=A0(federal=C2=A0co=
nstitution&#39;s=C2=A0Article=C2=A0I,=C2=A0Section=C2=A010).=C2=A0=C2=A0In=
=C2=A0case=C2=A0of=C2=A0California=C2=A0(and=C2=A0actually=C2=A0several=C2=
=A0other=C2=A0states),=C2=A0tax=C2=A0increases=C2=A0have=C2=A0been=C2=A0sev=
erely=C2=A0hampered=C2=A0by=C2=A0the=C2=A0Proposition=C2=A013=C2=A0(aka=C2=
=A0Article=C2=A013A=C2=A0of=C2=A0state=C2=A0constitution).=C2=A0=C2=A0So,=
=C2=A0the=C2=A0options=C2=A0that=C2=A0have=C2=A0remained=C2=A0to=C2=A0it=C2=
=A0are=C2=A0selling=C2=A0stuff=C2=A0(but=C2=A0it=C2=A0doesn&#39;t=C2=A0have=
=C2=A0a=C2=A0lot=C2=A0of=C2=A0stuff=C2=A0in=C2=A0the=C2=A0first=C2=A0place)=
=C2=A0or=C2=A0borrowing=C2=A0money.=C2=A0=C2=A0Actually,=C2=A0there&#39;s=
=C2=A0another=C2=A0one=C2=A0that=C2=A0sovereign=C2=A0entities=C2=A0don&#39;=
t=C2=A0have:=C2=A0California=C2=A0can=C2=A0lobby=C2=A0for=C2=A0more=C2=A0fe=
deral=C2=A0aid=C2=A0money.=C2=A0=C2=A0But=C2=A0that=C2=A0has=C2=A0got=C2=A0=
its=C2=A0complications,=C2=A0too.</div>
<div><br></div><div>So, California has been cutting services time and again=
, and is trying to borrow some money. =C2=A0But amidst its budget woes, its=
 credit rating has been steadily falling, and credit is getting scarcer and=
 more expensive. =C2=A0Besides, as Bernie Madoff can testify, borrowing mon=
ey to cover current expenses is not a particularly sustainable strategy.</d=
iv>
<div><br></div><div>I don&#39;t know what lies ahead for California, but th=
ey will need to figure out a way to make their revenues match their spendin=
g.</div><div><br></div></div>-- <br>Andres Soolo<br>

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