The legal code under Suleiman the Magnificent 

“In Turkey, the reign of Sulaiman was at the same time an age of victorious warfare, of widespread construction and of substantial legislative activity. Sulaiman bore the title of Kanuni, or law-maker, indicative of a revival of law studies and the existence of a special class of jurists in the states under his rule and above all at Constantinople. His legal code so suecessfully regulated the judicial machinery that it was said that Henry VIII of England sent a legal mission to Constantinople to study its workings. His Kanun-name is to the East what the Justinian Code is to the West and the Recopilacion de las Leyes to Spain. All the legal machinery established by Sulaiman in Hungary was the work of the jurist Abu’l-Su’ud; such a major achievement of legislation was it on the question of property that many of its detailed provisions remain in force to the present day. And the jurist Ibrahim Al-Halabi, author of a handbook on legal procedures, the multaka can be ranked alongside the most eminent western
jurists of the sixteenth century.”  

From Fernand Braudel, The Mediterranean and the Mediterranean World in the age of Philip II, Volume 2, pg. 683, Fontana/Collins, 1973.


Description of QE by Varoufakis and why it cannot fuel inflation 

Nice definition of QE by Yanis Varoufakis in The Global Minotaur, 2015, Zed Books, chapter 9, on why QE is not really money printing and why it cannot fuel inflation:

When the Fed buys $1,000 worth ofMBS paper from Bank X, $1,000 is taken out of the bank’s ‘assets’ column in the Bank X’s balance sheet and is replaced by $1,000 spending money held at a ‘reserve account Bank X keeps with the Fed. The said account’ is called ‘reserve’ because of the conditions the Fed attaches to its uses. To be precise, the Fed stipulates that this $1,000 can only be lent to other banks or used to buy other paper titles from other banks. Thus, the only way that the Fed’s purchase of this $1,000 ‘worth’ of MBS can find itself in the economy is if Bank X wants to buy some other piece of paper from another bank, say Bank Y. But even if it does, the money will enter the real economy only
if that piece of paper title is new – for example, if Bank Y had just lent $1,000 to some customer and passed this loan on to Bank X. If the paper title concerned is old, pre-QE. debt, all that QE would accomplish is that a paper title worth $1,000 would pass from the books of one bank to the books of another. The $1,000 would simply never enter the circular flow of income.

Keynes on economics

“Too large a proportion of recent
mathematical economics are merely concoctions, as imprecise as the initial assumptions they rest on, which allow the author to lose sight of the complexities and interdependencies of the real world in a maze of pretentious and unhelpful symbols.”
John Maynard Keynes, The General Theory of Employment, Interest and Money.