Quantum mechanics: A new chapter?

We review the conceptual problems in quantum mechanics on a fundamental level. It is shown that the proposed model of extended electrons and a clear understanding of rotations in three dimensional space solve a large part of these problems, in particular the problems related to the ontological status and physical meaning of wavefunctions. It also solves the problem of non-locality. The experimental results obtained in Yves Couder's group and theoretical results by Gerdard Gr\"ossing indicate that the wave-like distribution of trajectories of electrons in interference experiments are most likely due to the quantized interactions leading to a discrete set of transferred momenta. A separate experimental confirmation of this interpretation for double-slit interferometry of photons has been given by the group of Steinberg.Comment: 8 pages, article to appear in the Proceedings of the 6th Conference: Quantum Theory: Reconsideration of Foundations, June 11-14 2012 in Vaexjoe, Swede

The unintended consequences of the debt ... will increased government expenditure hurt the economy?

In 2008, governments in many countries embarked on large fiscal expenditure programmes, with the intention to support the economy and prevent a more serious recession. In this study, the overall impact of a substantial increase in fiscal expenditure is considered by providing a novel analysis of the most relevant recent experience in similar circumstances, namely that of Japan in the 1990s. Then a weak economy with risk-averse banks seemed to require some of the largest peacetime fiscal stimulation programmes on record, albeit with disappointing results. The explanations provided by the literature and their unsatisfactory empirical record are reviewed. An alternative explanation, derived from early Keynesian models on the ineffectiveness of fiscal policy is presented in the form of a modified Fisher-equation, which incorporates the recent findings in the credit view literature. The model postulates complete quantity crowding out. It is subjected to empirical tests, which were supportive. Thus evidence is found that fiscal policy, if not supported by suitable monetary policy, is likely to crowd out private sector demand, even in an environment of falling or near-zero interest rates. As a policy conclusion it is pointed out that by changing the funding strategy, complete crowding out can be avoided and a positive net effect produced. The proposed framework creates common ground between proponents of Keynesian views (as held, among others, by Blinder and Solow), monetarist views (as held in particular by Milton Friedman) and those of leading contemporary macroeconomists (such as Mankiw)

Newly independent Bank of Japan reduces information disclosure

To assess the economy and the role of the central bank, data on bank credit creation is crucial. Such data is produced by the central bank, creating a conflict of interest. The Japanese central bank, like many other central banks, only publishes such data after substantial time delays, although available to the central bank virtually in real time. Furthermore, the central bank has stopped the publication of detailed disaggregated credit data, which is vital for economic analysis and the application of the Quantity Theory of Credit (Werner, 1992, 1997

Quantum cryptography as a retrodiction problem

We propose a quantum key distribution protocol based on a quantum retrodiction protocol, known as the Mean King problem. The protocol uses a two way quantum channel. We show security against coherent attacks in a transmission error free scenario, even if Eve is allowed to attack both transmissions. This establishes a connection between retrodiction and key distribution.Comment: 5 pages, 1 figur