Central Banking
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“Lawmakers seek to change Fed mission”
“Two influential Republican lawmakers called Tuesday for a fundamental remaking of the Federal Reserve’s mission, arguing that the central bank should stop trying to reduce unemployment and instead focus solely on keeping inflation low. The proposal by Sen. Bob Corker (Tenn.) and Rep. Mike Pence (Ind.) would end the three-decade-old “dual mandate” of the Fed,…
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“Fresh Attacks on Fed Move”
“A group of prominent Republican-leaning economists, coordinating with Republican lawmakers and political strategists, is launching a campaign this week calling on Fed Chairman Ben Bernanke to drop his plan to buy $600 billion in additional U.S. Treasury bonds. “The planned asset purchases risk currency debasement and inflation, and we do not think they will achieve…
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“Fed’s Plosser Says Understanding Crisis May Take 50 Years”
““It will be at least 50 years before we really understand very well what happened in 2008-2009, and we will be interpreting for another 50 years as to whether the Federal Reserve undertook the right policies or the wrong policies,” Plosser said today during an audience discussion at a Fed conference in Jekyll Island, Georgia.…
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“Ireland Crises Could Cause EU Collapse”
“The president of the European Union has warned that the EU could collapse unless the debt crisis that is gripping the region is resolved. Herman Van Rompuy, president of the European Council, raised the stakes ahead of this evening’s showdown talks between finance ministers in Brussels. With Ireland and Portugal both on the brink of…
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“Mahathir Says Currency Trading ‘Silly’, Advocates Return to Peg”
“Former Malaysian Prime Minister Mahathir Mohamad, who fought off an attack on the ringgit with capital controls during the Asian financial crisis, said currency trading is “silly” and the world should return to the Bretton Woods System of fixed exchange rates. Currency wars are futile and the U.S. Federal Reserve’s latest quantitative easing plan will…
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“Greenspan vs. Geithner in ‘weak dollar’ debate”
“Alan Greenspan, former chairman of the Federal Reserve, and U.S. Treasury Secretary Timothy Geithner locked horns Thursday over whether the Obama administration is supporting a weak dollar to bolster the economy. Greenspan, in an op-ed piece in the Financial Times, claimed that the U.S. government is deliberately weakening the dollar, while Geithner asserted in an…
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“Mission Impossible: Rescuing the Dollar”
“In Dubai last week, actor Tom Cruise ran around the outside of the world’s tallest building suspended by a cable 2,700 feet in the air while shooting a scene for his fourth Mission Impossible film. The stunt was Cruise’s “most dangerous yet,”reported London’s Daily Mail. Also last week, the Federal Reserve announced it would create another $600…
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“Has the Fed Been a Failure?” – Selgin, Lastrapes and White
“As the one-hundredth anniversary of the 1913 Federal Reserve Act approaches, we assess whether the nation’s experiment with the Federal Reserve has been a success or a failure. Drawing on a wide range of empirical research, we find the following: 1) The Fed’s full history (1914 to present) has been characterized by more rather than…
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“Time to Reform the International Monetary System”
“A funny thing happened on the way to the G-20 meeting in Seoul, South Korea, this week: The world’s growing dissatisfaction with U.S. policy toward the dollar has derailed the Obama administration’s proposal to elevate trade balances as the reference point for currency values. Instead of asserting America’s traditional leadership role, President Barack Obama is…
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“Back to a Gold Standard?”
“The gold standard shackled central bankers to a sinking ship. When countries left the gold standard, they began to recover. Countries that were never on the gold standard had very mild recessions during the Great Depression. Why would we ever want to return to such a flawed way of organizing monetary policy? But the current…
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“Lawmakers seek to change Fed mission”
“Two influential Republican lawmakers called Tuesday for a fundamental remaking of the Federal Reserve’s mission, arguing that the central bank should stop trying to reduce unemployment and instead focus solely on keeping inflation low. The proposal by Sen. Bob Corker (Tenn.) and Rep. Mike Pence (Ind.) would end the three-decade-old “dual mandate” of the Fed,…
-
“Fresh Attacks on Fed Move”
“A group of prominent Republican-leaning economists, coordinating with Republican lawmakers and political strategists, is launching a campaign this week calling on Fed Chairman Ben Bernanke to drop his plan to buy $600 billion in additional U.S. Treasury bonds. “The planned asset purchases risk currency debasement and inflation, and we do not think they will achieve…
-
“Fed’s Plosser Says Understanding Crisis May Take 50 Years”
““It will be at least 50 years before we really understand very well what happened in 2008-2009, and we will be interpreting for another 50 years as to whether the Federal Reserve undertook the right policies or the wrong policies,” Plosser said today during an audience discussion at a Fed conference in Jekyll Island, Georgia.…
-
“Ireland Crises Could Cause EU Collapse”
“The president of the European Union has warned that the EU could collapse unless the debt crisis that is gripping the region is resolved. Herman Van Rompuy, president of the European Council, raised the stakes ahead of this evening’s showdown talks between finance ministers in Brussels. With Ireland and Portugal both on the brink of…
-
“Mahathir Says Currency Trading ‘Silly’, Advocates Return to Peg”
“Former Malaysian Prime Minister Mahathir Mohamad, who fought off an attack on the ringgit with capital controls during the Asian financial crisis, said currency trading is “silly” and the world should return to the Bretton Woods System of fixed exchange rates. Currency wars are futile and the U.S. Federal Reserve’s latest quantitative easing plan will…
-
“Greenspan vs. Geithner in ‘weak dollar’ debate”
“Alan Greenspan, former chairman of the Federal Reserve, and U.S. Treasury Secretary Timothy Geithner locked horns Thursday over whether the Obama administration is supporting a weak dollar to bolster the economy. Greenspan, in an op-ed piece in the Financial Times, claimed that the U.S. government is deliberately weakening the dollar, while Geithner asserted in an…
-
“Mission Impossible: Rescuing the Dollar”
“In Dubai last week, actor Tom Cruise ran around the outside of the world’s tallest building suspended by a cable 2,700 feet in the air while shooting a scene for his fourth Mission Impossible film. The stunt was Cruise’s “most dangerous yet,”reported London’s Daily Mail. Also last week, the Federal Reserve announced it would create another $600…
-
“Has the Fed Been a Failure?” – Selgin, Lastrapes and White
“As the one-hundredth anniversary of the 1913 Federal Reserve Act approaches, we assess whether the nation’s experiment with the Federal Reserve has been a success or a failure. Drawing on a wide range of empirical research, we find the following: 1) The Fed’s full history (1914 to present) has been characterized by more rather than…
-
“Time to Reform the International Monetary System”
“A funny thing happened on the way to the G-20 meeting in Seoul, South Korea, this week: The world’s growing dissatisfaction with U.S. policy toward the dollar has derailed the Obama administration’s proposal to elevate trade balances as the reference point for currency values. Instead of asserting America’s traditional leadership role, President Barack Obama is…
-
“Back to a Gold Standard?”
“The gold standard shackled central bankers to a sinking ship. When countries left the gold standard, they began to recover. Countries that were never on the gold standard had very mild recessions during the Great Depression. Why would we ever want to return to such a flawed way of organizing monetary policy? But the current…
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