Central Banking
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Commitment
“There’s a difference between interest and commitment. When you’re interested in doing something, you do it only when circumstance permit. When you’re committed to something, you accept no excuses, only results.” – Unknown Today’s Atlas Liberty Café featured a talk by George Mason University professor of economics Peter Boettke. Dr. Boettke gave an interesting lecture…
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Devaluing the Dollar
“The historical episodes of hyperinflation that we know of consisted of rapidly falling money demand alongside rapidly rising money supply. In general terms, what tends to happen is that after many years of persistently high monetary inflation, people begin to anticipate future monetary inflation. That is, people begin to factor the effects of the expected…
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“Gold Prices Rise Ahead of Fed”
“Gold prices were continuing their climb to $1,300 an ounce as investors bet on the Federal Reserve announcing another round of quantitative easing on Tuesday. If the Fed decides to buy more government bonds and expand the size of its balance sheet, it means the central bank will also need to run its printing presses.…
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“The Radical Banking Reform that Would End the Boom and Bust in Banking”
“We all know what notes and coins are. They allow us to exchange the fruits of our work for the goods of others. When we deposit cash in Bank A – say £100 – we lend this money to the bank. But as soon as you make a deposit it becomes the bank’s. They then…
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The Reserve-Currency Curse — WSJ
By John D. Mueller POLITICAL ECONOMY The Wall Street Journal Publication Date: September 4, 1986 Since 1971 the world has suffered two great inflations and three recessions. Hopes for a world-wide economic expansion have been interrupted once again, by an economic slowdown and the threat of a trade war. Will the world ever settle down to…
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“Greenspan: Fiscal Stimulus Worked Far Less Than Expected”
“The former head of the Federal Reserve said fiscal stimulus efforts have fallen far short of expectations, and the government now needs to get out of the way and allow businesses and markets to power the recovery. “We have to find a way to simmer down the extent of activism that is going on” with…
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“Regulators Tighten Bank Capital Rules”
“Global authorities have settled on their punishment for banks’ role in the financial crisis: a future encumbered by the burden of significantly heavier reserves that will impede the impulse to seek profit through excessive risk taking. Senior regulators from 27 countries agreed on Sunday at a meeting in Basel, Switzerland, that lenders should be forced…
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“The Optimal Degree of Discretion in Monetary Policy”
“How much discretion should the monetary authority have in setting its policy? This question is analyzed in an economy with an agreed-upon social welfare function that depends on the economy’s randomly fluctuating state. The monetary authority has private information about that state. Well designed rules trade off society’s desire to give the monetary authority discretion…
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“A Comparison of Three Institutions for Monetary Policy When Central Bankers Have Private Objectives”
“How do different institutional arrangements for the central bank perform when central bankers have private objectives and society’s objectives vary with time? This paper evaluates three benchmark monetary institutions from a constitutional perspective: (i) a contract with an inflation- or monetary target announcement; (ii) an inflation rule, (iii) the laissez faire policy, i.e., the absence of…
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“Burry of ‘The Big Short’ Bets on Farmland, Gold After Profits on Subprime”
“Gold is also a favored investment as central banks issue debt and devalue their currencies, he said. Governments haven’t adequately addressed the causes of the financial crisis and may be sowing the seeds for future problems by borrowing, he said. In the U.S., lawmakers showed they didn’t understand how to prevent another crisis when they…
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Commitment
“There’s a difference between interest and commitment. When you’re interested in doing something, you do it only when circumstance permit. When you’re committed to something, you accept no excuses, only results.” – Unknown Today’s Atlas Liberty Café featured a talk by George Mason University professor of economics Peter Boettke. Dr. Boettke gave an interesting lecture…
-
Devaluing the Dollar
“The historical episodes of hyperinflation that we know of consisted of rapidly falling money demand alongside rapidly rising money supply. In general terms, what tends to happen is that after many years of persistently high monetary inflation, people begin to anticipate future monetary inflation. That is, people begin to factor the effects of the expected…
-
“Gold Prices Rise Ahead of Fed”
“Gold prices were continuing their climb to $1,300 an ounce as investors bet on the Federal Reserve announcing another round of quantitative easing on Tuesday. If the Fed decides to buy more government bonds and expand the size of its balance sheet, it means the central bank will also need to run its printing presses.…
-
“The Radical Banking Reform that Would End the Boom and Bust in Banking”
“We all know what notes and coins are. They allow us to exchange the fruits of our work for the goods of others. When we deposit cash in Bank A – say £100 – we lend this money to the bank. But as soon as you make a deposit it becomes the bank’s. They then…
-
The Reserve-Currency Curse — WSJ
By John D. Mueller POLITICAL ECONOMY The Wall Street Journal Publication Date: September 4, 1986 Since 1971 the world has suffered two great inflations and three recessions. Hopes for a world-wide economic expansion have been interrupted once again, by an economic slowdown and the threat of a trade war. Will the world ever settle down to…
-
“Greenspan: Fiscal Stimulus Worked Far Less Than Expected”
“The former head of the Federal Reserve said fiscal stimulus efforts have fallen far short of expectations, and the government now needs to get out of the way and allow businesses and markets to power the recovery. “We have to find a way to simmer down the extent of activism that is going on” with…
-
“Regulators Tighten Bank Capital Rules”
“Global authorities have settled on their punishment for banks’ role in the financial crisis: a future encumbered by the burden of significantly heavier reserves that will impede the impulse to seek profit through excessive risk taking. Senior regulators from 27 countries agreed on Sunday at a meeting in Basel, Switzerland, that lenders should be forced…
-
“The Optimal Degree of Discretion in Monetary Policy”
“How much discretion should the monetary authority have in setting its policy? This question is analyzed in an economy with an agreed-upon social welfare function that depends on the economy’s randomly fluctuating state. The monetary authority has private information about that state. Well designed rules trade off society’s desire to give the monetary authority discretion…
-
“A Comparison of Three Institutions for Monetary Policy When Central Bankers Have Private Objectives”
“How do different institutional arrangements for the central bank perform when central bankers have private objectives and society’s objectives vary with time? This paper evaluates three benchmark monetary institutions from a constitutional perspective: (i) a contract with an inflation- or monetary target announcement; (ii) an inflation rule, (iii) the laissez faire policy, i.e., the absence of…
-
“Burry of ‘The Big Short’ Bets on Farmland, Gold After Profits on Subprime”
“Gold is also a favored investment as central banks issue debt and devalue their currencies, he said. Governments haven’t adequately addressed the causes of the financial crisis and may be sowing the seeds for future problems by borrowing, he said. In the U.S., lawmakers showed they didn’t understand how to prevent another crisis when they…
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