International
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European Weakness Is Fuelling U.S. Profligacy
The European debt crisis has demonstrated the painful costs of fiscal profligacy and short-sighted Keynesian stimulus. In the words of financial historian Niall Ferguson, “there is no such thing as a Keynesian free lunch,” warning that a “greek crisis” could come to America. Washington Post columnist Robert J. Samuelson says the European crisis should be…
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“Crisis, Conditions and Capital”
“A selection model for 68 countries between 1970 and 1998 is used to test the impact of International Monetary Fund (IMF) programs on international capital markets and examine how agreements are perceived by multinational investors. Results reveal that even after controlling for factors that lead countries to seek IMF support, IMF agreements lead to lower…
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Bank of Canada Raises Overnight Rate
“The Bank of Canada today announced that it is raising its target for the overnight rate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly raised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal operating band of 50 basis…
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Crisis Risk Moves from Credit to Politics
“The causes of the global financial crisis of 2008 were almost entirely flaws in the credit system based on leverage, exotic financial instruments, and a sharp drop in American housing prices. Just as that cycle has begun to end, and GDP in major nations has begun to recover, another potentially damaging set of risks has…
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“Sound banking saved Canada”
“In conjunction with Wall Street investment houses, lenders created the increasingly risky loans designed to help Americans realize the dream of homeownership, giving birth to such questionable practices as no or minimal down payments, no income documentation and the deferral of principal and interest payments for years on many loans — making them unaffordable when…
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On the EU’s Bank Bailout Fund
On Wednesday, I posted a Wall Street Journal article on the EU’s plan to levy taxes on banks that would fund a bank bailout system. The article states, But the commission is adamant that the funds shouldn’t be used to pump capital into banks or for other measures that could benefit bank shareholders and creditors.…
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“When Will the Eurozone Collapse?”
“As a long-standing critic of the concept of a single European currency, I have not rejoiced at the current problems in the eurozone that threaten the very survival of the euro. Before discussing the events surrounding the Greek debt crisis further, I must provide at least a working definition of what the word “collapse” means.…
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The Recovery Starts With Sound Money – Judy Shelton
The willingness to work for the sake of future prosperity is a universal human quality, but people must believe there is a link between effort and reward. The euro is beset with fiscal calamities that threaten its downfall, and markets in the U.S. are roiled by uncertainty over the government’s financial regulatory legislation. But don’t…
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“US exposed to Europe debt woes”
“A top Federal Reserve official said on Tuesday that European debt woes pose a risk to the US economic recovery, but expressed confidence the danger of contagion was small. ‘It’s hard to see a banking crisis,’ St. Louis Federal Reserve Bank President James Bullard told Reuters Insider in an interview. ‘It might be expensive, there…
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The Euro – a Greek Drachma in Disguise
The Euro keeps tumbling as international investors are loosing faith in the Eurozone. The currency has so far fallen 14 percent against the dollar this year. There is fear that contagion could trigger “Greek” debt crises among other EU countries with weakening fiscal positions, and that European banks could realize substantial losses as a result.…
-
European Weakness Is Fuelling U.S. Profligacy
The European debt crisis has demonstrated the painful costs of fiscal profligacy and short-sighted Keynesian stimulus. In the words of financial historian Niall Ferguson, “there is no such thing as a Keynesian free lunch,” warning that a “greek crisis” could come to America. Washington Post columnist Robert J. Samuelson says the European crisis should be…
-
“Crisis, Conditions and Capital”
“A selection model for 68 countries between 1970 and 1998 is used to test the impact of International Monetary Fund (IMF) programs on international capital markets and examine how agreements are perceived by multinational investors. Results reveal that even after controlling for factors that lead countries to seek IMF support, IMF agreements lead to lower…
-
Bank of Canada Raises Overnight Rate
“The Bank of Canada today announced that it is raising its target for the overnight rate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly raised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal operating band of 50 basis…
-
Crisis Risk Moves from Credit to Politics
“The causes of the global financial crisis of 2008 were almost entirely flaws in the credit system based on leverage, exotic financial instruments, and a sharp drop in American housing prices. Just as that cycle has begun to end, and GDP in major nations has begun to recover, another potentially damaging set of risks has…
-
“Sound banking saved Canada”
“In conjunction with Wall Street investment houses, lenders created the increasingly risky loans designed to help Americans realize the dream of homeownership, giving birth to such questionable practices as no or minimal down payments, no income documentation and the deferral of principal and interest payments for years on many loans — making them unaffordable when…
-
On the EU’s Bank Bailout Fund
On Wednesday, I posted a Wall Street Journal article on the EU’s plan to levy taxes on banks that would fund a bank bailout system. The article states, But the commission is adamant that the funds shouldn’t be used to pump capital into banks or for other measures that could benefit bank shareholders and creditors.…
-
“When Will the Eurozone Collapse?”
“As a long-standing critic of the concept of a single European currency, I have not rejoiced at the current problems in the eurozone that threaten the very survival of the euro. Before discussing the events surrounding the Greek debt crisis further, I must provide at least a working definition of what the word “collapse” means.…
-
The Recovery Starts With Sound Money – Judy Shelton
The willingness to work for the sake of future prosperity is a universal human quality, but people must believe there is a link between effort and reward. The euro is beset with fiscal calamities that threaten its downfall, and markets in the U.S. are roiled by uncertainty over the government’s financial regulatory legislation. But don’t…
-
“US exposed to Europe debt woes”
“A top Federal Reserve official said on Tuesday that European debt woes pose a risk to the US economic recovery, but expressed confidence the danger of contagion was small. ‘It’s hard to see a banking crisis,’ St. Louis Federal Reserve Bank President James Bullard told Reuters Insider in an interview. ‘It might be expensive, there…
-
The Euro – a Greek Drachma in Disguise
The Euro keeps tumbling as international investors are loosing faith in the Eurozone. The currency has so far fallen 14 percent against the dollar this year. There is fear that contagion could trigger “Greek” debt crises among other EU countries with weakening fiscal positions, and that European banks could realize substantial losses as a result.…
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