Sound Banking
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“Financial Regulation Bill Will Hurt Main Street”
“The U.S. Congress should be forced to take the same oath that doctors take to “first do no harm.” Because more often than not, under the guise of “fixing” a problem, Washington makes things much, much worse for hard-working middle-class families and small businesses. That’s precisely the problem with the financial regulation bill that’s before…
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“Greece and GM: Too weak to fail”
“In the commercial, Whitacre says GM has ‘repaid our government loan in full.’ Rep. Paul Ryan (R-Wis.) noted that GM used government funds to pay back the government: It ‘simply transferred $6.7 billion from one taxpayer-funded TARP account to another.’ The government still owns 60.8 percent of GM’s common equity, and the Congressional Budget Office…
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Inflation Destroys Savings
“Everything that is done by a government against the purchasing power of the monetary unit is, under present conditions, done against the middle classes and the working classes of the population. Only these people don’t know it. And this is the tragedy. The tragedy is that the unions and all these people are supporting a…
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The Return of British Stagflation?
The UK inflation rate jumped to 3.7 percent last month, way above the Bank of England’s 2 percent target. This comes as a surprise to both the monetary policymakers of the BoE and to the newly formed coalition government. The Bank’s Governor Mervyn King explains this sudden rise in consumer prices in a letter to…
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“Roberts on the Crises”
“Russ Roberts, host of EconTalk, discusses his paper, “Gambling with Other People’s Money: How Perverted Incentives Created the Financial Crisis.” Roberts reflects on the past eighteen months of podcasts on the crisis, and then turns to his own take, a narrative that emphasizes the role of government rescues of creditors and the incentives this created…
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“The Great 18-Year Real Estate Cycle”
“On January 3rd, US Federal Reserve Chairman Ben S. Bernanke delivered a major speech at the annual meeting of the American Economic Association. In his formal paper, “Monetary Policy and the Housing Bubble,” Chairman Bernanke argues that the Fed’s monetary policy was not responsible for the U.S. housing bubble. He claims that faulty regulation was…
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Nouriel Roubini – Return to the Abyss
“If fiscal imbalances are not addressed through spending cuts and revenue increases, only two options remain: inflation for countries that borrow in their own currency and can monetize their deficits; or default for countries that borrow in a foreign currency or can’t print their own. Thus, the recent events in Greece, Portugal, Ireland, Italy, and…
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Stephen Roach Calls for a New Monetary Policy Regime
Stephen Roach, Chief Economist of Morgan Stanley, have been a critic of the Fed for many years. In a Financial Times op-ed he makes the case for exiting the current monetary policy regime once and for all: “it is high time to banish the moral hazard of macro policy – the false sense of security…
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“Venezuela’s Monetary Mayhem”
“Anchoring the currency to the dollar and thus outsourcing monetary policy to the U.S. Federal Reserve had been a success, but special interests and politicians could not bear that it robbed them of power. Venezuela is another place where the politicians see no reason why the state’s appetite for grabbing private-sector wealth should be constrained.…
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Fed Monetary Dissident Thomas Hoenig
Thomas Hoenig, a voting member of the Fed’s interest rate decision body, the Federal Open Market Committee (FOMC), has on several occasions expressed concerns about the direction of U.S. monetary policy. During the last year, he has been a lone voice of dissent at FOMC meetings. This weekend’s Wall Street Journal features an interview with…
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“Financial Regulation Bill Will Hurt Main Street”
“The U.S. Congress should be forced to take the same oath that doctors take to “first do no harm.” Because more often than not, under the guise of “fixing” a problem, Washington makes things much, much worse for hard-working middle-class families and small businesses. That’s precisely the problem with the financial regulation bill that’s before…
-
“Greece and GM: Too weak to fail”
“In the commercial, Whitacre says GM has ‘repaid our government loan in full.’ Rep. Paul Ryan (R-Wis.) noted that GM used government funds to pay back the government: It ‘simply transferred $6.7 billion from one taxpayer-funded TARP account to another.’ The government still owns 60.8 percent of GM’s common equity, and the Congressional Budget Office…
-
Inflation Destroys Savings
“Everything that is done by a government against the purchasing power of the monetary unit is, under present conditions, done against the middle classes and the working classes of the population. Only these people don’t know it. And this is the tragedy. The tragedy is that the unions and all these people are supporting a…
-
The Return of British Stagflation?
The UK inflation rate jumped to 3.7 percent last month, way above the Bank of England’s 2 percent target. This comes as a surprise to both the monetary policymakers of the BoE and to the newly formed coalition government. The Bank’s Governor Mervyn King explains this sudden rise in consumer prices in a letter to…
-
“Roberts on the Crises”
“Russ Roberts, host of EconTalk, discusses his paper, “Gambling with Other People’s Money: How Perverted Incentives Created the Financial Crisis.” Roberts reflects on the past eighteen months of podcasts on the crisis, and then turns to his own take, a narrative that emphasizes the role of government rescues of creditors and the incentives this created…
-
“The Great 18-Year Real Estate Cycle”
“On January 3rd, US Federal Reserve Chairman Ben S. Bernanke delivered a major speech at the annual meeting of the American Economic Association. In his formal paper, “Monetary Policy and the Housing Bubble,” Chairman Bernanke argues that the Fed’s monetary policy was not responsible for the U.S. housing bubble. He claims that faulty regulation was…
-
Nouriel Roubini – Return to the Abyss
“If fiscal imbalances are not addressed through spending cuts and revenue increases, only two options remain: inflation for countries that borrow in their own currency and can monetize their deficits; or default for countries that borrow in a foreign currency or can’t print their own. Thus, the recent events in Greece, Portugal, Ireland, Italy, and…
-
Stephen Roach Calls for a New Monetary Policy Regime
Stephen Roach, Chief Economist of Morgan Stanley, have been a critic of the Fed for many years. In a Financial Times op-ed he makes the case for exiting the current monetary policy regime once and for all: “it is high time to banish the moral hazard of macro policy – the false sense of security…
-
“Venezuela’s Monetary Mayhem”
“Anchoring the currency to the dollar and thus outsourcing monetary policy to the U.S. Federal Reserve had been a success, but special interests and politicians could not bear that it robbed them of power. Venezuela is another place where the politicians see no reason why the state’s appetite for grabbing private-sector wealth should be constrained.…
-
Fed Monetary Dissident Thomas Hoenig
Thomas Hoenig, a voting member of the Fed’s interest rate decision body, the Federal Open Market Committee (FOMC), has on several occasions expressed concerns about the direction of U.S. monetary policy. During the last year, he has been a lone voice of dissent at FOMC meetings. This weekend’s Wall Street Journal features an interview with…
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