Sound Money Project
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“Bernanke Says Fed to Take Necessary Steps on Growth”
“Federal Reserve Chairman Ben S. Bernanke said the U.S. central bank will act as needed to aid financial stability and economic growth after restarting emergency currency-swaps to help contain Europe’s debt crisis. ‘Our ongoing international cooperation sends an important signal to global financial markets that we will take the actions necessary to ensure stability and…
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De Soto’s explanation of the crisis and paper money
De Soto at the Zermatt 2010 Summit, Nicolás Michel presiding I was lucky to listen to the detailed explanation made by Hernando de Soto about how the lack of transparency of some derivatives, with no one knowing what “real” property they represent led to the crisis and might lead to a bigger crisis or stagnation…
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“Treasury Three-Year Yield Rises From Near 2010 Low Before Sale”
“Bernanke said yesterday at a Washington event that while the Fed will raise interest rates from a record low before the economy returns to “full employment,” officials don’t know when the process will start. The banking system isn’t fully healthy and lenders are “cautious” in providing credit, Bernanke said. Given the depth of the recession,…
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Financial Reform: Ready, Fire, Aim
“Some quotes are too good to ignore, including the following one by my friend Mike Durante, founder of Western Reserve Hedge Fund in Dallas and a former Federal Reserve bank examiner.* ‘. . . some of us . . . have consistently referred to the hypocrisy of President Obama’s so-termed ‘Comprehensive Financial Reform’ so we…
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“The Fed Weighs In on Credit Card Reform”
“Last year, when Congress passed the Credit Card Accountability, Responsibility and Disclosure Act, it declined to extend new consumer protections against certain card company practices to small business accounts. This was in part because some legislators expressed concern that nobody had properly studied how such a move might affect the price and availability of credit…
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“AIG Repayment Prospects Fade”
“Taxpayers have lent AIG $132.6 billion, but the probability that the government would recoup all of those funds fell even further this week after the insurer failed to complete a crucial asset sale. AIG had agreed in March to sell Asian life insurance unit AIA to Prudential PLC for $35.5 billion, but AIG terminated that…
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“Fed Bank Chief Calls for Interest Rate Hikes”
“Thomas Hoenig, the head of the Federal Reserve Bank of Kansas City, is cementing his reputation as the best friend of savers with money in the bank. Hoenig, who has a seat on the Fed’s interest-rate committee, on Thursday called for the central bank to raise its benchmark short-term rate to 1% “by the end…
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What Financial Re-Regulation?
“In two weeks, I am supposed to speak on a panel entitled “Financial Re-regulation.” My question is, what re-regulation? To me, re-regulation means you would reverse some step that you took toward deregulation. But the new financial reform bill does not reverse any of those steps, as far as I know. For example, the new…
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Implicit Inflation
The problem of inflation is a major concern in economics; it gives rise to economic discoordination and affects the distribution of wealth. Among most economists, inflation is generally seen just as a sustained increase in the level of prices, and not as a broader problem arising initially from monetary disturbances. In his The Theory of…
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“Bernanke Continues Fight Against More Fed Scrutiny”
“With Congress getting close to finalizing an overhaul of the nation’s financial-regulatory system, Federal Reserve Chairman Ben Bernanke weighed in against provisions in the proposed legislation that would subject the central bank to more political scrutiny. In a speech at the Bank of Japan on Wednesday, the Fed chief argued before an international audience that…
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“Bernanke Says Fed to Take Necessary Steps on Growth”
“Federal Reserve Chairman Ben S. Bernanke said the U.S. central bank will act as needed to aid financial stability and economic growth after restarting emergency currency-swaps to help contain Europe’s debt crisis. ‘Our ongoing international cooperation sends an important signal to global financial markets that we will take the actions necessary to ensure stability and…
-
De Soto’s explanation of the crisis and paper money
De Soto at the Zermatt 2010 Summit, Nicolás Michel presiding I was lucky to listen to the detailed explanation made by Hernando de Soto about how the lack of transparency of some derivatives, with no one knowing what “real” property they represent led to the crisis and might lead to a bigger crisis or stagnation…
-
“Treasury Three-Year Yield Rises From Near 2010 Low Before Sale”
“Bernanke said yesterday at a Washington event that while the Fed will raise interest rates from a record low before the economy returns to “full employment,” officials don’t know when the process will start. The banking system isn’t fully healthy and lenders are “cautious” in providing credit, Bernanke said. Given the depth of the recession,…
-
Financial Reform: Ready, Fire, Aim
“Some quotes are too good to ignore, including the following one by my friend Mike Durante, founder of Western Reserve Hedge Fund in Dallas and a former Federal Reserve bank examiner.* ‘. . . some of us . . . have consistently referred to the hypocrisy of President Obama’s so-termed ‘Comprehensive Financial Reform’ so we…
-
“The Fed Weighs In on Credit Card Reform”
“Last year, when Congress passed the Credit Card Accountability, Responsibility and Disclosure Act, it declined to extend new consumer protections against certain card company practices to small business accounts. This was in part because some legislators expressed concern that nobody had properly studied how such a move might affect the price and availability of credit…
-
“AIG Repayment Prospects Fade”
“Taxpayers have lent AIG $132.6 billion, but the probability that the government would recoup all of those funds fell even further this week after the insurer failed to complete a crucial asset sale. AIG had agreed in March to sell Asian life insurance unit AIA to Prudential PLC for $35.5 billion, but AIG terminated that…
-
“Fed Bank Chief Calls for Interest Rate Hikes”
“Thomas Hoenig, the head of the Federal Reserve Bank of Kansas City, is cementing his reputation as the best friend of savers with money in the bank. Hoenig, who has a seat on the Fed’s interest-rate committee, on Thursday called for the central bank to raise its benchmark short-term rate to 1% “by the end…
-
What Financial Re-Regulation?
“In two weeks, I am supposed to speak on a panel entitled “Financial Re-regulation.” My question is, what re-regulation? To me, re-regulation means you would reverse some step that you took toward deregulation. But the new financial reform bill does not reverse any of those steps, as far as I know. For example, the new…
-
Implicit Inflation
The problem of inflation is a major concern in economics; it gives rise to economic discoordination and affects the distribution of wealth. Among most economists, inflation is generally seen just as a sustained increase in the level of prices, and not as a broader problem arising initially from monetary disturbances. In his The Theory of…
-
“Bernanke Continues Fight Against More Fed Scrutiny”
“With Congress getting close to finalizing an overhaul of the nation’s financial-regulatory system, Federal Reserve Chairman Ben Bernanke weighed in against provisions in the proposed legislation that would subject the central bank to more political scrutiny. In a speech at the Bank of Japan on Wednesday, the Fed chief argued before an international audience that…
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