This morning I again wanted to challenge my somewhat bullish medium-term outlook but bearish longer-term view on the US economy – this time by looking at the data on debt. What follows is going to be a very numbers-heavy post. So, I apologize in advance if you are not a numbers jockey like me. But, [...]
monetary policy's tag archives
A brief look at the Asset-Based Economy at economic turns
Oct
RBA hikes rates 25 basis points in Australia
Oct
The Reserve Bank of Australia unexpectedly raised rates by 25 basis points to cool down its economy. It will “gradually reduce stimulus” in anticipation of sustained recovery. Australia has probably been the major economy least affected by the global economic slowdown, so one would expect the RBA to be the first major central bank to [...]
144 views
Marc Faber: “Monetary policy in the United States will stay expansionary”
Oct
Below is a wide-ranging interview with Marc Faber over four videos on CNBC TV18 in India explaining view on inflation, currencies, commodities, stocks and more.
Asset-based economy. In general, he thinks we are in an inflationary environment, whereas I think that deleveraging is secular and means any inflation is only cyclical. But he shares my belief [...]
1,613 views
1987
Oct
In light of recent comments made by both living former Federal Reserve Chairmen, I thought it appropriate to look back 22 years to the succession from Volcker to Greenspan. What follows is a blurb from a New York Times article circa 1987, which highlights the appointment of Alan Greenspan as Chairman of the Federal Reserve [...]
648 views
Federal Reserve’s Fisher says tightening will be aggressive
Sep
Marshall Auerback pointed out a statement from Dallas Fed Chief Richard Fisher today that is not getting a lot of attention despite its importance. He said:
I expect that when it comes time to tighten monetary policy, my colleagues and I will move with an alacrity that, if needed, will be equal in speed and intensity [...]
411 views
Freshwater versus saltwater circa 1988
Sep
As a follow-up to my post on debt and it’s exclusion as a subject of merit amongst several schools of economic thought, I wanted to bring a New York Times article from 1988 to your attention. This article by Peter Kilborn, a Washington, D.C. based and long-time former correspondent for the New York Times, is [...]
931 views
The origin of the U.S. dollar as legal tender and its link to Depression
Sep
I have been very interested in the concept of legal tender of late because of the revelation this summer that the State of California was issuing I.O.U.’s to honour its debts instead of paying in U.S. Dollars, which are legal tender and I.O.U.’s from the U.S. government (see posts here and here). What I found [...]
1,706 views
Steve Keen: On the Edge with Max Keiser
Sep
Last week, I highlighted some of the ideas of Australian economist Steve Keen in my post, “Politics and reform: Say I’m a politician….” Keen is of the Minsky camp and he believes that an unsustainable debt bubble has build up in the industrialized world which can only be brought to heel through a ‘debt jubilee.’
Below [...]
Bloomberg News is still after the Fed for more disclosure
Sep
Bloomberg News editor-in-chief Matt Winkler wrote an Op-Ed in the Wall Street Journal yesterday explaining why he is after the Federal Reserve to come clean about it’s secret lending program during the height of the financial crisis.
Bloomberg has filed a lawsuit against the Federal Reserve to force the Fed to reveal the name of the [...]
364 views
Roach: The west went on a “drunken binge of excess consumption”
Sep
Stephen Roach doesn’t mince words. He calls monetary policy during the bubble years “reckless and irresponsible” and he thinks politics is thwarting any meaningful regulatory reform, a view I also hold. I think the point of Roach’s attack is that a lot of finger-pointing has been directed at Wall Street and even Main Street. But, [...]
530 views
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