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Tag Archives: central bank
Bank of Canada says housing, debt threaten financial system
Bank of Canada says housing, debt threaten financial system Central bank releases financial system review that focuses on small group of highly indebted people Bank of Canada governor Stephen Poloz told a news conference on Tuesday that the bank is watching a small group of Canadian households that are highly indebted. (CBC) Household indebtedness and […]
Who Owns the Federal Reserve Bank and Why is It Shrouded in Myths and Mysteries?
Who Owns the Federal Reserve Bank and Why is It Shrouded in Myths and Mysteries? “It is well enough that people of the nation do not understand our banking and monetary system, for if they did, I believe there would be a revolution before tomorrow morning.” — Henry Ford “Give me control of a Nation’s […]
Advice to the Prime Minister/President
Advice to the Prime Minister/President Your country faces a stagnating economy. Let us assume your Prime Minister (or President if that is who holds the executive power) seeks advice from two imaginary economists. PM: You two economists have different views on what our economic policy should be. What is your advice? FIRST ECONOMIST (Austrian school): Prime Minister, the […]
The Eurozone’s Minsky Conundrum
The Eurozone’s Minsky Conundrum BRUSSELS – Stubbornly low inflation has the European Central Bank worried. But its response – essentially just more quantitative easing – could backfire, exacerbating imbalances and generating serious financial instability. As it stands, the headline consumer price index in the eurozone hovers around zero, and even core inflation remains below 1% […]
Currency Controls Strangle Argentina, But Hey, “Take it up with the Next Government, We’re on Our Way Out”
Currency Controls Strangle Argentina, But Hey, “Take it up with the Next Government, We’re on Our Way Out” Running out of money doesn’t care if you’re a socialist or neoliberal. Last week wasn’t easy for President-on-her-way-out Cristina Fernández de Kirchner. On the political front, she treated us with deafening silence following her candidates’ poor performances […]
Professor Bernanke’s Bogus Contra-factual, Part 1: The Myth Of Great Depression 2.0
Professor Bernanke’s Bogus Contra-factual, Part 1: The Myth Of Great Depression 2.0 It took no “courage” whatsoever to inflate the Fed’s balance sheet from $900 billion to $2.3 trillion during just 17 weeks in September-December 2008. What it actually took was an epochal con job by a naïve Keynesian academic whose single idea about economics was primitive, self-serving, borrowed and […]
Something Happened
Something Happened Ben Bernanke’s memoir is out and the chatter about it inevitably turns to the sickening moments in September 2008 when “the world economy came very close to collapse.” Easy to say, but how many people know what that means? It’s every bit as opaque as the operations of the Federal Reserve itself. There […]
Jeffrey Snider: Kuroda’s Rebuke Came Awfully Swift
Jeffrey Snider: Kuroda’s Rebuke Came Awfully Swift There must be a universal speech template included in the monetary textbook that is shared among the various central banks. On September 28, 2015, Haruhiko Kuroda, Governor of the Bank of Japan, delivered a speech that wasn’t just similar to the press conference Janet Yellen had endured only a week […]
How Can We Do Better? The Alternative: Public Money Creation
How Can We Do Better? The Alternative: Public Money Creation A well-functioning monetary system is essential for a well-functioning economy and thereby, for the common good. The state is the agency responsible for the public interest. The responsibility for and control over the monetary system and money creation should therefore be placed with the state […]
Austrian Economics, Monetary Freedom, and America’s Economic Roller Coaster
Austrian Economics, Monetary Freedom, and America’s Economic Roller Coaster For over a decade, now, the American economy has been on an economic rollercoaster, of an economic boom between 2003 and 2008, followed by a severe economic downturn, and with a historically slow and weak recovery starting in 2009 up to the present. Before the dramatic […]
Russian Bank Caught Using Fake Gold As Reserve Capital
Russian Bank Caught Using Fake Gold As Reserve Capital Over the past several years, incidents involving fake gold (usually in the form of gold-plated tungsten) have emerged every so often, usually involving Manhattan’s jewerly district, some of Europe’s bigger gold foundries, or the occasional billion dealer. But never was fake gold actually discovered in the form monetary gold, […]
Interest rate cuts a two-edged sword for Bank of Canada: Don Pittis
Interest rate cuts a two-edged sword for Bank of Canada: Don Pittis Another decrease could spur exports but would announce serious pessimism Conjure up an image of Bank of Canada governor Stephen Poloz in Hamlet pantaloons, hand to brow, declaiming to the middle distance: “To cut or not to cut?” A confusion of contradictory economic […]
Rolling Boulders Uphill
Rolling Boulders Uphill As symbols of futility go, that of Sisyphus takes some beating. In Greek mythology, Sisyphus was captured by the gods after having freed humanity from Death. They punished him, of course: he would spend the rest of his days pushing a boulder up to the top of a mountain. Just when he […]
China’s Central Bank Chief Admits “The Bubble Has Burst”
China’s Central Bank Chief Admits “The Bubble Has Burst” In a stunningly honest admission from a member of the elite, Zhou Xiaochuan, governor of China’s central bank, exclaimed multiple times this week to his G-20 colleagues that a bubble in his country had “burst.”While this will come as no surprise to any rational-minded onlooker, the fact […]
The Federal Reserve is Not Your Friend
The Federal Reserve is Not Your Friend Fed policies disproportionately favor wealth. Imagine that the Food and Drug Administration (FDA) was a corporation, with its shares owned by the nation’s major pharmaceutical companies. How would you feel about the regulation of medications? Whose interests would this corporation be serving? Or suppose that major oil companies […]
