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Why Banks & Governments Hate Cash: Bank Runs

July 1, 2015

Why Banks & Governments Hate Cash: Bank Runs The photos from Greece showing long lines at ATMs are astonishing. Even after the deposit outflows from Greek banks over the past weeks, there are still large numbers of people who are trying to get their money out of the banking system. With the banks closed, ATMs […]

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Why Keynesian voodoo doesn’t work?

June 13, 2015

Why Keynesian voodoo doesn’t work? Keynesian policy of manipulating economic “aggregates” through countercyclical macro-measures appeared to work when balance sheets was not stretched to the brink. As we wrote in “Goebbelnomics” “If collective exuberance and apathy is the sole cause of the business cycle, then it logically follows that human emotions need to be manipulated […]

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A Portrait of the Classical Gold Standard

May 12, 2015

A Portrait of the Classical Gold Standard “The world that disappeared in 1914 appeared, in retrospect, something like our picture of Paradise,” wrote the economist Cecil Hirsch in his June 1934 review of R.W. Hawtrey’s classic, The Art of Central Banking (1933). Hirsch bemoaned the loss of the far-sighted restraint that had once prevailed among the “bankers’ […]

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CAN CENTRAL BANKS GO BANKRUPT?

April 26, 2015

CAN CENTRAL BANKS GO BANKRUPT? A TDV subscriber forwarded us an article that said the Federal Reserve was dangerously close to going “bankrupt,” stating, “In direct figures, the Fed has $4.485 trillion in assets, but a whopping $4.428 trillion in liabilities, leaving only $57 billion, or about 1.28%”. The article stated that, “if the value of the […]

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Australian Banks Seen Needing $25 Billion in Capital – Bloomberg

December 7, 2014

Australian Banks Seen Needing $25 Billion in Capital – Bloomberg. Commonwealth Bank of Australia and its three main competitors may need as much as A$30 billion ($25 billion) after a government-commissioned inquiry called for “unquestionably strong” capital levels, analysts said. The shortfall is based on lenders needing to boost levels to within the top quartile of […]

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