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Should Bank Regulation be Relaxed?
SHOULD BANK REGULATION BE RELAXED? Leading Federal Reserve policymaker Stanley Fischer has hit out at plans to unwind banking regulation, calling it a “terrible mistake.” President Donald Trump and republican politicians have advocated the repeal of Dodd Frank, a major piece of post-crisis legislation, and the loosening of some capital and liquidity requirements in a […]
Fischer Admits Fed Is Clueless About What Happens Next
Fischer Admits Fed Is Clueless About What Happens Next In a moment of rare honesty, during a conference in England, Fed Vice Chair Stanley Fischer admitted that the Fed is clueless about what happens next, blaming the Fed’s lack of clarity on Trump and saying there is significant uncertainty about U.S. fiscal policy under the Trump administration. […]
Stanley Fischer’s Novel Idea: “We’d Be Better Off With A Price For Using Money”
Stanley Fischer’s Novel Idea: “We’d Be Better Off With A Price For Using Money” The end game of central bank lunacy is surely near. Even the Fed heads appear to be mumbling bits and pieces of truth in public. Former Philly Fed President Charles Plosser, for example, told Bloomberg TV this morning that central bankers “wring their hands all the […]
Ken Rogoff’s Government Debt Default Plan
Ken Rogoff’s Government Debt Default Plan Ken Rogoff is by all accounts a brilliant man. The Harvard professor and former IMF chief economist is a chess grandmaster. His thesis committee included current Fed vice-chair Stanley Fischer. But like many survivors of Ivy League hoop jumping, the poor fellow appears to have emerged punch drunk. […]
Gold Sector Correction – What Happens Next?
Gold Sector Correction – What Happens Next? The Long Awaited Correction is Underway The gathering of central planners at Jackson Hole was widely expected to bring some clarity regarding the Fed’s policy intentions. This is of course a ridiculous assumption, since these people have not the foggiest idea what they are doing or what they […]
Slouching Toward The Dark Side
Slouching Toward The Dark Side Last Wednesday we noted there is something rotten in the state of Denmark, meaning that the world’s great potemkin village of Bubble Finance is unraveling. The evidence piles up by the day. To wit, now comes still another story about the Red Paddy Wagons rolling out in China. This time they are rounding-up the proprietors of a $7.6 […]
Negative Interest Rates Already in Fed’s Official Scenario
Negative Interest Rates Already in Fed’s Official Scenario But forget QE-4. The Germans, with Teutonic precision, call them “Punishment Interest.” Negative interest rates are spreading from the ECB’s negative deposit rate across the bond market and to some savings accounts in the Eurozone. The idea is to enrich existing bond holders and flog savers until […]
The Endless Emergency—–Why It’s Always ZIRP Time In The Casino
The Endless Emergency—–Why It’s Always ZIRP Time In The Casino Based on the headline from the latest Jobs Friday report you wouldn’t know that we are still mired in an economic emergency—–one apparently so extreme that it might entail moving to the 81st straight month of zero interest rates at next week’s FOMC meeting. After all, the unemployment rate came in smack-dab on the Fed’s […]