{"id":10374,"date":"2015-07-25T06:49:01","date_gmt":"2015-07-25T11:49:01","guid":{"rendered":"http:\/\/olduvai.ca\/?p=10374"},"modified":"2015-07-25T06:49:01","modified_gmt":"2015-07-25T11:49:01","slug":"as-economy-heads-to-another-crash-bis-acknowledges-were-failing","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=10374","title":{"rendered":"As Economy Heads to Another Crash, BIS Acknowledges: We\u2019re Failing"},"content":{"rendered":"<h3 class=\"entry-title\"><a href=\"http:\/\/www.washingtonsblog.com\/2015\/07\/as-economy-heads-to-another-crash-bis-acknowledges-were-failing.html\" target=\"_blank\">As Economy Heads to Another Crash, BIS Acknowledges: We\u2019re Failing<\/a><\/h3>\n<p class=\"p1\"><span class=\"s2\"><a title=\"http:\/\/deutsche-wirtschafts-nachrichten.de\/2015\/07\/22\/maechtigste-bank-der-welt-legt-mandat-zur-rettung-der-weltwirtschaft-zurueck\/\" href=\"http:\/\/deutsche-wirtschafts-nachrichten.de\/2015\/07\/22\/maechtigste-bank-der-welt-legt-mandat-zur-rettung-der-weltwirtschaft-zurueck\/\" target=\"_blank\">http:\/\/deutsche-wirtschafts-nachrichten.de\/2015\/07\/22\/maechtigste-bank-der-welt-legt-mandat-zur-rettung-der-weltwirtschaft-zurueck\/<\/a><\/span><\/p>\n<p class=\"p1\"><span class=\"s1\"><b>World\u2019s Most Powerful Bank Reverses Course, to Avoid a Global Depression<\/b><\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">German Economic News, Translation (and closing Note) by Eric Zuesse\u00a0\u00a0|\u00a0\u00a0Published: 22:07:15 20:10 clock<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">The Bank for International Settlements (BIS) acknowledges in its\u00a0<a title=\"annual report\" href=\"http:\/\/www.bis.org\/publ\/arpdf\/ar2015_ec.pdf\" target=\"_blank\"><span class=\"s3\">annual report<\/span><\/a>\u00a0that the policy of cheap money has failed. All the trillions in monetary stimulus have produced no growth in the real economy. Central banks cannot salvage the economy. Governments \u2014 fiscal stimulus \u2014 must now resolve the economic crisis. Political leadership is required.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">In November 2008, the Federal Reserve in the US began to purchase many billions in securities, to stabilize the markets after the collapse of Lehman Brothers. Later, the Fed bought also US Treasuries, and cut interest rates to a record low of zero to 0.25 percent. So, they set off a global devaluation race. As a result, between just January 1st and March 12th of 2015, one-fifth of all central banks lowered their key interest rates. China was last to join this currency war, but when they did, their easing of monetary policy helped spark a credit-driven bull market that now produces the biggest Chinese slump in 20 years.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">The Basel-based Bank for International Settlements (BIS) is considered the \u201ccentral bank of central banks.\u201d It was originally founded in 1930 to handle German reparations after the First World War. Today the BIS networks together central banks around the world, and manages on their behalf nations\u2019 gold reserves. Its 85th Annual report analyzes the global financial system, seven years after the 2008 crisis. An entire chapter is devoted to shortcomings of the international monetary and financial system. It says that instead of promoting sustainable and balanced growth of the global economy, this system actually undermines growth long-term.<\/span><\/p>\n<p>&#8230;click on the above link to read the rest of the article&#8230;<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>As Economy Heads to Another Crash, BIS Acknowledges: We\u2019re Failing http:\/\/deutsche-wirtschafts-nachrichten.de\/2015\/07\/22\/maechtigste-bank-der-welt-legt-mandat-zur-rettung-der-weltwirtschaft-zurueck\/ World\u2019s Most Powerful Bank Reverses Course, to Avoid a Global Depression German Economic News, Translation (and closing Note) by Eric Zuesse\u00a0\u00a0|\u00a0\u00a0Published: 22:07:15 20:10 clock The Bank for International Settlements (BIS) acknowledges in its\u00a0annual report\u00a0that the policy of cheap money has failed. All the trillions [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2],"tags":[1733,1269,124,2310,6562,312,4650,5510],"class_list":["post-10374","post","type-post","status-publish","format-standard","hentry","category-economics","tag-bank-for-international-settlements","tag-bis","tag-central-banks","tag-depression","tag-eric-zeusse","tag-financial-crisis","tag-global-depression","tag-washingtons-blog"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/10374","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=10374"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/10374\/revisions"}],"predecessor-version":[{"id":10375,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/10374\/revisions\/10375"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=10374"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=10374"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=10374"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}