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“Mr. Trichet argues that budget discipline would help growth in Europe more than renewed stimulus, and called on the euro zone’s 17 member countries to strengthen “surveillance” of each other’s fiscal policies. In Europe, budget discipline benefits gro …
READ MORE“Federal Reserve officials last year, prodded by Chairman Ben Bernanke, seriously considered adopting an explicit target for inflation of 2%, but Mr. Bernanke failed to forge a consensus and backed away. The issue could resurface in 2011. The Fed infor …
READ MORE“Taylor’s followers include the new GOP House leadership, the chairmen of key House committees, Presidential hopefuls, conservative thinkers, and others suspicious of Federal Reserve Chairman Ben Bernanke’s stimulative monetary policy and perceived all …
READ MORE“This morning, the yield on the 90-day U.S. T-bills is up to 0.155%. Not a big deal, but let’s look at it a little closer. When the credit crisis arrived in 2008, there was a run to the safety of short-term U.S. Treasuries, which sent down yields sharp …
READ MORE“As a service to readers of the Mises Daily, I immerse myself in the sometimes-stultifying skirmishes of the economics blogosphere. Recently, those arguing that the solution to our current economic woes involves a pumping up of “aggregate demand” seem …
READ MORE“Hu goes on to discuss the RMB and inflation, but that’s not particularly interesting. What’s thought-provoking is his claim that “the current international currency system is the product of the past.” China hawks and American hegemonists (I’m both) wi …
READ MORE“There is a moral dimension, too. Coupled with interest rates being close to zero, inflation is an instrument of war against savers. It rewards those who have been irresponsible — governments that borrow too much and consumers who do similar — and puni …
READ MORE“In a speech to be delivered in Santiago, Chile, on Monday, Philadelphia Federal Reserve Bank President Charles Plosser cautioned against relying too much on the central bank and said its powers ought to be curbed to prevent abuse. “I believe we have c …
READ MORE“One of the first casualties of a financial crisis is the truth. During times of stress, central bankers embrace a timehonored tradition: they issue anodyne statements that are economical with the truth. Central bankers are also prone to seize upon sta …
READ MORE“‘The worst of the storm has passed,’ declared Barack Obama at the start of last year, seeking to calm the fearful. For his part, Gordon Brown assured Britain that talk of tough years ahead was ‘simply not true’. Both men spoke of their resolve to cure …
READ MORE“Last week the 112th Congress was sworn in. I am pleased that I will be chairing the Monetary Policy Subcommittee of the Financial Services Committee, which has oversight of the Federal Reserve. Obviously, this position will facilitate my efforts to en …
READ MORE“Marks & Spencer Group PLC is facing the specter of rising inflation as it fights for market share in the fiercely competitive U.K. grocery and clothing market, just as the government’s austerity cuts start to bite. The U.K. high street bellwether …
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