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“In reading Mises I am always struck by how fresh he still reads, and how relevant his analysis of contemporary policy in the first half of the 20th century still is relevant for us at the beginning of the 21st century. Of course, there is the enduring …
READ MORE“Since the announcement last week that I will chair the congressional subcommittee that oversees the Federal Reserve, the media response has been overwhelming. The groundswell of opposition to Fed actions among ordinary citizens is reflected not only i …
READ MORE“James Bullard, president of the Federal Reserve Bank of St. Louis, said “it would be OK with me” if Congress used legislation to remove the Fed’s current mandate that it maximize employment in addition to controlling inflation. Bullard made his commen …
READ MORE“The contradictions were as apparent then as now; as Mr. Corker puts it, a central bank cannot have “a bipolar mandate.” The pressure to bring down unemployment using money creation during difficult economic times will inevitably complicate the task of …
READ MORE“The Fed argues that QE is not inflationary, because the electronic money is sitting in the coffers of the banking Oligarchs, and isn’t circulating in the general economy. “One myth that’s out there, – is that what we’re doing is printing money. We’re …
READ MORE“The aim of QE2 has been to lower medium-to-longer-term interest rates since the Fed’s main policy variable—the overnight federal funds rate—has been pinned near zero for two years. But since the Nov. 3 FOMC meeting, Treasury yields have done precisely …
READ MORE“Unemployment is not high because the maturity structure of government debt is too long, thank you, nor from any lack of “liquidity” in a banking system that is sitting on a trillion dollars of cash. It’s time to focus on the real, microeconomic, tax, …
READ MORE“The central bank is not expected to signal any shift away from its intention to buy $600 billion in government debt but markets are already bringing forward expectations of when the Fed may start to raise interest rates. Eurodollar futures fell to thr …
READ MORE“Since August, there certainly doesn’t seem to be much deflationary threat here. The 12-month change in PPI for finished goods is 3.5% as of November. So what’s driving the increase in prices? Food and energy make up a significant influence. Food price …
READ MORE“After QE2, analysts were looking for possible consequences of the Federal Reserve Bank’s actions. What has become apparent is that the Fed has created another bubble in China. Investors globally have transferred devalued US dollars and euros to buy Ch …
READ MORE“Here’s the problem in the main: Bernanke’s only tool to “tighten” monetary policy means selling bonds into the market and taking in cash from the system. But what happens if he holds bonds that have all gone down in value? He gets screwed, that’s what …
READ MORE“[Bernanke is] a different man, somehow, and likely not for the better as growing dissent amongst even his own Federal Reserve board has no doubt made him less confident in his actions today than he was 18 months ago when there was near unanimity from …
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