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The Times’ real point was to argue that, “Whatever the sum .. . cutting billions would be foolish at a time when joblessness is high and the recovery needs stimulus, not tightening. … Spending cuts need not and should not start today, but the nation …
READ MORE“Banks can also drop riskier borrowers completely. In his letter to shareholders last spring, Jamie Dimon of J.P. Morgan Chase reported that, “In the future, we no longer will be offering credit cards to approximately 15% of the customers to whom we cu …
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“Greece. Ireland. And now, it seems, Portugal. While the circumstances that have driven these debt-ridden members ofthe euro zone to the brink differ, they share one common characteristic: all three countries aggressively tapped their domestic banking …
READ MORE“In interviews ahead of his speech, Fisher took a softer tone to the Fed’s current program, known as QE2. While he did not support it, Fisher said he was not eager to make any changes to the $75 billion per-month pace of purchases that is set to end in …
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 …
READ MORE“While that day seems distant now, some economists and market analysts have even begun pondering the unthinkable: could the vaunted Fed, the world’s most powerful central bank, become insolvent? Almost by definition, the answer is no. As the monetary a …
READ MORE“Gold, little changed in London, may rise after a member of theFederal Reserve said the bank could pare back stimulus measures and Europe’s governments wrestled with the sovereign-debt crisis, boosting demand for a haven. Federal Reserve Bank of Philad …
READ MORE“Mr. Bernanke played down the risk of a major municipal-bond crisis, noting that muni markets have been functioning normally, with healthy trading volumes and lots of issuance. But he said that if municipal defaults did become a problem, it would be in …
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