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“The Fed’s own origins are evidence for this point. It is usually argued that the Fed was created to avoid the banking crises that plagued the United States in the late 19th century. That is true to an extent. What it misses is that those crises were t …
READ MORE“In the last several years, economists have produced numoerous studies examining both the theoretical operations and historical manifestations of unregulated banking systems. Recent examples of historical investigations are the studies by L. White (47) …
READ MORE“Mr. Dodd’s bill would allow the Fed to examine any bank-holding company with more than $50 billion in assets, and large financial companies that aren’t banks could be lassoed into the Fed’s supervisory orbit. This came after Treasury officials pushed …
READ MORERecent developments have clearly demonstrated that “there is no such thing as a Keynesian free lunch.” The grim story of fiscal crises afflicting major economies is something that should not be taken lightly. It could happen sooner than most people think if the governments of the US and other debt-ridden countries don’t get their fiscal houses in order.
READ MOREOn Wednesday, March 10, a Wall Street Journal article announced that the Financial Crisis Panel will be convened in early April with Alan Greenspan as the center act. According to the article, “The hearing will focus on the explosion of subprime mortga …
READ MORE“Let me say first that I believe in the benefits conferred by the free market as strongly as anybody in this country: nobody, anywhere, has yet devised a way of organising economic activity which comes close to the free market as a way of efficiently p …
READ MORE“There is a debt crisis in the making. It is international. Every industrial nation on earth faces a crisis that could dwarf the crisis of the 1930’s. The banks of the world have done the bidding of the politicians, and they have loaned hundreds of bil …
READ MORE“In the fall of 2008, the credit squeeze, which had emerged a little more than a year before, ballooned into Wall Street’s biggest crisis since the Great Depression. As hundreds of billions in mortgage-related investments went bad, mighty investment ba …
READ MORE“By Shih’s count, China’s debt may reach 39.838 trillion yuan ($5.8 trillion) next year. His forecast for debt-to-GDP compares with an International Monetary Fund estimate for China of 22 percent this year, which excludes local-government liabilities. …
READ MOREEconomists Peter Boone and Simon Johnson think the economic system could be stuck in a “doomsday cycle”: “Over the last three decades, the US financial system has tripled in size, as measured by total credit relative to GDP. Each time the system runs i …
READ MORE“I’ve been doing a little reading this morning about the Greek crisis and related problems in Europe. One take, and it makes sense to me, is that many European countries have such low fertility rates that even with some degree of immigration, they simp …
READ MOREWednesday’s Washington Post featured a column by Steven Pearlstein that sums up the ongoing debate over the regulation of the financial industry, or at least it attempts to do so. As we all know, the collapse of the financial industry played a major ro …
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