“This work is probably the most ambitious – and also relevant – attempt to explain the set of causes that led to the disasters of 2007 and following years. But it is not only a lucid, competent and sometimes unconventional analysis of what went wrong.”Jacques de Larosière
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Money is too loose globally. Trouble is, there’s no obvious trigger that warns governments it is time to raise rates. Only a rise in consumer price inflation – or in inflation expectations – justifies central banks raising rates under their rickety inflation targeting regimes. Even then, governments can prevent them. The risks and dangers…
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Governments’ failure to manage the global financial crisis is having profound political and geo-political consequences – all of them adverse. Fuelled by political desperation to boost demand, national monetary policies are becoming steadily more aggressive – not so much “beggar my neighbour” as “sauve qui peut”. Financial repression is ongoing. As we all know, once…
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Give us the money we deserve!
What are the differences between a commodity money, credit money and the Ikon – currency of the future ? Using the gold standard as an example of the first, where the price of gold was fixed and money was convertible into it on demand at that price, gold and sure claims on gold were money….
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Failure of G20 leadership
Ever since the end of Bretton Woods, exchange rate volatility driven by diverse monetary policies and diverse expectations about future exchange rates have been frequent sources of shocks to the world economy and national economies. The very existence of independent central banks with independent monetary policies is the common origin of shocks. The more…
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