In his “Europe’s Unfinished Currency”, Thomas Mayer gives us a highly readable account of the political origins of the European Union and its currency and its current weaknesses and promise.
Inflation is the work of the devil, because it respects appearances without destroying anything but the realities. Jacques Rueff
Kenneth Garbade, a senior vice president at the Federal Reserve Bank of New York, has written extensively on the development of the market for US Treasury securities, including at least nine single- or co-authored articles (most of which appear in Economic Policy Review).
Have you ever wondered how the United States and other countries actually conduct “financial warfare”?
In Getting it Wrong1 William Barnett, an aggregation and index number theorist, makes a few important points about monetary policy in the United States, along with a few questionable claims for how to fix it, and some fairly bazaar speculations about why his proposals have received so little traction.
Vito Tanzi has again given us a solid economic explanation of what went wrong and why, and what can be done about it. Governments have grown too large, have spent way too much money, and have tried to get out of the mess through the inappropriate use of monetary policy rather than by drastically cutting spending.
Detlev Schlichter says that “Today’s mainstream view on money is logically incoherent because it is in fundamental conflict with essential aspects of money and money’s role in a market economy.”
On 15 August, 1971, President Richard Nixon unilaterally ended the international system of rules that had governed the financing of international trade and investment since the end of World War II.
For six years I’ve told audiences (and even more than a few social acquaintances who would listen) that the 2008-09 Global Financial Crisis was not “The Big One.” In time, people will look back on that episode as relatively minor and fairly short-lived compared to the one we are building toward. Don’t believe me?
What really caused the world’s greatest financial crisis? The prevailing narrative, as articulated by President Obama and his allies, was that the crisis was caused by insufficient government regulation.
At the beginning of the Great Depression, world trade dropped by an “astounding 65 per cent in gold-dollar terms”.
“The Treaty includes no provisions for the economic rehabilitation of Europe, – nothing to make the defeated Central Empire into good neighbours, nothing to stabilise the new States of Europe …
Book review from Warren Coats, CFR Editorial Board member, ex IMF and specialist adviser to central banks of "The Shifts and the Shocks" from Martin Wolf, generally considered one of the most influential writers in his field.
At the end of the first chapter I was frustrated, as I was looking for a
theoretical analysis and conclusion regarding corporate governance in