Yellen’s Poor Legacy — and Powell’s Challenges
byBy Daniel Lacalle The appointment of Jerome Powell as the new chair of the Federal Reserve must be interpreted by the markets as a sign…
Central Banking
Zero Hedge: The Swiss National Bank Now Owns A Record $88 Billion In US Stocks
byIn the third quarter of 2017, one in which the global economy was supposedly undergoing an unprecedented “coordinated growth spurt”, and in which central…
For god’s sake, stop!
by“Most economists, it seems, believe strongly in their own superior intelligence and take themselves far too seriously. In his open letter of 22 July…
Altmann scores
by“Black cab drivers to revel in victory over Uber for centuries to come” Headline from The Daily Mash. Baroness Ros Altmann could fairly…
The forthcoming global crisis
byThe global economy is now in an expansionary phase, with bank credit being increasingly available for non-financial borrowers. This is always the prelude to…
Does the central bank determine interest rates?
byAccording to mainstream thinking, the central bank is the key factor in determining interest rates. By setting short-term interest rates, the central bank, it…
Benn Steil: How We Know Eurozone Monetary Policy is Working Again
byIn 2013, I showed that the ECB’s monetary transmission mechanism had broken down in the crisis-hit periphery countries. ECB rate cuts were not being passed on…
Deafblind
by“Most economists, it seems, believe strongly in their own superior intelligence and take themselves far too seriously. In his open letter of 22 July…
See no evil, speak no evil…
byThe Jackson Hole speeches of Janet Yellen and Mario Draghi last week were notable for the omission of any comment about the burning issues…