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Browsing Category
Economy
ECB Increases Subscription Capital by 5 bln Euros
The ECB announced its subscription capital base of 5.8 bln euros would effectively be doubled to 10.8 bln euros effective at the end of the year. The move is not surprising and has been hinted for the better part of a week at least. It…
Jobless claims decline slightly to 420,000
The US Department of Labor noted this morning that: In the week ending Dec. 11, the advance figure for seasonally adjusted initial claims was 420,000, a decrease of 3,000 from the previous week's revised figure of 423,000. The 4-week…
On The South Korean Bank Levy
Press is reporting that the government may impose a bank levy next year of about 0.1% on what it terms “non-core overseas debt.” It appears that the authorities are getting more serious about addressing the nation’s high short-term debt…
Outlook for Swiss National Bank
by Marc Chandler The Swiss National Bank meets Thursday. A change in its monetary stance is not likely for several months at least. However, the SNB will provide new GDP and inflation forecasts that investors may find helpful. The Swiss…
Former US Treasury Secretary Paul O’Neill Calls George W. Bush a Liar on Bloomberg
Paul O'Neill disputes claims by George W. Bush in his book that O'Neill never advised Bush against cutting taxes as he did twice early in his term after the Internet and Technology bubble crashed. O'Neill also says that the "day of…
End QE2 And Stop Issuing Bonds
by L. Randall Wray We are in the third act of the theater of the absurd. In the first act, Chairman Bernanke created QE1, through which the Fed bought $1.75 trillion of assets from banks—mostly trashy mortgage backed securities, but also a…
Too Big To Regulate
Systemically Dangerous Institutions – the U.S., Iceland, and Ireland by William K. Black This column was prompted by Thomas Hoenig's December 1, 2010 op ed in the New York Times (“Too Big to Succeed”) warning that we must end banks…
The Effort to Claim that Economists Support Obama’s Capitulation on Tax Cuts for the Wealthy
by William K. Black You know the administration is desperate when it creates a web page citing economists who support its capitulation on taxes. The web page cites the support of five economists. Peter Cardillo, the Bank of America, Greg…
On the Ability of Trees to Grow to the Sky
Most of the headlines you’ll see related to the Federal Reserve’s Z.1 Flow of Funds report are focused on the change in household net worth. In the 3rd quarter 2010 report, released yesterday, the change was a positive one: household net…
Some Thoughts On Potential PBOC Tightening Path
We don’t want to get too caught up trying to guess the timing of the PBOC’s moves. Suffice to say that over the next year, it will continue to use a combination of policy rate hikes, reserve requirement hikes, and currency strength to help…