Monetary System

The following press release was issued just today by Moody's the ratings agency in conjunction with a recent ratings action on Danish banks.

I was on RT's Capital Account last night talking to Lauren Lyster about the euro zone debt crisis. At the end of the show, we came up against the deficit problem and the question about how it should be solved. I get frustrated by this topic…

Editor's Note: Below is the press release from the FDIC

ELA is the acronym for Emergency Lending Assistance. This is direct lending by the national central bank, with ECB authorization to local banks with more liberal collateral requirements. The national central bank is responsible/liable for…

Bloomberg TV spoke to Goldman Sachs CEO Lloyd Blankfein today in a much discussed interview. Below is the video and partial transcript of that interview. I provide it without comment.

The Greek private sector can generally only rely on the Greek banking system for credit. At the same time the Greek private sector is moving liquidity out of the country, dramatically shrinking the availability of credit.

Ireland dealt fairly quickly with its property market bubble by effectively and forcefully nationalizing and recapitalizing its banking sector. They clearly still have a serious problem on their hands, but the nation has been aggressive in…

In his publications in the 1950s through the mid 1960s, Minsky gradually developed his analysis of the cycles. First, he argued that institutions, and in particular financial institutions, matter. This was a reaction against the growing…

Yesterday, we highlighted the talk that Steve Keen gave at the INET conference as our only post. Today, we present the full and in-depth version including his written analysis via Steve Keen's DebtWatch website. Steve ends with two…

Steve Keen's talk at INET is now up on the web (hat tip BT). His talk is billed as a primer on Hyman Minsky. In it, Steve argues that one cannot model Minsky using a New Keynesian or traditional neoclassical approach because of the reliance…