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Browsing Category
Political Economy
Stephen Roach: Fed’s Asset Purchases Are A ‘Charade’
Stephen Roach makes some good points in the Bloomberg Television interview from September 14th below. He talks mostly about China in a tete-a-tete with Gordon Chang later in the broadcast. Don't miss that. But on the US at the beginning of…
On the continued European deposit flight
Yalman Onaran has written up a lengthy review of the deposit flight now ongoing in Europe. It is a reminder that Mario Draghi's plan to backstop Spanish and Italian sovereign debt can only do so much to stop redenomination risk, the…
More on government tax coercion versus fiat money liberty
I was on RT's Capital Account on Friday night talking to Lauren Lyster about QE and the conversation moved more into the realm of fiat currency and government's coercive taxing power. This is particularly relevant given arguments within…
Has ‘Super Mario’ really saved the euro?
By Marshall Auerback
Germany’s Constitutional Court gave a green light on Wednesday for the country to ratify Europe’s new bailout fund, boosting hopes that the single currency bloc is finally putting in place the tools to resolve its…
How to Unscramble an Egg: Undoing The Six Worst Economic Policy Mistakes
I note that several of the policy mistakes listed above date back to the same period, namely the late 1990s. Not only does it demonstrate the gung-ho approach of the time, but it also goes to show that policy mistakes do not necessarily…
The Great Labor Reset: Labor Laundering, Self-Sourcing, and Other Tales of Woe
By Rick Bookstaber
In a recent post I discussed the potential for long-term, structural unemployment, the possibility that some of what we are seeing in the unemployment picture will not be resolved by an economic upturn. The focus of the…
The euro zone can still blow up even after unlimited purchases
By Marshall Auerback
There appears to be an emerging consensus that the euro will survive, especially now that Mario Draghi has apparently grasped the nettle and persuaded his colleagues that the ECB is prepared to initiate unlimited…
Profit Incentives, Disruptive Technology, and Reducing Health Care Costs
By Rick Bookstaber
Medical care is famously immune to the usual market incentives; the patient has little reason to make a cost-benefit tradeoff. Doctors and hospitals hardly do either; indeed the opposite seems to be the case. Matters are…
Four Fiscal Cliff Scenarios from Credit Suisse
By Sober Look
Back in May we discussed the impact of several possible "fiscal cliff" scenarios on the US GDP growth (the GDP drag). Those projections were developed by Goldman. We now have a similar analysis performed by Credit Suisse. CS…
More thoughts on yield ceilings on euro zone sovereign debt
This is just a quick follow-up to my article on ECB sovereign debt yield caps. I don’t think the ECB is about to put ceilings on euro area sovereign debt yields. The speculation generated by the Spiegel article is not warranted in my view.