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Il n’y a pas de lien a priori à faire entre le quantitative easing et le besoin qu’a l’État de se financer […]. Quand vous donnez à l’État une facilité pour financer toutes ses dépenses de soutien, par exemple le soutien aux entreprises, cela a pu être fait à des taux assez favorables, du fait même de l’action de la banque centrale. Mais, on est bi
... See moreBenjamin Lemoine • La démocratie disciplinée par la dette (French Edition)
“When I picked up my newspaper yesterday, I thought I woke up in France,” said Senator Jim Bunning, the Kentucky Republican. “But no, it turned out it was socialism here in the United States of America. The Treasury secretary is now asking for a blank check to buy as much Fannie and Freddie debt or equity as he wants. The Fed purchase of Bear Stear
... See moreAndrew Ross Sorkin • Too Big to Fail: The Inside Story of How Wall Street and Washington Fought to Save the FinancialSystem--and Themselves
Official central bank reserves are at around 33,000 tons, or a sixth of total above‐ground gold.
Saifedean Ammous • The Bitcoin Standard: The Decentralized Alternative to Central Banking
Central banks have a primary task of pursuing price stability. They do so by issuing different forms of money, setting an array of interest rates, producing fiscal revenues, defining the unit of account, and affecting marginal costs of production via credit regulations and other policies. This article surveys the economic theories that justify the
... See moreLaura Castillo Martinez • How do central banks control inflation? A guide for the perplexed
For all the differences between the rules and practices affecting rich countries like the United States as opposed to emerging markets, some unsettling resemblances to the U.S. situation are evident in the story of Argentina's rise and fall. Most remarkable is the manner in which the flow of foreign capital into the United States has rendered its p
... See morePaul Blustein • And the Money Kept Rolling in (And Out): Wall Street, the Imf, And the Bankrupting of Argentina: Wall Street, the IMF and the Bankrupting of Argentina
An important, but often overlooked, aspect of the Bretton Woods system was that most of the member countries had moved large amounts of their gold reserves to the United States and received dollars in exchange, at a rate of $35 per ounce. The rationale was that the U.S. dollar would be the global currency for trade and central banks would trade thr
... See moreSaifedean Ammous • The Bitcoin Standard: The Decentralized Alternative to Central Banking
Let us give you one scenario that worries us. Congress shows no discipline and lets the budget run through a few more trillion in the next two years. The Fed has been successful in reflating the economy after it has embarked on even more aggressive quantitative easing. The bond markets get very nervous, and longer-term rates start to rise. What lit
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