Imagine that the state of California could not fund itself in the private capital markets. And as the state unemployment rate pushed north of 25 percent, basic government services ceased, pensions were slashed, house values plummeted and there was growing social...
I'll keep this note short as I'm tooling around Amsterdam and Utrecht with a very limited amount of time for reading and writing. I see no real surprises in Mario's statement. The bond buying plans look to be as advertised with some minor positive changes on the...
The Colonel is baaaaack! In a page right off the script of a "A Few Good Men", a renitent Colonel Bernanke gave one of his strongest performances on the witness stand to date. And while he still won't admit to administering a "code red" - the practice of debasing the...
I was struck once again this morning by how good a central banker Mario Draghi has become. The guy rocks!! My only hope is that some folks at the Federal Reserve begin to take note of what he is really saying. For those that didn't read his Die Zeit article from...
"In terms of the quantity theory of money, we may say that the velocity of circulation of money does not remain constant. 'You can lead a horse to water, but you can’t make him drink.' You can force money on the system in exchange for government bonds, its close money...
"In terms of the quantity theory of money, we may say that the velocity of circulation of money does not remain constant. 'You can lead a horse to water, but you can’t make him drink.' You can force money on the system in exchange for government bonds, its close money substitute; but you can’t make […]
