Monetary Policy

Delay the Canonization

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Let's not rush to elevate outgoing Treasury Secretary Robert Rubin to sainthood. Rubin is like a surfer who accepts credit for creating the big wave that carries him to shore. He might look good riding the board, but he's not responsible for the wave's motion. The accolades being heaped ... [click for more]

It’s an Economy, Stupid

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America's central bank has spooked the stock and bond markets again. The Dow dropped almost 150 points and the bond market slipped last week on indications that the Fed may raise interest rates if the economy doesn't "slow down." Concerned officials there have been expecting a slowdown, but it hasn't ... [click for more]

Know Your Government

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The Federal Deposit Insurance Corporation (FDIC) has a new way to protect us and our banks. It proposes a mandatory program for insured nonmember banks called "Know Your Customer." (Member banks are presumably already under such an obligation.) This is not some friendly way for banks to serve us better. No, this is right out of Orwell. Here's what Big ... [click for more]

Brazil and the Crisis of Paternalism

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After the Brazilian government devalued the Brazilian real, causing the Brazilian people to lose more than 40 percent of their savings, the Brazilian authorities issued the customary line that governments follow after a devaluation. They blamed external forces for the currency debasement, in this case "the Asian currency ... [click for more]
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