James Galbraith: There are No Markets Without Governance and Government and Regulations
I don’t know why people are so surprised by and reluctant to accept the narrative we had an opacity driven financial crisis.... Read More
Federal Reserve’s Purchase of Economics Profession Gives it Control Over Narrative
“The real key isn’t about whether what I say is true, but whether you believe it. From start to end, the direction... Read More
Bernanke and the Search for a Narrative Continues
I can truly appreciate how uncomfortable it must be for macroeconomists not to have either an understanding of how the global financial... Read More
Banks still don’t accurately track risk
A decade after the acute phase of the global financial crisis and banks still don’t accurately track their risk. Of course, this... Read More
The Committee to Save the Banks Undermined the US led World Order
To say the decision to save the banks was terrible is to understate how profoundly awful the decision was. The first casualty... Read More
Professors Find Transparency Works
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Stumbled across an article by two professors from HEC Lausanne who found the discipline on banks that resulted from greater disclosure resulted... Read More
Lying About the Financial System and the Rise of Populism
Opacity in the financial system has given rise to the return of populism. In early 2009, the Committee to Save the Banks... Read More
Limits to What Lender of Last Resort Can Do
The acute phase of the financial crisis in 2008 showed central banks in their role of lender of last resort are unable... Read More
The Fog of Accounting
Accounting standards do not guarantee investors will have access to the information they need in order to know what they own. In... Read More
How Risky is Deutsche Bank?
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This week word leaked out the FDIC put Deutsche Bank’s US subsidiary on its list for problem banks. The Fed cited it... Read More