The Battle for Financial Stability
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/You cannot win the battle for financial stability until you know what causes financial instability (aka financial crises). But not knowing hasn’t... Read More
Senator Warren’s Call to Drain the DC Swamp
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A tremor went through the Opacity Protection Team today when Senator Elizabeth Warren called for ending its capture of the process by... Read More
The UK’s Investment Association and Opacity
The UK’s Investment Association promotes the Opacity Protection Team’s myth quarterly reporting drives management to focus on the short-term at the expense... Read More
Myth: Quarterly Reporting Causes Too Much Focus on Short-Term Results
President Trump appears to have bought into the Opacity Protection Team promoted myth quarterly reporting causes management to focus too much on... Read More
Obama and the Committee to Save the Banks
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I have always been curious why Obama ran on “Hope and Change” yet continued to pursue the policies to respond to the... Read More
Noble Prize Winning Economist’s False Narrative About Financial Markets
According to David Warsh, a former Boston Globe columnist and now blogger, in August 2008 Bengt Holmström, a Nobel prize winning MIT... Read More
Wall Street’s Derivatives Casino Still Opaque to Regulators
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Michael Greenberger’s paper on the ongoing opacity of Wall Street’s derivatives casino serves as a reminder why restoring transparency is so important.... Read More
Obama and the Too Big to Fail Bank Con
In a speech in South Africa, former president Obama tried out his justification for making lying a central part of his Administration’s... Read More
The Financial Crisis Response and the Death of Truth
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The 2008 response to the acute phase of the Great Financial Crisis contributed directly to the death of truth. Michiko Kakutani asked... Read More
None are So Blind as Those Whose Finances Depends on Their Not Seeing
In 2009, I first used the term Opacity Protection Team to reference all the financial market participants who objected to the return... Read More
How to Spot Fraudulent Economic Arguments
Macro Economist Simon Wren-Lewis provided five signs to identify fraudulent economic arguments. It is amazing what happens when you apply these five... Read More
To Change Economics, Build a New Model
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“You never change things by fighting the existing reality. To change something, build a new model that makes the existing model obsolete.”... Read More
The Committee to Save the Banks – Part II: Opacity and Bank Runs
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In Part II, I’ll show how the Committee to Save the Banks discussion of the panic, fear and bank runs of 2008... Read More
Too Big to Disclose
I would like to thank Professor George Georgiev for the expression “Too Big to Disclose”. He uses it in the title to... Read More
The Sorry State of Central Bankers’ Understanding of Transparency
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Geoff Bascand, Deputy Governor of the Reserve Bank of New Zealand, provided an excellent snapshot of the current state of central bankers’ understanding... Read More