With Such Friends [as Academics], Who Needs Lobbyists?
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/The title for this post comes from Stanford business school professor Anat Admati’s “It Takes a Village to Maintain a Dangerous Financial... Read More
How Wall Street Conquered the World Without Firing a Single Shot
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The preface to Transparency Games has aged well and is more relevant today than when I wrote it: There are events, such as the... Read More
Financial Stability and Regulation
Ten years after the acute phase of the Great Financial Crisis has financial stability been restored or are we teetering on the... Read More
From the Transparency Ends Misbehavior File: Money Laundering
One of the benefits of transparency is it ends misbehavior. Further proof of this was provided by Delaware. A state with a... Read More
Did Hank Paulson Dominate Bernanke’s Thinking?
When I was writing Transparency Games, I noted how important the panicked look on Ben Bernanke’s face was to Hank Paulson getting $750... Read More
The Con-Artist Wing of Economics: Central Bankers
The Federal Reserve lead response to the acute phase of the Great Financial Crisis was based on deceit. The entire narrative used... Read More
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