Trump and the Opportunity to Fix the US Financial System
In the aftermath of the acute phase of the Great Financial Crisis, the Obama Administration trotted out the bank lobbyist written Dodd-Frank... Read More
Central Bankers Have Only Themselves to Blame for Their Failures
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Raghuram Rajan, a University of Chicago professor, former head of India’s central bank and one of the handful of economists who predicted... Read More
The Fed: Not Fit for Purpose
This interview with former Federal Reserve Vice Chair Donald Kohn is jaw dropping. It reveals just how unfit the Fed was and... Read More
Exaggerating What Bank Supervision Can Do Creates Systemic Risk
Former NY Fed bank examiner Carmen Segarra has once again shined a bright light on the gap between the narrative and reality... Read More
Unelected Power and the Great Financial Crisis
Paul Tucker, a former member of the Bank of England’s Monetary Policy Committee, raised an interesting point about central bank independence. Their... Read More
Fed Credit Programs Supported the Banks Were Healthy Lie
Academics and politicians have praised Ben Bernanke and the Fed for their inventiveness in setting up credit programs during the acute phase... 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
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
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
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
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
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
How Much Influence Should Central Banks Have in a Democracy?
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Paul Tucker asks the question “how much influence should central banks have in a democracy”. My answer is central banks should have... Read More
The Confident Idiots at the Fed and Bank Stress Tests
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Perhaps the single worst idea to emerge from the acute phase of the Great Financial Crisis was the public announcement of the... Read More