Monday Links
The Man Nobody Wanted to Hear – “William White predicted the approaching financial crisis years before 2007′s subprime meltdown. But central bankers preferred to listen to his great rival Alan Greenspan instead, with devastating consequences for the global economy.” (Spiegel.de)
Meredith Whitney 2 Months Ago on Banks – Denninger doesn’t like Whitney’s change of heart on banks, and suspects that her clients may have benefitted from it. (Market Ticker)
Bubble Deniers – Bill Bonner muses on McNamara, Adam Smith, and deniers of bubbles.
To Control Bubbles, The Fed Must Control Itself – David Merkel, “Bubbles are financing phenomena. Controlling bubbles can be done by controlling credit, and that is what the Fed tries to do — control credit, which is money in our era.”
Negative Nominal Interest Rates Miss the Mark – Good counter-argument to calls for negative interest rates (New Economic Perspectives)
And now, another cheery chart courtesy of EconomPic, Federal Receipts vs. Outlays:
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Read this article: “Ron Paul vs. Bernanke”. It is well documented. illustrated with fun picture and video and accompanied with relevant quotes:
“I will argue here that, to the contrary, there is much that the Bank of Japan, in cooperation with other government agencies, could do to help promote economic recovery in Japan.
Most of my arguments will not be new to the policy board and staff of the BOJ, which of course has discussed these questions extensively.
However, their responses, when not confused or inconsistent, have generally relied on various technical or legal objections—- objections which, I will argue, could be overcome if the will to do so existed.”
Prof. Benjamin Shalom Bernanke
Japanese Monetary Policy: A Case of Self-Induced Paralysis?
For presentation at the ASSA meetings, Boston MA,
January 9, 2000.
“Plea for a New World Economic Order.”