A common refrain among the "cut, cut, cut" chicken littles and the hard-money crowd is that "the Fed has turned the printing presses lose printing money". These folks should really join us in the 21st century. That's not how it works and that's not what The Fed has been doing. Quantitative Easing, as well as … Continue reading The Fed Has NOT Been Printing Money
Now, with world leaders gathering this week in London to plot a response to the gravest global economic downturn since World War II, the fund is becoming a chip in a contest to reshape the postcrisis landscape. via Rising Powers Challenge U.S. on Role in I.M.F. - NYTimes.com.
China believes the developing world should have a stronger say in how the international financial system is run via G20 must look beyond the needs of the top 20 | Wang Qishan - Times Online.
Excellent but long post by Edward Harrison at Naked Capitalism. This post describes what's happening with the "Geithner Plan" for revised bailout of banks/ dealing with toxic assets in the context of an earlier bailout: the Mexican currency crisis in 1994-95. It''s many of the same folks involved: Summers, Geithner, and a populist sentiment in … Continue reading Change? Looks like same ol’ same ol’ to me.
Excellent, though long, article on the current economic crisis and Iceland. Iceland is a small country that joined the globalized finance and banking bubble in a big way in the last 10 years. The credit crunch and US housing price declines of 2007-09 have brutally punished this small northern Atlantic country. Read all about it … Continue reading Wall Street on the Tundra | vanityfair.com