Monetary policy

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    In praise of Volcker

    Willis Krumholz of the Federalist explains how the late Paul Volcker put the country’s needs ahead of his own as chairman of the Federal Reserve. While jumping around between the Treasury Department, the private sector, academia, and the Federal Reserve Bank of New York, Volcker got a reputation…
    Mitch Kokai, December 17, 2019
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    Forbes bucks conventional wisdom on Libra, e-cigarettes

    Steve Forbes‘ latest contributions to Forbes magazine take on two recent controversies. First, he discusses Facebook’s focus on an alternative currency. [R]egulatory pressures have forced a number of companies that were partnering with Facebook on this project to drop out. And this gets to the real reason the…
    Mitch Kokai, November 20, 2019
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    The Boston Fed chief questions Trump’s economic moves

    Quin Hillyer of the Washington Examiner focuses on the concerns of a top Federal Reserve banker. Compliments are in order for Eric Rosengren, president of the Federal Reserve Bank of Boston, for speaking truth to President Trump’s bluster. Trump has spent more than a year trying to browbeat…
    Mitch Kokai, September 6, 2019
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    A problem with Modern Monetary Theory

    Jim Grant of Barron’s tackles the latest fad popular among those who think governments can spend as much as they want with impunity. Modern monetary theory is not so theoretical anymore. In all but name, it’s the description of Republican fiscal policy in this living moment. “Federal Borrowing…
    Mitch Kokai, August 5, 2019
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    A proposal that could lessen emphasis on the Fed

    Matthew Klein of Barron’s asks a simple question about future action from the Federal Reserve. Every six or seven weeks, the members of the Federal Reserve’s Open Market Committee gather to discuss the economic outlook and financial conditions, after which they vote on the appropriate setting of monetary…
    Mitch Kokai, July 29, 2019
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    Boris Johnson and the Fed

    James Langford of the Washington Examiner reports that the new British prime minister could have an impact on the American central bank. Boris Johnson promised the day after his ascension to prime minister that he could negotiate a better deal for Britain’s departure from the European Union than…
    Mitch Kokai, July 26, 2019
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    Barron’s columnist pushes back against Ph.D.-nomics

    Jim Grant of Barron’s explains why he’s no fan of monetary policy set by a room full of Ph.D.’s. Ben Bernanke, a Ph.D. in economics from the Massachusetts Institute of Technology, put in a word for the soothsaying guild in 2010: “I would say that the recent financial…
    Mitch Kokai, July 22, 2019
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    Hamilton and today’s debt

    Jim Grant argues in the latest Barron’s that the nation’s first Treasury secretary would object to the current state of federal government debt. Nobody cares about the deteriorating federal finances, but who doesn’t adore Hamilton? Logically, you can hardly ignore the deficit, while paying as much as $1,691…
    Mitch Kokai, June 24, 2019