News
CNN: Money | End of QE2? No problem for stocks
By the end of the second quarter, the Fed's QE2 program, which has helped fuel a six-month stock rally, will come to an end. But that won't stop the momentum.
Reuters | Rep. Paul planning hearing on Fed foreign lending
Persistent Federal Reserve critic Representative Ron Paul plans to hold a hearing on the U.S. central bank's emergency loans to the branches of non-U.S. banks.
The Economist | They’re bust. Admit it.
Greece, Ireland and Portugal should restructure their debts now.
Econ Comments
Minyanville | The US Dollar's Impact on Price Action in the S&P 500, Gold, and Oil
With earnings season rapidly approaching and a possible breakdown in the US Dollar Index likely, future price action is uncertain.
NationalJournal | Dudley Signals Fed's Not Ready To End Loose Monetary Policy
A top Federal Reserve official and close confidant of Chairman Ben Bernanke said on Friday that the accelerating pace of job growth doesn't mean it's time yet to start tightening monetary policy, as some of the Fed's inflation hawks have been suggesting.
Reports
Mercatus Center | Bretton Woods and International Monetary Arrangements
Before the First World War, under an international gold standard and a largely liberal trade regime, global commerce and investment had flourished. The 1920s and ’30s, by contrast, were chaotic. Adherence to the gold standard was spotty. National governments adopted mercantilist restrictions on trade and payments, triggering retaliations.
Mercatus Center | The Great Inflation and Monetarism
The economics profession initially struggled to understand the inflation. Keynesian economists of the day held a variety of non-monetary theories of inflation. All failed to explain why inflation rates had risen, and especially failed to explain why inflation remained high even during recession years of high unemployment and slack output. Into the breach stepped Milton Friedman and other "Monetarist" economists, offering an updated version of the Quantity Theory of Money, which might more accurately be called the quantity-of-money theory of the price level.
