News
WSJ | Euro Risks Hit Banks
Mounting concerns over the euro-zone crisis are prompting some of the world's largest banks, including U.S. banks, to release more information about their exposure.
WSJ | Republican Gets Serious Look for Fed Board Spot
The White House, which has been looking for months for a Republican for one of the two vacancies on the Federal Reserve Board, is seriously considering a former Treasury official in the George H. W. Bush administration, said people familiar with administration deliberations.
Econ Comments
Forbes | Message To Greece: To Leave The Euro Isn't To Leave The Euro
At present roughly 67 percent of all U.S. dollars in circulation are overseas or held by those with a foreign address. This reality is necessitated by the fact that for good or bad, the dollar is the world’s currency.
RCM | The Fallacy Of Persistent Credit Creation
Those who know the history of the Federal Reserve System are fairly acquainted with the idea of money elasticity. The latter half of the 19th century was marked by severe bank panics that occurred with an almost alarming frequency.
CNN Money | $400,000 prize offered to break up the euro
Economists are terrified about the chaos they expect if some countries decide to stop using the euro. But one person thinks there may be a way to jump ship safely -- and he's got a $400,000 bounty for anyone who can figure out how to do it.
Bloomberg | Fed Theoreticians Need Some Real-World Feedback: Caroline Baum
If the Fed’s contingency plan is based on a forecast, we’re in trouble. This is the same Fed that was fighting phantom deflation in 2003, didn’t foresee the depth or the breadth of the subprime crisis, failed to identify the undercapitalized banks it regulates, and downgrades its forecast with every backward-looking revision to gross domestic product.
Reports
CRS | Federal Reserve: Oversight and Disclosure Issues
Critics of the Federal Reserve (Fed) have long argued for more oversight, transparency, and disclosure. Criticism intensified following the extensive assistance provided by the Fed during the financial crisis.
