Econ Comments & Analysis
WSJ | Lenders of First Resort
Central banks are supposed to be the lender of last resort, but under political pressure the world's monetary authorities are increasingly becoming lenders of first resort. Witness the Bank of England's unfortunate new "funding-for-lending" program, which we hear is picking up admirers inside America's Federal Reserve.
Washington Times | Economy skirting closer to stagnation
Based on my travels and observations, I have to say that things are not that upbeat out there. This confirms the data that we received during the second quarter of 2012, and thus far in July and we are seeing that reflected in corporate earnings this week.
