Tag Archives: Pretense Of Knowledge

UK financial official: Monetize state debt when deflation risks persist

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“There is no need for central banks’ balance sheets to shrink.  They could stay permanently larger; and, for some countries, permanently bigger central-bank balance sheets will help reduce public-debt burdens.  Even when permanent monetization occurs — as it almost certainly will in Japan and possibly elsewhere — it may remain forever the policy that dare not speak its name.  Such reticence may serve a useful purpose. But it must not blind central banks and governments to the full range of policy tools available to address today’s severe debt overhangs.”

http://www.japantimes.co.jp/opinion/2014/03/24/commentary/monetize-state-debt-when-deflation-risks-persist/

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Appeals court upholds Fed’s 21-cent cap on retailer ‘swipe fees’

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“A Federal Reserve rule allowing banks to charge retailers 21 cents to process debit-card transactions has been upheld by a federal appeals panel, a blow to big merchants such as Wal-Mart Stores Inc. and Target Corp.  The dispute stems from a Dodd-Frank provision that required the Fed to set the so-called interchange fees, known colloquially as swipe fees, at a level reflecting the actual processing costs.  The Fed’s staff recommended cutting the fee from 44 cents per transaction on average to just 12 cents. But after heated protests from the financial industry, the Fed in June 2011 set a cap of 21 cents per transaction.”

http://www.latimes.com/business/money/la-fi-mo-debit-card-fees-20140321,0,7711407.story

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U.S. swaps watchdog considering bitcoin regulation

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“The U.S. derivatives regulator is studying whether it should regulate electronic currencies such as bitcoin, its chief said on Tuesday, as regulators across the globe start taking the emerging technology more seriously.  ‘We are looking into that,’ Mark Wetjen, acting chairman of the Commodity Futures Trading Commission, told journalists after giving a speech at an industry conference. ‘It’s been initiated, there’s been an internal discussion at the staff level.’  Wetjen said the CFTC, which regulates swaps and futures, has broad authority to counter manipulation of commodity markets, and it is studying whether bitcoin falls under those rules.”

http://in.reuters.com/article/2014/03/11/bitcoin-regulation-idINDEEA2A0FL20140311

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China February exports tumble unexpectedly

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“China’s exports unexpectedly tumbled in February, swinging the trade balance into deficit and adding to fears of a slowdown in the world’s second-largest economy despite the Lunar New Year holidays being blamed for the slide.  The sharp drop in exports follows a series of factory surveys since the start of 2014 that point to weakness in economic activity as demand falters at home and abroad.  Exports in February fell 18.1 percent from a year earlier, following a 10.6 percent jump in January.  That compares with market expectations in a Reuters poll of a rise of 6.8 percent in exports.”

http://www.reuters.com/article/2014/03/10/us-china-economy-trade-idUSBREA2705S20140310

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Weather seems to blame for U.S. slowdown, Fed’s Yellen says

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“Unusually harsh winter weather appears to be behind recent signs of weakness in the U.S. economy, Federal Reserve Chair Janet Yellen said on Thursday, suggesting the central bank was poised to press forward in ratcheting back its stimulus.  Testifying to the Senate Banking Committee, Yellen said the Fed would watch carefully to ensure weather was indeed the culprit, but she reiterated that it would take a ‘significant change’ to the economy’s prospects for the Fed to put plans to wind down its bond-buying program on hold.  The world’s largest economy added fewer than 200,000 jobs combined in December and January, well below expectations.”

http://finance.yahoo.com/news/yellen-nods-cold-weather-says-unclear-impact-economy-153623205–sector.html

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Reuters Explains the Prevalence of Central Bank Money Printing

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“This Reuters article (somewhat surprisingly) makes a good point about central banking policy … that lying is part of necessary bank policy. It also makes a point we’ve been making for months now: While a good deal of discussion will focus on ‘tapering’ and other kinds of tightening, that’s probably not what is going to be happening in the near future.  We are living in a kind of parallel universe where officials create a narrative and the mainstream media covers it – but none of it is true. We will continue to read about money tightening but if you look closely there will always be contradictory indicators as there are currently. Little is real about this ‘recovery’ except the constant stimulation.”

http://www.thedailybell.com/news-analysis/34991/Reuters-Explains-the-Prevalence-of-Central-Bank-Money-Printing/

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Bank of England Governor on Bitcoin: It needs ‘accountability’

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“The governor of the Bank of England talks to Jeremy Paxman about his plans for interests rates, and what’s next for forward guidance. They also discuss Ed Miliband’s banking strategy and Bitcoin.”

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Bullish on Yellen: A Very Good Article From Forbes

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“Yellen has a difficult job to do – to continue the failing stimulation of Western economies. But as we have written previously, she is a kind of sacrificial lamb, chosen because she is a ‘true believer.’ Long-term, Yellen will likely preside over at least the partial destruction of the system she has been named to lead.  But in the shorter term, the inflationary trend will continue and bubbles will grow larger. This is evidently the reason that Yellen has been elevated and this madness will not likely stop until there is a terrific equity blow-off.  Stay tuned.”

http://www.thedailybell.com/news-analysis/34924/Bullish-on-Yellen-A-Very-Good-Article-From-Forbes/

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The New Fed Sheriff in Town Means More Dollar Destruction

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“The US dollar, once backed by an unfeeling barbaric relic, is now under the stewardship of the best and brightest. Richard Nixon replaced the dollar’s gold backing with the PhD standard back in 1971.  Why, none other than Milton Friedman gushed in a column for Newsweek at the time of Nixon’s selection of Arthur Burns as chairman of the Federal Reserve. Burns, he wrote, ‘is the first person ever named Chairman of the Board who has the right qualifications for that post.’   Yellen, like Burns, has only worked in academia and government. She actually believes her employer can print jobs.  The result was unforgettable stagflation, which he blamed on everything but his monetary policy.”

http://www.caseyresearch.com/cdd/the-new-fed-sheriff-in-town-means-more-dollar-destruction

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Janet Yellen confirmed as head of Federal Reserve

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“‘Janet was always a phenomenal teacher — partly because she worked very, very hard at it,’ said Haas professor David Levine, whom Yellen mentored, in an August interview with The Daily Californian. ‘She thought about literally every word she would say. As she has moved up in government, this level of thoughtfulness and reflection has always been increasingly important — and as a high official of the Federal Reserve system, where literally, the placement of a comma can move the markets.’  Yellen earned a reputation as a strong advocate for the Fed’s aggressive debt-purchasing program that intended to stimulate the economy and reduce uncomfortably high unemployment levels.”

http://www.dailycal.org/2014/01/06/janet-yellen-confirmed-head-federal-reserve-3/

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