42. The Early Fed, 1914-1928: The Morgan Years
From Part III of A History of Money and Banking in the United States: The Colonial Era to World War II: “From Hoover to Roosevelt: T
From Part III of A History of Money and Banking in the United States: The Colonial Era to World War II: “From Hoover to Roosevelt: T
From Part III of A History of Money and Banking in the United States: The Colonial Era to World War II: “From Hoover to Roosevelt: T
In a wider historical perspective, the current currency war is the latest conflict in a series of acute crises of the modern international monetary system. In a world of national monetary regimes based on fiat money without physical anchors, domestic monetary instability automatically transforms into exchange-rate instability.
The Federal Reserve made an obscure announcement in its weekly report. It appeared to be an inconsequential accounting change in the treatment of earnings. The change was buried in such jargon that it took weeks for the financial bloggers to fully digest what had happened — the new move made it effectively impossible for the Fed to go bankrupt!
He has been saying things that sound surprisingly Austrian in regards to the limits of monetary policy.
Firms have lots of cash on their balance sheet and it's not earning anything. What to do? Buy the competition.
If Bernanke has to choose between saving rich bankers or the dollar, I am confident he will choose the former. We have good reason to expect rising prices and no dramatic efforts to reverse course.
The Mises Circle in Houston, Texas. Sponsored by Jeremy S. Davis. Recorded 22 January 2011. Includes a Question-and-Answer period.
The Mises Circle in Houston, Texas. Sponsored by Jeremy S. Davis. Recorded 22 January 2011.