Money and Finance
- Is Monetary Policy A Science? - The Interaction Of Theory And Practice Over The Last 50 Years – By William R. White
And in case you missed the two quotes from White that I posted on Twitter last night as I was listening to his McAlvany podcast (these were in regards to economic modeling and the desire to try and control the economy through monetary policy): "I'm...
- Beijing’s New Leaders Are Right To Hold Back - By Michael Pettis
The world is struggling to rebalance its great savings imbalances and is not advancing much. In Europe, and as I discussed in my very long May 11 blog entry, it seems that Germany is still unable to force though the adjustments needed in internal demand...
- Jim Chanos Interview
Found via The Reformed Broker. LP: What do we know about the timing of frauds? When are they most likely to happen? JC: One of our models is the Kindleberger-Minsky model, named after Hyman Minsky and Charles Kindleberger. It’s a macro model, and basically...
- John Mauldin: And Then There Is Disaster C
I have contended for some time that Europe is faced with two choices: Disaster A, which is the break-up of the eurozone, or Disaster B, which is the creation of a fiscal union, which keeps the euro more or less intact. Over the last few months I have...
- Excerpts From Dylan Grice's Latest Piece
And here enters a wistful historical counterfactual: how different might history have been if the Germans had inflated their economy when the crisis broke? It's impossible to say, of course. By 1931 the world was in depression. Germany would have...
Money and Finance
New preface to Charles Kindleberger, The World in Depression 1929-1939
Found via Calculated Risk.
The parallels between Europe in the 1930s and Europe today are stark, striking, and increasingly frightening. We see unemployment, youth unemployment especially, soaring to unprecedented heights. Financial instability and distress are widespread. There is growing political support for extremist parties of the far left and right.
Both the existence of these parallels and their tragic nature would not have escaped Charles Kindleberger, whose World in Depression, 1929-1939 was published exactly 40 years ago, in 1973. Where Kindleberger’s canvas was the world, his focus was Europe. While much of the earlier literature, often authored by Americans, focused on the Great Depression in the US, Kindleberger emphasised that the Depression had a prominent international and, in particular, European dimension. It was in Europe where many of the Depression’s worst effects, political as well as economic, played out. And it was in Europe where the absence of a public policy authority at the level of the continent and the inability of any individual national government or central bank to exercise adequate leadership had the most calamitous economic and financial effects.
- Is Monetary Policy A Science? - The Interaction Of Theory And Practice Over The Last 50 Years – By William R. White
And in case you missed the two quotes from White that I posted on Twitter last night as I was listening to his McAlvany podcast (these were in regards to economic modeling and the desire to try and control the economy through monetary policy): "I'm...
- Beijing’s New Leaders Are Right To Hold Back - By Michael Pettis
The world is struggling to rebalance its great savings imbalances and is not advancing much. In Europe, and as I discussed in my very long May 11 blog entry, it seems that Germany is still unable to force though the adjustments needed in internal demand...
- Jim Chanos Interview
Found via The Reformed Broker. LP: What do we know about the timing of frauds? When are they most likely to happen? JC: One of our models is the Kindleberger-Minsky model, named after Hyman Minsky and Charles Kindleberger. It’s a macro model, and basically...
- John Mauldin: And Then There Is Disaster C
I have contended for some time that Europe is faced with two choices: Disaster A, which is the break-up of the eurozone, or Disaster B, which is the creation of a fiscal union, which keeps the euro more or less intact. Over the last few months I have...
- Excerpts From Dylan Grice's Latest Piece
And here enters a wistful historical counterfactual: how different might history have been if the Germans had inflated their economy when the crisis broke? It's impossible to say, of course. By 1931 the world was in depression. Germany would have...