Tag: Federal Reserve
Fed Confirms That Federal Borrowing a Cause of Liquidity Crisis

The Fed’s emergency liquidity injection, combined with rate cuts and its additional purchases of U.S. Treasuries, constitutes the return of quantitative easing.

The Return of Quantitative Easing

The new financial crisis could have been avoided, if only a bipartisan majority of politicians in Washington, D.C., could have restrained the growth of their spending to sustainable levels.

The Fed and the U.S. National Debt

Now that the Fed has changed its policies, U.S. taxpayers will be forced to bear a larger burden in paying for the full cost national debt.

Ten Years after Lehman—Will It Happen Again?

The overdo increase of artificially low-interest rates could prove disastrous because of unhealthy debt levels and asset inflation.

Frederick Douglass: Lion of Individualist Liberalism

Blight, the Yale historian, is hardly unique in his misrepresentation of the classical liberal tradition.

The Fed’s Inflation Fixation

The Federal Reserve has an inflation target of 2% per year. That target appears to be a minimum: They are concerned when inflation falls below their target but appear to be content with inflation above 2%. The current inflation rate from March 2016 to March 2017, measured by the Consumer Price Index, is 2.4%....
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Filling the Federal Reserve Board Vacancies?

(See updates below, 2/13, 2/24, 6/12, 6/15, 7/27, 8/12, 9/8.) Five of the most important appointments Donald Trump will make during his first year in office will be to fill three vacancies on the Federal Reserve Board, to reappoint or replace Janet Yellen as Federal Reserve Board Chair, and to designate one of the...
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Reflections on Donald Trump’s Election

As the markets and pundits react to Donald Trump’s enormous upset victory, let me offer my own reactions. As an economist, I will focus on matters pertaining to economic policy. The Danger of Hubris and Denial. Everybody recognizes that the “experts” and polls were totally wrong. Indeed, I was listening to NPR around 6...
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No, Senator Sanders, the Fed Was Always a Creature of Cronyism

Reforming the Federal Reserve can brighten the future of American democracy—but unless the reforms reflect an understanding of how and why our central bank was created, the Fed will continue to serve the interests of the privileged few at the expense of the rest of us. Regrettably, presidential candidate Bernie Sanders’ misunderstandings about the...
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The Stock Market Reacts to the Fed’s Interest Rate Hike

After the Fed’s November meeting, when the Fed decided not to hike interest rates, the stock market fell, indicating the disappointment of market participants. As I noted at the time, because lower interest rates tend to raise asset prices, the market decline was an indication of disapproval from market participants. At the Fed’s December...
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