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Banking is true Achilles heel for the eurozone
By now it is common knowledge that a full currency union without a corresponding fiscal union is unworkable unless the currency union is optimal. The eurozone is not even remotely an optimal currency...
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The 2012 US presidential election farce
So far I have not commented on the 2012 US presidential election campaigns of Barack Obama and Mitt Romney. The reason for my silence is that neither candidate, so far, is addressing effectively the...
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Near-insolvent big U.S. banks confront credit rating downgrades
Since September 2008, a number of so-called too -big-to-fail U.S. banks and financial institutions have tottered on the brink of insolvency. With balance sheets over-loaded with worthless mortgage...
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Moody’s bank downgrades exacerbate price tag on ‘too-big-to-fail’
On June 21, 2012, Moody’s Investors Service downgraded its ratings on five of the six largest U.S. banks, as measured by assets. The lower ratings will raise the companies’ borrowing costs, will affect...
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Deputy Governor of Bank of England allegedly price fixes Libor
Paul Tucker – Deputy Governor of the Bank of England and the leading candidate to replace Mervyn King as the next Governor of the Bank of England- testifies today before a parliamentary committee about...
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Royal Bank of Scotland was ‘Dutch-booked’ by ABN Amro
In a recent column I distinguished between two very different ways in which individuals think about risk. Drawing on a contribution by John Kay, I noted that when confronted by complex alternatives...
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Complex bank regulations never work
“At the recent Jackson Hole conference, Andrew Haldane of the Bank of England again reminded the world’s financial policy makers of a central truth about the 2008 crisis. The principal measure of bank...
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The case for radical reform of Wall Street
The thrust of regulatory reform of Wall Street since September 2008 has been entirely regulatory in nature. In a recent column, I explored why such an approach is inappropriate both because of the...
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Mitt Romney wins first debate decisively
Mitt Romney defeated Barack Obama decisively in the first presidential debate on October 3, 2012. He showed himself to be much more likable than the President and orders of magnitude smarter. Most...
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An election-winning message for Mitt Romney: break up the big six U.S. banks
Since September 2008, thoughtful free-market economists – one should never associate automatically all those who agree with one’s policies with sound thinking – understand that capitalism in the United...
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Regulations fail because political leaders want them to fail
The history of regulatory failures across time and across nations informs us that government regulations fail primarily because political leaders wish them to fail. For the most part, they do not fail...
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Economic freedom on the wane in the United States
‘Land of the Free‘ It is right up there in the national anthem. And it is surely treasured by many Americans. But economic freedom is just as surely on the wane during the early years of the 21st...
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Impose rule of law on ‘too-big-to-fail’ U.S. banks
A dozen U.S. mega-banks – 0.2 per cent in terms of numbers of all banks – currently control 70 per cent of all assets in the U.S. banking industry. These mega-banks – deemed to be too-big-to-fail, are...
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Cyprus government follows FDR bank raid initiative
In 1932, FDR stole money from US savers. He declared a Bank Holiday during wich he removed the right of individuals to exchange dollars for gold at the existing fixed rate of exchange. When the banks...
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Entire euro-zone is now a dead man walking
When murderes in the United States are sentenced to death, they are placed on Death Row, awaiting execution. They are isolated from other prisoners throughout the usually lengthy process from sentence...
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Cypriot banks launder dirty Russian money
Cyprus is the third largest island in the Mediterranian, after Sicily and Sardinia. The Republic of Cyprus is a small nation composed of 800,000 people with an economy of less than $18 billion,...
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Jettison Geithner/Draghi national socialist bail-out doctrine now
The Geithner/ Draghi doctrine for dealing with financial crises is universal socialization of the losses of financial institutions.In the U.S. the Obama/Geithner doctrine provides a categorical...
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The Bitcoin price bubble
The Bitcoin is a virtual currency. The currency was created on July 17, 2010 by an unknown computer scientist with the stock of ‘coins’ growing according to a predetermined algorithm. At its launch,...
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Jon S. Corzine blasted for MF Global collapse
Because Jon S. Corzine is a Mister Big in the Democratic Party, he has been treated with kid gloves by the left-leaning Obama administration, by the Democratic Party-controlled financial oversight...
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Britain should exit the European Union
Fortunately for Britain, the European Union does not prohibit member countries from seceding. No Abraham Lincoln sits in Brussels, willing or able to wage a war of continental aggression, should...
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