Monthly Archives: March 2009

Financialstability.gov, Obama’s effort at Transparency.

The Treasury’s new website, financialstability.gov is actually not a bad website for getting some actual information about the administration’s efforts to address the financial crises. It gives us some idea, state by state, about where the money is going and … Continue reading

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A “must read” guest article.

I’ve written about Simon Johnson and the banking oligarchs before here and here. The Atlantic Monthly just published his most recent writings on the banking crisis. He is scathing in his assessement of our finanancial institutions (the oligarchs), almost as … Continue reading

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Why the dollar will remain the most important reserve currency.

All currencies in the world today are fiat currencies. That is, they are deemed currency by government decree. They are not backed by, or convertible to any asset such as gold or silver but are only pieces of paper (or … Continue reading

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Replace the dollar as the World’s reserve currency?

The government of China has recently proposed that SDR’s be used as a new form of worldwide reserve currency. SDR’s are special drawing rights issued by the IMF. They are not issued by any sovereign government or by the central … Continue reading

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What exactly is a “reserve currency” for the world economy?

John Hutchins recently wrote to me inquiring about my views on the new proposal to begin using SDR’s (special drawing rights) of the IMF (International Monetary Fund) as a new international reserve currency to take over that role now being … Continue reading

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The most powerful man in the world.

Ok, so Jamie Dimon is a bona fide bank Oligarch, but there is one other who easily trumps him in terms of what’s going on in the financial world. The Federal Reserve chairman sits at the top of the single … Continue reading

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