The folks at MacroVoices inform me that due to popular demand (yeah, I didn't know, either) they are accelerating the scheduled releases. Part 1 played in late August, which you can find here. Part 2 will be available this Thursday. Though still in the early days, Part 2 really starts to get into the transformations and how they work (as [...]
Erik Townsend welcomes back Jeffrey Snider to MacroVoices. Erik and Jeffrey discuss: How Dollar becomes ‘Dollar’ -Bankers’ Acceptances -The Evolution of Eurodollars -Where do Eurodollars come from? -Money as interbank liabilities -What exactly are Eurodollars? -Transformation of banking into a wholesale model
Part 1 is here. The real clue as to what was going on monetarily was provided in early 2008 not by a Federal Reserve statement about some new program it was hastily putting together (except by proxy of what it meant for conditions in private wholesale markets that the Fed thought it necessary to hurriedly arrange some new liquidity program, [...]
I’ve never understood the myth of central bank dollar swaps. They are automatically placed in the category of QE or IOER, perhaps because very few seem to understand what was really happening with them (as well as outside of them). The Fed expands its balance sheet which everyone assumes is the same as expanding either base money or something like [...]
This week the Bureau of Economic Analysis will release updated estimates for Q2 GDP as well as Personal Consumption Expenditures (PCE) and Personal Incomes for July. Accompanying those latter two accounts is the currently preferred inflation standard for the US economy. The PCE Deflator finally hit 2% and in two consecutive months, after revisions, earlier this year. The inability of [...]
The American banking system had been primarily a domestic one throughout its early development. Despite, or because of, the rapid growth in the later 19th century, banking was orientated almost entirely inward to finance the needs of that growth. But as a growing national as well as industrial power, the US adopted several measures early in the 20th century to [...]
At the end of his life and career, F. Scott Fitzgerald, the great American novelist, wrote a series of short stories for Esquire Magazine. It’s difficult to tell whether he was forced into the job, far as it might have seemed from the 1920’s salons of Paris carousing with his wife Zelda and other international intellectual luminaries of the time. [...]
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