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I should really read this paper and so should you....
If you ever read Friedman and Schwartz's "A Monetary History of the United States" you know what happens when a central bank fails to act as a lender-of-last resort in the event of a bank run and/or at the same time fails to offset the impact on broad money growth of such bank run.
It surely has been some very interesting and busy months since I in May resigned from Danske Bank to start my own business. In this post I want to share with you a bit of the things I am doing and planning to do in the future.
Recently the communication from the Federal Reserve seems to have become more hawkish. It all started on July 15 when Fed chair Janet Yellen testified in front of the House Financial Services Committee. Yellen among other things said:
The escalation of the greek crisis recently has made me think about the connection between the economic development, austerity and political uncertainty. Unfortunately we don't have a commonly accepted measure of political uncertainty or political instability.
Milton Friedman expresses his sympathy for Syriza supporters and his dislike of the "gnomes in Brussels"
BREAKING NEWS! I have found a comment from Milton Friedman on the present Greek crisis in, which he expresses, his sympathies for Syriza supporters:
Tonight I have been on Bloomberg TV talking to Alix Steel and Joe Weisenthal about Finland and the euro. See my interview here.
There was a time when the Scandinavian countries had a currency union of their own. However, today the Nordic countries have chosen difference monetary regimes. Sweden, Norway and Iceland have floating exchange rates and inflation targeting, while Finland has joined the euro zone and Denmark is pegging the krone to the euro.
In my earlier post The Euro - A Fatal Conceit I argued that had the euro not be introduced and had we instead had freely floating exchange rates then "European taxpayers would (not) have had to pour billions of euros into bailing out Southern European and Eastern European government". Said in another way had we not had the euro then there would not have been a European "debt crisis" or at least it would have been significantly smaller.