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Christopher Mahoney  

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  • WSJ Editorial Page Watch: 'The Slow-Growth Fed'? [View article]
    Correct. For some reason, the Right believes in deflation and recession as "cures" for the economy. Mellonism.
    May 3, 2015. 03:45 PM | Likes Like |Link to Comment
  • WSJ Editorial Page Watch: 'The Slow-Growth Fed'? [View article]
    Jesus, Ben is sounding a lot like Krugman! Whatever happened to the Ben who told the BoJ to implement price-level targeting? Does he really believe that what the US needs is more bridges to nowhere? The Japanese have been trying that for twenty years. He is no longer a monetarist; he is an excusionist.
    Apr 30, 2015. 08:05 PM | Likes Like |Link to Comment
  • The Silver Lining In Europe's Greek Cloud [View article]
    I am hoping that Grexit will force the ECB to reflate.
    Apr 27, 2015. 12:29 PM | Likes Like |Link to Comment
  • A Canary In The Coal Mine? [View article]
    Jeff doesn't want GE to be a SIFI.
    Apr 20, 2015. 10:52 AM | Likes Like |Link to Comment
  • QE And Bond Yields [View article]
    As Krugman, Sumner and others have said, the Fed must raise inflation expectations by acting recklessly, not prudently. FDR did this by raising the price of gold in an erratic and unpredictable manner.
    Apr 20, 2015. 10:40 AM | 2 Likes Like |Link to Comment
  • Blame GDP [View article]
    You can avoid the seasonality by using YoY data.
    Apr 18, 2015. 01:24 PM | Likes Like |Link to Comment
  • QE And Bond Yields [View article]
    Asbytec,
    I think that ending IOR would help to increase velocity.
    Apr 18, 2015. 12:40 PM | Likes Like |Link to Comment
  • More Evidence U.S. Dollar Dominance Is Beginning To Fade [View article]
    Amazing the amount of nonsense published about the RMB.
    Apr 17, 2015. 10:06 PM | Likes Like |Link to Comment
  • More Evidence U.S. Dollar Dominance Is Beginning To Fade [View article]
    There are no Chinese government bonds in the global capital market, a bit of a drawback to a potential reserve asset.
    Apr 17, 2015. 10:05 PM | Likes Like |Link to Comment
  • More Evidence U.S. Dollar Dominance Is Beginning To Fade [View article]
    The point is not the dollar is a reserve currency, it rather is that the T-Bond is the preferred reserve asset due to its unmatched liquidity. No central bank holds Chinese government bonds because the yuan is nonconvertible.
    Apr 17, 2015. 03:42 PM | 3 Likes Like |Link to Comment
  • Battle Of The Reserve Currencies: Dollar Vs. Yuan? [View article]
    It is not the dollar that is a reserve asset, it's the Treasury Bond. The purpose of FX reserves is to intervene in the currency market. Since the US never does this, it has almost no reserves. China intervenes all day long, which is why they have $4T of US Treasury bonds. Should a country want to hold reserves in RMB--they can't, because it is nonconvertible and there are no Chinese bonds for sale. Should China end exchange controls, foreign central banks could buy Yuan bonds and influence the exchange rate, which China doesn't want. China pretends that it wants normalization in order to avoid sanctions under WTO.
    Apr 16, 2015. 11:44 AM | Likes Like |Link to Comment
  • Draghi's QE Won't End Europe's Depression [View article]
    ghibinewt:
    Yes. Reversing deflation will require shock-and-awe. Every member of the ECB board should be forced to read Irving Fisher: http://bit.ly/12qvPXM
    Apr 14, 2015. 12:04 PM | Likes Like |Link to Comment
  • Monetary Policy Has Everything To Do With Banking [View article]
    Since most of the monetary aggregates consist of bank liabilities, money growth depends upon a growing banking system, which implies good earnings and capital. I don't see how you can grow the aggregates if the banking system is shrinking. This is why QE didn't work its magic: the credit contraction and the bank capital shortage.
    Apr 13, 2015. 04:46 PM | 3 Likes Like |Link to Comment
  • Draghi's QE Won't End Europe's Depression [View article]
    Depositors in Club Med banks face the same fate as Cypriots, and they know it. Run for the hills!
    Apr 11, 2015. 11:06 PM | Likes Like |Link to Comment
  • Draghi's QE Won't End Europe's Depression [View article]
    "All other funds must first be exhausted before the ESM is called on to recapitalise banks: shareholders and creditors must be bailed into the costs of rescue or resolution." -- Andreas Dombret, Deutsche Bundesbank, 10 Nov. 2014.
    Apr 11, 2015. 04:32 PM | Likes Like |Link to Comment
COMMENTS STATS
1,165 Comments
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