Category Archives: Central banking

This category considers issues pertaining to central banking and overall regulation of the banking system.

Central bank politicians who evade democratic scrutiny and election

Last month, the Schweizerische Nationalbank (SNB), the nation’s central bank recorded some large ‘book’ losses after it had abandoned its attempt to stop the Swiss franc (CHF) from appreciating against the euro. It started trying … as a way of … Read the rest of this entry »

Posted in Central banking, Eurozone | 25 Comments

Neo-liberal dynamics restored after the shock of the GFC

There was an article in Bloomberg Op Ed yesterday (May 19, 2015) – U.S. Workers Brought the ‘Great Reset’ on Themselves – which argues that those who bemoan the falling standards of living for workers in terms of job stability, … Read the rest of this entry »

Posted in Central banking, Economics | 20 Comments

Iceland’s Sovereign Money Proposal – Part 2

In Part 1, I briefly outlined the Sovereign Money System proposal (SMS) advanced by the Icelandic government as a way forward in banking reform. I also demonstrated that the banking collapse in Iceland in 2008 could hardly be seen as … Read the rest of this entry »

Posted in Central banking, Economics | 64 Comments

Iceland’s Sovereign Money Proposal – Part 1

In a way this blog is being written to stop the relentless onslaught of E-mails coming, which seek to promote so-called positive money. I am regularly told that I need to forget Modern Monetary Theory (MMT) and instead see the … Read the rest of this entry »

Posted in Central banking, Economics | 66 Comments

Friday lay day – government and central bank venality

Its my Friday lay day blog where I just wander around in the time I allocate to writing this blog. The venality of neo-liberal governments is never far from the surface. The more successful ones manage to mostly hide the … Read the rest of this entry »

Posted in Central banking, Friday, Higher Education | 27 Comments

Bank of England Groupthink exposed

I am travelling a lot today so do not have much time. Apart from my usual projects that are on-going, I started reading the – Court of Directors’ Minutes 2007 – 2009 – that were – released – yesterday (January … Read the rest of this entry »

Posted in Central banking, UK Economy | 12 Comments

The sham of central bank independence

Let it be noted that the Japanese government 10-year bond yield hit 0.33 per cent overnight. That tells you that all the scaremongering that has been going on over the last twenty years about hyperinflation, the Japanese government running out … Read the rest of this entry »

Posted in Central banking, Eurozone, UK Economy, US economy | 11 Comments

Eurozone households still highly vulnerable to bankruptcy

The ECB recently released a Working Paper – Financial Fragilty of Euro Area Households – which attempts “to identify distressed households by taking account of both the solvency and the liquidity situation of an individual household”. The paper uses survey … Read the rest of this entry »

Posted in Central banking, Eurozone | 5 Comments

Since when did the BIS become the Neo-liberal Ministry of Misinformation?

One despairs when a sober institution gets ahead of itself, usually because they make hiring mistakes, and start to think they know stuff. This is an organisation that is steeped in statistical analysis and should have a very good idea … Read the rest of this entry »

Posted in Central banking, Economics | 4 Comments

Accounting regulations can change

One of the oft-heard criticisms of Modern Monetary Theory (MMT) is that the original developers (including myself) say one thing but know another. We say – there are no financial constraints on a currency issuing government but then, as if … Read the rest of this entry »

Posted in Central banking, Eurozone | 40 Comments