Yep, yesterday was the third anniversary of Lehman's collapse. In honor of that the central banks of the world united to promise that they would lend as much to banks in Europe as necessary to keep them liquid. I honored it by recounting my own Lehman story. My actions had a happier outcome than...
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Posts Tagged ‘ Financial crisis ’
Observing the Anniversary of Lehman’s Collapse
Hayek, Keynes and How to Prevent Economic Crises: Sylvia Nasar
Bloomberg has an excerpt from Sylvia Nasar’s new book on the history of economics. It deals with the years when Hayek and Keynes were considered rivals. The two men were not as far apart as many believe, in fact Keynes was a hero of Hayek’s and this short piece illustrates that:
“One year after Bretton Woods, the Cold War had started,“The Road to Serfdom” was on American best-seller lists, and Hayek went on a wildly successful book tour around the U.S. Along the way, to the annoyance of his conservative sponsors, he spoke up in favor of the Bretton Woods treaty and the framework of international government cooperation that Keynes had done so much to bring about.”
Murray Rothbard would be horrified.
If you missed the 4 minute history of economic ideas I posted earlier here it is again:
European Banks: Too Optimistic?
Given the carnage in the banking sector overseas it seems pretty hard to justify the idea that people are too optimistic about any financial sector or group overall, but maybe markets still are? Let us forget the specific problems we have been discussing about European financials including them being even more leveraged than here...
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Another Reason To Not Like The Plan
I have argued in the past that the Federal Reserve’s policies may be helping in some ways, but hurting in others. Way too much borrowing and lending is running through the Fed which is drying up lending between banks. It also reduces the need for banks to find reasons to communicate and trust each...
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