Saudis Do Set World Oil Prices – Despite Bold Denials

Published November 12, 2007 in the Financial Times From Mr Warren Mosler. Sir, As crude oil prices continue to rise, the media continue to assume that competitive market forces are behind the increase, including political tensions, weather, supply disruptions and demand pressures. Completely overlooked, however, is the fact that the Saudis post ...Read More

Feds’ budget tricks hide trillions in debt

Feds’ Budget Tricks Hide Trillions in Debt -Scott Burns Every year, tens or even hundreds of billions of dollars are quietly added to the national debt — on top of the deficits that we hear about. What’s going on here? Burns doesn’t get it. When it comes to financial magic, the government ...Read More

Review of Kroszner Speech

Governor Randall S. Kroszner At the Philadelphia Fed Policy Forum, Philadelphia, Pennsylvania November 30, 2007 Innovation, Information, and Regulation in Financial Markets Good afternoon. I am pleased to participate in the excellent annual Philadelphia Federal Reserve Policy Forum to discuss this year’s timely topic of innovations in financial markets. Innovations in financial ...Read More

Re: fed action to alleaviate turn

(interoffice email) > The Fed through it’s SOMA account injected reserves in the > market through a repo operation that included only AGCY > MBS. 8bb for 43 days (1/10/08). > > This should help to keep the spread between GC Tsy and > AGCY MBS GC from widening much further. MBS ...Read More

Re: U.S. $ and oil prices; the T-bill and the fed target rate

(email from Tom @ Laffer Investments) > Looking at this chart of the 91-day T-bill…don’t think > the Fed’s not going to cut rates on December 11th. We > expect .50 bps and more cuts early next year…unless > something changes. The low t-bill rate is due to money funds switching asset ...Read More

Q&A with Kohn

Kathleen Stephansen from Credit Suisse: Just thank you very much for this very interesting speech. Just a question: You alluded to the discount rate and the stigma that it still carries. Would you think that if there was no spread between the discount rate and the Fed funds rate, whether that stigma ...Read More

2007-11-30 US Economic Releases

Summary:Nothing particularly alarming regarding balance of risks.Personal income and spending lower than expected. Questions are whether exports will continue pick up and support gdp, and whether this is weaker than the Fed’s Oct 31 projection. Deflator and core pce also up a touch, and year over year deflator heading north. As Karim ...Read More

2007-11-29 US Economic Releases

GCP Annualized (3QP) Survey 4.8% Actual 4.9% Prior 3.9% Revised n/a Keeps coming in above expectations. Personal Consumption (3QP) Survey 2.9% Actual 2.7% Prior 3.0% Revised n/a A touch higher bust still seems very low. GDP Price Index (3QP) Survey 0.8% Actual 0.9% Prior 0.8% Revised n/a A touch higher bust still ...Read More

Review of Bernanke Speech

(prefaced by interoffice email) > Key line is the Committee will have to judge whether the outlook > for the economy or the balance of risks has shifted materially. This > opens the door for changing the balance of risk at the next FOMC > meeting (Towards weaker gwth in light of ...Read More

Review of Evans Speech

November 27, 2007 Financial Disruptions and the Role of Monetary Policy* Skipped the first part. It’s very good history and analysis. With regard to shocks to the financial system, our concern is about the ability of financial markets to carry out their core functions of efficiently allocating capital to its most productive ...Read More