In announcing a new round of extraordinary measures to support the euro-area recovery, the European Central Bank is sending three loud and unambiguous messages. Their implications extend well beyond Europe. First, it is committed to experimenting even more with its use of unconventional monetary policy, including by taking the deposit…
Forex: 10 Events to Watch Next Week In order of release 1. UK Consumer Price Index (Aug 19) 2. New Zealand Dairy Auction (Aug 19) 3. RBA Semi-Annual Testimony (Aug 19) 4. Bank of England Minutes (Aug 20) 5. FOMC Minutes (Aug 20) 6. HSBC China Manufacturing PMI Aug Flash…
Noah Smith and Paul Krugman have both noted the strange fact that the financial class, almost across the board, continues to argue for more austerity and a tighter monetary policy, despite the adverse effects these policies could have on the economy as a whole. This kind of blinkered thinking is…