The Grumpy Economist: http://www.hoover.org/research/autopsy-keynesians
Egypt’s balance of payments and current account deficits more than doubled in the first half of the fiscal year due to declines in tourism revenue, according to the Central Bank of Egypt.
Yellen Outsources Fed Policy to Financial Markets
The Egyptian pound fell to an all-time low on the black market, to 10 pounds per dollar on Monday.
Pic: Purchase of Safes in Japan Surged Upon Central Bank Charging Negative Interest
John Cochrane Blog 'Grumpy Economist'
Hoover Institution Faculty Page http://www.hoover.org/profiles/john-h-cochrane
Lindsay Group: Book 'Conspiracies of the Ruling Class' http://www.thelindseygroup.com/bios/
Excerpt from Book 'Conspiracies of the Ruling Class' http://www.lawrencelindsey.com
Dr. Taylor's Achievement Summary: Any Central Bank can only control 2 of 3 policy levers; it cannot control all three simultaneously.
1. Stable Foreign Exchange Rate,
2. Capital Flows
3. Independent Monetary Policy.
Dr. Taylor's achievement was to devise internationally recognized policy that would resolve
this 'trilemma' favorable to all three with interest rate parity.
Dr. John B. Taylor Personal Blog: http://economicsone.com
Paper PDF: Updated 2015 Version
Summary: This paper proposes a new reform for the international monetary system. It is based on the experience of the past thirty years and basic economic reasoning which indicate that a rules-based reform in each country will deliver performance akin to a rules-based international monetary system. The process of each country reporting on its monetary policy strategy and agreeing to commit to that strategy builds the foundation of the system. The proposal has the key prerequisites of a good, feasible reform: Each country can choose its own independent strategy, avoid interfering with the principles of free and open markets, and contribute to the common good of global stability and growth.
As economic growth has fallen while debts and excess industrial output have risen, Chinese leaders have faced growing questions about whether they will carry out the painful policy surgery many experts say is needed to cut away the financial dead weight on the economy. But the answer that Prime Minister Li Keqiang gave on Saturday was to wager that China could enjoy a relatively painless cure that avoids hard choices between spurring growth and restructuring. – New York Times
AEI: China's Global Investment Tracker