FRAGILE BY DESIGN: 2008 BANKING CRISIS EXPLAINED & THE FED'S PHILLIPS CURVE MANDATE REMAINS FLAWED FOUNDATION FOR NATIONAL MONETARY POLICY
Fragile by Design: The Political Origins of Banking Crises and Scarce Credit (The Princeton Economic History of the Western World) by Charles W. Calomiris and Stephen H. Haber.
"Why are banking systems unstable in so many countries--but not in others? The United States has had twelve systemic banking crises since 1840, while Canada has had none. The banking systems of Mexico and Brazil have not only been crisis prone but have provided miniscule amounts of credit to business enterprises and households.
"Analyzing the political and banking history of the United Kingdom, the United States, Canada, Mexico, and Brazil through several centuries, Fragile by Design demonstrates that chronic banking crises and scarce credit are not accidents. Calomiris and Haber combine political history and economics to examine how coalitions of politicians, bankers, and other interest groups form, why they endure, and how they generate policies that determine who gets to be a banker, who has access to credit, and who pays for bank bailouts and rescues.
"Fragile by Design is a revealing exploration of the ways that politics inevitably intrudes into bank regulation."
North Korea exists because of China’s money-laundering. Joshua Stanton @gordongchang @freekorea_us
“…North Korea has nothing to fear from any U.S. move to broaden sanctions aimed at cutting it off from the global financial system and will pursue "acceleration" of its nuclear and missile programs, a North Korean envoy told Reuters on Tuesday.
This includes developing a "pre-emptive first strike capability" and an inter-continental ballistic missile (ICBM), said Choe Myong Nam, deputy ambassador at the North Korean mission to the United Nations in Geneva.
Reuters, quoting a senior U.S. official in Washington, reported on Monday that the Trump administration is considering sweeping sanctions as part of a broad review of measures to counter North Korea's nuclear and missile threat. (For Monday's story, click reut.rs/2n9HZ5a)…”