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GLOBAL STRIKE MEDIA 
More HAYEK, LESS KEYNES
monetary regimes, exchange rates, capITal - current accounts, crisis 

THE CENTRAL BANKS YEAR OF RECKONING & THE END OF ALCHEMY

12/27/2017

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The Lost Lesson of the Financial Crisis
Mohamed El-Erian of Allianz, writing in August to mark the tenth anniversary of the beginning of the global financial crisis, worried that advanced economies remain too beholden to a growth model based on liquidity and leverage, rather than on investment in public goods and human capital.
Like Odysseus, new Fed chairman must navigate troubled waters
Desmond Lachman | The Hill
“Mervyn King may well have written the most important book to come out of the financial crisis. Agree or disagree, King’s visionary ideas deserve the attention of everyone from economics students to heads of state.” ―Lawrence H. Summers

Something is wrong with our banking system. We all sense that, but Mervyn King knows it firsthand; his ten years at the helm of the Bank of England, including at the height of the financial crisis, revealed profound truths about the mechanisms of our capitalist society. In The End of Alchemy he offers us an essential work about the history and future of money and banking, the keys to modern finance.

The Industrial Revolution built the foundation of our modern capitalist age. Yet the flowering of technological innovations during that dynamic period relied on the widespread adoption of two much older ideas: the creation of paper money and the invention of banks that issued credit. We take these systems for granted today, yet at their core both ideas were revolutionary and almost magical. Common paper became as precious as gold, and risky long-term loans were transformed into safe short-term bank deposits. As King argues, this is financial alchemy―the creation of extraordinary financial powers that defy reality and common sense. Faith in these powers has led to huge benefits; the liquidity they create has fueled economic growth for two centuries now. However, they have also produced an unending string of economic disasters, from hyperinflations to banking collapses to the recent global recession and current stagnation.

How do we reconcile the potent strengths of these ideas with their inherent weaknesses? King draws on his unique experience to present fresh interpretations of these economic forces and to point the way forward for the global economy. His bold solutions cut through current overstuffed and needlessly complex legislation to provide a clear path to durable prosperity and the end of overreliance on the alchemy of our financial ancestors.


https://www.amazon.com/End-Alchemy-Banking-Future-Economy/dp/0393247023/ref=laB001KCDELO1_1?s=books&ie=UTF8&qid=1514163477&sr=1-1
Central Banks' Year Of Reckoning
by Raghuram Rajan via Project Syndicate
[Subscription Required] In the absence of political solutions, central banks in the decade since the 2008 financial crisis have rolled out one unconventional monetary policy after another, with various justifications and varying effectiveness. Now that the period of monetary exceptionalism seems to be coming to an end, central bankers must soberly assess their own record.
Rules Versus Discretion: Assessing The Debate Over The Conduct Of Monetary Policy
by John B. Taylor via The National Bureau Of Economic Research
This paper reviews the state of the debate over rules versus discretion in monetary policy, focusing on the role of economic research in this debate. It shows that proposals for policy rules are largely based on empirical research using economic models. The models demonstrate the advantages of a systematic approach to monetary policy, though proposed rules have changed and generally improved over time. 

Incentive Structures, Central Banks, And Economic Policies: A Conversation With Raghuram Rajan
interview with Raghuram Rajan via Chicago Policy Review
Hoover Institution fellow Raghuram Rajan discusses the role of incentives in the financial industry, economic policy recommendations, independence and autonomy of central banks, and his advice for young economists.
Central Banks' Year Of Reckoning
by Raghuram Rajan via Live Mint
Since 2008, central banks in industrial countries have deviated from ordinary monetary policymaking in a variety of ways. They’ve tried to persuade the public through “forward guidance” that interest rates would stay low for extended periods of time. And they’ve deployed various programmes such as long-term refinancing operations (LTROs), the securities markets programme (SMP) and quantitative easing (QE) in pursuit of various goals.
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VENEZUELA'S HYPERINFLATION NIGHTMARE

12/27/2017

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Venezuela Is Living A Hyperinflation Nightmare
quoting Thomas J. Sargent via Bloomberg
The country has the world's largest oil reserves and should be fabulously wealthy. Instead, children are starving.
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HOW RE-DISTRIBUTION OF INCOME & CLASS WAR IS OVER

12/26/2017

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NYSUN
How To Cut Taxes And Raise Tax Rates
by John H. Cochrane via Grumpy Economist
How can you cut taxes but raise (distorting, marginal) rates at the same time?
The GOP tax plan is worth the risk 
Aparna Mathur | The HillAparna Mathur identifies several valuable improvements in the tax reform plan and discusses how different income groups would benefit from the reform provisions. She argues that the business reforms in the tax plan lead to a more efficient corporate tax code, are pro-growth, and are likely to benefit average American households in the long run.

At 21 Or 20 Percent, New Corporate Tax Rate Will Boost US Economy
by Casey B. Mulligan via The Hill
Since the 1990s, U.S. corporations have been subject to one of the highest statutory tax rates in the world. The high rate has caused them to rearrange their affairs to avoid investing, especially in lines of business subject to the full rate, and thereby reducing productivity and workers’ wages.
GOP Tax Bill's About Growth, Not Class Envy
quoting John H. Cochrane via myAJC
Those on the left want to talk about redistributing wealth but have very little interest in the most fundamental issue, which is how wealth is created. Where does it come from? Why, when we look around the world, are some countries so much more prosperous than others? Or why, when we look at our own country, do we go through periods that are more prosperous than others?
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HOW GOVERNMENT DRIVE TRADE IMBALANCES, FOREIGN INVESTMENT REFORM & CHINA'S EXPLODING DEBT

12/26/2017

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PIIE
China's 'Debt-Trap' Imperialism 
By Brahma Chellaney, The Strategist (ASPI): “China portrayed the 1997 restoration of its sovereignty over Hong Kong, following more than a century of British administration, as righting a historic injustice. Yet, as Hambantota shows, China is now establishing its own Hong Kong–style neocolonial arrangements. Apparently Xi’s promise of the ‘great rejuvenation of the Chinese nation’ is inextricable from the erosion of smaller states’ sovereignty.”
The pros and cons of foreign investment reform
Theodore H. Moran | American Enterprise Institute
China's Creditor Imperialism
Brahma Chellaney
 warns small developing countries that easy loans from the Asian giant could cost them their sovereignty.
Economics And American National Security
by Martin Feldstein via Project Syndicate
The US government should focus on combating foreign governments’ trade policies – such as technology theft, non-tariff barriers to US exports, and forced technology transfers – that hurt American firms without any offsetting benefits to American consumers.
China's Weapons of Trade War
Keyu Jin
 of the London School of Economics, writing just a month after Trump's "America First" inauguration address, explained why the United States – and Trump supporters in particular – would lose much more than China would in a trade war.
Does Trade Fuel Inequality?
Jeffrey Frankel
 thinks that politicians are wrong to blame globalization for the widening gap between rich and poor.
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YELLEN'S TENURE AT THE FED

12/18/2017

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Yellen Leaves a Solid Legacy at the Fed
Robert Samuelson, Washington Post
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EGYPT SEEKS REFORM:  TRANSPARANCY FIRST

12/16/2017

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AL-MONITOR
MIDDLE EAST INSTITUTE:  INFOGRAPHIC ON EGYPTIAN POLITICAL ECONOMY
New trade union law undermines freedom of association in Egypt
Egypt’s parliament approved a draft law on the regulation of trade unions, which independent unions criticized for failing to protect the workers’ right to association.
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NOT ALL DEFICITS ARE THE SAME

12/16/2017

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Beware the fragile ones as central banks taper
BY DAVID P. GOLDMAN
Not all deficit countries are created equal, but we would watch Turkey and Brazil
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DOVISH BIAS GROUNDS FOMC

12/14/2017

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ASIA TIMES

Fed follows through on rate hike, still plans three more next year
BY DAVID P. GOLDMAN
Amid low inflation, limited room for action a good sign for risk markets

Dangerous Delusion of Price Stability
William White, Project Syndicate
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CHINA'S STATE OWNED ENTERPRISES ENCOURAGE PRIVATE CAPITALIZATION:  IS THIS REFORM?

12/14/2017

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China’s SOEs encouraged to bring in private capital
BY ASIA TIMES STAFF
Three batches of 50 SOEs are undergoing mixed ownership reform, while 136 mixed ownership SOEs are experimenting with employee stock plans

Banking watchdog moves to open up industry to foreign capital
BY ASIA TIMES STAFF
Commission eyes cancelling waiting period to operate RMB business and supporting branches with regard to government bonds

China still red hot for foreign investment, despite US tax cut
BY ASIA TIMES STAFF
The nation's economic stability, market potential, factors of production and business environment, make it a strong, attractive market
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CATO'S MONETARY & FINANCIAL ALTERNATIVES PROJECT ON ALTERNATIVE CURRENCIES, WHY BITCOIN'S ARE FINISHED

12/12/2017

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Three Reasons Bitcoin Fever Will Rage On, Even After This Bubble Bursts
by Niall Ferguson via South China Morning Post
Niall Ferguson says lessons from the South Sea Bubble show that the inevitable bust doesn’t necessarily kill the innovation. The financial innovation that created cryptocurrencies like bitcoin and the blockchains they are built on will continue to find buyers.
CATO MONETARY JOURNAL
CITY JOURNAL:  MONETARY ALTERNATIVES
Perils Of Going Cashless
quoting Charles Calomiris, Stephen Haber via The Hindu
When it comes to the war on cash, there is a lot more to it than what just meets the eye
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IRANIAN HYPERINFLATION

12/9/2017

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AL-MONITOR
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CHINA'S CENTRAL BANKER SPEAKS ABOUT FRAGILITY & SOLUTIONS

12/8/2017

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Central bank calls for full enforcement of financial regulations
BY ASIA TIMES STAFF
PBC boss says agency will focus on prevention of liquidity risk, shadow banking risk, abnormal market volatility and cross-border capital flow
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END YEAR LOOK AT INDIAN ECONOMY, INTEREST RATES & TRADE

12/7/2017

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THE HINDU BUSINESS LINE
MENDING THE DE-MONETIZATION SHOCK
HOW ANOTHER CONGRESS ERA ENDS
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U.S. EQUITIES RAGES ON & THE GLOBAL ECONOMY FOR 2018

12/6/2017

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More on Wall Street now see yield curve inversion fast approaching
BY ASIA TIMES STAFF
Analysts mixed on whether reliable recession indicator
The Global Economy in 2018
Michael Spence outlines a baseline scenario that is one of continuity, with no obvious convulsions on the horizon.

Today's Rational Exuberance
Anatole Kaletsky offers four reasons why the bull market for equities is likely to persist, despite structural challenges.

The Long and Winding Road to a Haircut
Carmen Reinhart predicts that key similarities between Puerto Rico and Venezuela will emerge as their debt sagas play out.
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CHINESE ECONOMICS: A NEW ERA?  & TRADE WAR WITH CHINA EMERGING

12/3/2017

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PROJECT SYNDICATE

Four types of SOEs urged to exit the market
BY ASIA TIMES STAFF
State-owned enterprises that have lost their long-term competitive advantage should step aside and make room for the others, says official

Overseas M&As mark shift to ‘rational investment’
BY ASIA TIMES STAFF
Chinese firms have gradually shifted from demand-driven industries to the need for global asset allocation

Shanghai adds new collateral management infrastructure
BY ASIA TIMES STAFF
Preventing systematic risks from the macro perspective will help maintain the order and stability of the market from the micro perspective
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    US-CHINA TRADE WAR EXAMINED

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    TRADE WAR DIARIES

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    CROSS BORDER CAPITAL FLOWS

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    THE CHINA DIGEST

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    WHAT WILL INDIA LOOK LIKE IN 2025

    U.S. Needs Steady, Strategic Central Bank.wsj.pdf
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    The Federal Reserve Needs New Thinking pdf
    File Size: 211 kb
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    What Uber Can Teach the Fed pdf
    File Size: 150 kb
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    Trump, Trade & Money.pdf
    File Size: 333 kb
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