October 25th, 2014
in Op Ed
by Shah Gilani, Money Morning
Ben Bernanke began his tenure as Chairman of the Federal Reserve Board just as the housing bubble was peaking in February 2006.
He exited the post in February of this year after supposedly shepherding the country out of the Great Recession the mortgage crisis spawned.
October 24th, 2014
in Op Ed
As the US economy emerges from recession, the prospect of the US Federal Reserve raising interest rates grabs the attention of the financial markets more and more. US rates have been close to zero for a considerable time – part of a loose monetary stance in conjunction with a sustained policy of “quantitative easing” designed to support the economy through the recent recession. When the Fed switches tack, the waves will wash up around the globe.
by Stephen Engelberg, ProPublica
Dear Possible Attorney General Nominees (You Know Who You Are),
Now that President Obama has put off nominating his new Attorney General until after the Nov. 4 elections, there's some extra time to immerse yourself in the issues you will confront during your confirmation hearing while, of course, waiting to see if you make the final cut. Right now, you're probably scrambling through your personal records for the name, Social Security number and address of every nanny or lawn guy your family ever employed. But as you study up on the National Security Agency's surveillance programs, the War Powers Act, the future of Guantanamo and recent history of voting rights, I'd like you encourage you to bookmark a little something for reading once you're confirmed.
President Barack Obama walks away with Attorney General Eric Holder after Holder announced his resignation at the White House on Sept. 25, 2014. (Win McNamee/Getty Images)
by Charles Hugh Smith, Of Two Minds
Fortune will instead favor a third group: those who can innovate and create new products, services, and business models.
A recent issue of Foreign Affairs sported a catchy cover teaser: Our New Robot Overlords. This brings to mind various sci-fi scenarios, but the actual article title is academic to the point of obscurity: Labor, Capital and Ideas in the Power Law Economy.
October 22nd, 2014
in Op Ed
by Steve Forbes, Daily Reckoning
The global economy is a mess today because most economists, bankers and political leaders don't understand that most basic of subjects: money. When it comes to monetary policy, they have it backwards, thanks to the misbegotten ideas of John Maynard Keynes.