first
print interview with bernanke since appointment to head fed
[12 pages]
“So, what this means is that economic policy,
and financial oversight have to take into account all
the international dimensions of that. So, for example,
on the monetary policy side, we have worked carefully
and closely with other central banks to talk about monetary
policy in different parts of the world. In fact, during
the heat of the crisis in October 2008, the Federal
Reserve and five other major central banks cut interest
rates together on the same day, as a sign of how committed
we were to cooperating on monetary policy." [From
sheet
4]
“ We think the only expansion of authority which
we think is appropriate would be to not only banks,
but other large financial companies whose failure might
pose significant risk to the financial system. That's
the extension of responsibility that we think is appropriate”
[from page
9]
There are a couple of references to
the “too big to fail” problem and “how we must do something”,
but not clear solutions.
To quote Bernanke:
“...I want to be very, very clear, too-big-to-fail
is one of the biggest problems we face in this country...”
[p.10 )
I am of the view that it is a problem
without a solution under a government fiat banking cartel
and international banking competition.
So I believe this talk to be empty posturing.
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the web address for this article is
https://www.abelard.org/news/economics102009.php#bernanke_161209
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