"The problem with socialism is you eventually run out of other people's money" - Margaret Thatcher
"The curious task of economics is to demonstrate to men how little they really know about what they imagine they can design" - F.A. Hayek
Wednesday, December 16, 2009
There is now over a trillion dollars sitting in bank excess reserves. As James Hamilton called it, that is a "live bullet"!
So what are your thoughts on Time's person of the year??
I particularly enjoyed this part of the interview:
Question: So, when you're playing in that gym by yourself, why don't you invite the President to shoot 21 with you, or around the world, or something like that?
Answer: Well, you know, if I were one of his advisers, maybe I — I think this is the independence of the Federal Reserve being exhibited here.
So what are your thoughts on Time's person of the year??
ReplyDeleteI particularly enjoyed this part of the interview:
Question:
So, when you're playing in that gym by yourself, why don't you invite the President to shoot 21 with you, or around the world, or something like that?
Answer:
Well, you know, if I were one of his advisers, maybe I — I think this is the independence of the Federal Reserve being exhibited here.
Again, what do excess reserves represent? Does this mean banks have a lot of money to profit from through investing?
ReplyDelete