http://krugman.blogs.nytimes.com/
What The Central Banks Did Today
I’ll outsource this to Mark Thoma.
I am, I have to say, somewhat mystified. Of course the Fed will make dollar liquidity available to other central banks as needed; that was never in question, because Bernanke doesn’t want to be the man who destroyed the world to save a few pennies. And reducing the interest rate on those loans seems to me to make virtually no difference; it was a trivial charge anyway.
So this looks to me like a non-event. Yet markets went wild. Are they taking this as a signal that substantive actions — like the ECB finally doing what has to be done — are just around the corner? Are they misunderstanding the policy? Was this cheap talk that nonetheless moved us to the good equilibrium? (If so, not enough: Italian bonds still at more than 7 percent).
A very strange day.
I am, I have to say, somewhat mystified. Of course the Fed will make dollar liquidity available to other central banks as needed; that was never in question, because Bernanke doesn’t want to be the man who destroyed the world to save a few pennies. And reducing the interest rate on those loans seems to me to make virtually no difference; it was a trivial charge anyway.
So this looks to me like a non-event. Yet markets went wild. Are they taking this as a signal that substantive actions — like the ECB finally doing what has to be done — are just around the corner? Are they misunderstanding the policy? Was this cheap talk that nonetheless moved us to the good equilibrium? (If so, not enough: Italian bonds still at more than 7 percent).
A very strange day.
http://www.cbsnews.com/8301-505123_162-57333882/will-the-feds-move-to-help-europe-hurt-the-u.s./
"Finally, note that while this move can ease financial market conditions, it does nothing to address the underlying problems creating those conditions. So this is no substitute for the difficult decisions that Europe must make to overcome its troubles."
http://www.nakedcapitalism.com/2011/12/moslerpilkington-response-to-yanis-varoufakis-regarding-our-eurozone-exit-plan.html
http://www.nakedcapitalism.com/2011/12/former-award-winning-chase-banker-describes-predatory-mortgage-lending-practices.html
http://www.nytimes.com/2011/12/01/opinion/kristof-a-banker-speaks-with-regret.html?ref=opinion
http://en.wikipedia.org/wiki/Telephone_tapping
I really prefer the "hide in plain sight" technique.
Ten bucks will buy a tracfone from Carlos Slim at the supermarket. No record. Cash over the counter will put minutes on it at Radio Shack.
There is no "expectation of privacy" for radio communications and wireless is radio. Any encryption can be broken with enough effort. I am told that machines can't deal with the spoken word in general. A living mind is still required.
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