Central Bankers rarely admit mistakes unless they are discussing events long lost in the fog of history. That's what makes the Nov. 2 remarks by Richard Fisher , president of the Federal Reserve Bank of Dallas, so remarkable. Fisher candidly told a gathering of the New York Association for Business Economics that an inflation gauge relied on by the Fed (the index core personal consumption expenditures) was malfunctioning four years ago. Read More...
BET ON RUBLES AND FRANCS
STEVE HANKE
BET ON RUBLES AND FRANCS (FORBES - September 2006)
Something big happened in the currency markets on July 1, but if you read only the mainstream media, you might have missed it. On that date Russia made its ruble fully convertible for the first time since Aug. 8 1914.
ÖĞÜTÇÜ'nün GÖZÜYLE UFUK TURU (Dünya Online) 15/08/2006
Ortadoğu'daki gelişmeler küresel ekonomik durgunluğa yol açar mı?Washington ve Tel Aviv'in askeri yöntemlerle Ortadoğu'da Suriye, Iraklı Şiiler, Hizbullah ve İran arasındaki giderek güçlenen Şii ittifakını zayıflatmak ve ılımlı Sünniler ile İsrail arasındaki güç birliğini desteklemek için yeni bir düzen kurma çabaları geri tepebilir, özellikle Irak'taki gelişmeler ve Lübnan'da sivil halkın maruz kaldığı şiddete duyulan uluslararası tepki nedeniyle.
At first glance the 2001–03 plunge in U.S. interest rates seemed to have delivered the goods: Growth in output and employment slowly accelerated, and inflation stayed within the Federal Reserve’s comfort zone, under 2%.
On Sunday, voters in Montenegro turned out in record numbers and gave a collective "thumbs down" to their republic's loose union with Serbia. Although the final curtain has not yet been drawn on this Balkan drama, when it is, what remains of the former Yugoslavia will disappear, and, after 88 years, Montenegro will once again be independent.
STEVE HANKE
MEHMET ÖĞÜTÇÜ