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zimbabwe

Modern Elasticity And The Appearance of Quasi-Money

By |2016-05-10T13:14:30-04:00May 10th, 2016|Currencies, Economy, Federal Reserve/Monetary Policy, Markets|

It is a myth of the modern age, particularly post-1930’s, that the American banking system needed a central bank in order to perform the function of currency “elasticity.” There were, of course, several severe bank panics that occurred in the decades before the Federal Reserve but they did not end with its imposition. The worst banking liquidation wave in history [...]

Another Study In Contrasts

By |2015-11-23T18:27:31-05:00November 23rd, 2015|Currencies, Economy, Federal Reserve/Monetary Policy, Markets|

In April 2008, the Reserve Bank of Zimbabwe was miffed. The country’s central bank governor, Dr. Gideon Gono, produced its first quarter monetary policy statement by reminding anyone who might read it that his actions were being duplicated the world over. Apparently still smarting over criticism by his central bank peers, Dr. Gono, an honorary degree, was more disturbed by [...]

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