Hhhm, questions seem prevalent tonight:
Why Do I Follow M3? David Merkel, The Aleph Blog
What Can a City Do? Elizabeth Warren, Credit Slips. Should cities install a Foreclosure Investigator?
Optimistic or Pessimistic? Financial Armageddon. On the seemingly but maybe not so pessimistic call by Fannie Mae chief Daniel Mudd.
Et vos, Bruti? The PM and the Chancellor try to nudge the MPC Willem Buiter, Maverecon. Buiter points to a brazen effort by England’s Chancellor and Prime Minister to influence rate-setting by the Bank of England. Note that the BofE is by charter more independent than our Federal Reserve, but “more independent” does not mean “immune from pressure.” And more to the point, such pressure is usually exerted subtly and behind closed doors, not out it the open.
The end of the United States exorbitant privilege? Brad Setser. Why those who have gotten excited about the fall in the dollar share of central bank reserves are reading the tea leaves incorrectly.
Later additions:
F.T.C. Asks if Carbon-Offset Money Is Winding Up True Green New York Times. Carbon offsets are the modern equivalent of the sale of indulgences (how do you know that tree was planted, or even it if was, whether it was paid for in full 20 times, or died posthaste?), but I have to admit the false advertising angle hadn’t occurred to me.
Credit Derivatives May Lose $250 Billion, Gross Says Bloomberg. We’ve worried about counterparty risk in the credit default swaps market for some time; this view is beginning to get some support.
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Help! We are suffering from a credit bubble. So, why is the Fed dropping M3 which according to the link provides a picture of bank generated credit?