Monthly Archives: November 2011

At the Cato Institute’s 29th Annual Monetary Conference (Epilogue)

I wrote about the thoughts of others Wednesday as I took notes on their talks.  I don’t type that fast, so my notes gives synopses of the talks given. Now for my own thoughts.  I have a sympathy for anyone that wants to take monetary policy out of the hands of the government, because they […]

At the Cato Institute’s 29th Annual Monetary Conference (VII)

CLOSING ADDRESS John A. Allison Former Chairman and CEO, BB&T, and Distinguished Professor of Practice, Wake Forest University Problems primarily caused by government policy, loose Fed policy, GSE policies. Fed jobs: payment systems, bank regulator and monetary policy Payment system monopoly benefits inefficient small banks. Regulation: FDIC insurance destroys market discipline.  Financing using FDIC-insured deposits […]

At the Cato Institute’s 29th Annual Monetary Conference (VI)

PANEL 4: A PROGRAM FOR MONETARY FREEDOM Moderator: Alan Reynolds Senior Fellow, Cato Institute Stimulus: money away from productive uses and toward the goverment and other unproductive bits of malinvestment like autos and homes. James Grant Editor, Grant’s Interest Rate Observer The cumulative effect of history Problem in banking not a shortage of capital, but […]

At the Cato Institute’s 29th Annual Monetary Conference (V)

  PANEL 3: TRANSITION TO A NEW MONETARY REGIME Moderator: Steve H. Hanke Professor of Economics, Johns Hopkins University DM: Steve Hanke was a professor of mine when I went to Hopkins. Targeting NGDP — Cato Institute — 2003 — Nominal Gross Domestic purchases or final sales Richard H. Timberlake Emeritus Professor of Economics, University […]

At the Cato Institute’s 29th Annual Monetary Conference (IV)

LUNCHEON CONVERSATION Robert Zoellick President, World Bank Questions from: Sebastian Mallaby Senior Fellow, Council on Foreign Relations Asked about the EU crisis: Missed his first point. 2) Greek debt forgiveness may come.  3) EFSF assist Italy and Spain with rollover.  4) Markets judging governments.  Slow motion run. 5) move toward political and maybe fiscal union. […]

At the Cato Institute’s 29th Annual Monetary Conference (III)

PANEL 2: FED POLICY AND THE ALLOCATION OF CREDIT Moderator: Mark A. Calabria Director of Financial Regulation Studies, Cato Institute Malinvestment vs capital flowing to most productive sectors of the economy. Jeffrey M. Lacker President, Federal Reserve Bank of Richmond Fed’s response led to misallocation of capital. Monetary expansion was needed to prevent a collapse. […]