tag:blogger.com,1999:blog-8702840202604739302.post6639679913869446588..comments2024-03-28T03:38:53.734-07:00Comments on MacroMania: Information Disclosure Policy for the FedDavid Andolfattohttp://www.blogger.com/profile/12138572028306561024noreply@blogger.comBlogger6125tag:blogger.com,1999:blog-8702840202604739302.post-38743137528437125412010-04-22T09:30:10.079-07:002010-04-22T09:30:10.079-07:00David,
You're quite correct. Unfortunately, I...David,<br /><br />You're quite correct. Unfortunately, I fell into the terrible habit of using lazy language. I believe it is not central banking, per se, that are the problem. George Selgin (and others, like De Soto) focus on currency-issue monopoly, as opposed to free banking in currency as well as deposit.<br /><br />A book entitled "History of Corporate Finance," the authors of which I forget, discussed the point that mercantile banks in the renaissance period found their demise in lending to the crown, which typically had a monopoly on currency issuance, but not other forms of money, like notes and bills of exchange.Prof Jhttps://www.blogger.com/profile/16539902592080231165noreply@blogger.comtag:blogger.com,1999:blog-8702840202604739302.post-18601301854143519462010-04-21T11:36:25.580-07:002010-04-21T11:36:25.580-07:00Prof J:
I love George's work. I haven't ...Prof J: <br /><br />I love George's work. I haven't visited his website for a while, so thanks for the reminder.<br /><br />I have a hard time believing, however, that central banks per se are the cause of financial crisis.<br /><br />Evidence: We know of financial crises even in ancient times, middle ages, and even pre-1914 in the U.S. All these crisis episodes predate central banking. (This is not to say that a central bank cannot cause a crisis, however).David Andolfattohttps://www.blogger.com/profile/12138572028306561024noreply@blogger.comtag:blogger.com,1999:blog-8702840202604739302.post-15741696559541217482010-04-20T10:26:06.788-07:002010-04-20T10:26:06.788-07:00David,
I would be interested in your thoughts on ...David,<br /><br />I would be interested in your thoughts on George Selgin's work. He is a free banking advocate, and does work on the idea that central banks are a cause of, rather than solution to, financial crises. Mayhaps a blog post on that issue?Prof Jhttps://www.blogger.com/profile/16539902592080231165noreply@blogger.comtag:blogger.com,1999:blog-8702840202604739302.post-33655438615924357002010-04-17T19:46:40.245-07:002010-04-17T19:46:40.245-07:00The Arthurian: I believe that the Fed could certai...The Arthurian: I believe that the Fed could certainly do a better job at communicating its policies and practices in general. Simply revealing its decision-making standards will not be enough, however. The level of distrust is so great that I'm sure the actual decisions will have to be made public, eventually, at least.<br /><br />Pointbite: I'm with you on this one. I will continue to probe the issue with our resident lawyer.David Andolfattohttps://www.blogger.com/profile/12138572028306561024noreply@blogger.comtag:blogger.com,1999:blog-8702840202604739302.post-17941382794215798242010-04-17T19:00:08.568-07:002010-04-17T19:00:08.568-07:00Very carefully worded. Every time I read the begin...Very carefully worded. Every time I read the beginning of a sentence I thought I would disagree with, by the end it looked reasonable. If we can get a legally binding commitment from the Fed (not just promises) regarding the 5 year time lag, I don't find that terribly offensive. Would a good show of faith be to start disclosing previously undisclosed activities from prior to 2005? (I'm sure you don't need me to compile a list of the most common complaints)Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-8702840202604739302.post-66164436314945874572010-04-17T16:51:55.537-07:002010-04-17T16:51:55.537-07:00Wow... Good post. There are so many complaints abo...Wow... Good post. There are so many <i>complaints</i> about the Fed. It was refreshing to read something original and informative on the subject.<br /><br />Maybe the Fed should reveal the standards that guide its decision-making, rather than the details of its decisions.The Arthurianhttps://www.blogger.com/profile/16501331051089400601noreply@blogger.com