Who Are the Socialists: FOMC vs ECB ?
Today's chart porn is off of the most interesting article I read in today's NYTimes: In Europe, Central Banking Is Different.
Note that Central Banks in Europe left rates unchanged today.
The full article describes how the ECB focuses on reducing inflation. However, there is a laundry list of factors the ECB pretty much ignores:
-Eliminating the normal business cycle;
-Preventing a recession regardless of costs;
-Allowing the currency to be debased.
Further, the ECB doesn't seem to care where their equity markets are.
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Two Different Approaches to Central Banking
The entire article is fascinating . . .
Source:
In Europe, Central Banking Is Different
CARTER DOUGHERTY
NYT, March 6, 2008
http://www.nytimes.com/2008/03/06/business/worldbusiness/06euro.html
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Thursday, March 06, 2008 | 01:16 PM | Permalink
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Comments
I finally understand "trickle down" economics: the fat fees generated by bubble creation are retained by the wealthy, and when the tide turns, the risks and losses trickle down to the taxpayers.
Is this a great country or what?
Posted by: winston munn | Mar 6, 2008 1:34:39 PM
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