The Fed

[Pickle2]

Live near a US base? Try asking one of the guys (they get paid in dollars) and you might be able to arrange a rate which is advantageous to both of you.

And perhaps pick up some nylons for the missus while you are there..

[AtW]

Yeah, apart from getting a PhD in economics and spending much of his life studying the Great Depression, giving several lectures at the London School of Economics, writing three textbooks on macroeconomics, and one on microeconomics, being Director of the Monetary Economics Program of the National Bureau of Economic Research, and the editor of the American Economic Review, and among the 50 most published economists....apart from all that what does he know about economics?

He is an idiot.

I remember how Greenspan was praised, his genius but now it becomes apparent that all this crap we have now was thanks to Greenspan's lax interest policies that created the housing bubble in the USA.

Bernanke with all his great knowledge of depression and books he wrote totally screwed up which is self evident in the fact that he had to drop rates to virtually zero but even that stopped having real effects apart from weakening dollar which is very bad as commodities are priced in them.

Same goes for BoE - they waited for too long and then started cutting too deep, lost their nerves and instead of helping it now causing troubles for pound.

[sasguru]

Yeah, apart from getting a PhD in economics and spending much of his life studying the Great Depression, giving several lectures at the London School of Economics, writing three textbooks on macroeconomics, and one on microeconomics, being Director of the Monetary Economics Program of the National Bureau of Economic Research, and the editor of the American Economic Review, and among the 50 most published economists....apart from all that what does he know about economics?

Yes but atW has done the "Economics for Dunces" course at the Leningrad School for Special Needs.

[BrilloPad]

Yes but atW has done the "Economics for Dunces" course at the Leningrad School for Special Needs.

Please dont mention that he failed.......

[ace00]

Same goes for BoE - they waited for too long and then started cutting too deep, lost their nerves and instead of helping it now causing troubles for pound.

They have to tank the pound / dollar - that's how they pay back massive debts, by inflating them away (I'm talking from 2010). Seems quite clever to me.

[AtW]

They have to tank the pound / dollar - that's how they pay back massive debts, by inflating them away (I'm talking from 2010). Seems quite clever to me.

I don't think it's clever actually because it would undermine demand for Govt gilts, which is something they wanted to sell in order to finance "recovery".

Essentially UK has got negative balance of payments (just like USA) and the only way to beat it here is to have investments, but weakening pound makes it not very attractive, at least for the time being.

Though maybe those idiots are thinking that weak pound would make such investments actually attractive as there will be prospect of capital growth when pound finally recovers, whenever it happens.

I actually think it might remain around euro +/- 10-15% until the point when UK finally joins euro.

[AtW]

Please dont mention that he failed.......

I did fail one degree...dropped out due to .CON engagements

[BrilloPad]

I did fail one degree...dropped out due to .CON engagements

WAs it in economics?

[AtW]

WAs it in economics?

It was MA in International Business - I was getting very good grades and hoped to get distinction (at the time Harvard and Stanford declined my MBA app) but then I found better things to do with my life - earn some dosh in .COM and annoy FTV haters on this board.

[sasguru]

It was MA in International Business - I was getting very good grades and hoped to get distinction (at the time Harvard and Stanford declined my MBA app) but then I found better things to do with my life - earn some dosh in .COM and annoy FTV haters on this board.

Your lack of studies in hard subjects requiring critical reasoning, logical and analytic skills is apparent from your posts.
Of course you wouldn't know what I'm talking about.