An email correspondent sent the above graph. The title is [Federal Reserve] Liabilities and Capital: Liabilities: Earnings Remittances Due to the U.S. Treasury. The Treasury pays the Fed interest on the Fed's asset holdings.…

In previous blog posts here and here , I criticized UK financial regulators for missing simple leverage and margin requirements in UK pension funds. To be clear, I don't criticize the people. The point is, if after 10 years …

(At National Review ) What This Year’s Nobel Economists Can Teach Us about Financial Crises This week, economists are celebrating the Nobel Prize given to Ben Bernanke, Doug Diamond and Phil Dybvig for their work on banking. Ber…

The   Speech  by the ECB's Isabel Schnabel, advertised on the official ECB twitter stream  caused a characteristically grumpy outburst from me . Savor the ECB's tweet in all of its glory:  We will not tolerate changes in…

On May 6 the annual Hoover monetary policy conference returned. It was great. In particular, the opening panels by Rich Clarida, Larry Summers, and John Taylor, and the final panel with Jim Bullard, Randy Quarles, and Christophe…

Two era-defining articles popped up in today's Wall Street Journal.  In " the coming global crisis of climate policy, " Joseph Sternberg writes  ...Anyone who still thinks climate change is a greater threat than cli…