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Eurozone to lead world out of the money trap?

  There is a long, long way to go. But confidence is gradually returning to the eurozone – confidence that at least a break-up of the eurozone will be avoided (thought his does not exclude the...

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A five-point reform plan

  Joseph Potvin of The Opman Company has sent me an “operational summary of the Ikon monetary standard and unit of account”, which I am pleased to share with visitors to this website. Thank you,...

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It’s the system, stupid!

  One very senior former policy-maker has written to express his broad agreement with the analysis in The Money Trap. He cites three sentences on page 33, which sum up my review of the performance of...

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Keynes, Mundell and The Money Trap

Most economic commentary, such as that of Roubini,  falls into this category (see Diary of  21/11/12). The “analysis” amounts to saying: “Oh, what a mess we are in!” We knew that already. Some vary...

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What’s the G30 doing?

  It follows the appointment of G30 member  Mario Draghi to be  president of the European Central Bank (which raised eyebrows in some circles, see here) . Last year also member Mervyn King became chair...

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Some nuanced views of Mr Carney

The UK media have been gushing in their welcome. It is right to welcome central banking’s “rock star”. But not everybody has been carried away by the euphoria…you only have to scan the Canadian press...

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My New Year wishes

  The world economic recovery remains fragile and could easily be derailed by renewed financial turmoil. My first wish is a terminological one – please, can we find a more useful word or phrase to...

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Christine Lagarde gets it wrong

    “The financial system can work if each of its members follow the right principles for their economy”   M Lagarde has had a successful year at the Fund but this statement at the G20 meeting in...

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How the international monetary system holds back recovery

  Ever since the end of Bretton Woods, exchange rate volatility driven by diverse monetary policies and diverse expectations about future exchange rates have been frequent sources of shocks to the...

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III Four Challenges

The so-called international  monetary non-system has four serious weaknesses. They are as follows: first, the absence of incentives to governments to correct global payments imbalances; secondly, the...

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