Category Archives: Economics

Central Banking award

The Central Banking Journal annually awards central bankers (best governor, best central bank, and providers of services to central banks) for their performance.  This year’s ceremony was held in London on March 13 and I was awarded Outstanding Contribution for … Continue reading

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Tariff Abuse

The U.S. constitution gives Congress the authority to enact and control tariffs (taxes on American consumers of imported goods and services).  Over the years Congress has increasingly delegated that authority to the executive branch (the President) under certain specified circumstances. … Continue reading

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The Wall: Form or Substance?

Most Americans support legal immigration into the United States (preferably more and better targeted than now) and oppose illegal entry. Controversy has arisen over how best to limit the illegal sort (to say the least). The border between the U.S. … Continue reading

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Central Banking Award

As a monetary policy expert working at the IMF when the Soviet Union dissolved I had the exciting and fulfilling opportunity of leading technical assistance missions to the central banks of Bulgaria, Kazakhstan, Kyrgyzstan, Moldova and Slovakia and building on … Continue reading

Posted in Money | 3 Comments

Trade protection and corruption

Starting with the repeal of the Corn Laws in England (tariffs on grain imports) in 1846, cross border trade and incomes blossomed. “Global life expectancy in the past 175 years has risen from a little under 30 years to over … Continue reading

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Their Turkey and Ours

“Recep Tayyip Erdogan believes high interest rates are the cause of inflation, not the remedy for it”  The Economist May 19, 2018 “How-turkey-fell-from-investment-darling-to-junk-rated-emerging-market” During the 1990s the inflation rate in Turkey averaged around 80% per annum varying between 60% and 105%.  … Continue reading

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Have we been taken advantage of?

For as long as I can remember I have purchased food and household items from Safeway, Giant, and Whole Foods without any of them buying anything from me. Was I taken advantage of? Of course not. I voluntarily gave up … Continue reading

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