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Posts Tagged ‘Federal Reserve lack of transparency’

Federal Reserve Minutes Reveal “Ignorance”

Posted by Larry Doyle on February 24th, 2014 6:36 AM |

I know of few descriptive terms more harsh than classifying an individual or organization as being ignorant.

Yet that is exactly how The New York Times labels the most powerful institution in the world, that being the Federal Reserve, after reviewing the recently released minutes from the Fed’s meetings back in 2008.

The hundreds of pages of transcripts, based on recordings made at the time, reveal the ignorance of Fed officials about economic conditions during the climactic months of the financial crisis.

Serving as a Fed official is not a part time role akin to committing one’s time for a local civic organization. In fact, perhaps not fully appreciated by many in our nation, the Federal Reserve not only serves as our nation’s monetary authority but also as a primary regulator for our banking system. (more…)

Central Bankers’ Favorite Games: We’re Being Played

Posted by Larry Doyle on February 21st, 2012 10:30 AM |

War. Street hockey. Hide the belt. Kick the can. Flipping cards.

The games of my youth growing up in my neighborhood section of Boston provide very fond memories. The best part of these games was the simple fact that everybody was included, the rules were clear cut, and the older kids looked out for the little guys.

In a manner of speaking, the central bankers of today are similarly engaged in a few different games. What are the games being played on both sides of the Atlantic? Kick the can and charades. Regrettably, the central bankers are not playing by the rules as we defined them.

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