Posted by
admin – August 18, 2009
Balancing Inflation and Growth Part 3 of 13
Indeed, as I speak, central bankers here and across both the pond and the channel feel besieged by a seemingly insurmountable foe delivering retribution for our having been complacent, if not smug, during those happier days. Like Henrys troops at Agincourt, it may appear that we face overwhelming odds. Yet I am not overwhelmed.
Why not, you ask? How to trade commodities allows me to invoke another of your English ancestors in reply. Winston Churchill once asked: Why is it that the ship beats the waves, when they are so many and the ship is one? The reason is that the ship has a purpose. Tonight, I wish to give my view of the purpose of the Federal Reserve.
Needless to say but I will say so any way the views commodity market trading I express this evening will be my own and not those of any other member of the Federal Open Market Committee or any official of the Federal Reserve System. This is but one mans soliloquy.
Financing
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Posted by
admin – June 18, 2009
Balancing Inflation and Growth Part 13 of 13
To some, this may appear a Hobsons choice. I dont see it that way. Our obligation is to prevent inflation in order to sustain long-term employment growth and commodity trading company. I believe that the best way to cut through the treacherous economic waves that are upon us and keep our ship steaming forward is to stick to our purpose.
That about says it all for tonight. Let me bring this back to London. Recently, the New York Times ran a delightful article on your search for a motto or commodity quotes that captures the essence of Britain. My favorite was Nemo me impune lacessit, which loosely translatedaccording to my Texas Latinmeans Never sit on a thistle. Tonight I may have taken the risk of sitting on the thistle of opprobrium of those of you who wished to hear a more felicitous speech. But Charlie Beans advice was to just tell em what you think. That is what I have done, and I thank you for allowing me to do so.
In the time that remains this evening, I would be happy to take questions and, in true central banking fashion, do my level best to avoid answering them.
Financing
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Posted by
admin – June 10, 2009
Balancing Inflation and Growth Part 2 of 13
When I finished, Alan looked down the table and said, President Fisher, was that Henry V? Yes, Mr. Chairman, I replied. I know Ive reached retirement age, said the ancient chairman. I went to high school with that guy.
Would that we could today enjoy commodity trading courses such levity from the days when SIVs, CDOs, ARS and SLARS and VRDOsor the R or the S words, as in recession and stagflation were not yet part of the polite lexicon of monetary circles. These are not the happiest of times. These are, to put it euphemistically, challenging times for central bankers. We are confronted with the twin evils of slower growth and higher inflation, while also having to fight a banging hangover that resulted from allowing financial intermediaries to party on too hard for too long.
The monetary policy and regulatory frameworks that commodity future trading system appeared to serve us so well in past decades are being stress-tested in ways that few dared imagine during that bucolic period when many were lulled into assuming things would be forever NICE, as Mervyn King so memorably put it. We know now that a Non-Inflationary Consistent Expansion is not the steady state of nature. Neither is the Great Moderation of both the economy and financial market volatility.
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