Word: centralism
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...Bush signed last week to buy Wall Street's bad mortgage-backed debt was not enough to calm credit jitters. Consumer borrowing fell at an annual rate of 3.7% in August, the first decline in over a decade, the Federal Reserve reported yesterday. In a surprise coordinated move with central banks around the world, the Fed sliced interest by half a point on Wednesday morning before the markets opened...
...billion to lift bad loans out of the financial system. The banker, Neel Kashkari, immediately took bids from companies interested in running a market to price the bad loans. On Wednesday morning, in a surprising move, the Fed announced a half-point interest rate cut in unprecedented coordination with central banks in Asia and Europe...
Silver linings, alas, aren't liquid assets. And so, the Dow Jones Industrial Average scratched its head over how to interpret the decision by six central banks, including the Fed, to lower their key lending rates - the average moving first slightly up, then down, then up again till the last 15 minutes of the day when suddenly, it all came back down, closing down more than 189 points...
...scary conditions elsewhere hardly drew attention away from the underlying weakness in Europe's own supervision of its financial institutions. Most of the continent is conjoined into a political union of 27 countries, 15 of which use the euro under the monetary authority of the European Central Bank. But as the recent days' fraught activity has proved, coordination between governments on fiscal and supervisory measures remains strictly voluntary...
...country approach appears to be failing. Gros recommends a common European scheme to shore up capital of distressed banks and the establishment of a "clear center of joint responsibility for the supervision and liquidity support of cross-border European banks," which he says should be housed in the European Central Bank. (At present, the chief tool available to the ECB is lowering interest rates...