Word: centralizer
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...Australia's central bank, inflation and asset bubbles in an environment of easy money evidently now trump worries of a second-dip recession. Its October and November decisions, which raised interest rates from 3% to 3.5%, are meant to keep inflation between 2% to 3% in 2010. The country's consumer price index as of September actually rose just 1.3%, but the fear is that the resurgent economy and government's $38 billion in cash handouts and infrastructure spending will push inflation above...
...Other central banks are making similar calculations, although they are not moving as aggressively - yet. The Bank of Japan will terminate its purchases of corporate debt this December. The Bank of England is cutting back on a program to buy government bonds and commercial paper with newly created money. The European Central Bank is mulling an end to its 12-month loans to banks next year. "Not all our liquidity measures will be needed to the same extent as in the past," says ECB president Jean-Claude Trichet...
...also spooking holders of U.S. debt, whose continued purchases of U.S. Treasury bills allow Washington to fund its deficit spending. Last week, the International Monetary Fund (IMF) announced that the Reserve Bank of India had bought 200 tons of IMF gold reserves, the biggest single purchase by a central bank in 30 years. That pushed the price of gold past $1,100 an ounce, the latest record breaker in a string of new highs, as the market anticipated gold buying by other central banks to hedge against a falling dollar...
...quite knows where the world will end up in this new roundelay of policy decisions and feedback loops. What is clear is that there needs to be some measure of coordination among central bankers and policymakers as they exit stimulus measures and tighten monetary policy. It is fortunate that the planet now has forums such as the G-20 and reinvigorated multilateral institutions like the IMF to help in this regard...
...British state. Moreover, the British taxpayer has to pay a very substantial amount of money to the E.U. each year, an organization that cannot, will not or dare not, tell us how it is all spent. Elliott makes the point that the U.S. wants Britain to be central to European policy; that's all very well, but it is increasingly clear that this is not what the people of Britain want. If Britain is a democracy then the will of her people alone should ultimately decide the outcome. C.S. Lewis, DERBY, ENGLAND...