Word: centralizes
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Chances are you can't name a single central banker from the 1920s, but in their day, they were quite the celebrities, even giving false names when traveling by ocean liner in order to dodge the press. These were the men who - in the wake of WW I and the economic destruction it wrought - returned the world to the gold standard, used interest rates to bolster the value of currencies and let stock speculation run rampant. In short, they helped lay the groundwork for the Great Depression. In Lords of Finance: The Bankers Who Broke the World, investment manager Liaquat...
...head of the Bank of England, a fellow called Montagu Norman. He was a complete eccentric. He carried the mystique that Alan Greenspan did a few years ago. His major problem was he had a very fragile mental constitution - not a good attribute if you're a central banker - but he exerted this influence, particularly on Americans. They were just completely bowled over by him. (See pictures of the global financial crisis...
...Telling the story through these four central bankers was a way of highlighting the fact that critical policy decisions are made by individuals, not abstract committees. They had choices...
...about $50 billion, which was about 50% of GDP. The banking system and the shadow banking system now are about 150% of GDP. In Britain it's 350% of GDP. The worry is that the financial system has become so large relative to the size of central banks that we've created something of a Frankenstein. No one really knows whether we can handle a financial system that...
...most part, however, the MEK is no more popular with the Iraqi population than it is with the central government. In his speech from the Green Zone on New Year's Day, al-Maliki made it clear that the MEK would lose its protected status. "This group has been labeled a terrorist organization," al-Maliki said. "It can no longer operate in Iraq after today because it has caused a political crisis that contradicts the constitution ... We will never force any of these people to go back to their country ... but Iraq cannot be a base for these people...