Bank Lending Archives - Page 3 of 10 - Emile Woolf writes

ECONOMIC PERSPECTIVES – 8 -‘The dollar is not forever’

Economic Perspectives – 8 THE DOLLAR IS NOT FOREVER [This follows on from my previous essay in this series, and explores alternatives to dollar hegemony, and possible outcomes, in a little more detail. I am again indebted to Professor Patrick Barron for the insights expressed in his March 2016 ‘podcasts’ that inspired these two essays […]

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Economic Perspectives – 7 -How the US Dollar became the world’s reserve currency

Economic Perspectives -7 The US Dollar is the world’s “reserve currency” for international trade settlements – how did it happen, and will it last? [I am indebted to Professor Patrick Barron for the insights expressed in his March 2016 ‘podcast’, which inspired this chapter of ‘Economic Perspectives’] 1 – America collects gold, the world’s first […]

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Pension fund audits: time for a rethink

November 2016 “Accountancy” The central bankers’ obsession with interest rate cuts as a means of stimulating economic recovery reminds me of the “dare” games we played as children, such as “how long can you keep your finger in the candle flame?” Or, in banking terms, “how close to zero can you fix interest rates before […]

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Economic Perspectives 3: Interest Rate Suppression

The importance of interest rates I have written many times of the persistent but forlorn attempts by central bankers to “stimulate” growth in their countries’ flagging economies by applying the twin practices of quantitative easing (QE) and lowering interest rates. It has been clear for years that these policies simply do not work. The only […]

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Economic Perspectives 2 – Perverse Labour Laws

Blindness of French labour laws When I was recently on holiday in the South of France the socialist government of Francois Hollande was obliged to take the unusual step of by-passing democratic means of getting his labour reform measures into law. He resorted to the rarely invoked “executive power”, to force through changes in labour […]

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Clueless Experts

Subject: Re: Martin Wolf on interest rates and QE http://www.bbc.co.uk/programmes/b07krycg [This runs for 42 minutes.] Martin Wolf is the chief economics editor of the Financial Times, a position which should command some respect. The broadcast is an assemblage of comments from bankers, economists and writers, all addressing the complete uselessness of the monetary tricks that central […]

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Economic law trumps accounting rules

‘ACCOUNTANCY’ – JUNE 2016 The term “creative accounting” always carries the pejorative implication that accepted accounting rules are being manipulated to make trading results over a defined period appear to be better (never worse!) than warranted by facts. Perennial rule-tightening is like painting the Forth Bridge – the job is never done. Standards, the building […]

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Authenticating financial reports: rethink is overdue

Hercules managed to clean out the Augean stables in a single day. We could do with a Hercules to clean up today’s money-grubbing world – although he may need a little longer: FIFA sleaze; athletics doping scandals; Volkswagen’s emissions-test cheating; drug manufacturer’s bribery charges; leading banks charged with mis-selling, rule-bending and facilitating tax-dodging. How many […]

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Proper audits – are they really so difficult?

Regulatory scrutiny is an expensive waste of time and money if it focuses on the form but completely misses the substance. One wonders about the quality of diligence that preceded (and the audit work that followed) Olympus’s takeover of the UK Gyrus Group, when so-called “advisory payments” of $687 million, one-third of the entire acquisition […]

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