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Debt bailout warning
News, Editorial, Published on 25/11/2024
» The Paetongtarn government has announced a bold policy to address Thailand's mounting household debt crisis. The initiative includes a three-year suspension of interest payments for mortgages, vehicle loans and loans for small and medium-sized enterprises (SMEs), among other items.
US can't rely on inflation shamanism
News, James K Galbraith, Published on 23/09/2024
» Google "shamanism" and you will find that it is "a tradition of part-time religious specialists who establish and maintain personalistic relations with specific spirit beings through the use of controlled and culturally scripted altered states of consciousness." Every element of that definition applies to monetary policymaking today, as illustrated by the reaction to the US Federal Reserve's Sept 18 decision to cut the short-term interest rate by 50 basis points.