The Phaserl


Mass Delusion and the Myth of Deleveraging

by John Rubino, Dollar Collapse:

Prudent Bear’s Doug Noland marks the fifth anniversary of the collapse of Lehman Brothers — and the near-collapse of the global financial system — by asking whether the system’s flaws have been fixed.

Blinder, Summers and Monetary Policy
Next Wednesday the Fed will reveal its much-anticipated “tapering” plans. Japan’s Nikkei news service Friday reported that the Administration “was set to name” Larry Summers to replace the retiring chairman Bernanke. And Sunday marks the five-year anniversary of the failure of Lehman Brothers. Well, it does seem “a good time to ponder how the U.S. economy was nearly brought to ruin” as well as an appropriate juncture to focus again on the role of monetary policy.

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