Doug Henwood wrote:
I still think the euro is just downmarket DM and will only bring
stagflation to Europe. What it will NOT become is a reserve currency.
It's a portfolio decision.
But unless the EU runs up heroically big balance of payments deficits for a
few decades, how will euro
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DAILY LABOR REPORT, FRIDAY, JUNE 26, 1998:
Initial claims for unemployment insurance benefits filed with state
Mark Jones wrote:
This is interesting. I didn't see the FT piece but (a) why do
people keep banging on about the euro becoming a reserve currency,
at the same time that the EU's fiscal and monetary policy remains
deflationary and export-promoting, and that is written into the
rules of the new
This is interesting. I didn't see the FT piece but (a) why do
people keep banging on about the euro becoming a reserve currency,
at the same time that the EU's fiscal and monetary policy remains
deflationary and export-promoting, and that is written into the
rules of the new Euro-Fed? The
The June 1998 issue of "Monetary Trends" (a publication of the St. Louis
Fed) has a short article by William Emmons, that suggests that the stock
market's price/earnings ratio is not only high, but surprisingly high given
the phase of the business cycle. Usually, the P/E is this high in recession
In fact, the Fed does not actually exchange paper currency for paper
T-bills, but exchanges computer entries (bank reserves) for T-bills.
The profit derives from the fact that the Fed does not pay interest
on the reserves. My understanding is that, since most of the Fed's
earnings come from
