Recently the big, front-page headline on the
Financial Times website - at least in the U.S. edition - led to an article about the Bank for International Settlements. According to the
F.T.,
the bank is warning that "forward guidance" - the attempt to drive
long-term interest rates down by promising to keep short-term rates low
for a long time - "could endanger the international financial system."
Typical B.I.S., I thought - the gnomes of Basel have been consistently
against any policies that might restore full employment, and have been
into punishment all the way. And I got ready to write a blog post
bashing the organization.
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