Prieur’s readings

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This post provides links to some interesting articles I have read over the past few days that you may also enjoy.

• Doug French (Ludwig von Mises Institute): Dead banks walking, 11 June, 2009.
It’s widely acknowledged that hundreds if not thousands of banks are on the ropes and just waiting for regulators to wrap them in yellow tape some Friday evening. However, fewer than forty US banks have been seized this year. The Federal Deposit Insurance Corporation (FDIC) list of problem banks grew to 305 in the first quarter, the highest number since 1994, but of course the names of those banks are not released so that depositors can be forewarned.

• The Economist: Seeing red, June 10.
America’s debt is Barack Obama’s biggest weakness

• Arthur Laffer (Wall Street Journal): Get ready for inflation and higher interest rates, June 11, 2009.
The unprecedented expansion of the money supply could make the ’70s look benign.

• Caroline Baum (Bloomberg): Bernanke stares down the interest-rate bears, June 10, 2009.

• Emil Henry (Financial Times): Daunting decisions on a new risk regulator
There is much political pressure for a quick solution, but the complexity and gravity of the subject matter suggest Congress should be particularly careful in its review.

• Philip Stephens (Financial Times): Crisis? What crisis? The market confounds the left, June 12, 2009.
Pace the doomsayers who predicted imminent Armageddon, liberal market capitalism has survived: somewhat humbled and, in the case of the financial services industry under much tighter official supervision, but recognisably much as it was.

• Joseph Stiglitz (Vanity Fair): Wall Street’s toxic message, July 2009.
When the current crisis is over, the reputation of American-style capitalism will have taken a beating – not least because of the gap between what Washington practices and what it preaches. Disillusioned developing nations may well turn their backs on the free market, posing new threats to global stability and US security.

• Samuel Brittan (Financial Times): It is time to put Europe on hold, June 12, 2009.
The best proposal would be to call a halt to further institutional deepening and make the existing union work better.

• Nouriel Roubini (Financial Times): Latvia’s currency crisis is a rerun of Argentina’s, June 11, 2009.
As in Buenos Aires in 2000-01, a real exchange rate depreciation is necessary to restore competitiveness.

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