As nice it was to spend eight years saving the economy and testing the proposition that there are no stupid questions during sessions with various congressional committees, gentle Ben would just as soon trade them for the quiet times at Fisher Hall. Read more »
Throw away the tea leaves and stop parsing what Janet Yellen said last week. The Fed is not going to surprise you with a rate increase at Memorial, Labor, Thanksgiving or Christmas Day. You have nothing to worry about until next year. Late next year, at that. Capisce? Now calm the fuck down. Read more »
For years, the Fed’s been waiting for unemployment to get under 6.5%, so that it can stop offering money for free. This has taken somewhat longer than the central bank likely expected when the threshold was set, and now, the man who came up with the idea wants to make sure it doesn’t make the same mistake again.
The “cut rates when unemployment drops below 6.5% if inflation hasn’t gotten over 2.5%” policy is apparently called the “Evans rule” for Chicago Fed President Charles Evans. And while Paul Volcker plans to use his remaining days defending the regulation that bears his name, Evans isn’t eager to see a sequel. Read more »
Weaker-willed men (and women?) may say the Fed is tapering too much. That the economy is still vulnerable and in need of stimulation. Philly Fed President Charles Plosser knows better: The problem is not too much tapering but too little, and he is ready to take things a little closer to the scalp. Read more »
Today, we learned two things about Mt. Gox CEO Mark Karpelès: He owns a suit and is, in fact, still in Japan, where he made a quick trip to Tokyo District court to place his collapsed bitcoin exchange into bankruptcy, after hackers made off with half a billion dollars worth of fake money.
Bitcoin exchange Mt. Gox said Friday it was filing for bankruptcy protection after losing almost 750,000 of its customers’ bitcoins, marking the collapse of a marketplace that once dominated trading in the virtual currency.
The company said it also lost around 100,000 of its own bitcoins. Together, the lost bitcoins would be worth approximately $473 million at market prices charted by the CoinDesk bitcoin index, although the price of Mt. Gox bitcoin had fallen well below that index after it stopped bitcoin withdrawals in early February….
“There was some weakness in the system, and the bitcoins have disappeared. I apologize for causing trouble,” Mr. Karpelès said during a packed news conference at the Tokyo District Court press club.
The company’s lawyer said at the news conference that Mt. Gox had outstanding debt of about ¥6.5 billion ($63.6 million) with assets worth ¥3.84 billion.