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It is time for comprehensive rescues of financial systems
The time for a higgledy-piggledy, institution-by-institution and country-by-country approach is over, writes Martin Wolf. So what should be done? In a word, 'everything'. But first of all, the panic must be dealt with
On rescues and bailouts
macroblog.typepad.com — I’ve been thinking a lot about this topic lately, and though it seems there are a good... many folk who approach the issue with great certainty, I do not share their confidence. I have, however, found it helpful to think through the following (not ... (more) On rescues and bailouts
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Martin Wolf: The world has changed, and so has my mind
FT Alphaville — ... point cut in rates made sense for the UK. If I were on the monetary policy committee today, I would argue for a full percentage point. The world has changed, greatly for the worse. When G7 finance ministers and central bank chiefs convene soon in Washington they must have one task in mind: restoring confidence. History will judge their success. These people may go down as the authors of another great depression. It is a destiny they must now avoid, for all our sakes. Full text here

links for 2008-10-08
Economist's View — Balance sheet of the Federal Reserve - Econbrowser “Why is the Fed Paying Interest on Excess Reserves?” - macroblog Capitalism and Skepticism - Christopher Carroll If SS Was a Private Corporation it Would Sue Tom Brokaw - Dean Baker It is time for comprehensive rescues of financial systems - Martin Wolf Unfair to Brazil - Dani Rodrik Carbon Prices and Driving - The Bellows Boom goes the CDS - Free Exchange ...

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