What’s it like working in the White House?
(ht: Greg Mankiw)
Allan Meltzer: We don’t need more excess reserves!
Allan Meltzer, author of several books on the history of US Federal Reserve, said with over 1 trillion $ excess reserves sitting on bank’s balance sheet, it would be stupid to add another 1 trillion dollars.
More monetary easing won’t be effective, the key is to remove the uncertainties in the economy so businesses can start investing again. Too much cash held by corporations, too little investment.
How to turn your ipod touch into an iphone
Some neat invention from China. So far, Apple has not cried foul. China’s disassemble-reassemble imitations have been running wild – when will China innovate on its own?
Big move in currency market again
Fear of Fed’s another round of quantitative easing, Euro shot up to the highest level since April,
and Gold is reaching $1300 per ounce.
And Chinese Yuan is also gradually appreciating against USD, now at 6.70 Yuan per USD. Just one week ago, it was at 6.78.