After
several unsuccessful attempts to put his preferred candidates on the
Fed's board, moments ago Donald Trump announced that he intends to
nominate Christopher Waller, who is currently the Executive VP and
Director of Research, at the St. Louis Fed, to the board of the Federal
Reserve. Prior to his current position, Christopher served as a
professor and Chair of Economics at Notre Dame.
トランプ大統領は彼のお気に入りを何度かFED取締役に推奨したがうまくゆかなかった、今度はChiristopher Wallerを推薦した、彼は現在セントルイスFEDのEcexutove VPとDirector of Reserch の役にある。現在の仕事の前は、Chrisotperはノートルダム大学の経済学会長兼教授だった。
I am pleased to announce that it is my intention to nominate Christopher Waller, Ph. D., Executive VP and Director of Research, Federal Reserve Bank of St. Louis, Missouri, to be on the board of the Federal Reserve....
He received his B.S. in economics from Bemidji State University in
1981, and his M.A. and Ph.D. from Washington State University in 1984
and 1985, respectively. His principal research interests are monetary
theory, political economy and macroeconomic theory.
１９８１年にBemidji State University で経済学BSを取得、その後M.A.とPh.DをWashington State Universityで取得、１９８４，１９８５。主な研究分野は金融理論、政治経済とマクロ経済理論。
Prior to joining the Fed as research director in June 2009, Mr.
Waller served as a professor and the Gilbert F. Schaefer Chair of
Economics at the University of Notre Dame. He was also a research fellow
with Notre Dame's Kellogg Institute for International Studies.
２００９年６月にFEDの研究ディレクターになる前は、Mr. Wallerはノートルダム大学の経済学教授。彼はまたノートルダムKellogg Institute for International Studiewの研究フェローだった。
From 2006 to 2007, he served as the acting department chair for Notre
Dame's Department of Economics and Econometrics. From 1998 to 2003, Mr.
Waller was a professor and the Carol Martin Gatton Chair of
Macroeconomics and Monetary Economics at the University of Kentucky.
During that time, he was also a research fellow at the Center for
European Integration Studies (ZEI) at the University of Bonn. From
1992-1994, he served as the director of graduate studies at Indiana
University's Department of Economics, where he also served as associate
professor (1992 to 1998) and an assistant professor (1985 to 1992).
２００６から２００７年にはノートルダム大学経済学計量経済学、学部長だった。１９９８から２００３年にはMr. Wallerはケンタッキー大学、Carol Marin Gatton Chair of MacroeconomissあんdMonetary Economicsの教授だった。投じ、かれはまたボン大学Center for European Integration Studiesのフェローリサーチャーだった。１９９２−１９９４には、インディアナ大学経済学部大学院のディレクターだった、そこで１９９２−１９９８に准教授、そして１９８５−１９９２に助教授だった。
However, the reason why gold is spiking after hours, is that shortly
after tweeting the Waller nomination, Trump also confirmed the
previously rumored nomination of Judy Shelton to the Fed board:
I am pleased to announce that it is my intention to nominate Judy
Shelton, Ph. D., U.S. Executive Dir, European Bank of Reconstruction
& Development to be on the board of the Federal Reserve Judy is a
Founding Member of the board of directors of Empower America and has
served on the board of directors of Hilton Hotels.
ここで謹んでご報告する、私はJudy Shelton Ph.D、Eutopean Bank of Reconstruction & Developmentの米国代表役員、をFED役員に推薦する。JudyはEmpower Americaの創設メンバーで、ヒルトンホテルの取締役でも在る。
I am pleased to announce that it is my intention to nominate Judy Shelton, Ph. D., U.S. Executive Dir, European Bank of Reconstruction & Development to be on the board of the Federal Reserve....
I am pleased to announce that it is my intention to nominate Judy Shelton, Ph. D., U.S. Executive Dir, European Bank of Reconstruction & Development to be on the board of the Federal Reserve....
This is what Bloomberg reported back
in May: "The White House is considering conservative economist Judy
Shelton to fill one of the two vacancies on the Federal Reserve Board of
Governors that President Donald Trump has struggled to fill. She’s
currently U.S. executive director for the European Bank for
Reconstruction and Development, and previously worked for the Sound
Money Project, which was founded to promote awareness about monetary
stability and financial privacy."
５月にブルームバーグはこう報告した：「ホワイトハウスは保守的エコノミストであるJudy SheltonをFEDの役員空席二名の候補と考えている、トランプ大統領はこれを埋めることに積極的だ。彼女は現愛European Bank for Reconstruction and Develompentの米国代表役員で、これまでSound Money Projectで働いていた、この組織は金融安定化と財政プライバシーのために創設されたものだ。」
Since President Trump announced his intention to nominate Herman Cain
and Stephen Moore to serve on the Federal Reserve’s board of governors,
mainstream commentators have made a point of dismissing anyone
sympathetic to a gold standard as crankish or unqualified.
But it is wholly legitimate, and entirely prudent, to
question the infallibility of the Federal Reserve in calibrating the
money supply to the needs of the economy. No other government
institution had more influence over the creation of money and credit in
the lead-up to the devastating 2008 global meltdown. And the Fed’s
response to the meltdown may have exacerbated the damage by lowering the
incentive for banks to fund private-sector growth.
What began as an emergency decision in the wake of the financial
crisis to pay interest to commercial banks on excess reserves has become
the Fed’s main mechanism for conducting monetary policy. To raise
interest rates, the Fed increases the rate it pays banks to keep their
$1.5 trillion in excess reserves—eight times what is required—parked in
accounts at Federal Reserve district banks. Rewarding banks for holding
excess reserves in sterile depository accounts at the Fed rather than
making loans to the public does not help create business or spur job
creation.
Meanwhile, for all the talk of a “rules-based” system for
international trade, there are no rules when it comes to ensuring a
level monetary playing field. The classical gold standard established an
international benchmark for currency values, consistent with free-trade
principles. Today’s arrangements permit governments to manipulate their
currencies to gain an export advantage.
Money is meant to serve as a reliable unit of account and store of value across borders and through time. It’s
entirely reasonable to ask whether this might be better assured by
linking the supply of money and credit to gold or some other reference
point as opposed to relying on the judgment of a dozen or so monetary
officials meeting eight times a year to set interest rates. A
linked system could allow currency convertibility by individuals (as
under a gold standard) or foreign central banks (as under Bretton
Woods). Either way, it could redress inflationary pressures.
マネーとは本来国を超え時間を超えて信頼できる store of value であるはずだ。マネーと与信の供給をゴールドもしくは他の基準に連動させるといのは全く合理的なことで、一方現在は年に８回も各国の金融担当者が会合を持つのとは全く違う手法だ。こういう連動システムは個人の取引（金本位制のもとで）も各国中央銀行間（Bretton Woodsのもとで）の通貨交換をも可能にする。 どちらにしろインフレ圧力を無くする。
Judy Shelton is author of the 1998 book Money Meltdown; and previously she had concluded that "Central bankers, and their defenders, have proven less than omniscient."
この記事よりももっと詳しい分析がこちらにあります。： https://www.adamtownsend.me/china-financial-stability-report/ 元データは毎年開示されるPBOCの英文報告に基づいたものです： http://www.pbc.gov.cn/english/130736/index.html ただ、毎年２００ページ超もあり、そう簡単に読みこなせるものではありません。この記事の表のようなわかりやすい形で整理して開示はしていません。この記事の表にはどの年の何ページに書かれたデータであるかが示されています。日本語ネットの記事ではシャードーバンクの規模がよくわからないというものが多いですが、毎年PBOC自らがシャドーバンク規模を自ら認めています。その規模は驚くものです。 この記事に書かれている数値は驚くばかりです。ここまで信用創造をしているのかと驚きます。そりゃ昨年来RRRの低減とかの緩和策を連発してますが、効果が無いのももっともです。これまでの緩和の規模からすると昨年のこの手の緩和はその規模が全く足りないですね。一年以上前にZeroHedgeで中国企業の殆どがミンスキーポイントを超えている、企業の営業利益で債務金利が賄えず利払いのために新たな借金をしている、というのが詳しくデータで示されていましたが、なるほどなと思います。 The Black Swan So Ugly No One Will Talk About It by Phoenix Capita… Fri, 01/11/2019 - 11:55 The biggest black swan facing the financial system is China. 金融システムが直面する最大のブラックスワンは中国だ。 China has been the primary driver of growth for the global economy since the 2008 Crisis...
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