Greek EMU Exit: More Pain than Gain

In a recent blog post, we argued that, despite her credentials, Ms. Lagarde may not be the best choice for heading the International Monetary Fund (IMF) because of her bias to protect the French, German and European banks from the losses they will have to take in a Greek default, and that she will pursue […]

Commentary- Citi & Pandit

Vikrim Pandit was named CEO of Citigroup in December, 2007.  Most people have forgotten that he pocketed at least $165 million when he sold his hedge fund, Old Lane Partners, to Citi.  His hedge fund was shut down in the middle of 2008 due to investor redemptions, forcing Citi to write down the value of […]


The IMF  is the key organization in the world’s complex currency system.  It was founded in the immediate post World War II period (Bretton Woods) and is an important regulator of the currency system now that the world’s major currencies are all fiat (no real asset backing or restraints). To date, the IMF has played […]

Community Banks

Jobs are the number one economic and political issue of today despite the better than expected April employment data.  Try as they might, no amount of fiscal stimulus and excess reserve creation appears to be working.  And most politicians are baffled as to why. The monetary and fiscal medicine administered may have worked within the […]