Links for 2008-10-26

  • Restructuring the International Financial System: A New Bretton Woods? | Jeff Frankels Weblog – «The first thing to say about the calls for a “new Bretton Woods” is that they overreach, in the sense that it is very unlikely that any changes in the structure of the international monetary or financial system will or should, at this point in history, come out of multilateral discussions that are big enough to merit comparison with the first Bretton Woods.»
  • Econbrowser: |The Federal Reserve’s balance sheet – «If some of the Fed’s loans go bad, it means the Treasury is on the hook for the extra interest costs with no offsetting receipts. In other words, any losses by the Federal Reserve are equivalent to a fiscal expenditure financed by Treasury borrowing.»