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Myths of central banking now exploding in Sweden:
1. Purchases of corporate bonds is not industrial policy.
2. LOLR repos are THE tool for crisis interventions.
(as opposed to buyer of last resort)
3. Central banks are not worried about market liquidity (as per inflation targeting regimes).
So worried Riskbank hired Blackrock to advise it while local financiers applaud!
4. Inflation targeting mandates under attack by everyone except private finance. cc @adam_tooze
bloomberg.com/news/articles/…
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Daniela Gabor
@DanielaGabor
to have your monetarist cake and eat it - investors who's portfolios were propped up by central banks' massive interventions are now concerned about inflation ft.com/content/6394aa… via @financialtimes
the kings of financial dominance (central banks propping asset prices) complaining about fiscal dominance is a useful reminder that central bank politics are class politics.
Milton rolling in his grave as his disciples shift from 'inflation is always and everywhere a monetary phenomenon' to 'inflation may one day be monetary phenomenon'
Read 4 tweets
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Daniela Gabor
@DanielaGabor
Germany’s top judges may be presenting us with the intriguing case of a safe asset (German bunds) that suddenly looses central bank support.
No dull crisis in Eurozone. ft.com/content/bfe02c… via @financialtimes
equally shocking, there are 1750 German economists (and some lawyers) who either
1. havent read monetary theory in a good while.
2. have read monetary theory and are playing political games.
if 1, that Milton Friedman bible needs to be closed.
Milton's disciples! start with @BCoeure speech on sovereign debt. That complicates a bit the 'monetary financing is evil' mantra, but hey, you can handle complexity (even when delivered by a French).
ecb.europa.eu/press/key/date…
Read 23 tweets
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Daniela Gabor
@DanielaGabor
PELTROS, a new member of central banking crisis family.
It's now a big family, all we need is Uncle TYC (Target Yield Curve) to come in, and Aunt CloTS (Close the Spread) to come out of the closet.
Yes, CloTS now out of the closet
How quaint, @Lagarde reporting on monetary aggregates just in case Bundesbank is watching
Read 6 tweets

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