Ben's legacy

The legacy of Bernanke is on the making every single month that passes. His most influential trait is probably that he has become a man of his time. Bernanke has opened up the Fed's decision making to the public discourse.

His new speeches are on a new book, and for a change, they seem to be a lot more fun to read than his essays on the Great Depression. It almost seems like the Fed is going through the same process the Catholic church went through a few years back when they started to review their own history publishing their past stances.

Bernanke has been painting the new view of recent events like defending the low interest rates against the guilt of the financial collapse by providing a better explanation based on the flow of massive capital from raising powers.

Where does the road goes from here? The main point of discussion is still the question on the Fed's role and on whether the Fed has been or is effective enough to become the new planner. One thing that everyone seems to miss is the fact that this is 2013 in the middle of a global multi-polar world. One has to wonder if the new research based on past decades of economic data apply to today's world or even to the immediate future.

Without any sure findings, the only course to follow is the academic discourse of ideas, and the one that has been there, and the one who is opening this new path is Ben. When there are no answers, it reminds me of when the crisis of 1909 surprised and panicked every banker, and J. P. Morgan's assistant asked him: Why don't you just tell them what to do?

J.P.Morgan replied for first time ending his assistant calm demeanor:
"Because I don't know. But one of them will have an answer; then, I will tell them."

And it all began

Mrs. Freddie sues big banks for losses related to a misstated Libor rate.

Haute Russ

With 85% of its economy depending on exporting commodities, the Russian economy desperately needs to diversify.

And all the sudden, every commodity oligarch sold their major stakes in commodities, and now they are looking to start new lives in other industries.

There is something to say about the efficiency of an autocratic rule. It is pretty much the same as to Paulson's interaction with the banking industry.