Archive for July 19th, 2011

Larry's Blog

Is It Time for a New Constitution?

July 19, 2011

The thoughts of this post were inspired by an Op-Ed article in Today’s Financial Times by Gideon Rachman.  The column makes two scintillating observations.  The first is that ideologies that ascribe all truth to a single text can lead to zealously ill-advised codes of conduct, and the other suggests that the U.S. constitution, which was […] More

Central Bank Watch

Canadian Monetary Policy and Outlook Not Changed

July 19, 2011

The central bank interest rate structure, a 1.0% overnight money target flanked by a 1.25% Bank Rate and a 0.75% deposit rate, will be kept at least until the next scheduled policy announcement on September 7, at which point those rates will have be operative for 364 days.  Three rate hikes of 25 basis points […] More

New Overnight Developments Abroad - Daily Update

Less Risk Aversion Than Yesterday

July 19, 2011

Markets are more hopeful about a resolution to Greece’s debt crisis. The German Dax and Paris Cac have risen 1.5% and 1.1%.  The British Ftse has firmed 0.4%. Austria’s central bank chief, Nowotny, said it’s possible that the ECB could accept Greek bonds even in the event of a selective default. Venizelos, Greece’s finance minister, […] More