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One of the Wildest Chapters in the History of Lending and Borrowing

Posted on July 20, 2008

James Grant on our current financial situation: Since the credit crisis burst out into the open inJune 2007, inflation has risen and economic growth has faltered. Thedollar exchange rate has weakened, the unemployment rate has increasedand commodity prices have soared. The gold price, that running strawpoll of the world's confidence in paper money, has jumped. House priceshave dropped, mortgage foreclosures spiked and share prices ofAmerica's biggest financial institutions tumbled...In that vein, the central bank pushed the interestrate it controls, the so-called federal funds rate, all the wa...

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central bank , commodity , economy , fed , foreclosures , gold , inflation , online , the fed