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This Day in Econ History - On this day in 1931 Great Britain abandons the gold standard for its currency. Americans fearing their country would follow suit immediately
started to pull their money from banks across the country. They feared that not having gold backing their money's value would leave them broke. The resulting withdrawals caused 827 banks to shut down. It took another two years for the United States to abandon the gold standard.
Much of what the Bank of Japan announced today had been largely leaked. While there was a sizeable response in the asset markets, the dollar's knee-jerk gains against the yen were quickly unwound. The BOJ lifted its self-imposed restrictions on its asset purchases and shifted the focus of policy from the monetary base to the yield curve. It
is not clear that this shift increases the chances of the BOJ reaching its inflation target.
The ultra-low and negative interest rate environment in advanced economies and its implications for the rest of the world are currently among the top concerns of financial market participants and policy makers worldwide. Mark Carney, the governor of the Bank of England, recently said the low interest rate equilibrium1 is one of the challenges in which the global economy risks becoming trapped.
The late-2014, Saudi-initiated oil-price war may have taken the 'boom' out of the US shale industry as it seriously threatened OPEC market share, but Saudi victory has been elusive: US shale has proven amazingly resilient. The industry has adapted quickly to the new playing field, and the unsung hero of a new uptick in drilling and investment isn't just true grit—it's
sand.
For close to 40 years after 1955, the Liberal Democratic Party (LDP) dominated Japan’s competitive party system. Opposition parties were not able to mount a successful challenge to LDP rule at the national level, but they had an important impact on policy and the political process. Japan had one dominant party but not a one-party system.
Any purchase is one
for the future. If you buy a refrigerator, you are making a commitment to the future so that you have food to eat for the next ten years. - Kenneth Arrow
