(1) Dissatisfaction with globalization.
The United States, while actively seeking globalization, failed to provide for the many people that would not benefit from globalization. Note: “Low prices” mean nothing if you do not have any money.
The New York Times: Peter Goodman (2016). “More Wealth, More Jobs, but Not for Everyone: What Fuels the Backlash on Trade.”
The Guardian: Yascha Mounk (2018). “How populist uprisings could bring down liberal democracy.”
(2) Modern Monetary Theory. A book from Warren Mosler, “The Seven Deadly Innocent Frauds of Economic Policy.”
(3) Selected safety net programs in the United States. Essentially, programs in the United States are for children, senior citizens, persons with disabilities, families with incomes that fall below the poverty line. Unemployment insurance is only available to people who lose a job (with an employer which contributes to the insurance program).
In other words, the United States is not prepared to deal with the job-displacement consequences of globalization.
The Federal Reserve Board (Board) publishes a weekly digest of its activities on its website. The digest is called the H.2 Release and is published every Thursday. The release for the week ending February 24, 2018, is below.
H.2 Release–Actions of the Board, Its Staff, and the Federal Reserve Banks; Applications and Reports Received
|Testimony and Statements
||Monetary Policy — statement by Chairman Powell before the House Committee on Financial Services on February 27 and the Senate Committee on Banking, Housing, and Urban Affairs on March 1, 2018, on the semiannual monetary policy report to the Congress.
-Published, February 27, 2018
|Regulations and Policies
||Regulation J (Collection of Checks and Other Items by Federal Reserve Banks and Funds Transfers Through Fedwire) — publication for comment of proposed amendments (1) intended to align the rights and obligations of parties, including the Federal Reserve Banks, with the Board’s 2017 amendments to Regulation CC (Availability of Funds and Collection of Checks), which reflected the evolution to the current virtually all-electronic check collection system; and (2) to clarify and simplify Regulation J and remove obsolete provisions.
-Approved, February 26, 2018
Rules Regarding Delegation of Authority — final rule to delegate to the Secretary of the Board the authority to determine an appeal of denial of access to Board records under the Freedom of Information Act and the Privacy Act.
-Approved, February 27, 2018
|Supervision and Regulation
||Resolutions Plans — issuance of joint letters by the Board and Federal Deposit Insurance Corporation describing expectations for the December 2018 resolution plans of Citizens Financial Group, Inc., and CIT Group Inc.
-Approved, February 14, 2018
Federal Reserve Board: Balance Sheet (H.4.1 Release)
The Board publishes data on factors affecting reserve balances. The digest is called the H.4.1 Release, and they are published every Thursday (or the next business day if the publication date falls on a federal holiday). The release for March 8, 2018, is below.
[Note: The blog will cover the line titled “Total Factors Supplying Reserve Funds.”]
H.4.1 Release–Factors Affecting Reserve Balances
Total factors supplying reserve funds (as of March 7, 2018): $4,443,136 (in millions of dollars). (On September 26, 2007, this amount was $900,473 (in millions of dollars)).
(See the release for further information.)