Comments on: Central Bank Transparency: Good or Bad? http://www.nakedcapitalism.com/2008/08/central-bank-transparency-good-or-bad.html Sun, 22 Nov 2009 07:56:24 -0500 http://wordpress.org/?v=2.8.4 hourly 1 By: Richard Kline http://www.nakedcapitalism.com/2008/08/central-bank-transparency-good-or-bad.html#comment-12448 Richard Kline Sun, 03 Aug 2008 10:41:00 +0000 http://www.nakedcapitalism.com/2008/08/central-bank-transparency-good-or-bad/#comment-12448 The idea that closely crafted public statements by ECB voting members can shape outcomes is a nonneglibible point, supposing that the ECB wants to play 'follow the bouncing ball' as in the US. That said, i don't in any way take Sarko's calls for 'transparency' at face value. I feel sure that he wants names on votes so that voters can be lobbied, pressurized, and replaced by, well, the likes of him. The ECBs 'Cone of Silence' is explicitly to deflect inappropriate political pressures such as those generated by Sarkozy. If he shuts up, maybe they'll fess up, but don't hold your breath: Sarko is courting voters and 'shaping constituencies,' which has nothing substantive to do with his economic differences with the ECB. <br/><br/>I like transparency, but the context in the EU is a different one, and traditions of silence are hundreds of years old, not soon to be dismantled. I would not of approved in any way of the actions of the Ten of Venice, for example, but they were effective not least in that they acted in camera not in public. This won't change soon if it changes at all. The idea that closely crafted public statements by ECB voting members can shape outcomes is a nonneglibible point, supposing that the ECB wants to play ‘follow the bouncing ball’ as in the US. That said, i don’t in any way take Sarko’s calls for ‘transparency’ at face value. I feel sure that he wants names on votes so that voters can be lobbied, pressurized, and replaced by, well, the likes of him. The ECBs ‘Cone of Silence’ is explicitly to deflect inappropriate political pressures such as those generated by Sarkozy. If he shuts up, maybe they’ll fess up, but don’t hold your breath: Sarko is courting voters and ’shaping constituencies,’ which has nothing substantive to do with his economic differences with the ECB.

I like transparency, but the context in the EU is a different one, and traditions of silence are hundreds of years old, not soon to be dismantled. I would not of approved in any way of the actions of the Ten of Venice, for example, but they were effective not least in that they acted in camera not in public. This won’t change soon if it changes at all.

]]> By: Anonymous http://www.nakedcapitalism.com/2008/08/central-bank-transparency-good-or-bad.html#comment-12430 Anonymous Sat, 02 Aug 2008 15:31:00 +0000 http://www.nakedcapitalism.com/2008/08/central-bank-transparency-good-or-bad/#comment-12430 <i>the merest pause or grumble would be solemnly interpreted by semi-professional Greenspan-watchers for the rest of us waiting with bated breath."</i><br/><br/>Those were the days, eh?<br/><br/>Knowing the destruction Greenspan has wrought and the bubbles he fostered, and how ridiculous his statements were at the time regarding the bubbles fomenting right beneath him, it is hard to read an article like this that makes no mention or critique of any of it. As if "transparency" is the big issue of the day.<br/><br/>I recommend Fleckenstein's book, which provides a critique by analysing Greenspan's own words. <i>Greenspan's Bubbles: The Age of Ignorance at the Federal Reserve</i><br/><br/>http://www.amazon.com/Greenspans-Bubbles-Ignorance-Federal-Reserve/dp/0071591583/ref=pd_bbs_sr_1?ie=UTF8&s=books&qid=1217690766&sr=8-1 the merest pause or grumble would be solemnly interpreted by semi-professional Greenspan-watchers for the rest of us waiting with bated breath.”

Those were the days, eh?

Knowing the destruction Greenspan has wrought and the bubbles he fostered, and how ridiculous his statements were at the time regarding the bubbles fomenting right beneath him, it is hard to read an article like this that makes no mention or critique of any of it. As if “transparency” is the big issue of the day.

I recommend Fleckenstein’s book, which provides a critique by analysing Greenspan’s own words. Greenspan’s Bubbles: The Age of Ignorance at the Federal Reserve

http://www.amazon.com/Greenspans-Bubbles-Ignorance-Federal-Reserve/dp/0071591583/ref=pd_bbs_sr_1?ie=UTF8&s=books&qid=1217690766&sr=8-1

]]> By: Anonymous http://www.nakedcapitalism.com/2008/08/central-bank-transparency-good-or-bad.html#comment-12424 Anonymous Sat, 02 Aug 2008 07:48:00 +0000 http://www.nakedcapitalism.com/2008/08/central-bank-transparency-good-or-bad/#comment-12424 restricting the wench to the toolkit sounds like a sure path to ill founded policy prescriptions. restricting the wench to the toolkit sounds like a sure path to ill founded policy prescriptions.

]]> By: bryan w http://www.nakedcapitalism.com/2008/08/central-bank-transparency-good-or-bad.html#comment-12417 bryan w Sat, 02 Aug 2008 04:15:00 +0000 http://www.nakedcapitalism.com/2008/08/central-bank-transparency-good-or-bad/#comment-12417 "the biggest wench in the central banker’s toolkit." ?? “the biggest wench in the central banker’s toolkit.” ??

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