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SATURDAY, NOVEMBER 21, 2009
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NEWS ABOUT: central bank

central bank stories: 25 news summaries

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(Newser) - Ben Bernanke patted himself on the back today for helping to save the world from a complete economic meltdown, MarketWatch reports. Facing public outrage and the prospect of President Obama dumping him in 6 months, the Fed chair said at a retreat in Wyoming that the world’s central banks... More »

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Ben Bernanke • Federal Reserve • recession • global economy • central bank • bailout • financial crisis • economic downturn

(Newser) - Ben Bernanke can expect a standing ovation from economists at a Fed retreat in Jackson Hole today—for the financial establishment, the Fed chairman is a superhero, hailed for his aggressive, unprecedented actions to stem the worst crisis in generations. Yet on Capitol Hill he's far less popular, and the... More »

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Ben Bernanke • Federal Reserve • recession • Chris Dodd • central bank • Senate Banking Committee • financial crisis

 Merkel Rips the Fed 
 for Deepening Crisis 

German chancellor says central banks have made economy worse

Jun 3, 09 6:46 AM CDT
(Newser) - World leaders rarely criticize central banks in public, but yesterday Angela Merkel laid into the Fed, the European Central Bank, and other institutions for deepening the global economic crisis. In a tough speech, the German chancellor claimed that the banks were too powerful, had acted too aggressively, and, in the... More »

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Angela Merkel • Federal Reserve • global economy • central bank • European Central Bank • monetary policy • Chancellor of Germany • financial crisis

Zimbabwe Unity Government Divided Over 2 Key Posts

Attorney General, Bank Chief positions cause deadlock; mediators called in

May 21, 09 9:54 AM CDT
(Newser) - The appointment of two key officials has become a sticking point in the tenuous power-sharing agreement between Zimbabwean President Robert Mugabe and Prime Minister Morgan Tsvangirai, Reuters reports. The rivals can’t agree on an attorney general or central bank chief, and Tsvangirai has called upon the Southern African Development... More »

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Zimbabwe • Robert Mugabe • Morgan Tsvangirai • Attorney General • central bank • power sharing deal • power sharing

 Zimbabwe Central Bank 
 Stole Cash to Stay Solvent 

Governor admits pilfering private accounts to keep ministries running

Apr 20, 09 11:26 AM CDT
(AP) - Zimbabwe's central bank governor admits he took money from bank accounts of private businesses and foreign aid groups without permission to keep the country's cash-strapped ministries running. Gideon Gono said today he loaned money from the private hard-currency accounts to the government. He says the accounts will be reimbursed when... More »

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Africa • inflation • Zimbabwe • economics • economic reform • incompetence • central bank • economy • hyper-inflation • economic crisis • Gideon Gono

ANALYSIS

 Bernanke's 
 PR Campaign 
 Strips Fed Mystique 

Fed chief considering press briefings as part of push for more open central bank

Apr 15, 09 6:53 AM CDT
(Newser) - Ben Bernanke is breaking from his predecessors at the Federal Reserve by giving the public a less obstructed view of the Fed's role in the big picture, the Wall Street Journal reports. Bernanke, thrust into the spotlight by the financial crisis, has ditched the man-behind-the-curtain mystique earlier chiefs reveled in... More »

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Ben Bernanke • Federal Reserve • central bank • financial crisis • Lawrence Summers



 Euro Bank Chief 
 Slams US 
 on Stimulus 

Central bank chief says nations must get the last effort right

Mar 23, 09 8:34 AM CDT
(Newser) - The head of the European Central Bank says the continent does not need to spend more to combat recession, heightening the standoff between Washington and European governments over response to the financial crisis. In an interview with the Wall Street Journal, Jean-Claude Trichet said governments should concentrate on executing measures... More »

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Federal Reserve • recession • central bank • European Central Bank • eurozone • financial crisis • interest rates • Jean-Claude Trichet

UK Drops Rates to 0.5%, Begins 'Printing Money'

Quantitative easing begins with $108B of new money

Mar 5, 09 6:18 AM CST
(Newser) - The Bank of England cut interest rates today by 50 basis points to an all-time low of 0.5% and began a far more drastic process: quantitative easing, or "printing money." The Times of London reports that the Bank received permission from the government this morning to spend... More »

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United Kingdom • central bank • Bank of England • Alistair Darling • interest rate cut • quantitative easing

OPINION

'Helicopter Ben' Should Shower Us With Cash

Fed can prevent deflation, but problems lurk down the line

Dec 17, 08 11:56 AM CST
(Newser) - With interest rates functionally zero, Ben Bernanke is soon going to have to resort to the central banker's ultimate weapon: printing cash and showering Americans with money. There's no question that the "helicopter drop" will prevent the dreaded spiral of deflation, writes Martin Wolf in the Financial Times.... More »

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Ben Bernanke • Federal Reserve • central bank • deflation • financial crisis

OPINION

Schwarzman Weighs In on Market Reforms

Private-equity billionaire says regs should be global, streamlined

Nov 4, 08 10:46 AM CST
(Newser) - With the world in “the worst financial crisis in recent memory,” private-equity billionaire Stephen Schwarzman advocates seizing the opportunity to prevent a repeat. In an op-ed piece in the Wall Street Journal, the Blackstone CEO, who pocketed $677 million from the firm’s IPO last year, calls for... More »

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private equity • Stephen Schwarzman • Blackstone Group • central bank • mortgage backed securities • bailout • financial crisis

updated

 Stocks Rocky After Rate Cuts 

Investors cheer/jeer/cheer the rate cut

Oct 8, 08 9:25 AM CDT
(Newser) - Stocks had a volatile morning, dropping as much as 230 points after the bell before swinging upwards once more, the Wall Street Journal reports. The Dow was up about 39 points at midmorning, while the Nasdaq and S&P gained 0.7% and 0.8% respectively, as investors digested... More »

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stock market • Federal Reserve • central bank • credit market • interest rate cut

 Fed Joins 5 
 Central Banks 
 in Shock Rate Cut 

US, EU, UK, others offer 50-point reduction to reverse diving markets

Oct 8, 08 7:04 AM CDT
(Newser) - The Federal Reserve and five other central banks cut interest rates by 50 basis points in an emergency attempt to stem the economic effects of the credit crisis, reports Bloomberg. The move brings the American benchmark rate to just 1.5%, while the European Central Bank and the monetary authorities... More »

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Federal Reserve • central bank • Asian markets • European Central Bank • credit crisis • European markets • Bank of England • interest rate cut

IMF to US: Do Something NOW

Monetary fund chief pressures Congress to pass bailout, Europe to make plans

Oct 1, 08 7:30 AM CDT
(Newser) - The US must act swiftly to avoid economic meltdown and Europe's banks need to be ready with emergency plans of their own, IMF's managing director warns. European and Asian markets have bounced back on the prospects of a revived US bailout deal, but JP Morgan analysts warned yesterday that Europe's... More »

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financial markets • IMF • central bank • European markets • Dominique Strauss Kahn • bailout • financial crisis

UPDATE

 European, Asian 
 Markets Edge 
 Up After Dive 

US economic illness goes viral

Sep 30, 08 3:50 AM CDT
(Newser) - Europe markets edged back up after an early drop today as the failure of the US bailout package continued to sap confidence worldwide, Bloomberg reports. Asia's markets went into freefall on opening this morning but gradually recouped some losses on hopes of a fresh deal. The Nikkei index was down... More »

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financial markets • central bank • Asian markets • credit crisis • bailout • financial crisis

Central Banks Scramble to Feed Cash Into Markets

Biz slows as
bailout talks stall

Sep 26, 08 7:00 AM CDT
(Newser) - The world's central banks are frantically spraying money into the economy to prevent it from seizing up as the US bailout package stalls and confidence plummets, Reuters reports. The holdup in Washington has made edgy commercial banks even more inclined to hoard cash and not lend to each other—leaving... More »

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Federal Reserve • financial markets • central bank • European Central Bank • liquidity • credit crisis • Bank of England • Libor • financial crisis

MARKETS

 Stocks Jump at Bell 
 on Central Bank Cash 

Dow up 140

Sep 18, 08 9:05 AM CDT
(Newser) - Stocks surged at the opening bell this morning, as traders registered approval of the central banks’ move to inject $360 billion into global money markets. The Dow jumped 118 points, while the S&P and Nasdaq rose 1.6% and 2% respectively. “These joint interventions are welcomed by the... More »

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stock market • NASDAQ • Federal Reserve • Dow Jones • stocks • central bank • credit market • S&P 500

UPDATED

 Central Banks 
 Throw $360B Lifeline 

Effects of worldwide effort on markets still unfolding

Sep 18, 08 4:34 AM CDT
(Newser) - The Fed has joined forces with central banks in Europe, Japan and Canada to pump more dollars into the global financial system in a bid to fend off economic catastrophe, Bloomberg reports. The funds—$180 billion from the Federal Reserve and nearly as much from the other banks—are being... More »

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Federal Reserve • central bank • European Central Bank • Bank of Japan • US dollar • Swiss National Bank • financial crisis

Bailouts Blast Fed Into Uncharted Territory

Central bank's new roles stretch balance sheet to the limit

Sep 18, 08 3:18 AM CDT
(Newser) - The Fed's mammoth bailout of financial firms is unprecedented in the history of the central bank, which now must play new and contradictory roles, the New York Times reports. The Fed has often been called the nation's lender of last resort—but the acquisition of AIG and holding of Bear... More »

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Ben Bernanke • Federal Reserve • central bank • AIG • bailout • monetary policy • financial crisis

Medvedev Urges Calm in Russian Market Crisis

With stocks off big,
bank chief warns of
lack of liquidity

Sep 11, 08 4:40 PM CDT
(Newser) - The Russian economy is skidding, and its leaders are giving somewhat contradictory messages, the AP reports. Shortly after President Dmitry Medvedev assured the public today that stock-market troubles don’t “reflect the actual state of the economy,” the chairman of the country’s central bank said “as... More »

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Russia • stock exchange • central bank • liquidity • Dmitry Medvedev • subprime crisis • oil prices • Sergei Ignatyev • stock index • financial crisis

Banks Bracing as Their Own Debts Come Due

Billions in shorter-term, floating rate notes likely to prolong credit woes

Aug 27, 08 9:24 AM CDT
(Newser) - Billions of dollars worth of floating rate notes—vehicles used by banks to borrow money—taken out in 2006 are coming due in the next few months, and the industry is bracing for a wave of bank failures and asset sales as institutions struggle to pay off obligations, the Wall ... More »

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Goldman Sachs • Morgan Stanley • Merrill Lynch • debt • central bank • interest rate • credit crisis • floating rate notes

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