Worthwhile Canadian Initiative: Banks are special because the medium of exchange is special
"If we used cows as media of exchange (if we bought and sold everything else in exchange for cows), would you say that dairy farming is a special industry that is macroeconomically important?I would. Because if we used cows as media of exchange, then what happened on dairy farms would affect the supply of media of exchange, and I think the supply of media of exchange is macroeconomically important in explaining short-run recessions."
Lira hits new low as EM concerns intensify - FT.com
"Against the Turkish currency, the dollar climbed 1.1 per cent to TL2.0550, having touched a record TL2.0730.The lira has lost a more modest 3.5 per cent this week but still a heavy bout of selling in currency terms...
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Edward Harrison is the founder of Credit Writedowns and a former career diplomat, investment banker and technology executive with over twenty five years of business experience. He has also been a regular economic and financial commentator in print and on television for the past decade. He speaks six languages and reads another five, skills he uses to provide a more global perspective. Edward holds an MBA in Finance from Columbia University and a BA in Economics from Dartmouth College.