[Subscription required] British historian Andrew Roberts is known for his rigorous yet lyrical biographies of Napoleon and Churchill, along with sweeping histories of World War II and the English-speaking peoples. Then there was his failed attempt at fiction.
Bill Dudley, ex President of the New York Fed, has an excellent Bloomberg editorial on reserves. Reserves are accounts that banks hold at the Fed. The Fed used to pay no interest on these accounts. Accordingly, banks held very small quantities, as little as $10 billion in all, and they managed that quantity very carefully against legal reserve requirements, and having just enough around to make payments.
When I started teaching 17 years ago, the world was a different place moving at a different pace. People still rented their movies at Blockbuster Video, phones weren’t quite as smart and we called for a yellow taxi if we needed a lift. Everything was a little slower — including the sharing of content, ideas and data.
Hoover Institution fellow Niall Ferguson discusses British Prime Minister, Margaret Thatcher, and explains how the Iron Lady earned her status as one of the most important and influential women of the 20th century.
The decision to kill a top Iranian general has been justified as self-defence against imminent threats by Iran. But the United States only has to look at its recent history in Iraq to understand the perils of unilateral action in the name of anticipatory self-defence unauthorised by the UN.
Gauge of the year: Life expectancy in the U.S. dropped for the third straight year. The last time that happened was over a century ago, when we were in the middle of World War I and the worst flu pandemic in recorded history.