Two Questions for European Readers: Why keep any money in banks other than the absolute bare minimum needed to pay bills? How many Cyprus-like confiscations does it take to convince you that leaving money in banks is a bad idea?
Are central bankers about to embrace the real world? The events at most central banking conclaves are a total, excruciating, bore. The recent gathering of the Federal Reserve’s tribes at Jackson Hole, however, produced an elegant, compelling, presentation by rising star central banker Andy Haldane. Finally, a youth in the banquet hall declaring that the Emperor has no clothes.