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The first co-ordinated central bank action since the September 11 attacks drew a muted response from markets as cash-starved lenders called for even deeper intervention.
The US Federal Reserve, the Bank of England, the European Central Bank and two other institutions joined forces to offer over £55bn in emergency loans to the world’s beleaguered banking […]

The three most powerful central banks today launched a £50bn effort to stave off a global recession. The move by the Bank of England, the US Federal Reserve and the European Central Bank highlights the dangers posed by the credit crunch.
The action will make mortgages easier to get as it is aimed at ending […]

Of course not. Ever tried deflating a balloon that hasn’t been blown up yet? Kind of hard to do, isn’t it?
When we think and talk about things, we often unknowingly accept and attach misleading labels to them, without giving it any thought at all. It’s sort of a “garbage in, garbage out” principle. We […]

Major crude producer Iran has completely stopped carrying out its oil transactions in dollars, Oil Minister Gholam Hossein Nozari said on Saturday, labelling the greenback an “unreliable” currency.
“At the moment selling oil in dollars has been completely halted, in line with the policy of selling crude in non-dollar currencies,” Nozari was quoted as saying […]

So they did the dirty deed.
As forecast yesterday by The Fool, the Bank of England’s Monetary Policy Committee (MPC) has voted to reduce the Bank Rate by 0.25%.
But two more questions remain to be answered:
First, was the rate cut a good idea?
And second, how did the market know it was about to happen?
We weren’t […]

Central banks sold about 460 tonnes of gold during the latest Central Banks Gold Agreement year that ended on Wednesday, according to data from the industry-backed World Gold Council. This is 16 per cent more than the 396 tonnes sold last year and the second largest disposal of official sector gold reserves since the CBGA […]

The repercussions of the global credit crunch remind me of throwing a very large rock into a still lake and watching the consequences ripple far and wide. In its wake, mortgages have already begun to get more expensive even though the base rate hasn’t risen since July. Now it’s the turn of personal loans […]

Fears that the eurozone would suffer significant economic fall-out from the global credit squeeze heightened on Friday after the European Central Bank reported a sharp slowdown in demand for loans to business and a significant toughening of credit standards applied by banks.
Demand for loans by business was the weakest for two years and a […]

By Michael Mackenzie and Daniel Pimlott in New York
Published: September 28 2007 22:19
The dollar hit a record low against major currencies and gold reached a 27-year high on Friday as investors ignored data suggesting that inflation moderated last month. Analysts said the prospect of rate cuts by the Federal Reserve and stronger growth outside […]

On September 18 the Fed cut its target for the fed funds rate by 50 basis points (0.5 percentage points), from 5.25% to 4.75%. The move surprised many analysts who had been expecting a more modest cut of 25 basis points.
For those versed in the Austrian theory of the business cycle, as developed by […]