In an MMO… new money comes in the form of monsters… that provide adventuring objectives for players. The new money, in this case… goes straight into the hands of people who will spend it. … All of this points to the great weakness of the Federal Reserve’s attempts at monetary stimulus: hardly any of the money actually leaks out into the real economy.
— 

What the Federal Reserve could learn from World of Warcraft

MMO-style economies contain important monetary policy lessons for the central bank

6

Hip Hip Hoo-Rates                             

Janet Yellen, chair of the U.S. Federal Reserve, speaks during a news conference following a Federal Open Market Committee (FOMC) meeting in Washington, D.C., on  Sept. 17, 2014.

Federal Reserve policy makers signaled they won’t be raising interest rates anytime soon while suggesting they would tighten credit at a faster pace once the liftoff has begun.


Yellen and her colleagues yesterday stuck with a pledge to hold interest rates near zero for a “considerable time” after they end asset purchases, probably next month.

Photographer: Andrew Harrer/Bloomberg

© 2014 Bloomberg Finance LP

House Votes Overwhelmingly to Audit the Federal Reserve

House Votes Overwhelmingly to Audit the Federal Reserve

WASHINGTON, D.C. – On Wednesday, the House of Representatives voted 333-92 to audit the Federal Reserve, the nation’s private, central bank. The Federal Reserve Accountability and Transparency Act, bolstered by bipartisan backing, could demand more disclosures from the secretive Federal Reserve if passed in the Senate.

The bill was introduced by Republican representative Paul Broun of Georgia…

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Thank you Roger for such incredible moments. For these 2 weeks of unforgettable tennis and more than this, unbelievable fighting. Thanks for being again just the amazing man you are, who never give up no matter what. Thank you for all the emotions, the nervous, the screaming, the crying, the happiness, the passion and the love. There are no words to explain how much we appreciate you. Just thanks for being what these two words Roger Federer mean and include in. 

Q: There comes a point, where the billionaire class has so much political power — where the Koch brothers are now, because of Citizens United, able to buy and sell politicians — they have so much political power — at what point is that reversible?

A: So, all of the statistics on inequality that you’ve cited are ones that greatly concern me, and I think for the same reason that you’re concerned about them. They can shape the — determine the ability of different groups to participate equally in the democracy and have grave effects on social stability over time.

Q: Are we still a capitalist democracy or have we gone over into an oligarchic form of society in which incredible economic and political power now rests with the billionaire class?

A: And so I don’t know what to call our system or how to — I prefer not to give labels; but there’s no question that we’ve had a trend toward growing inequality and I personally find it very worrisome trend that deserves the attention of policy-makers.
—  Federal Reserve Chair, Janet Yellen is unsure, due to runaway income inequality and a fading middle class, if the U.S. still qualifies as a democracy, or is now an oligarchy.
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