Author: Alton Drew

I graduated from The Florida State University with a Bachelor of Science in economics and political science (1984); a Master of Public Administration (1993); and a Juris Doctor (1999). I am a member of the Maryland Bar and practice political law. You can email me at altondrew@gmail.com.
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Interbank Market News Scan:  Does the State have an interest in sustaining SVB Financial? No.

Michael S. Barr, Vice-chair of the Board of Governors of the Federal Reserve System, warned the U.S. earlier this week that banks should take a careful and cautious approach to engaging in crypto-asset related activities.  Banks need to determine whether their crypto-related activities are “legally permissible” before engaging in them.  Mr Barr, who is responsible … Continue reading Interbank Market News Scan:  Does the State have an interest in sustaining SVB Financial? No.

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Interbank Market News Scan: All quiet on the Federal Reserve front …

The media is saying this …. The Chicago Mercantile Exchange’s FedWatch tool has done a 180 degree turn from its 9 February 2023 consensus that the Board of Governors of the Federal Reserve System would only increase its fed funds target range by 25-basis points.  The CME forecast a .908 probability of the Fed targeting … Continue reading Interbank Market News Scan: All quiet on the Federal Reserve front …

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Interbank Market News Scan: Hours away from Powell’s testimony, the Fed should do a one and done with the fed funds rate.

While I believe that the FOMC will vote to raise rates, how much the rates increase by will be a decision driven by politics as it is by economics. The United States is entering the silly season of campaigning that runs up to the 2024 presidential election. As the expenditures stemming from President Biden’s infrastructure spending and financial support for Ukraine seep through the economy, the last thing the Administration wants to contend with is increased financial stress on American households. Mr Biden would prefer to see the Federal Reserve bring a pause to the inflation fight by the end of this spring, putting the pain into the past as soon as possible while crafting a narrative that places the full blame for inflation on the central bank. Continue reading Interbank Market News Scan: Hours away from Powell’s testimony, the Fed should do a one and done with the fed funds rate.

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The Interbank Market News Scan: An arbitrage moment for U.S. banks

Morning thoughts … When I listen to the YouTube posse opine about the Federal Reserve’s use of its monetary policy tools, I sense the gurus lack of awareness that they are playing in a sandbox and trying to navigate in the afterburn of an airplane engine. The noise can be deafening. The clutter thicker than … Continue reading The Interbank Market News Scan: An arbitrage moment for U.S. banks

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For clarity’s sake, re-write the Second Amendment or pass legislation clarifying the Amendment.

As a gun owner, I support the natural expectation of each citizen to protect themselves, including securing such protection with the use of a firearm. A legislative or constitutional fix seems like common sense, but we have to remember that we are dealing with politicians who believe they score more points scaring up votes rather than pursuing rational fixes.
Continue reading For clarity’s sake, re-write the Second Amendment or pass legislation clarifying the Amendment.

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What should your currency be backed by? Deposits of gold, silver, land, food, and knowledge.

Currency derives its value from the underlying money we spoke of earlier. Currency is a promise that per one unit of this derivative we receive some portion of the underlying money. Currency not only is a derivative, it’s a bond, a promise to pay real money, but in this case, a promise that is not backed by real money. Continue reading What should your currency be backed by? Deposits of gold, silver, land, food, and knowledge.

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Gonzalez v. Google: Why is the Supreme Court listening to this case?

Today the United States Supreme Court begins listening to oral arguments in a case that, depending on the decision, could change the business model of the internet. The case, Gonzalez v. Google, presents the following question: “Does section 230(c)(1) [of the Communications Decency Act] immunize interactive computer services when they make targeted recommendations of information … Continue reading Gonzalez v. Google: Why is the Supreme Court listening to this case?