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Ideas for an Alternative Monetary Future

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About Vern McKinley

Vern McKinley is an attorney, financial analyst, policy analyst and author specializing in central bank and deposit insurance operations and policy. He has worked the past twelve years in advising a variety of government clients, principally applying his expertise to improving central bank and deposit insurance operations, and banking supervision and regulatory systems for central banks and financial agencies. McKinley has worked on a full range of financial stability issues, including management of central banks; stress testing and failure prediction models; strategies for addressing banking crises, including resolution of problem financial institutions; deposit insurance and bank supervision design; and coordination of interagency actions among multiple financial sector agencies. Prior to his time as an advisor, McKinley worked for 15 years at a number of the US financial agencies, including the Federal Deposit Insurance Corporation (FDIC), Board of Governors of the Federal Reserve, Resolution Trust Corporation and Treasury's Office of Thrift Supervision.



Currently McKinley is finalizing the editing of a book to be published by the Independent Institute that traces the past century of financial institution bailouts in the US, focusing in particular on the most recent financial crisis. In researching the book, he has brought four lawsuits under the Freedom of Information Act against the Board of Governors of the Federal Reserve, FDIC and Federal Housing Finance Agency to secure details on the bailouts. He has also completed work on Central Bank Modernisation, a book on change management in central banks. McKinley co-authored one of the book’s lead chapters and has applied the methodology from the chapter to a number of operations assessments of central banks. In an earlier policy analysis for Cato Institute over a decade before their demise ("The Mounting Case for Privatizing Fannie Mae andFreddie Mac"), McKinley labeled Fannie Mae and Freddie Mac "financial time bombs" and warned that they "expose the federal taxpayer to an ever-increasing potential contingent liability that could ultimately cost tens of billions of dollars to rectify."



Mr. McKinley holds dual bachelors degrees (with honors) in finance and economics from the University of Illinois at Champaign-Urbana and a J.D. (with honors) from George Washington University.



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Money & Politics, The Fed & Central Banks

Addressing Mortgage Malinvestment (Part III)

Vern McKinley/November 20, 2012December 19, 2015 /4 Comments

Fannie Mae and Freddie Mac continue to distort the mortgage markets and are nowhere near a proper wind down after four years in government conservatorship. I reviewed the SEC reporting for each of them over the past few years and found that they still have total assets…

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The Fed & Central Banks

Bernanke's Fairy Tale

Vern McKinley/April 12, 2012December 19, 2015 /11 Comments

Taking a cue from Dr. Selgin who made a convincing case on this blog regarding the entertainment value of the first installment of Chairman Bernanke’s GW lectures; and after spending an hour and a half of my free time while recently working in the Caribbean listening to…

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Money & Politics, The Fed & Central Banks

Name Your Favorite Geithner Nickname: "Turbotax Tim" "Chicken Little"

Vern McKinley/March 16, 2012December 19, 2015 /5 Comments

By all indications by year end we will be granted a reprieve from listening to Secretary Geithner’s outrageous claims about how the bailouts, largely engineered from his perch as the President of the New York Fed, saved the world from absolute financial Armageddon. To Geithner anyone who…

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Free Banking, Money & Politics

Addressing Mortgage Malinvestment (Part II)

Vern McKinley/February 21, 2012December 19, 2015 /2 Comments

David Skeel of Penn Law School has a good piece in today’s Wall Street Journal and Todd Zywicki of George Mason Law School in this week’s Forbes as both have good reviews of the recent well-publicized mortgage settlement. David points out that (picky-picky) there does not seem…

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Money & Politics

Addressing Mortgage Malinvestment in the Financial Sector

Vern McKinley/February 4, 2012December 19, 2015 /8 Comments

Notwithstanding a great deal of tough language in September 2008 from our government about how Fannie and Freddie were a disastrous case study in government failure, not much has been done to get rid of the mortgage twins.  Here is part of a piece I had in…

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