The Last Resource Frontier

And what of the Constitution, That bully of last resort?

This is the doctrine of lender of last resort.

The Federal Reserve Board is no longer the lender of last resort, but the lender of first resort.

Our current situation requires not a lender of last resort, but a spender of last resort, and that can only be governments.

The United States had become the world s consumer of last resort.

The central bank is the lender of last resort.

They should be considered treatments of last resort.

Only the retail subsidiaries would be permitted to rely on the central bank for lender of last resort support.

In particular, they did not see the Fed as a lender of last resort.

But it does not have automatic access to a European lender of last resort.

It was not just Europe that benefited from China s willingness to take on the mantle of lender of last resort.

If the right to a remedy was not respected in practice, an international mechanism became the remedy of first, rather than last, resort.

Only central banks typically lenders of last resort lean against the hurricane strength winds.

Traditionally, central banks have been the lenders of last resort, but now they are becoming the lenders of first and only resort.

Legislation or regulation aimed at restoring faith in the political class should be a last, not a first, resort.

But if the ECB takes over entirely the role of lender of last resort, it will ultimately become insolvent itself.

Later, Maurice Obstfeld pointed out that, in addition to fiscal transfers, a currency union needs clearly defined rules for the lender of last resort.

The idea is that the US government would serve as buyer of last resort for the junk debt that the private sector has not been able to price.

The idea is that the US government will serve as buyer of last resort for the junk debt that the private sector has not been able to price.

The Caribbean Court of Justice (CCJ), (based in Port of Spain, Trinidad and Tobago), is the court of last resort (final jurisdiction) over Barbadian law.

Obstfeld had in mind a bailout mechanism for banks, but it is now abundantly clear that one also needs a lender of last resort and a bankruptcy mechanism for states and municipalities.

Rather, the desire to protect US credibility has become the last refuge of those seeking yet another war in the wider Middle East.

The absence of global institutions acting as lender of last resort or serving up coordinated fiscal stimulus aggravated the crisis and delayed the recovery.

But this can work only as long as the US does not follow suit and continues to serve as consumer of last resort.

(a) Statutory directions to judges to use prison as a sanction of last resort , that is, only when no community based alternative is appropriate

But it will not be big enough to dispel convertibility risk and hence demonstrate the ECB s credibility as a lender of last resort.

He considered Peter Jackson the best choice, but Jackson was too busy filming the 1996 film The Frighteners in New Zealand.

All that has kept the much vaunted font of global capitalism from sliding into cataclysm is the US government, which has effectively become the guarantor and lender of last resort.

Additionally, the central bank acts as lender of last resort to commercial banks considered too big to fail.

Specifically, the central bank must be ready to act as a lender of last resort when investor panic threatens financial markets.

Kazakhstan believes also that the decision to use force to safeguard international peace and security should be taken as a last resort and be based on reliable and objective information.

These problems can become particularly acute in an economy without an effective lender of last resort and or one that issues only domestically denominated debt.

Proponents of the single currency object that if Europe has separate national currencies, it will have separate banking systems, each with its own lender of last resort.

The longer that European authorities postpone the introduction of Eurobonds, an effective banking and fiscal union, and lender of last resort status for the ECB, the longer the crisis will last.

A state threatened by terrorist attacks originating in another state might feel less patient than a majority of the Council about what is the last resort.

To make the European Central Bank a lender of last resort for all of the euro zone countries, for example, would give distressed European governments some added breathing space.

It should also enlarge its emergency credit lines to act more as a lender of last resort to developing nations hit by financial whiplash.

For deficit countries, borrowing from international institutions outside the markets would be easier, giving the issuer of such currency some form of international lender of last resort function.

IFRC urged all Governments to view camps as a last resort and to cooperate more closely with UNHCR and relevant regional organizations to address the needs of the people.

(d) Consider deprivation of liberty only as a measure of last resort and for the shortest possible period of time and encourage the use of alternative measures to the deprivation of liberty

More importantly, the ECB is de facto the lender of last resort, while foreign banking systems are sharply reducing their exposure to risks abroad.

Outside the advanced countries, there is a view that the world will return to pre crisis conditions, with a stable US that functions as borrower, lender, and consumer of last resort.

A US in recession would no longer serve as the world s importer of last resort, which might send the rest of the world into recession as well.

But Latin America and Asia will start to feel distress as well, as the decade long US role as the global economy s importer of last resort comes to an end.