Gerald Posner on the Vatican Bank, Scott Sumner on monetary policy

The Federal Trade Commission is reportedly investigating whether Google has been using its Android mobile operating system to curb competition. And this comes just two years after the FTC wrapped up a separate investigation into Google over anti-trust violations regarding web searches. Ameera David weighs in.

With Pope Francis in New York City, Boom Bust’s Erin Ade talks to Gerald Posner, bestselling author of ‘God’s Bankers: A History of Money and Power’ at the Vatican. While Pope Francis has proven to be a maverick when it comes to papal authority, Gerald tells us if he has implemented any reforms to the Vatican's dubious banking record.

After the break, Ameera talks to libertarian economist Scott Sumner, professor of economics at Bentley University and blogger at EconLog and the Money Illusion websites. Using a monetarist economic framework, Scott explains why the Fed was correct not to raise interest rates.

Erin Ade explains how Caterpillar has been negatively affected by the downturn in the commodities, basic resources and mining sectors. The company expects to make major job cuts. Some worry this is a harbinger of further weakness in manufacturing as other companies in this sector are suffering as well.
And in The Big Deal, Ameera and Edward Harrison talk about China given the state visit of Chinese President Xi Jinping to the United States.

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