This extension of the financial crisis to Germany as reported in the piece below is grave, but far from unexpected. We have had similar reports from other...
Dear James, How indeed can one rescue a Ponzi scheme? The cost becomes infinite thanks to the short doubling times involved. All bailouts must fail in the end...
Tougher terms for hedge funds Sunday July 29, 1:10 pm ET By Anuj Gangahar in New York Investment banks are responding to rising credit concerns by imposing...
Michael, Good questions to which we don't know the precise answers. There are no means and no data - that I have anyway - for totting up the sums. We can only...
The report below is comforting for Europeans. European banks are less involved than American banks in the subprime crisis. However, apart from housing and its...
A Year or Two after The Great Crash of 1929 What happened after the failure of the Hoover campaign of optimism makes sad reading. Commodity prices plunged to...
Dear John, It is extremely difficult to know what will happen. Prophets are in good supply; reliable forecasts are rare. What is especially disturbing is that...
Chris, There is only one point arising from this that requires further analysis. Although IN THE AGGREGATE industry is self-financing, individually some are...
Chris, You did not comment on Michael's idea of a colloquium. I expect you wanted to give it more thought. It is the only way forward which is likely to to...
070807 Gardiner Currency In the past I have criticised Adam Smith for failing to appreciate the virtues of paper currencies. My remarks were based on his...
Dear Geoffrey, You ask, ³As Smith sees so clearly that tax affects the level of rent that can be afforded, why did he miss the fact that that reduction in...
Geoffrey. Re. the following: Smith's statement can hardly be improved upon. He really gets it, though his earlier prejudice against paper currencies does show...
Gunnar, Re: I have long construed Smith's view of "money" ... This was certainly insightful, but aso too narrow, and too optimistic, on the function of money....
The article below is indicative of the greater realism which is now entering the thinking of officials, professionals and even the more addictive optimists in...
May I raise a seemingly-superficial question on carry trade. Does carry trade create money? How , and in what form? Take a specifical example, NZD/JPY carry...
Great idea from a decent globalization-researcher! Just read the newest FT articles on "global wealth offset the bubble burst"! Question for Mr Yardeni: 1: who...
Especially during the years of the Big Bang and its aftermath, Britain has tended to follow the philosophy of modern finance capitalism perhaps even more...
BNP joined Bear Stearns Cos. and Union Investment Management GmbH in stopping fund redemptions....the ECB said it was providing emergency funds ``to assure...
Dear Gang. How do we conceptualize the root cause of the current situation in world financial markets? In recent days I have been mulling over something along...
Gunnar, Nice. you seem to be 'modelling' a shift from normal to speculative to Ponzi finance, a la Minsky. I go long until point 6, with which I disagree. In a...
The situation is even worse, James. The effect of raising interest rates will be to strengthen the pound sterling. This will price its goods and services out...
A Credit Crunch, Investors Selling, and the Fed Pumping ... August 09, 2007 A Credit Crunch, Investors Selling, and the Fed Pumping ... by Marty Chenard A...
My guess is that governments, central banks and any other "regulatory" authorities will offer support of various kinds to distressed corporate institutions and...
Mike Kosares: The morning after the open-ended bailout Submitted by cpowell on Sat, 2007-08-11 17:50. Section: Daily Dispatches By Michael Kosares Centennial...
Gunnar, What Steven Pearlstein has written is well said. The great difference this time is that the whole "system" - of you could call it a system at all, in...
... Michael, I guess you have to ask Erik... My problem with the doom and gloom scenario is not that I entirely disagree, but I would also like to have some...
Greatest Bait and Switch Ever I recently spent some time with a senior executive in the structured product marketing group (Collateralized Debt Obligations,...
In "America's Suicidal Statecraft", I wrote:- Markets were now huge, modern and, in a very real sense, globalised. No longer were they local cattle or other...
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