Is securitization the ultimate new variation on "letters of credit" as replacing "banking"? Here's from yesterday's paper: Michael ERIC DASH and VIKAS BAJAJ,...
My letter of 15th Dec was not published, but Congdon, Goodhart et al. got one in on 31st. Purpose is the same, but their letter is monetarist while mine is...
Dear Geoffrey, Curiously, the Goodhardt letter was NOT in the US edition of the FT. I can see why the FT didn¹t publish yours. They just don¹t like ...
Geoffrey, thanks for sharing. Booth et al already at the end of para 3 imply that banks' buying T bills and gilts creates money, which they repeat explicitly...
090102 To credec gang. re My FT letter As happens far too often, I discovered a typo in my letter to the FT. 'bn' instead of 'mn'. Not surprising therefore...
I face the same problem in academic writing, Geoffrey: papers that make one point thoroughly and clearly stand a better change of making it into a journal...
Dear Gang, I've been invited to go next month to Kuala Lampur to meet with Muhammed Mahathir and discuss monetary reform. Michel Chossudovsky of Canada is the ...
Michael, My advice is, 'Avoid this meeting like the plague.' No 'monetary reform' is likely to be necessary. Better regulation of the creation of credit in...
Well, I'm glad Geoffrey said it first. It sounds to me like you're going to a meeting with a bunch of goldbugs who wouldn't listen to anything you'd have to...
Dear Geoffrey, Could you send me what you sent Ellen criticizing her? I¡¯m told that the P.M. and M. Mahathir have read my book(s), so they want a general...
This is a major article I think we should discuss. Michael The End of the Financial World as We Know It MICHAEL LEWIS and DAVID EINHORN New York Times: January...
Personally I suggest you read it again. Obviously they are not goldbug. To be more honest I found Ellen to be an anti-goldbug. She is in-fact advocating the...
... not quite. you may also combine it with the belief that an Xrate can be fixed and managed. The chinese had a fixed one for the ten years 1997-2007 which...
I met with Mr Liu in late September and early October in Beijing 2008. Very interesting thing. He use a same word-- credit, both in English and Chinese but...
Read the following: It is "Loan before the Deposit"money-creation theory. All of the rest exists merely on computer screens or in paper accounts, and this...
dear Michael, Apparently the organiser Michel Chossudovsky endorses Ellen Brown's view that: (quote) Banks themselves are involved in a sort of Ponzi scheme,...
Michael, Yes, it is all good except for one point, unfortunately probably the one that matters most to you. ... As I was explaining to you recently there is no...
Arno, After much thought I come to the same conclusion as you. Geoffrey ... From: Arno Mong Daastoel To: Ursula Backhaus ; gang8@yahoogroups.com ; Stephen...
Gunnar, Does Iceland, like Britain, the US and loads of other places, have a corporation tax system which favours loan capital? Geoff ... From: GUNNAR TOMASSON...
I wonder what the percentages were 60 years or more ago. Bond issues were the norm for company finace in the old days. Banks did not lend long. Inflation...
Michael, The analysis is correct. Whether all the positive proposals are worth following needs thought, but many are. One point above all. Credit default swaps...
Lian, We did understand Henry Liu's argument and his reason for it, but it was likely to cause great confusion as it reversed the accepted definitions of...
(quote) Unless financial companies can securitize debt ‹ which, in turn, depends on investors' willingness to buy the bundled loans ‹ credit will remain...
Here's the problem. Wall Street pays millions of dollars per year to the mathematicians drawing up the derivatives etc. This means that for a regulatory agency...
But Michael, we don't need to follow the mathematical wizardry in order to figure out what's happening. However complex the products, the underlying loan is...
Dear Geoffrey! Yes I think having this vantage point clear from the very beginning is immensely important. If not, it will be pure chance if one arrives at the...
Geoffrey, As I see it, the essence of the double entry accounting system establishes my argument further: Credit (and money) concerns legal matters with...
Yes, you’re right, Dirk. I was referring more to the EVALUATION of the swaps, which probably would have to be done by a rating agency. But since the rating...
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