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Markets
CNBC gives primer on counterparty credit default swap risk
This is a very good explanatory piece from CNBC on how counterparty credit risk makes the credit default swap market a financial weapon of mass destruction. Note they are not talking about eliminating the CDS market, but merely…
Foreclosures hit a record in April
This is a video from Bloomberg Television yesterday. It underscores the fragility of this incipient recovery. You will notice that California is leading the way in terms of foreclosures, one reason the state will 00 bankrupt or be bailed…
Japanese opposition would avoid U.S. dollar bonds if elected
It is not just the Chinese making noises about the reliability of the United States as a debtor. Now, Japanese politicians are doing it too. In fact, the Democratic Party of Japan (which is not in power) have said they would not buy U.S.…
Rogers: Bail on the dollar and equities
Not to go all bearish on you here, but I do think it is significant that a number of market pros are coming out of hiding and predicting some major turmoil. The latest in this group is Jim Rogers. He thinks we are about to have a serious…
Dow 4,000 still in the cards?
As you all know, I think we are in a secular bear market rally/cyclical bull market right now. So, yes, this has been and may continue to be a powerful up-move in shares worldwide. However, I am certainly not convinced we are off to the…
Hotel industry getting crushed along with CRE
When you think about property, you should really be looking at its worth as the present value of future cash flow streams. This is true for residential, commercial, rental or travel property. One reason is that property is fungible,…
Are the markets set for a pullback?
The U.S. stock market has been off to the races, since hitting a low in March. The S&P 500 has skyrocketed a massive 34%, erasing all of the losses of 2009. Is this a case of much too fast too soon? And is this a bear market rally?…
China warns that the west’s quantitative easing is inflationary
This comes via Bloomberg:
Global central banks risk inflation, currency devaluation and a “big consolidation” in bond markets by pumping cash into their economies, the People’s Bank of China said in its quarterly monetary policy report.…
Grantham: go with high quality and hedge against inflation
Jeremy Grantham is out with his quarterly update. And he has a number of investment themes worth mentioning. First, I should mention that his global outlook is fairly downbeat:
We are experiencing the most severe synchronized global…
Bill Gross: Government intervention in markets will last
Bill Gross, the founder of the world's largest bond fund, PIMCO, is out with his new monthly market commentary. His subject: government involvement in the world of finance and investment. Below is a little of what he had to say. I have…