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Browsing Category
Monetary System
Beijing is not Washington’s banker
Michael Pettis really gets at the heart of the fallacious argument that China is somehow bankrolling the United States government. The fact is the Chinese have fixed their currency at an exchange rate which induces a current account surplus…
Lessons from Japan on sovereign default and balance sheet recessions
Edward wrote a piece about Japan’s government net asset value falling below zero. He thought it would make sense if I gave you an alternative view using Richard Koo’s latest thinking about the Japanese experience, especially given the…
The Swedish banking crisis response or the bailout hustle?
I referenced Matt Taibbi’s latest work at Rolling Stone “Wall Street’s Bailout Hustle” recently when talking about a movie on Ponzi schemes and fraud that aired on 60 Minutes. I liked the piece and recommend you read it – fully aware of the…
Is AIG the main CDS insurer for Greek government debt?
Yves Smith and I received a tip at the weekend from a friend who reads the German press regularly about credit default swaps (CDS) on Greek government debt. Read Yves’ piece based on that article here. Below is mine. Previously, I had…
Citigroup can limit demand deposit withdrawals and money funds can too
Apparently, some of the ‘best reforms’ now being instituted in the U.S. to prevent a liquidity crisis in the future include limitations on demand deposits (hat tip Karl Denninger). What financial institutions are trying to prevent is a bank…
Drawing the right lessons from an obscure tale of obscure interest rate swaps
This post originally appeared at Global Economy Matters.
The Eurozone's current problems are not mainly a result a of profligate and reckless spending of government resources in the Eurozone periphery . Even Nobel laureate Paul Krugman…
60 Minutes – Pigeon Fever and Ponzi Schemes on Wall Street
In the wake of the most recent Matt Taibbi polemic “Wall Street's Bailout Hustle,” I think the video below about financial fraud is appropriate viewing. I liked the Taibbi piece - although it certainly had a certain over-the-top gonzo feel…
Who is getting robbed? The REAL “intergenerational theft”
Marshall Auerback here with a post which I originally published at New Deal 2.0. What is a fiscal crisis? When does deficit spending become “unsustainable”? Today, we can see net public spending rising (sharply as a percentage of GDP in…
We are all Austrians now
The following is a post which first appeared at the Big Picture from Paul Brodsky & Lee Quaintance who run QB Partners, a private macro-oriented investment fund based in New York. --- We Are All Austrians Now Things are different…
Will we have to blow up a continent (again) before we stop Wall Street?
Marshall Auerback warns that unchecked speculation and fraud are threatening the European Monetary Union. Marshall Auerback here with a post which I originally published at New Deal 2.0 Surprise, surprise: Wall Street tactics akin to the…