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US politicians looking to avoid confrontation as debt ceiling looms
By Marc Chandler
The US debt ceiling looms. The House Republicans are still formulating their strategy. Treasury Secretary Lew has said his ability to maneuver will be exhausted by February 27. While this sounds like ample time to avoid a…
Incentives matter in resource allocation
Here is the heart of the matter. It is not the motivation to make money that makes people efficient with resources. It is having a single clearly-defined purpose. When objectives are unclear, money is inevitably wasted.
More on the move to safe havens and contagion in high yield
A few weeks ago, I wrote about the slowing of Chinese growth and the rout in commodity currencies, something that affected both developed markets and emerging markets. But the concern has become emerging markets because of political issues…
Stephen Roach: US consumers are still in a balance sheet recession
Former Morgan Stanley Chief Economist Stephen Roach isn’t buying the US recovery. The economist, now a Senior Fellow at Yale University, talked to Bloomberg Television's "Surveillance" earlier today to discuss the US economy, as well as…
Economic and market themes: 2014-02-07
Themes for today:
EM crisis in its infancy. Question goes to contagion
US economic growth is decent but weaknesses now supporting bonds
Europe is recovering with Spain brightest in periphery; France in trouble
On Fed tapering, policy co-ordination and emerging market risk
I am concerned about what is happening in the emerging markets but not alarmed. Fed tapering was a proximate trigger but not a cause. All indications are that the crisis is hitting only the most exposed and vulnerable markets and that this…