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A few insights on Japan and thoughts about wealth confiscation and default
Abenomics is one of the most aggressive economic experiments we have witnessed in the post-Marshall Plan developed world. The questions is whether the massive stimulus campaign can work when politically there will always be discomfort with…
The roots of shadow banking
The ‘shadow banking’ sector is a loose title given to the financial sector that exists outside the regulatory perimeter but mimics some structures and functions of banks. This column introduces a new CEPR Policy Insight that looks into what…
Trust Preferred CDOs now exempt from the Volcker Rule
Yesterday, after some intense industry pressure, US regulators (OCC, FDIC, SEC, etc.) collectively announced that the bulk of the so-called TruPS CDO securities issued prior to May 19, 2010 will be exempt from the Volcker Rule. Let's take a…
Faber: We are in a Gigantic Financial Asset Bubble
Marc Faber, publisher of the Gloom, Boom & Doom Report, appeared on Bloomberg Television's "Street Smart" yesterday to discuss the impact of Fed policy on the global economy and his predictions for 2014. As you could imagine, he is…
More bullish macro data points in Europe
Despite my unease about the secular headwinds of debt, bank balance sheets and wage stagnation, I must admit that many of the recent macro data points globally are pointing to growth. This is true in the US, in Europe, in Japan and in…
The Fed is preparing markets for its reverse repo facility
The Fed's "full-allotment overnight reverse repurchase agreement facility" - a mechanism to control short-term rates - is no longer just an academic exercise. Given how dysfunctional the interbank market has become, using the fed funds…
Privacy and the ubiquity of embedded technology
Yesterday, Google announced that it would buy privately-held Nest Labs for $3.2 billion. This was Google’s second largest acquisition ever. Nest is a smart thermostat and smoke alarm-maker which promises to give Google a leg up in the fast…