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A Swift Proposal for Greece: Guaranteed Samurai?
The same day that Moody’s cut Greece’s sovereign rating to A3 from A2, Fitch warned that Japan’s credit rating was threatened by its mounting debt. Yet, ironically, the latter may be a source of funds for the former. Although…
Thinking about Creditanstalt today
The news about Greece's bailout has me thinking a lot about Creditanstalt, the Austrian bank which collapsed in 1931. This account bears remembering because we should see the 1929-1933 descent as a two-part episode, with the second part…
Links: 2010-04-23 Strategic Defaults and Home Loan Bank problems
If you would like to receive our links in real-time please follow me at @edwardnh or go to our site’s News Feed page. Going forward I will try to add foreign-language links as many readers are from abroad. Please send me links via the…
US Dollar Surrenders Earlier Gains Following Greek Announcement
Highlights The US dollar has surrendered earlier gains that pushed the euro lows not seen in nearly a year, just above $1.3200, before reports spurred speculation that Greece will seek to activate the backstop facility. The euro…
Marc Faber: "Symptoms of a bubble building in China"
Marc Faber spoke with Bloomberg News recently and had some interesting things to say about China and what he sees a burgeoning bubble. His sentiments echo those from Ten ways to spot a bubble in China by Edward Chancellor, author of a…
Links: 2010-04-22 Goldman, derivatives and everything else
If you would like to receive our links in real-time please follow me at @edwardnh or go to our site's News Feed page. Derivatives-related news FT Alphaville – Izabella Kaminska - Hungarian watchdog fines Deutsche Bank on FX swap deals…
BBH Special FX: Dollar Lifted by Woes in Rest of the World
Highlights The US dollar is narrowly mixed today. The euro is heavier following news that Greece and Ireland’s budget deficits were even larger than expected by the EU’s calculations and this is seen as much more important that the…
John Paulson’s letter to investors defending his firm’s actions in the Abacus deals
Paulson Letter on Abacus AC1
Rosenberg: Stocks 35% overvalued
David Rosenberg of the Toronto-based money manager Gluskin Sheff is out with a note today that measures the U.S. stock market as 35% overvalued based on Shiller P/E ratios. His conclusions are largely consistent with commentary Jeremy…
Why don’t the President’s ethics rules apply to Greg Craig, now at Goldman
"As far as the White House is concerned, it's case closed for Greg Craig's newest legal venture representing Goldman Sachs against the Securities and Exchange Commission. Administration spokesmen brushed aside questions about…