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20th
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20th
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Slice of MIT
Baseline Scenario
Mar
19th
Fri
19th
Victor Shih, an assistant professor of political science at Northwestern University, reckons debt at these entities reached $1.7 trillion by the end of 2009. Most will need continuing funding, so that figure could more than double by the end of 2011. Because Beijing supports both the banks and the local governments, this lending should arguably be added to the central government’s debt figures. Doing that, Mr. Shih estimates, would make China’s debt-to-GDP ratio, around 20% in 2009, closer to 71%. By 2011 that could rise to 96%.
Mar
18th
Thu
18th
Pioneering Fund Stages Second Act - WSJ.com
Coverage on some of the history of Renaissance Technologies.
Mar
17th
Wed
17th
Could it be that Mr Schauble might actually want to convince the Greeks and other potential malefactors that the cost of staying in the euro-area is prohibitive? For chucked in amongst the ritual assurances that “there is no alternative to monetary union”, the German finance minister actually raises an alternative - weak countries should be forced out of the euro. He writes - “Should a eurozone member ultimately find itself unable to consolidate its budgets or restore its competiveness, the country should, as a last resort, exit the monetary union.” Not could, you note. Should.
— Great commentary to extremist proposal by German finance minister Wolfgang Schauble via Wolfgang Schauble’s torture chamber | Gideon Rachman’s Blog | FT.com
Mar
14th
Sun
14th
A primer on Repo 105, or how Lehman cooked the book. Plus Elliot Spitzer is back as a moralizer!
Our sense is that the importance of the shock to public finances in advanced economies is not yet sufficiently appreciated and understood. Yet, with time, it will prove to be highly consequential. The sooner this is recognized, the greater the probability of being able to stay ahead of the disruptions rather than be hurt by them.
Mar
13th
Sat
13th
Sprott's Last Decade Retrospective: It’s Déjà Voodoo Economics... All Over Again - This Weekend's Must Read | zero hedge
Two dates to remember: September 15th and October 7th, 2008
Mar
10th
Wed
10th
Mar
9th
Tue
9th
GATA Appeals to CFTC on Concentrated Gold Shorts
Gold bugs rejoice! GATA (Gold Anti-Trust Action Committee) appeals to CFTC to act against manipulative shorts:
GATA has evidence that there are enormous physical short positions in the gold and silver markets that cannot be covered. Because of the decades-long interference with the gold market, we estimate that the free-market price of gold is multiples of the current price. Growing stress caused by burgeoning physical bullion demand is threatening to lead to a price explosion, which will restore to the market the balance that regulation has failed to maintain. In our view, the Comex paper market will become dysfunctional, with “force majeure” having to be declared as the concentrated shorts are unable to deliver on their obligations.
