Commentary Archives
CBB Commentary Archive
The good, the bad & the ugly…
2016:
12/30/2016 2016 Year in Review
12/09/2016 Renzi Falls, Market Rise
12/02/2016 Trump, Bonds, Peripheries, China and Italy
11/25/2016 Revisiting the Global Savings Glut Thesis
11/18/2016 As Exciting as the 1930s
11/11/2016 What a Week
11/04/2016 The Upshot of Inflationism
10/28/2016 Peak Monetary Stimulus
10/21/2016 The Latest on China’s Mortgage Finance Bubble
10/14/2016 The Perils of a Resurgent China Credit Boom
10/07/2016 Matthew, Near Misses and Flash Crashes
09/30/2016 A Take on Deutsche Bank
09/23/2016 Like Old Times: Q2 2016 Flow of Funds
09/16/2016 Risk Off, the BOJ and China
09/09/2016 Reversals
09/02/2016 Just the Facts
08/25/2016 Yellen Unveiling, Jackson Hole 2016
08/19/2016 The “Neutral Rate”
08/12/2016 Inflation
08/05/2016 Updating Government Finance Quasi-Capitalism
07/29/2016 Bubble Battles
07/22/2016 Don’t Mess with Turkey
07/15/2016 Scary Time
07/08/2016 Sovereign Market Dislocation and Derivatives Turmoil
07/01/2016 Greenspan on Bubbles
06/24/2016 Majority Mad as Hell
06/17/2016 Reminiscing about 2012
06/10/2016 Historic Crazy
06/03/2016 Monkey with Money at Your Own Peril
05/27/2016 Just the Facts
05/20/2016 Unambiguous Signals Disregarded
05/13/2016 Ominous Portents
05/06/2016 Inflection Point for EM
04/29/2016 The Red Line
04/22/2016 More on China
04/15/2016 Pushing Desperate Measures Too Far
04/08/2016 Bubble Economy or Not?
04/01/2016 Another Coin in the Fuse Box
03/25/2016 All is Not Well
03/18/2016 Q4 2015 Flow of Funds
03/11/2016 Thesis Update
03/08/2016 Just the Facts
02/26/2016 Just the Facts
02/19/2016 Crisis Management
02/12/2016 The Global Bubble
02/05/2016 The Adjustment Cycle
01/29/2016 About Resuscitation and Reinstatement
01/22/2016 Draghi Ready to Fight
01/15/2016 Cracks at the Core of the Core
01/08/2016 Issues 2016
2015:
01/01/2016 2015 Year in Review
12/18/2015 Plausible Bubbles Abound
12/11/2015 The Precipice
12/04/2015 The Cult of Draghi
11/20/2015 Monetary Fiasco
11/13/2015 Risk Off?
11/06/2015 Irreversibly Broken and Dysfunctional
10/30/2015 Developing or Developed?
10/23/2015 Hobson’s Choice
10/16/2015 Look Back in Anger
10/09/2015 Courage to Print
10/02/2015 Party Crashing
09/25/2015 New World Disorder
09/18/2015 Now What?
09/11/2015 China Hardens Peg and Brazil Goes to Junk
09/04/2015 The Unwind
08/28/2015 “Carry Trades” and Trend-Following Strategies
08/21/2015 It’s Always Worse Than You Think
08/14/2015 China
08/07/2015 Core of the Core
07/31/2015 Money and Spheres
07/24/2015 Same Old Same Old
07/17/2015 Lessons of 2004
07/10/2015 Broken
07/03/2015 The Triad
06/19/2015 Coming Home
06/05/2015 Just the Facts
05/15/2015 Out of Thin Air
05/15/2015 Paying for the Past: Insight from Lindsey, Fisher and Greenspan
05/15/2015 Today’s New Paradigm
05/08/2015 “The End is Near!”
05/01/2015 Quasi-Capitalism and Crowded Trades
04/24/2015 Pro-Bubble
04/17/2015 Horrible Risk Versus Reward
04/10/2015 A Tale of Two Entangled Super Bubbles
03/27/2015 A Progressively Maladjusted “Economic Sphere”
03/20/2015 True Ultra-Dovishness
03/13/2015 EM Contagion & A New Z.1
03/06/2015 King Dollar Tipping Point
02/27/2015 Periphery Fragility List
02/20/2015 The Curse of Moneyness
02/13/2015 Store of Value
02/06/2015 “What Happened to Deleveraging?”
01/30/2015 Dangerous Games of Chicken
01/23/2015 Draghi’s Do Whatever it Takes Beat Estimates2014:
12/12/2014 The Collapsing Periphery
12/05/2014 The Unavoidable Peril of Financial Sphere Bubbles
2016:
12/30/2016 2016 Year in Review
12/09/2016 Renzi Falls, Market Rise
12/02/2016 Trump, Bonds, Peripheries, China and Italy
11/25/2016 Revisiting the Global Savings Glut Thesis
11/18/2016 As Exciting as the 1930s
11/11/2016 What a Week
11/04/2016 The Upshot of Inflationism
10/28/2016 Peak Monetary Stimulus
10/21/2016 The Latest on China’s Mortgage Finance Bubble
10/14/2016 The Perils of a Resurgent China Credit Boom
10/07/2016 Matthew, Near Misses and Flash Crashes
09/30/2016 A Take on Deutsche Bank
09/23/2016 Like Old Times: Q2 2016 Flow of Funds
09/16/2016 Risk Off, the BOJ and China
09/09/2016 Reversals
09/02/2016 Just the Facts
08/25/2016 Yellen Unveiling, Jackson Hole 2016
08/19/2016 The “Neutral Rate”
08/12/2016 Inflation
08/05/2016 Updating Government Finance Quasi-Capitalism
07/29/2016 Bubble Battles
07/22/2016 Don’t Mess with Turkey
07/15/2016 Scary Time
07/08/2016 Sovereign Market Dislocation and Derivatives Turmoil
07/01/2016 Greenspan on Bubbles
06/24/2016 Majority Mad as Hell
06/17/2016 Reminiscing about 2012
06/10/2016 Historic Crazy
06/03/2016 Monkey with Money at Your Own Peril
05/27/2016 Just the Facts
05/20/2016 Unambiguous Signals Disregarded
05/13/2016 Ominous Portents
05/06/2016 Inflection Point for EM
04/29/2016 The Red Line
04/22/2016 More on China
04/15/2016 Pushing Desperate Measures Too Far
04/08/2016 Bubble Economy or Not?
04/01/2016 Another Coin in the Fuse Box
03/25/2016 All is Not Well
03/18/2016 Q4 2015 Flow of Funds
03/11/2016 Thesis Update
03/08/2016 Just the Facts
02/26/2016 Just the Facts
02/19/2016 Crisis Management
02/12/2016 The Global Bubble
02/05/2016 The Adjustment Cycle
01/29/2016 About Resuscitation and Reinstatement
01/22/2016 Draghi Ready to Fight
01/15/2016 Cracks at the Core of the Core
01/08/2016 Issues 2016
2015:
01/01/2016 2015 Year in Review
12/18/2015 Plausible Bubbles Abound
12/11/2015 The Precipice
12/04/2015 The Cult of Draghi
11/20/2015 Monetary Fiasco
11/13/2015 Risk Off?
11/06/2015 Irreversibly Broken and Dysfunctional
10/30/2015 Developing or Developed?
10/23/2015 Hobson’s Choice
10/16/2015 Look Back in Anger
10/09/2015 Courage to Print
10/02/2015 Party Crashing
09/25/2015 New World Disorder
09/18/2015 Now What?
09/11/2015 China Hardens Peg and Brazil Goes to Junk
09/04/2015 The Unwind
08/28/2015 “Carry Trades” and Trend-Following Strategies
08/21/2015 It’s Always Worse Than You Think
08/14/2015 China
08/07/2015 Core of the Core
07/31/2015 Money and Spheres
07/24/2015 Same Old Same Old
07/17/2015 Lessons of 2004
07/10/2015 Broken
07/03/2015 The Triad
06/19/2015 Coming Home
06/05/2015 Just the Facts
05/15/2015 Out of Thin Air
05/15/2015 Paying for the Past: Insight from Lindsey, Fisher and Greenspan
05/15/2015 Today’s New Paradigm
05/08/2015 “The End is Near!”
05/01/2015 Quasi-Capitalism and Crowded Trades
04/24/2015 Pro-Bubble
04/17/2015 Horrible Risk Versus Reward
04/10/2015 A Tale of Two Entangled Super Bubbles
03/27/2015 A Progressively Maladjusted “Economic Sphere”
03/20/2015 True Ultra-Dovishness
03/13/2015 EM Contagion & A New Z.1
03/06/2015 King Dollar Tipping Point
02/27/2015 Periphery Fragility List
02/20/2015 The Curse of Moneyness
02/13/2015 Store of Value
02/06/2015 “What Happened to Deleveraging?”
01/30/2015 Dangerous Games of Chicken
01/23/2015 Draghi’s Do Whatever it Takes Beat Estimates2014:
12/12/2014 The Collapsing Periphery
12/05/2014 The Unavoidable Peril of Financial Sphere Bubbles
11/28/2014 The King of Dollar Pegs
11/21/2014 Memories – of 2012 and 2007
11/15/2014 Financial Sphere Bubbles
11/07/2014 Back to the Nineties
10/31/2014 Kuroda, Bubbles and King Dollar
10/24/2014 More Wackoism
10/17/2014 The Downside of Do Whatever it Takes
10/24/2014 More Wackoism
10/17/2014 The Downside of Do Whatever it Takes
10/10/2014 Derivatives Story 2014
10/03/2014 The New Mediocre Neutral
09/26/2014 What We Know
09/19/2014 Only For Wonks
09/12/2014 King Dollar and the Peripheries
09/19/2014 Only For Wonks
09/12/2014 King Dollar and the Peripheries
09/05/2014 Do Whatever it Takes to Shock and Awe
08/29/2014 Pondering the Summers of 2012 and 2014
08/23/2014 Reflexivity, Bubbles and Profits
07/25/2014 Bubbles & Schemes
07/18/2014 Druckenmiller the Statesman
07/11/2014 2014 vs. 2007
07/04/2014 The Moneyness of Risk Assets
06/27/2014 No Bubble?
06/27/2014 No Bubble?
06/13/2014 Sound or Unsound?
06/06/2014 Credit Allocation
05/30/2014 He’s Back
05/23/2014 How the Euro was (Really) Saved
05/16/2014 Nervous Time
05/09/2014 (No) Conundrum 2.0
05/02/2014 Serial Booms and Busts
05/02/2014 Serial Booms and Busts
04/27/2014 Money and Credit and the Current Backdrop
04/18/2014 Stabilizer?
04/11/2014 Financial Stability
04/04/2014 HFT, Rigged Markets and The Man
03/28/2014 QE, Uncertainty and CPI
03/21/2014 April/May/June Dynamic
03/21/2014 April/May/June Dynamic
03/14/2014 A Truman Show World
03/07/2014 Q4 2013 Flow of Funds and Geopolitical
03/07/2014 Q4 2013 Flow of Funds and Geopolitical
02/28/2014 Bundesbankification
02/14/2014 Transitions
02/07/2014 EM Hedge Funds and Corporate Debt
01/31/2014 End of an Era
01/24/2014 Credit is Gold No. 1 and Icebergs
01/17/2014 Historic Year 2014 Thesis
01/10/2014 The Departing Bernanke on Macro
01/03/2014 Issues 2014
2013:
12/27/2013 2013 in Review
2013:
12/27/2013 2013 in Review
12/20/2013 Dovish or Hawkish
12/13/2013 Q3 2013 Flow of Funds
11/15/2013 Hearing Janet Yellen
11/01/2013 The May.June Dynamic
10/25/2013 Fighting the Good Fight
10/18/2013 Terminal Phases
10/11/2013 The Perils of Mopping Up
10/04/2013 Night and Day
09/27/2013 Z1 and the Doves
09/20/2013 Financial Conditions
09/13/2013 Blinder, Summers and Monetary Policy
09/06/2013 Difficult Decisions Ahead
08/30/2013 Weak Links and Transmission Mechanisms
08/23/2013 All the Makings for a Major Top
07/19/2013 Inflationphobia
07/12/2013 Bernanke’s Comment
07/05/2013 Mispricing Risk
06/28/2013 Uninsurable Risks
06/28/2013 Uninsurable Risks
06/21/2013 Latent Market Bubble Risks
06/14/2013 The King of EM
06/07/2013 Twenty Year Anniversary of Market Backstops
05/31/2013 It’s Going to be Another Interesting Summer
05/24/2013 Kuroda’s Gambit
05/17/2013 Financial Euphoria
05/10/2013 Thoughts on the Electronic Printing Press
05/03/2013 Too Much Asset Inflation
04/26/2013 The Global Reflation Trade
04/19/2013 Fault Lines
04/12/2013 Things Have Gone Too Far
04/05/2013 Kuroda Leapfrogs Bernanke
03/29/2013 Invaluable Insight from Axel Weber
03/22/2013 Cyprus and Money
03/15/2013 Insights from Former Fed Chairmen
03/08/2013 Q4 2012 Flow of Funds
02/15/2013 Hedge Funds Gone Wild
02/13/2013 New Bull or Bigger Ro,Ro
02/01/2013 Late 90s Like
01/25/2013 Liquidity Bubble
01/18/2013 How Crazy
01/13/2013 A Credit Theory and Ro,Ro Update
01/04/2013 Issues 2013
2012:
12/28/2012 2012 in Review
12/21/2012 Recalling John Law
12/14/2012 Hotel California
12/07/2012 Q3 2012 Flow of Funds
11/30/2012 Ready for Year End Fiscal Cliff Drama
11/23/2012 Following Weidmann, Lacker Takes a Stand
11/06/2012 When Money Dies
11/02/2012 Sandy, Bernake and Money
10/19/2012 25 Year Anniversary
10/12/2012 The Myth of Deleveraging
10/05/2012 You Can Intimidate Everyone
09/28/2012 It’s all Greek to Me
09/28/2012 It’s all Greek to Me
09/21/2012 Z1 QE3 and Deleveraging
09/14/2012 QE Forever
09/07/2012 Diverging Like It’s 1929
08/31/2012 Risk #3
08/24/2012 Do Whatever it Takes
08/17/2012 The Winding Down of Fannie and Freddie
08/10/2012 The Dog That’s Not Barking
08/03/2012 Think Grand Canyon
07/27/2012 Monetary Madness
07/20/2012 Risk On Risk Off and the Spanish_Chinese Tug of War
07/20/2012 Risk On Risk Off and the Spanish_Chinese Tug of War
07/13/2012 Game Theory and Crowded Trades
07/06/2012 Trying to Stay Focused on the Big Picture
06/08/2012 Pavlovian
06/01/2012 And This Week a Turn for the Worse
05/25/2012 Here Comes the Policy Response!
05/18/2012 The Jig is Up
05/11/2012 Risk Off Gains a Foothold
05/04/2012 Revenge of Risk Off
04/27/2012 The Many Facets of Roro
04/20/2012 An Eye on France, Italy and the Speculators
04/13/2012 All Eyes on Spain
04/06/2012 Cracks in Europe
03/30/2012 Financial Repression
03/23/2012 Interesting Juncture
03/16/2012 Flow of Funds and More
03/09/2012 Now, Sterilized QE
03/02/2012 Financial Sphere Weak Links
02/24/2012 Contemporary Monetary Analysis
02/17/2012 A New Bull Market
02/03/2012 Price Instability
01/27/2012 Policy Deserving of a Rant
01/20/2012 Thoughts on the Crisis of Capitalism
01/13/2012 The Year of the Central Bank
01/06/2012 Issues 2012
2011:
12/30/2011 2011 in Review
12/16/2011 Target 2
12/02/2011 The Mythical Great Moderation
11/25/2011 Global Contagion
11/18/2011 ECB to the Rescue
11/04/2011 Destructive, Destructionism and Inflationism
10/28/2011 Money and the European Credit Crisis
10/21/2011 Mortgage Madness
10/14/2011 Ring-Fencing
10/07/2011 Tuesday
09/30/2011 Testing a Thesis
09/23/2011 Recalling King Dollar Distortions
09/16/2011 Delta One
09/09/2011 Crumbling Pillars
09/02/2011 Confidence Wearing Thin
08/26/2011 Valuable Insight from Jackson Hole
08/19/2011 The PhD Standard
08/12/2011 Compare and Contrast 2011 vs. 2008
08/05/2011 Destabilizing Speculation
07/29/2011 More on Moneyness
07/22/2011 More on Sovereign Debt Crisis
07/15/2011 The Sovereign Debt Crisis Learning Curve
06/24/2011 Red Alert
06/17/2011 Lehman Moment
06/10/2011 The King of Non-Productive Debt
06/03/2011 Dismal Payroll Data
05/27/2011 Throwing Good Money After Bad
05/20/2011 Pondering Greece, Spain and the End of QE2
05/13/2011 Just the Facts
04/29/2011 Henry Simons was Right
04/22/2011 S&P Commences the Process
04/15/2011 Making Room for China
04/08/2011 Diverging Monetary Policies, Again
04/01/2011 Q1 and QE2
03/25/2011 Q4 2010 Flow of Funds
03/11/2011 Risk and the Dollar Carry Trade
03/04/2011 Favorable or Unfavorable
02/25/2011 Increasingly Unwieldy. Monetary Disorder
02/18/2011 Pondering the End of QE2
02/11/2011 No Exits
02/04/2011 Just the Facts
01/28/2011 Monetary Disorder and Global Fragilities
01/21/2011 Recalling January 2008
01/14/2011 Issues 2011
01/07/2011 Just the Facts
2010:
12/31/2010 Year in Review
12/31/2010 Year in Review
12/24/2010 Just the Facts
12/17/2010 Q3 2010 Flow of Funds
12/10/2010 The Fed and Money
12/03/2010 Kicking the Can
11/19/2010 Ideological and Hostile
11/12/2010 The Official Start of QE2
11/05/2010 QE2
10/29/2010 Just the Facts
10/22/2010 Rebalancing the World
10/15/2010 Inflationary Bases and the US Policy Dilemma
10/01/2010 Just the Facts
09/24/2010 2Q 2010 Flow of Funds
09/24/2010 2Q 2010 Flow of Funds
09/17/2010 Competitive Monetization
09/10/2010 Bubble Thesis Update
08/20/2010 Let’s Change the Debate
08/13/2010 So Much for the Exit Strategy
08/13/2010 So Much for the Exit Strategy
08/06/2010 2010 vs. 2007
07/30/2010 Quantitative Easing Two
07/23/2010 Trichet Challenges Inflationism
07/16/2010 The Dollar’s Predicament
07/09/2010 A Scenario
07/02/2010 Unavailability of Spending Crisis
06/25/2010 Bond Bubble
06/11/2010 Q1 2010 Flow of Funds
06/04/2010 Gauging Financial Conditions
05/28/2010 Unwitting Beneficiary
05/21/2010 Just the Facts
05/14/2010 Dysfunctional Markets
05/07/2010 Liquidationist Revisited
04/30/2010 Tuesday April 27 2010
04/23/2010 Deficits and Private_Sector Credit
04/16/2010 It is about Trust
04/09/2010 Money Good
04/02/2010 Just the Facts
03/23/2010 The Restoration of King Dollar
03/19/2010 Greenspan on the Crisis
03/12/2010 Q4 2009 Flow of Funds
03/05/2010 A Year in Reflation
02/26/2010 The U.S. and Inflationism
02/19/2010 The Beginning of Tightening
02/12/2010 Global Reflation Update
02/05/2010 The Beginning of the End
01/22/2010 The Volcker Rule
01/08/2010 Issues 2010
2009:
12/26/2009 Mostly Facts
12/26/2009 Mostly Facts
12/18/2009 Just the Facts
12/11/2009 Q3 2009 Flow of Funds
11/27/2009 Dubai Watch
11/20/2009 Reflation Issues Heat Up
11/13/2009 Just the Facts
11/04/2009 About a Half Paradigm
10/30/2009 The Newest Abnormal
10/23/2009 Mortgage Madness
10/16/2009 Clinging to Misguided Monetary Mentalities
10/09/2009 Dollar Dilemma
10/02/2009 The Governator and the Market Operator
09/25/2009 From Bear to Bear
09/18/2009 Q2 2009 Flow of Funds
09/11/2009 And No Dialing Back
09/04/2009 No Exit
08/28/2009 Party Like It’s 1991
08/14/2009 Reflation Contemplation
08/07/2009 The Stock Market and Monetary Disorder
07/31/2009 Facets of Bubble Analysis
07/24/2009 Tug-of-War
07/17/2009 Global Reflation Update
07/09/2009 Speculator_Policymaker Foe or Friend
06/26/2009 It is Economic
06/19/2009 Q1 2009 Flow of Funds
06/12/2009 No Conundrum, Again
06/05/2009 Counter-Cyclical or Counterproductive
05/29/2009 The Core to Periphery Dynamic
05/22/2009 Inflationism’s Seductive Battle Cry
05/08/2009 The Dynamically-Hedged Economy II
05/01/2009 The Greatest Cost
04/24/2009 Reflation Watch
04/17/2009 Capitalism’s Greatest Vulnerability
04/10/2009 Just the Facts
04/03/2009 Periphery Rising
03/27/2009 Revisiting the Global Savings Glut Thesis
03/20/2009 Mistakes Beget Greater Mistakes
03/13/2009 Q4 2008 Flow of Funds
03/06/2009 A Washington-Induced Bubble
02/27/2009 A Week of Big Numbers
02/20/2009 Surreal
02/06/2009 The Government Finance Bubble
01/30/2009 Inflationism The Bane of Capitalism
01/23/2009 U.K. Takes a Turn for the Worst
01/16/2009 A Divergence
01/09/2009 Just the Facts
01/02/2009 Year-end Facts
2008:
12/19/2008 Q3 2008 Flow of Funds
11/28/2008 Just the Facts
11/21/2008 Just the Facts…
11/14/2008 The Only Cure for a Bubble…
11/07/2008 Debt Trap
10/31/2008 Trick or Treat or Just the Facts
10/24/2008 History’s Biggest Margin Call
10/17/2008 The ‘Arb’ Game is Over
10/10/2008 Hoping There’s Hope
10/03/2008 The Wall Street Bust
09/26/2008 Changed Financial Landscape
09/19/2008 Misdirected Credit Runs Unabated
09/07/2008 Too Big to Suffer a Loss
09/06/2008 Just the Facts
08/29/2008 Ponzi Finance Dynamics Still at Play
08/22/2008 Just the Facts
08/15/2008 Dysfunctional Pricing Backdrop
08/15/2008 Dysfunctional Pricing Backdrop
08/08/2008 Burst Bubble Energy or Speculator
08/01/2008 The Uppers
07/22/2008 A GSE Perspective
07/18/2008 Benchmark MBS and the SEC
07/11/2008 Sorry, But Just the Facts
06/27/2008 Just the Facts
06/20/2008 Good Inflation
06/13/2008 Stage II Predicaments
06/06/2008 Q1 2008 Flow of Funds
05/30/2008 Just the Facts
05/16/2008 A Red Herring
05/09/2008 A New Inflationary Epoch
05/02/2008 Revisiting Financial Arbitrage Capitalism
04/25/2008 The Meaning of Stage II
04/18/2008 Setting the Backdrop for Stage II
03/28/2008 End of an Era
03/21/2008 Nationalization
03/14/2008 Wishing for another Z.1
03/07/2008 Q4 2007 Flow of Funds
02/29/2008 No LTCM
02/22/2008 Confirmations
02/15/2008 The Breakdown of Wall Street Alchemy
02/08/2008 At the Heart of Deepening Monetary Disorder
02/01/2008 Reflation Contemplation
01/25/2008 More than 20 years in the making
01/18/2008 Daisy-Chain
01/11/2008 Mortgage Crisis to Corporate Debt Crisis
01/04/2008 Issues 2008
2007:
12/28/2007 2007 Wrap Up
12/21/2007 Wall Street-Backed Finance
12/14/2007 Financial Sector Credit
12/07/2007 Q3 2007 ‘Flow of Funds’
11/29/2007 Tight ‘Money’
11/22/2007 No Regrets
11/14/2007 Credit Crunch
11/09/2007 Fannie in Her Own Words
10/31/2007 Road to Ruin
10/24/2007 Structured Finance Under Duress
10/17/2007 Respite’s Over
10/12/2007 Not So Benign Neglect
10/05/2007 Financial Structures
09/28/2007 Clash of the Paradigms
09/21/2007 Q2 2007 ‘Flow of Funds’
09/14/2007 Didn’t Really Get It
09/07/2007 Just the Facts…Again
08/31/2007 Just the Facts
08/24/2007 Money Market Issues
08/16/2007 Fed to the Rescue
08/09/2007 A Run on Wall Street Finance
08/02/2007 Credit Market Dislocation
07/19/2007 The Hand of Finance
07/12/2007 Worse Than Irrelevant
07/05/2007 Monopoly
06/28/2007 First-Half Global Liquidity Watch
06/21/2007 Uncertainty reigns supreme
06/14/2007 For the Twenty-First Century
06/07/2007 Q1 2007 Flow of Funds
05/31/2007 The Other Side to the Story
05/24/2007 A Scary Proposition
05/21/2007 Special Bulletin
05/17/2007 Bernanke on Subprime
05/10/2007 Checks and Balances
05/03/2007 Then and Now
04/26/2007 Unique
04/19/2007 Financial Earnings
04/12/2007 More Minsky
04/05/2007 ‘Vintage 2007’
03/29/2007 Q1 Global Liquidity Watch
03/29/2007 Q1 Global Liquidity Watch
03/22/2007 The Smooth Flow of Credit
03/15/2007 Subprime Contagion Effects
03/09/2007 Q4 2006 Flow of Funds
03/02/2007 The Confluence
02/23/2007 Indictments
02/16/2007 Subprime in Context
02/09/2007 Subprime in Focus
02/02/2007 Income Growth and Credit Bubble Dynamics
01/26/2007 Expanding on El-Erian
01/19/2007 Mishkin on Asset Bubbles and Monetary Policy
01/12/2007 Nominal GDP
01/05/2007 Issues 2007
2006:
12/29/2006 2006 Wrap-Up
12/27/2006 Embrace the Deficit
12/15/2006 Financial Sphere Profits
12/08/2006 Q3 2006 Flow of Funds
12/01/2006 The Big Wildcard
11/24/2006 Just the Facts
11/17/2006 Derivatives ‘Insurance’
11/03/2006 Prevailing Inflationary Biases
10/26/2006 Current Account ‘Recycling’ Distortions
10/19/2006 Financial Sphere Earnings Watch
10/12/2006 Financial Conditions
10/05/2006 Inflationary Biases and Chasms at the Fed
09/28/2006 Volcker, Corrigan, McDonough and Geithner
09/21/2006 Q2 2006 Flow of Funds
09/14/2006 Monetary Disorder Watch
09/07/2006 Income Inflation
08/31/2006 Just the facts
08/31/2006 Just the facts
08/24/2006 Minsky and Debt Structures
08/17/2006 Financial Structure
08/10/2006 Something Different
08/03/2006 The Pause
07/27/2006 To Eear Or Not to Wear
07/06/2006 An Attempt at Concise
06/29/2006 Reality Check
06/22/2006 Hays Interviews the Master
06/15/2006 Mr. Douglas R. Gillespie, Sr.
06/08/2006 Q1 2006 Flow of Funds
06/01/2006 What Difference Does a Year Make
05/25/2006 Inflection point or Respite
05/18/2006 The Evolving Nature…
05/11/2006 Reasons
05/04/2006 Money Analysis
04/27/2006 Time to pause
04/20/2006 So, You Think You’ve About Wrapped Things Up
04/13/2006 The ‘Holy Grail’
04/06/2006 Banking and the Business Cycle
03/31/2006 A Notable Quarter of Global Asset Inflation
03/24/2006 The Flow of Finance
03/17/2006 A Response to Donald Kohn on Asset Bubbles
03/11/2006 Q4 2004 ‘Flow of Funds’
03/10/2006 Q4 2005 Flow of Funds
03/04/2006 A Liquidity-creating Juggernaut
02/24/2006 Just the Facts
02/17/2006 Bernanke and Yield Curve Analysis
02/10/2006 Blow-off Analysis
02/03/2006 The Essence of the Greenspan Era
01/27/2006 Global Imbalances Watch
01/20/2006 Welcome to 2006
01/13/2006 Anecdotes of Excess Begetting Excess
01/06/2006 Issues 2006
2005:
12/30/2005 2005 Wrap-Up
12/23/2005 Cantillion, Raguet, Hawtrey, & Persons
12/16/2005 Most Unfavorable of Legacies
12/09/2005 Q3 2005 ‘Flow of Funds’
12/02/2005 Bill and Paul’s Wild Analytical Adventure
11/25/2005 A Quickie on ‘Money’
11/18/2005 Content with the Status Quo
11/11/2005 (Pollyanna) Poole on the Current Account
11/04/2005 The Global Financial Sphere
10/27/2005 A Bubble Perpetuator
10/20/2005 A Rather Volatile Mix
10/06/2005 Sphere Analysis
09/29/2005 The Global Liquidity Glut
09/22/2005 Q2 2005 ‘Flow of Funds’
09/15/2005 Borrowing Short and Lending Short
09/08/2005 The Greenspan Levee
08/25/2005 The Greenspan Era. Lessons to be Learned
08/18/2005 Updating the Mortgage Finance Bubble
08/11/2005 The Global Inflationary Boom Thesis
08/04/2005 The Downside to Transparent Baby Steps
07/28/2005 Just the Facts II
07/21/2005 Just the Facts
07/14/2005 Asset-backed Securities
07/07/2005 The Flow of Finance
06/30/2005 Macro Confusion
06/30/2005 Macro Confusion
06/23/2005 Thinking Minsky
06/16/2005 To Liquidate or Inflate
06/09/2005 Q1 2005 ‘Flow of Funds’
06/02/2005 This Time it is Different
05/26/2005 The ‘Neutral Rate’
05/19/2005 Conundrums
05/12/2005 Topic de Jour
05/05/2005 Hooked on ‘The Hand’
04/21/2005 Major Uncertainties
04/14/2005 The Greatest Ever Speculative Bubble in Risk
04/07/2005 The Fed’s Dilemma
04/01/2005 That Kind-Hearted Kate Welling
03/25/2005 Speculator and Liquidity Unfriendly
03/21/2005 Booming Broker Finance and Market Tops
02/25/2005 Dr. Bernanke on the Current Account
02/11/2005 More from Mr. Otmar Issing
01/28/2005 The Great Dilemma
01/21/2005 Inflationist Watch
01/14/2005 Fed Again Falls Flat with Bubble Analysis
01/07/2005 Issues 2005
2004:
12/31/2004 Year in Review. Reflation to Gross Over-Liquefication
12/23/2004 Merry Christmas, Happy Holidays
12/17/2004 Dilly-Dally Monetary Management
12/10/2004 Q3 2004 Z.1 ‘Flow of Funds’
11/26/2004 An Open Letter to the U.S. Dollar
11/19/2004 Greenspan Watch
11/12/2004 Monetary Disorder
11/05/2004 Second Term Realities
10/28/2004 Easy Liquidity
10/14/2004 Happy. Two-year Anniversary
10/06/2004 Sphere Analysis
09/16/2004 Q2 2004 ‘Flow of Funds’
09/08/2004 Bubble Bubble Mortgage Trouble
09/02/2004 Credit Bubble Bulletin
08/26/2004 Bubble at the Fringe
08/19/2004 Speculative Finance and Liquidity Bulges
08/12/2004 The Fragile Stability of Monetary Disorder
08/05/2004 Revisiting Financial Arbitrage Capitalism
07/29/2004 Trouble at the Core
07/22/2004 The Great Mortgage Spread Trade
07/15/2004 The Financial Sector Earnings Illusion
07/08/2004 Outside the Box
07/01/2004 Ebbs & Flows and Dollar Woes
06/24/2004 The Mortgage Finance Bubble
06/17/2004 Monetary Instability and Lessons Not Learned
06/10/2004 Lying in Wait
05/20/2004 Inflation Accommodation
05/06/2004 Faltering Financial Sphere
04/29/2004 Federal Reserve Miracle
04/22/2004 Fannie and Freddie to the Rescue
04/15/2004 Tightening Lite
04/08/2004 Ideologues and Quagmires
04/02/2004 The Quest for Monetary Order
03/19/2004 Pondering the Two Great Market Stabilizers
03/05/2004 A Banner Year for Asset Inflation
02/27/2004 The Curious Greenspan and the GSEs
02/20/2004 Issing v. Greenspan
02/13/2004 Simply Not Credible
02/06/2004 The Pay Option Arm
01/30/2004 Ruse. ‘A crafty stratagem, a subterfuge’
01/23/2004 Financial Bubbles Rage On
01/16/2004 Q3 2003 ‘Flow of Funds’
01/09/2004 Issues 2004
01/02/2004 The Great Reflation of 2003
2003:
12/19/2003 No Inflating Out of this Quagmire
12/12/2003 OFHEO on Fraud at Freddie
11/28/2003 Compounding the Problem
11/21/2003 It’s Here
11/14/2003 Liquidity, Money and Credit
10/23/2003 A True Paradigm Shift
10/16/2003 BofA Rings Fannie
10/09/2003 The Honorable Life of Mr. Wally Ciochetti
10/02/2003 Tipping Point
09/25/2003 The Powerful Force
09/18/2003 ‘Let it Rip’
09/11/2003 One for the Time Capsule
08/28/2003 Two Runaway Bubbles and Global Reflation
08/21/2003 Way Behind the Curve
08/14/2003 The Interregnum Market
08/07/2003 The Post-Boom Boom
07/31/2003 Lost Control
07/31/2003 Lost Control
07/24/2003 Struggling Team Greenspan-Bernanke
07/10/2003 North Atlantic Tides
07/03/2003 It’s Going to be a Fascinating Second Half
06/26/2003 Coming Next Year to Madison Square Garden…
06/19/2003 Following in Dr. Fisher’s Footsteps
06/05/2003 Crazy Horse
05/29/2003 The New New Game
05/22/2003 You Just Gotta Love Congressman Ron Paul
04/24/2003 Reliquefication
04/17/2003 Firing on Most Cylinders
04/10/2003 The Reasons
03/28/2003 Off Topic
03/14/2003 Climbing the Wall of Water
03/07/2003 Cheesecake Dependency
02/28/2003 Key Inflationary Manifestations
02/21/2003 Fiat Money and Credit Inflation in America
02/14/2003 Blow off Week #34
02/07/2003 Scenario #3
01/31/2003 Pondering Post-Bubble America
01/24/2003 An Integrity Problem
01/17/2003 If Only…
01/10/2003 The Transformation of Benjamin Strong
01/03/2003 Issues 2003
2002:
12/20/2002 Pondering the Next Shoe to Drop
12/06/2002 The Anatomy of a Maladjusted Economy
11/29/2002 The Delta Hedged Economy
11/22/2002 Death to the ‘Bubble Poppers’
11/15/2002 Weak Links
11/01/2002 National Century Financial Services
10/24/2002 Throw in a REIT Bubble
10/10/2002 Juan & Maria Guzman
10/03/2002 Coming Apart at the Seams
09/19/2002 Soul Searching
09/12/2002 Liquidity Excess vs. Faltering ‘Risk’ Market
08/29/2002 Cold as Ice
08/22/2002 Accentuated Credit Cycles
08/01/2002 The housing bubble loses some air
07/25/2002 Structured Finance in the Crosshairs
07/18/2002 That’s my story, and I’m sticking to it!
07/11/2002 Palpable Systemic Stress
07/04/2002 Ominous portents from the NextBank meltdown
06/27/2002 This Week EBITDA. When ‘Marked-to-Model’
06/20/2002 The Ominous Return of the Twin Deficits
06/13/2002 A Few More Years
06/06/2002 Point, Counter Point
05/30/2002 Dying a Death of a Thousand Cuts
05/23/2002 Financial Debacle for Dummies
05/16/2002 Food for Thought
05/09/2002 Unstable markets
04/25/2002 Untenable Monetary Regimes
04/18/2002 Monetary Policy and the Character of Lending
04/11/2002 Lies, Damn Lies, and ‘Analysis’
04/05/2002 Pondering Imponderables
03/29/2002 Terminal Stage of Mortgage Finance Excess
03/22/2002 The Diamond Anniversary of Monetary Disorder
03/15/2002 Random Thoughts
03/08/2002 Market Dislocations
02/22/2002 The Clan of Seven
02/08/2002 The Fun is Gone From the Game of Risk
01/25/2002 Experiment on Top of Experiment
01/18/2002 The Consumer Bubble
01/11/2002 Harry E. Miller
01/04/2002 Issues 2002
2001:
12/28/2001 Financial Arbitrage Capitalism
12/21/2001 A Tangled Web We Weave
12/14/2001 The ‘Widow’s Cruse Myth’ or Reality
11/30/2001 The ‘Great’ Debate
11/23/2001 Edward Stone Shaw
11/16/2001 Hitting the Wall
11/02/2001 Hero Turns Spoiler-Or, Mcteer ‘Getting Nothing’
10/25/2001 Allyn Abbott Young
10/25/2001 Allyn Abbott Young
10/11/2001 Its Wildness Lies in Wait
10/04/2001 An Exceedingly Troubling Circumstance
09/27/2001 Moody’s on the Financial Guarantors
08/30/2001 The ‘Information Economy’
08/20/2001 Henry Calvert Simons
08/16/2001 ‘Off With Their Heads’
08/09/2001 We Could Have Used a Mr. Hawtrey
08/02/2001 Superior Bank
07/26/2001 End of an Era
07/19/2001 CDO Trouble
07/12/2001 Comparative Advantage
07/05/2001 Breaking the Speed Limit
06/28/2001 The Liquidity Showdown
06/21/2001 Money Market Fund Intermediation
06/14/2001 Monetary Disorder. Then and Now
06/07/2001 The Velocity of Crime
05/31/2001 Risky Business
05/24/2001 The Son of Portfolio Insurance
05/17/2001 Feeding the Financial Beast
05/10/2001 The Unraveling
05/03/2001 The Power of Money
04/26/2001 Bermuda Call Structures
04/12/2001 Reality Check
04/05/2001 Pertinent Analysis from Friedrich A. Hayek
03/30/2001 Hyman Minsky on John Maynard Keynes
03/16/2001 Global System Instability
03/09/2001 A Gain of 364000 vs. a Loss of 190000
03/02/2001 The Sagacious Dr. Ron Paul
02/16/2001 Four Months of Respite
02/02/2001 We Know His Enemy
01/19/2001 There’s a New Sheriff Making His Way to Town
01/12/2001 The Spectacular Rise and Fall of Equity
01/05/2001 Fifty Basis Points To Sustain The Unsustainable Or The Inevitability Of Derivative Problems
2000:
12/29/2000 Crisis Management Reliquefication
12/29/2000 Crisis Management Reliquefication
12/22/2000 To The Brink
12/15/2000 All Eyes on the Greenback
12/08/2000 How Could Irving Fisher Have Been So Wrong
12/02/2000 To The Brink
11/24/2000 This Time it IS Different.Edmund McCarthy
11/17/2000 U.S. High-Yield Lending…
11/03/2000 Financial Dysfunctions
10/26/2000 Mehrling on Minsky
10/19/2000 Here We Go Again…
10/12/2000 Liquidity
10/05/2000 Accolades to the Unknown Inquisitor
09/28/2000 A Tale of Two Bubbles
09/21/2000 The Facade of a Sound and Stable Prosperity
09/14/2000 Raise the Economy’s Speed Limit
09/07/2000 Credit Bubble Dynamics
08/31/2000 On the Manipulation of Money and Credit
08/24/2000 The Law of Diminishing ‘Reliquefications’
08/03/2000 The Emperor Has No Clothes!!!
07/27/2000 Gottfried Haberler-Prosperity and Depression
07/27/2000 Gottfried Haberler-Prosperity and Depression
07/13/2000 Joseph Schumpeter on Credit
07/06/2000 The ‘Gunderson Effect’ From Coast to Coast
06/29/2000 The Impossibility of a Soft-Landing
06/22/2000 Chinks in the Armor of ‘New Era Finance’
06/08/2000 Trapped
05/25/2000 Ponzi Finance
05/18/2000 The Concentration of Financial Power
05/11/2000 The Wisdom of Dr. Henry Kaufman
05/04/2000 Mr. George Soros
04/27/2000 The Best-Kept Secret
04/20/2000 Bubble Dollars
03/31/2000 A Derivative Story
03/24/2000 Hear No Evil, See No Evil, Speak No Evil
03/17/2000 Perpetuating the Credit Bubble
03/10/2000 Commercial Paper
02/25/2000 The Quality of Financial Sector Assets
02/18/2000 Dr. Paul and Dr. Greenspan on Money
02/11/2000 If Minsky Were Alive Today
01/28/2000 A Completely Different Environment
01/21/2000 A Theory on Money and Credit Creation
1999:
09/20/1999 Coin in the Fuse Box
