A Tale of Two Doors: Energy, the Dollar, and the ECB
A friend was telling me lately that it seems that there are two kinds of people: Those who chose the door that leads to paradise and those who choose the door that leads into a discussion group about the paradise. His point was that several times in our lives we miss...Signs of Controlled Disintegration: The Market for Debt, Financial Stability & Prospects for Growth
It has long been our position that the debt market should be viewed as a market for third-party liabilities. Its growth advances leverage and brings with it diminishing returns since more and more funds are needed to produce a dollar of profits and of GDP. The growth...From the Cacophony of the Fall to the Rhapsody of the Spring: Sovereigns, Risks, and Returns
We just want to erase from our memories the happenings of last fall, when the markets were dropping nervously while searching for signs of life. The swap lines announced by the Fed last November infused hope and allowed the ECB to start the cheapening of collateral...Strategic Disintegration: Part II
Last week we posted the presentation that Chairman Volcker gave at Warwick University approximately thirty-three years ago. We believe that speech set the foundation for a great economic reversal that revitalized the global economy. As we pointed out in the...Strategic Disintegration: Part I
It is again with distinct honor and pleasure that we bring to our readers a presentation-talk that former Chairman of the Federal Reserve Board, Mr. Paul Volcker made approximately 33 years ago at Warwick University. At that time Mr. Volcker was President of the...Sign Up for Our Publications
