For several years, financial analysts, primarily those outside the mainstream of academia, have been warning that any day could be the black swan event that col
…when will the Chinese renminbi (RMB) replace the US dollar as the major world reserve currency? The assumption behind such questions is almost always that the coming crisis in US entitlement programs will force the Fed to monetize even more debt, thereby killing the dollar…..
A couple of months back the yield on the 10 year Treasury was 1.6% or slightly lower. In anticipation of the Fed tapering the yield, it rose to 2.32% yesterday and 2.43% this morning. In fact, yesterday alone the yield on the 5 yr. rose 6% (relative, not yield) in one day. That is THE […]
This week has started off miserably. China had problems within their banking system last night as bank transfers, ATMs, online banking and wires did not work. Europe announced that their E500 billion bailout fund for banks is no longer the case; they now say that 60 billion Euros will be the limit…retroactively. To put this […]
So much for the denials. The Cyprus “template” for banking crises is to be eurozone policy for other countries after all. …Anybody with serious banking exposure to any EMU state on the front line of Europe’s macro-economic crisis now knows what to expect…..