"No warning can save people determined to grow suddenly rich" - Lord Overstone
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Gold •143 days | 2,368.70 | +35.30 | +1.51% |
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Platinum •15 mins | 975.10 | +4.60 | +0.47% |
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WTI Crude •1 day | 71.24 | +1.14 | +1.63% |
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Gasoline •1 day | 2.061 | +0.002 | +0.10% |
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Ethanol •143 days | 2.161 | +0.000 | +0.00% |
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Silver •143 days | 30.82 | +1.16 | +3.92% |
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Silver • 143 days | 30.82 | +1.16 | +3.92% | |
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Copper • 143 days | 4.530 | +0.111 | +2.51% | |
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Brent Crude • 1 day | 75.17 | +0.94 | +1.27% | |
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Natural Gas • 1 day | 3.129 | -0.210 | -6.29% | |
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Heating Oil • 1 day | 2.275 | +0.001 | +0.02% |
Markets / Other
Risky Business
As the latest credit numbers begin to trickle in, it is clear that May was another extraordinary month for the U.S. credit system. Corporate bond issuance of $88 billion surpassed…
The Son of Portfolio Insurance
The deluge of corporate issuance runs unabated, with even Nextel Communications provided accommodative financing. Nextel issued $1 billion of 10-year convertible notes, with a 6% yield and convertible at about…
Feeding the Financial Beast
Perhaps, Greenspan has come to appreciate the acute fragility of the dysfunctional U.S. financial system and an incredibly maladjusted economy. In the early '90s some fretted when he was slow…
The Unraveling
No doubt about it, reckless money and credit excess has been running unabated. This protracted period of "reliquefication" has now worked its "magic" throughout the credit market, with even some…
The Power of Money
If I had to make a single observation regarding the weak payroll report, it would be that today's release is the best evidence yet that the current massive monetary expansions…
'Bermuda Call Structures'
The credit market was none too happy with news of continued economic growth and heightened inflation. Two-year Treasury yields jumped 11 basis points to 4.28%, 5-year yields 15 basis points…
John G. Gurley and Edward S. Shaw on Financial Intermediaries
Well, there are certainly diverse ways of looking at things. From listening to the punditry on a number of U.S. business programs, one would be left with the belief that…
Reality Check
The historic U.S. monetary inflation runs unabated, with broad money supply (M3) surging another $45 billion last week. Institutional money fund assets increased $18 billion and large time deposits added…
Pertinent Analysis from Friedrich A. Hayek
Instability is also a prominent characteristic of the U.S. credit market, with today’s developments leading to a strong rally in Treasuries and fixed-income generally. For the week, 2-year yields dropped…
Hyman Minsky on John Maynard Keynes
It appears the first quarter experienced one of the strongest periods of debt issuance in history, with a staggering $223 billion of new debt coming to market in the U.S.…
