Markets

Jul 11, 2003 at 00:00

Importantly, today's extraordinary divergences in relative prices, along with the confluence of unmistakable domestic cost pressures and a savage global goods pricing environment, does not lay the groundwork for a…

Jul 04, 2003 at 00:00

Meanwhile, Japanese Government Bonds (JGB) are in freefall. Yields surged 22 basis points the day before yesterday, the biggest one-day move since 1998. This after "a debt sale drew the…

Jun 27, 2003 at 00:00

For the past two years, the state has used myriad financial gimmicks (including selling tobacco settlement bonds) to postpone the day of reckoning. But the much anticipated recovery in revenues…

Jun 20, 2003 at 00:00

And before we get too carried away with regard to the "resilience" of our banking system, let's keep in mind that Total Bank Assets have expanded about 12% over the…

Jun 13, 2003 at 00:00

While recognized by few, years of study have me absolutely convinced that we are in the midst of one of history's great Credit Bubbles. As such, the greatest risks today…

Jun 06, 2003 at 00:00

Critical Issues also emerge more clearly by the day throughout the financial markets. The Fed has succeeded in inciting a major destabilizing short-squeeze throughout the stock market, and I will…

May 30, 2003 at 00:00

One must look beneath the aggregate 1.9% first quarter GDP growth rate to appreciate stark economic imbalances. Durable Goods consumption contracted at a 1.8% pace, while Nondurables expanded at a…

May 23, 2003 at 00:00

But in the U.S. today something very different has set course. Despite the inevitable bursting of the dollar bubble and the apparent reversal of speculative flows, the Federal Reserve is…

May 16, 2003 at 00:00

But the King Dollar Bubble also sowed the seeds for its own destruction. Incredible Credit and speculative excesses fed The Great Mortgage Finance Bubble, the GSE and "Structured Finance" Bubble,…

May 09, 2003 at 00:00

The Greenspan Fed this week sank to further depths of misguided central banking, and our dollar suffered accordingly. Our savings and our foreign Creditors savings are being devalued, in an…