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Recapitalizations and Rate Cuts Support Yen |
Oct 10, 2008 |
Europe was all but written off on Tuesday when Gordon Brown, the U.K. prime minister, announced late in the day that about $85 billion may be injected into several of the biggest banks.
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Recapitalize Financial Institutions, Don't Bail Out Debt |
Sep 26, 2008 |
In the coming days, Congress may authorize $700 billion to buy bad debt from financial institutions. Even if all challenges of the plan were to be overcome, the plan does not address one of the fundamental reasons why credit markets don't function properly: the under-capitalization of financial institutions.
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The Case For and Against the Dollar |
Aug 14, 2008 |
We have been cautioning for some time that volatility in the currency markets may increase further, even from the elevated levels of the past year. Nonetheless, violent market action is nerve rattling, even to seasoned investors.
An uptick in volatility tends to be associated with an unwinding of leveraged positions. This is also the case this time, but the types of trades being unwound look very different from those just a few months ago when the "carry trade" was the talk of the day.
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Bernanke's Fed Cornered by Inflation |
Jun 17, 2008 |
‘The road to hell is paved with good intentions’ is a proverb coined centuries ago, but today’s Federal Reserve (Fed) should take note when it does its own coining.
Fed Chairman Ben Bernanke is in a tough spot; despite his best efforts to convince the markets of the opposite, he may well be the catalyst for substantially higher inflation as well as a substantially weaker dollar. What we are experiencing may be the beginning, not the end, of inflation.
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