Bubble Era

Global Government Finance Bubble

Unprecedented global post-bubble central bank reflation, “whatever it takes” open-ended QE, and massive deficit spending unleashed history’s greatest period of credit and speculative excess. With the unchecked growth of central bank credit and sovereign debt, bubble dynamics eroded the foundation of global finance.

876 commentaries

2026 (24)
Jun 12 SpaceX and a Z.1 (Q1 2026)
Jun 5 The Mania and the Frog
May 29 Party Like It's 1999, 1996 and 2007
May 22 The Warsh Fed
May 15 Bonds Bludgeoned
May 9 Rapscallions Crowding Out
May 1 Gradually Transitioning to Suddenly
Apr 25 Warsh in His Own Words
Apr 18 Teetering
Apr 11 Unbelievable
Apr 4 A Squeeze, a Gambit, and a Z.1
Mar 28 Lacking a Good Scenario
Mar 21 Bubbles, Dams, War and Cracks
Mar 14 At the Brink
Mar 7 Scorched Earth
Feb 28 Sometimes Not Liquid at All
Feb 21 Mounting Uncertainty
Feb 14 Recalling 1991
Feb 7 Deleveraging Watch
Jan 31 Kevin Warsh and Regime Change
Jan 24 Issues 2026
Jan 17 2025 Year in Review
Jan 10 Decisive Week and a Delayed Z.1
Jan 3 Recalling 2022
2025 (52)
Dec 27 Just the Facts - December 26, 2025
Dec 20 Global Monitoring Report on NBFI
Dec 13 It's Back
Dec 6 $12 TN and Counting
Nov 29 Everywhere
Nov 22 Volatile and Fragile
Nov 15 Last Gasp
Nov 8 The Question
Nov 1 Far From It
Oct 25 Foreshocks
Oct 18 Infestation
Oct 11 Two Questions
Oct 4 A Feature, Not a Bug
Sep 27 Canary?
Sep 20 The Fed, 3rd Mandate, and 1st Amendment
Sep 13 Q2 '25 Z.1 and September 10, 2025?
Sep 6 The Law of Bubbles
Aug 30 MAGA Fed Put
Aug 23 Discounting the Loss of Fed Independence
Aug 16 Gavin & Alan
Aug 9 Anything But Normal Times
Aug 2 Peak Dance Moves
Jul 26 One Serious Silly Season
Jul 19 Not Restrictive
Jul 12 Tariff Man Returns and He's Coming for Powell
Jul 5 Big, Ugly Crisis of Confidence
Jun 29 Just the Facts - June 27, 2025
Jun 21 Back For a Second Attempt
Jun 14 “Real Economy Sphere vs. Financial Sphere” Q1 '25 Z.1
Jun 7 Uncertainty Squared
May 31 TACO and Dumpling
May 24 Don't Say You Weren't Warned
May 17 Close to a Melt-Down
May 10 Asian-Crisis-in-Reverse Feel
May 3 The Typical and Atypical
Apr 26 Hooked on Hedge Fund Leverage
Apr 19 Burst Bubble Walking
Apr 12 Normal Deleveraging and Trade Wars
Apr 5 Worse than the Worst-Case
Mar 29 Critical Market Juncture
Mar 22 In Defense of the Constitution
Mar 15 Q4 2024 Z.1 and the Start of Deleveraging
Mar 8 Train Wreck
Mar 1 Oval Office and the World
Feb 22 Disrupted
Feb 15 Declaring the Reciprocal Tariff Regime
Feb 8 The Dog That Does More Than Bark
Feb 1 Age of Uncertainty
Jan 25 For Posterity
Jan 18 Thoughts Ahead of Day One
Jan 11 Issues 2025
Jan 4 2024 Year in Review
2024 (52)
Dec 28 Vigilantism and Deleveraging
Dec 21 Deleveraging Doom Loop
Dec 14 Monitoring for Peak Bubble Excess - Q3 2024 Z.1
Dec 7 Disorder Metastasis
Nov 30 Historic November
Nov 23 The Rave
Nov 16 Power
Nov 9 Paradigm Shifts
Nov 2 Vigilantes Mobilizing
Oct 26 Paul Tudor Jones Insight
Oct 19 Accelerating Wall Street and Subprime Booms
Oct 12 45 and Counting
Oct 5 Reality Check for Bonds
Sep 28 Neutral Rates and Xi's Whatever it Takes
Sep 21 Fed Goes Big
Sep 14 Validating the Bubble Thesis: Q2 2024 Z.1
Sep 7 'D' for Dis-Equipoise
Aug 31 Money Machines
Aug 24 Something of a Victory Lap
Aug 17 Unstable
Aug 10 Regime Change
Aug 3 The Critical Leap
Jul 27 In a Jumble
Jul 20 Election on the Brink
Jul 13 Houston, We Have a Bubble Problem
Jul 6 Nothing Matters
Jul 1 Just the Facts - June 30, 2024
Jun 22 Greatest Threat
Jun 15 Potential Catalyst and the Q1 2024 Z.1
Jun 8 Summer of Discontent and Instability
Jun 1 Thesis Corroboration
May 25 Speculative Bubble Hype
May 18 Zhang Zhan
May 11 Citadel Securities vs. Jane Street
May 4 Instability
Apr 27 Opposite Day
Apr 20 World-Wide De-Risking/Deleveraging
Apr 13 Trouble Brewing in Financial Asset Wonderland
Apr 6 Global Ring of Fire
Mar 30 On Currency Watch Following Melt-Up Q1
Mar 23 That's Our Story...
Mar 16 Failed
Mar 9 Q4 2023 Z.1: Bubble Confirmation
Mar 2 Speak Truth to Crazy
Feb 24 Overheated
Feb 17 Inflationary Biases
Feb 10 Deflation & Inflation
Feb 3 Fed Embraces "Immaculate Disinflation"
Jan 27 On Fire
Jan 20 Cold and Hot
Jan 13 Pricing Six Cuts (and Counting)
Jan 6 Issues 2024
2023 (52)
Dec 30 2023 Year in Review
Dec 23 Bubble Kings
Dec 16 Guard Down, Towel Tossed
Dec 9 Repo Madness: Q3 2023 Z.1
Dec 2 Rule of Thumb
Nov 25 Really BIG
Nov 18 A Wolf in Panda's Clothing
Nov 11 A Most Critical Stage
Nov 4 Back to Squeezeville
Oct 28 Off the Rails
Oct 21 “The Last, Best Hope of Earth”
Oct 14 Most Dangerous Time
Oct 7 Breaking
Sep 30 Remembering LTCM
Sep 23 Higher for Longer
Sep 16 Memory Lane
Sep 9 Risk Off and Q2 '23 Z.1
Sep 2 Curious Market Action
Aug 26 The Speculative Cycle
Aug 19 Crisis of Confidence
Aug 12 Junctures and New Cycles
Aug 5 Shot Across the Bow
Jul 29 Nirvana Scenario
Jul 22 Time for Resolve
Jul 15 Battle Lines Are Drawn
Jul 8 Thursday
Jul 1 Just the Facts - June 30, 2023
Jun 24 Liquidity Risks
Jun 17 Nietzsche on Bubbles
Jun 10 Q1 '23 Z1: Shedding Light on Liquidity Dislocation
Jun 3 The Case Against Skip
May 27 Melt-up Vs. Deleveraging
May 20 Too Loose
May 13 China Bubble Deflation Watch
May 6 "Extraordinarily Sound"
Apr 29 Animal or Lab?
Apr 22 Plan B
Apr 15 Perilous "Money"
Apr 8 U.S. Economy Slowing, Kuroda Going
Apr 1 That Was Interesting
Mar 25 The Big Pivot
Mar 18 Fire
Mar 11 Silicon Valley Bust
Mar 4 Calm Before the Storm
Feb 25 Perils of Unsound Money
Feb 18 Ueda and No Landings
Feb 11 Monetary Inflation Run Amok
Feb 4 Powell is No Volcker
Jan 28 Powell on Deck
Jan 21 Inflation Complacency
Jan 14 Market Messaging
Jan 7 Issues 2023
2022 (52)
Dec 31 2022 Year in Review
Dec 24 Just the Facts: December 23, 2022
Dec 17 Credit Downturn Acceleration
Dec 10 Blackstone, Inflection Points and the Z.1
Dec 3 Dr. Jekyll and Mr. Hyde
Nov 26 Market Thoughts
Nov 19 SBF, FTX and QE
Nov 12 Derivatives, Squeezes and Fiascos Aplenty
Nov 5 Powell Building Credibility
Oct 29 Blinked
Oct 22 Dissecting Chairman Xi
Oct 15 New Cycle Realities
Oct 1 A Threatening Turn
Sep 24 Putin & The Vigilantes
Sep 17 Deflation and Policy Mistakes
Sep 10 Valuable Insight from the Q2 '22 Z.1
Sep 3 Super Credit Bubble
Aug 27 New Cycle Monetary Management
Aug 20 Inaugural Squeeze
Aug 13 The Everything Squeeze
Aug 6 Indefensible Neutral Rate Doctrine
Aug 1 Just the Facts - July 29, 2022
Jul 23 Nowhere to Hide
Jul 16 Global Crisis Dynamics Update
Jul 9 Revisiting the Bursting China Bubble
Jul 2 Pondering Modern-Day Runs
Jun 25 Calm Before the Storm
Jun 18 Bursting Bubbles and Failed Experiments
Jun 11 Breaking and the Q1 2022 Z.1
Jun 4 Hurricane Peerless
May 28 Inflation Acquiescence
May 21 More on the New Cycle
May 14 The Acceleration Phase
May 7 Global Quagmire
Apr 30 Collision Course
Apr 23 Losing Capacity to Stabilize
Apr 16 Transitioning to a New Cycle
Apr 9 Playing with Fire
Apr 2 Historic Q1 2022
Mar 26 The Big Test
Mar 19 Inklings of Secular Change
Mar 12 Ugly - and the Q4 2021 Z.1
Mar 5 Day Nine
Feb 26 Honor
Feb 19 Made the Decision
Feb 12 Lost Control
Feb 5 A Changing World
Jan 29 The High-Wire Act Has Commenced
Jan 22 Market Structure in the Crosshairs
Jan 15 Kaufman Knows Inflation
Jan 8 Issues 2022
Jan 1 2021 Year in Review
2021 (52)
Dec 25 Just the Facts - December 24, 2021
Dec 18 Pandemic Risks Rising - Again
Dec 11 Two Developments and the Q3 2021 Z.1
Dec 4 Walk the Walk
Nov 27 Black Friday
Nov 20 Trouble on the Horizon
Nov 13 Accident-Prone Endgame Dynamic
Nov 6 Dow 36,000 and Policy Mistakes
Oct 30 Losing Control
Oct 23 A True Central Banker
Oct 16 Controllable
Oct 9 Contagion
Oct 2 Inflation Watch
Sep 25 Bipolar and the Q2 2021 Z.1
Sep 18 Evergrande Moment
Sep 11 Necessarily Aggressive
Sep 4 Easy Money Anesthesia
Aug 28 Bigger Mistakes
Aug 21 Weary of Their Capitalism Experiment
Aug 14 Uncertainty
Aug 7 Ebb and Flow
Jul 31 The King of Carry Trades
Jul 24 Dangerous Addiction
Jul 17 Under Fire
Jul 10 Beijing Flinches
Jul 3 Hedge Fund Treasury Trading and Funding Fragility
Jun 26 Mester on Financial Stability
Jun 19 Heels Dislodged
Jun 12 Historic Monetary Inflation: Q1 2021 Z.1
Jun 5 Turned Tight
May 29 The Wisdom of Benjamin Anderson
May 22 Just the Facts - May 21, 2021
May 15 Un-Anchored
May 8 Generational Turning Point
May 1 Fed Guessing
Apr 24 Peak Monetary Stimulus
Apr 17 Huarong
Apr 10 Keeping the Dance Party Rolling
Apr 3 Archegos and Ponzi Finance
Mar 27 Double Trouble
Mar 20 Powell on Inflation
Mar 13 Let the Facts Speak: Q4 2020 Z.1
Mar 6 De-risking/Deleveraging at the Periphery
Feb 27 Regime Change
Feb 20 Wrecking Ball
Feb 13 The Short but Momentous History of Fed QE
Feb 6 That's on Them
Jan 30 The Great 2021 Squeeze Mania
Jan 23 Short-Term Unsustainable
Jan 16 The Reality of Financial Dominance
Jan 9 Issues 2021
Jan 2 2020 Year in Review
2020 (52)
Dec 26 Just the Facts - 12/25/2020
Dec 19 $10.275 TN In Nine Months
Dec 12 Unnecessary Head Scratching: Q3 2020 Z.1
Dec 5 Monetary Disorder In Extremis
Nov 28 Pondering the New Treasury Secretary
Nov 21 Scorched Earth
Nov 14 Well, That’s Some Weird… Stuff
Nov 7 Critical Juncture
Oct 31 Very Dangerous
Oct 24 The New Massive
Oct 17 Moral Hazard Pinnacle
Oct 10 Weird
Oct 3 Covid Uncertainties
Sep 26 Extraordinary Q2 2020 Z.1 Flow of Funds
Sep 19 Revisiting "Coin in the Fuse Box"
Sep 12 State-Directed Credit Splurge
Sep 5 Summer of 2020
Aug 29 It's About Jobs, Jobs, Jobs
Aug 22 Moral Hazard Quagmire
Aug 15 Safe Haven Treasuries Not So Safe
Aug 8 Global Lender of Last Resort
Aug 1 Precarious World
Jul 25 Crossing Red Lines
Jul 18 Drone Money
Jul 11 Utmost Crazy
Jul 4 Two Down, Two to Go
Jun 27 More W than V
Jun 20 Update COVID-19
Jun 13 Extraordinary Q1 2020 Z.1 Flow of Funds
Jun 6 Bubble Meets Pandemic Consequences
May 30 The Scourge of “Whatever it Takes” Monetary Mismanagement
May 23 Just the Facts, May 22, 2020
May 16 Global Bubbles are Deflating
May 9 Schumpeter's Business Cycle Analysis
May 2 Going Nuclear
Apr 25 Fault Lines
Apr 18 Crazy, Dangerous Things
Apr 11 When Money Died
Apr 4 The King of Sovereign Subprime
Mar 28 The Solvency Problem
Mar 21 Please Don’t Completely Destroy...
Mar 14 The Loss of Moneyness
Mar 7 The Modern-Day Bank Run
Feb 29 Hair of the Dog
Feb 22 Pandemic Risk Rising
Feb 15 One Extraordinary Year
Feb 8 Dr. Li Wenliang
Feb 1 The First Major Pandemic Scare
Jan 25 Coronavirus and the End of Boom and Bust
Jan 18 "This is Insane"
Jan 11 Issues 2020
Jan 4 2019 in Review
2019 (52)
Dec 28 Just the Facts - December 27, 2019
Dec 21 Last of the Great Central Bankers
Dec 14 Q3 2019 Z.1 Flow of Funds: Repo Madness
Dec 7 Crazy Extremis
Nov 30 Just the Facts - 11/29/19
Nov 23 Weak Link
Nov 16 China Update
Nov 9 Extraordinary Monetary Disorder
Nov 2 Music to the Market
Oct 26 Whatever It Takes to Never Give Up
Oct 19 China Watch
Oct 12 What the Heck is Happening in the Cayman Islands?
Oct 5 Resurrecting M2
Sep 28 Q2 2019 Z.1 and Repos
Sep 21 No Coincidences
Sep 15 Just the Facts: September 14, 2019
Sep 7 $150 Billion Global Corporate Bond Binge
Aug 31 Dudley Sticks His Neck Out
Aug 24 Trade War Escalation and Bombs
Aug 17 Comeuppance
Aug 10 "Hot Money" Watch
Aug 3 Trump's China Tariff Tweets
Jul 27 Fanning the Flames
Jul 20 Living Life Near the ZLB
Jul 13 Central Banker to the World
Jul 6 Abject Monetary Disorder
Jun 29 History Rhymes
Jun 22 Rejoicing Central Banker Capitulation
Jun 15 Q1 2019 Z.1 "Flow of Funds"
Jun 8 Horde of Jumbo Bazookas
Jun 1 So Much for the Trump Put
May 25 The Ignore Them, Then Panic Dynamic
May 18 True Start to U.S. vs. China Trade War
May 11 Deal or No Deal
May 4 Transitory Histrionics
Apr 27 Officially on “Periphery” Contagion Watch
Apr 20 Full Capitulation
Apr 13 The Perils of Stop and Go
Apr 6 Faux Statesmanship
Mar 30 Everything Rally
Mar 23 Doing Harm with Uber-Dovish
Mar 16 No One Knows How Monetary Policy Works
Mar 9 Q4 2018 Z.1 "Flow of Funds"
Mar 2 Just the Facts 3/1/2019
Feb 23 Dudley on Debt and MMT
Feb 16 No Holds Barred
Feb 9 Delusional
Feb 2 No Mystery
Jan 26 Just the Facts - January 25, 2019
Jan 19 Monetary Disorder 2019
Jan 12 Issues 2019
Jan 5 Global Markets’ Plumbing Problem
2018 (52)
Dec 29 Thoughts on Liquidity
Dec 22 Powell Federal Reserve Lowers “Fed Put” Strike Price
Dec 15 The Perils of Inflationism
Dec 8 Q3 2018 Z.1 and THE Cycle Peak
Dec 1 Framework for Monitoring Financial Stability
Nov 24 Just the Facts 11/23/18
Nov 17 Canary in the Credit Market's Coal Mine
Nov 10 Back to Fundamentals
Nov 3 MBS and the Core
Oct 27 "Whatever They Want" Coming Home to Roost
Oct 20 Moscovici and the National Team
Oct 13 Rude Awakening Coming
Oct 6 Contemporary Finance's Defect
Sep 29 Portending an Interesting Q4
Sep 22 Q2 2018 Z.1 Flow of Funds
Sep 16 Just the Facts: September 16, 2018
Sep 8 Approaching the 10-year Anniversary
Sep 1 Unassailable
Aug 25 Powell, Greenspan and Whatever it Takes
Aug 18 Instability
Aug 11 Turkey (Nudged Over the Cliff)
Aug 4 "Periphery to Core Crisis Dynamics"
Jul 28 Latent Fragilities
Jul 21 Intimidate Nobody
Jul 14 $247 Trillion and (Rapidly) Counting
Jul 7 BIS Annual Economic Report (for posterity)
Jun 30 A Decisive Quarter
Jun 23 Performance Chase
Jun 16 The Great Fallacy
Jun 9 Q1 2018 Z.1 Flow of Funds
Jun 2 Italian Drama
May 26 Unfolding Instability Thesis
May 19 Crisis Watch
May 12 Disequilibrium
May 5 Old Roach Motel
Apr 28 Conventional Wisdom
Apr 21 Recalling 1994
Apr 14 Bizarre and Ominous
Apr 7 Market Realities
Mar 31 Just the Facts
Mar 24 Regime Change
Mar 17 Nobody Thinks It Would Happen Again
Mar 10 Q4 2017 Z.1 Flow of Funds
Mar 3 Cracks
Feb 24 Anbang and China's Mortgage Bubble
Feb 17 Permanent Market Support Operations
Feb 10 Subprime and Short Vol
Feb 3 The Grand Crowded Trade of Financial Speculation
Jan 27 America First and the Decapitation of King Dollar
Jan 20 You Can Only Worry For So Long
Jan 13 Mania
Jan 6 Issue 2018: Market Structure
2017 (52)
Dec 30 A Phenomenal Year
Dec 23 Epic Stimulus Overload
Dec 16 Chronicling for Posterity
Dec 9 Q3 2017 Flow of Funds
Dec 2 China Initiating a Global Bear Market?
Nov 25 Just the Facts November 24, 2017
Nov 18 "Not Clear What That Means"
Nov 11 "Money" on the Move
Nov 4 End of an Era
Oct 28 Must Stop Digging
Oct 21 Arms Race in Bubbles
Oct 14 Arms Race
Oct 7 Kevin Warsh to Lead the Fed in a New Direction
Sep 30 Just the Facts - September 29, 2017
Sep 23 Q2 2017 Z.1 Report
Sep 16 Monetary Disorder
Sep 2 Strong Data and Conspicuous Bubble Excess
Aug 26 Yellen in Jackson Hole
Aug 19 Crisis of Confidence
Aug 12 Doubled-Down
Aug 5 Data and a Carefree Bond Market
Jul 29 Five Years of Whatever It Takes
Jul 22 New Age Mandate
Jul 15 Yellen on Inflation
Jul 8 Wonderful Monetary Policy and Beautiful Deleveragings
Jul 1 The Road to Normalization
Jun 24 Washington Finance and Bubble Illusion
Jun 17 Peak Stimulus Has Passed
Jun 10 Crowded Longs, Shorts and a New Z1
Jun 3 Liquidity Trade
May 27 Moody's Downgrades China
May 20 Just the Facts - May 19, 2017
May 13 The VIX and the Scheme
May 6 Belly of the Beast
Apr 29 Unsound Finance
Apr 22 Liquidity Supernova and the Big Ugly Flaw
Apr 15 "Risk Off" Making Some Headway
Apr 7 Just the Facts - April 7
Apr 1 Q1: Sure Bets That Weren’t
Mar 25 Discussions on the Fed Put
Mar 18 Another Missed Opportunity
Mar 11 My New Endeavor
Mar 11 Unparalleled Credit and Global Yields
Mar 4 Reality vs. The Neutral Rate
Feb 25 Risk On/Risk Off Face-off
Feb 18 China Credit and Global Inflationary Dynamics
Feb 11 Bubbles, Money and the VIX
Feb 4 The Wrath
Jan 28 A Dubious Monetary Backdrop
Jan 21 Just the Facts
Jan 14 Off to an Interesting Start
Jan 7 Just the Facts
2016 (51)
Dec 31 2016 Year in Review
Dec 10 Renzi Falls, Markets Rise
Dec 3 Trump, Bonds, Peripheries, China and Italy
Nov 26 Revisiting the Global Savings Glut Thesis
Nov 19 As Exciting as the 1930s
Nov 12 What a Week
Nov 5 The Upshot of Inflationism
Oct 29 Peak Monetary Stimulus
Oct 22 The Latest on China's Mortgage Finance Bubble
Oct 15 The Perils of a Resurgent China Credit Boom
Oct 8 Matthew, Near Misses and Flash Crashes
Oct 1 A Take on Deutsche Bank
Sep 24 Like Old Times: Q2 2016 Flow of Funds
Sep 17 Risk Off, the BOJ and China
Sep 10 Reversals
Sep 3 Just the Facts
Aug 27 Yellen Unveiling, Jackson Hole 2016
Aug 20 The "Neutral Rate"
Aug 13 Inflation
Aug 6 Updating Government Finance Quasi-Capitalism
Jul 30 Bubble Battles
Jul 23 Don't Mess with Turkey
Jul 16 Scary Time
Jul 9 Sovereign Market Dislocation and Derivatives Turmoil
Jul 2 Greenspan on Bubbles
Jun 25 Majority Mad as Hell
Jun 18 Reminiscing about 2012
Jun 11 Historic Crazy
Jun 4 Monkey with Money at Your Own Peril
May 28 Just the Facts
May 21 Unambiguous Signals Disregarded
May 14 Commentary: Ominous Portents
May 7 Inflection Point for EM
Apr 30 The Red Line
Apr 23 More on China
Apr 16 Pushing Desperate Measures Too Far
Apr 9 Bubble Economy or Not?
Apr 2 Another Coin in the Fuse Box
Mar 26 All is Not Well
Mar 19 Q4 2015 Flow of Funds
Mar 12 Thesis Update
Mar 5 Just the Facts - March 5, 2016
Feb 27 Just the Facts - February 27, 2016
Feb 20 Crisis Management
Feb 13 The Global Bubble
Feb 6 The Adjustment Cycle
Jan 30 About Resuscitation and Reinstatement
Jan 23 Draghi Ready to Fight
Jan 16 Cracks at the Core of the Core
Jan 9 Issues 2016
Jan 2 2015 Year in Review
2015 (47)
Dec 19 Plausible Bubbles Abound
Dec 12 The Precipice
Dec 5 The Cult of Draghi
Nov 21 Monetary Fiasco
Nov 14 Risk Off?
Nov 7 Irreversibly Broken and Dysfunctional
Oct 31 Developing or Developed?
Oct 24 Hobson's Choice
Oct 17 Look Back in Anger
Oct 10 Courage to Print
Oct 3 Party Crashing
Sep 26 New World Disorder
Sep 19 Now What?
Sep 12 China Hardens Peg and Brazil Goes to Junk
Sep 5 The Unwind
Aug 31 CBB Response to Question on "Moneyness"
Aug 29 "Carry Trades" and Trend-Following Strategies
Aug 22 It’s Always Worse Than You Think
Aug 15 China
Aug 8 Core of the Core
Aug 1 Money and Spheres
Jul 25 Same Old Same Old
Jul 18 Lessons of 2004
Jul 11 Broken
Jul 4 The Triad
Jun 20 Coming Home
Jun 6 Just the Facts
May 30 Out of Thin Air
May 23 Paying for the Past: Insight from Lindsey, Fisher and Greenspan
May 16 Today's New Paradigm
May 9 "The End is Near!"
May 2 Quasi-Capitalism and Crowded Trades
Apr 25 Pro-Bubble
Apr 18 Horrible Risk Versus Reward
Apr 11 A Tale of Two Entangled Super Bubbles
Mar 28 A Progressively Maladjusted “Economic Sphere”
Mar 21 True Ultra-Dovishness
Mar 14 EM Contagion & A New Z.1
Mar 7 King Dollar Tipping Point
Feb 28 Periphery Fragility List
Feb 21 The Curse of Moneyness
Feb 14 Store of Value
Feb 7 "What Happened to Deleveraging?"
Feb 2 Issues with "Follow by Email":
Jan 31 Dangerous Games of Chicken
Jan 24 Company Bond Sales at $93 Billion See Slowest Start Since 2008
Jan 24 Draghi's Do Whatever it Takes Beats Estimates
2014 (49)
Dec 26 Thank You
Dec 19 "Bo, Bo"
Dec 5 The Unavoidable Peril of Financial Sphere Bubbles
Nov 28 The King of Dollar Pegs
Nov 21 Memories of 2012 and 2007
Nov 15 Financial Sphere Bubbles
Nov 7 Back to the Nineties
Oct 31 Kuroda, Bubbles and King Dollar
Oct 24 More Wackoism
Oct 17 The Downside of Do Whatever it Takes
Oct 10 Derivatives Story 2014
Oct 3 The New Mediocre Neutral
Sep 26 What We Know
Sep 19 Only For Wonks
Sep 12 King Dollar and the Peripheries
Sep 10 Issues 2007
Sep 10 Mishkin on Asset Bubbles and Monetary Policy
Sep 5 Do Whatever it Takes to Shock and Awe
Aug 28 Pondering the Summers of 2012 and 2014
Aug 23 Reflexivity, Bubbles and Profits
Jul 25 Bubbles & Schemes
Jul 18 Druckenmiller the Statesman
Jul 11 2014 vs. 2007
Jul 4 The "Moneyness" of Risk Assets
Jun 27 No Bubble?
Jun 13 Sound or Unsound?
May 30 He's Back
May 23 How the Euro was (actually) Saved
May 16 Nervous Time
May 9 (No) Conundrum 2.0
May 6 Credit Allocation
May 2 Serial Booms and Busts
Apr 27 Money and Credit and the Current Backdrop
Apr 18 Stabilizer?
Apr 11 Financial Stability
Apr 4 HFT, Rigged Markets, and The Man
Mar 28 QE, Uncertainty, and CPI
Mar 21 April/May/June Dynamic
Mar 14 A Truman Show World
Mar 7 Q4 2013 Flow of Funds and Geopolitical
Feb 28 Bundesbankification
Feb 21 Currencies, Carry Trades, Fat Pigs and Pythons
Feb 14 Transitions
Feb 7 EM Hedge Funds and Corporate Debt
Jan 31 The End of an Era
Jan 24 Credit is Gold No. 1 and Icebergs
Jan 17 Historic Year 2014 Thesis
Jan 10 The Departing Bernanke on Macro
Jan 3 Issues 2014
2013 (49)
Dec 27 2013 In Review
Dec 20 Dovish or Hawkish
Dec 13 Q3 2013 Flow of Funds
Dec 6 The Countdown to Year-End
Nov 29 Pertinent Bubble Insights from the Roaring Twenties
Nov 22 Plossers Limited Fed, A Statesman Takes a Stand
Nov 15 Hearing Janet Yellen
Nov 1 The May - June Dynamic
Oct 25 Fighting the Good Fight
Oct 18 Terminal Phases
Oct 11 The Perils of Mopping Up
Oct 4 Night and Day
Sep 27 Z1 and the Doves
Sep 20 Financial Conditions
Sep 13 Blinder, Summers and Monetary Policy
Sep 6 Difficult Decisions Ahead
Aug 30 Weak Links and Transmission Mechanisms
Aug 23 All the Makings for a Major Top
Aug 17 Introducing Government Finance Quasi Capitalism
Jul 19 Inflationphobia
Jul 12 Bernanke's Comment
Jul 5 Mis-pricing Risk
Jun 28 Uninsurable Risks
Jun 26 The One Year Anniversary of Do Whatever it Takes
Jun 21 Latent Market Bubble Risks
Jun 14 The King of EM
Jun 7 Twenty Year Anniversary of Market Backstops
May 31 It's Going to be Another Interesting Summer
May 24 Kuroda's Gambit
May 17 Financial Euphoria
May 10 Thoughts on the Electronic Printing Press
May 3 Too Much Asset Inflation
Apr 26 The Global Reflation Trade
Apr 19 Fault Lines
Apr 12 Things Have Gone Too Far
Apr 5 Kuroda Leapfrogs Bernanke
Mar 29 Invaluable Insight from Axel Weber
Mar 22 Cyprus and Money
Mar 15 Insights from Former Fed Chairmen
Mar 8 Q4 2012 Flow of Funds
Mar 1 Italy and Ro, Ro
Feb 22 The Fed, Chinese Tightening and Distribution
Feb 15 Hedge Funds Gone Wild
Feb 13 New Bull, or Larger Ro, Ro
Feb 1 Late 90s Like
Jan 25 Liquidity Bubble
Jan 18 How Crazy?
Jan 13 A Credit Theory and Ro, Ro Update
Jan 4 Issues 2013
2012 (47)
Dec 28 2012 in Review
Dec 21 Recalling John Law
Dec 14 Hotel California
Dec 7 Q3 2012 Flow of Funds
Nov 30 Ready for Year End Fiscal Cliff Drama
Nov 23 Following Weidmann, Lacker Takes a Stand
Nov 6 When Money Dies
Nov 2 Sandy, Bernanke and Money
Oct 25 The Perils of Bubbles and Speculative Finance
Oct 19 25 Year Anniversary
Oct 12 The Myth of Deleveraging
Oct 12 The Collapsing Periphery
Oct 5 You Can Intimidate Everyone
Sep 28 It's all Greek to Me
Sep 21 Z1 QE3 and Deleveraging
Sep 14 QE Forever
Sep 7 Diverging Like It's 1929
Aug 31 Risk #3
Aug 24 Do Whatever it Takes
Aug 17 The Winding Down of Fannie and Freddie
Aug 10 The Dog That's Not Barking
Aug 3 Think Grand Canyon
Jul 27 Monetary Madness
Jul 20 Risk On Risk Off and the Spanish_Chinese Tug of War
Jul 13 Game Theory and Crowded Trades
Jul 6 Trying to Stay Focused on the Big Picture
Jun 8 Pavlovian
Jun 1 And This Week a Turn for the Worse
May 25 Here Comes the Policy Response!
May 18 The Jig is Up
May 11 Risk Off Gains a Foothold
May 4 Revenge of Risk Off
Apr 27 The Many Facets of Roro
Apr 20 An Eye on France, Italy and the Speculators
Apr 13 All Eyes on Spain
Apr 6 Cracks in Europe
Mar 30 Financial Repression
Mar 23 Interesting Juncture
Mar 16 Flow of Funds and More
Mar 9 Now, Sterilized QE
Feb 24 Contemporary Monetary Analysis
Feb 17 A New Bull Market
Feb 3 Price Instability
Jan 27 Policy Deserving of a Rant
Jan 20 Thoughts on the Crisis of Capitalism
Jan 13 The Year of the Central Bank
Jan 6 Issues 2012
2011 (47)
Dec 30 2011 in Review
Dec 23 Financial Arbitrage Capitalism after 10 Years
Dec 16 Target 2
Dec 2 The Mythical Great Moderation
Nov 25 Global Contagion
Nov 18 ECB to the Rescue
Nov 11 The Friday Perspective and the Wednesday Perspective
Nov 4 Destructive, Destructionism and Inflationism
Oct 28 Money and the European Credit Crisis
Oct 21 Mortgage Madness
Oct 14 Ring-Fencing
Oct 7 Tuesday
Sep 30 Testing a Thesis
Sep 23 Recalling King Dollar Distortions
Sep 16 Delta One
Sep 9 Crumbling Pillars
Sep 2 Confidence Wearing Thin
Aug 26 Valuable Insight from Jackson Hole
Aug 19 The PhD Standard
Aug 12 Compare and Contrast 2011 vs. 2008
Aug 5 Destabilizing Speculation
Jul 29 More on Moneyness
Jul 22 More on Sovereign Debt Crisis
Jul 15 The Sovereign Debt Crisis Learning Curve
Jun 24 Red Alert
Jun 17 Lehman Moment
Jun 10 The King of Non-Productive Debt
Jun 3 Dismal Payroll Data
May 27 Throwing Good Money After Bad
May 20 Pondering Greece, Spain and the End of QE2
May 13 Just the Facts
Apr 29 Henry Simons was Right
Apr 22 S&P Commences the Process
Apr 15 Making Room for China
Apr 8 Diverging Monetary Policies, Again
Apr 1 Q1 and QE2
Mar 25 Q4 2010 Flow of Funds
Mar 11 Risk and the Dollar Carry Trade
Mar 4 Favorable or Unfavorable
Feb 25 Increasingly Unwieldy. Monetary Disorder
Feb 18 Pondering the End of QE2
Feb 11 No Exits
Feb 4 Just the Facts
Jan 28 Monetary Disorder and Global Fragilities
Jan 21 Recalling January 2008
Jan 14 Issues 2011
Jan 7 Just the Facts
2010 (47)
Dec 31 Year in Review
Dec 24 Just the Facts
Dec 17 Q3 2010 Flow of Funds
Dec 10 The Fed and Money
Dec 3 Kicking the Can
Nov 19 Ideological and Hostile
Nov 12 The Official Start of QE2
Nov 5 QE2
Oct 29 Just the Facts
Oct 22 Rebalancing the World
Oct 15 Inflationary Bases and the US Policy Dilemma
Oct 1 Just the Facts
Sep 24 2Q 2010 Flow of Funds
Sep 17 Competitive Monetization
Sep 10 Bubble Thesis Update
Aug 20 Let's Change the Debate
Aug 13 So Much for the Exit Strategy
Aug 6 2010 vs. 2007
Jul 30 Quantitative Easing Two
Jul 23 Trichet Challenges Inflationism
Jul 16 The Dollar's Predicament
Jul 9 A Scenario
Jul 2 Unavailability of Spending Crisis
Jun 25 Bond Bubble
Jun 18 A Prominent Indicator of Financial Conditions
Jun 11 Q1 2010 Flow of Funds
Jun 4 Gauging Financial Conditions
May 28 Unwitting Beneficiary
May 21 Just the Facts
May 14 Dysfunctional Markets
May 7 Liquidationist Revisited
Apr 30 Tuesday April 27 2010
Apr 23 Deficits and Private_Sector Credit
Apr 16 It is about Trust
Apr 9 Money Good
Apr 2 Just the Facts
Mar 23 The Restoration of King Dollar
Mar 19 Greenspan on the Crisis
Mar 12 Q4 2009 Flow of Funds
Mar 5 A Year in Reflation
Feb 26 The U.S. and Inflationism
Feb 19 The Beginning of Tightening
Feb 12 Global Reflation Update
Feb 5 The Beginning of the End
Jan 22 The Volcker Rule
Jan 15 Current Account Deficits_25 Years and Counting
Jan 8 Issues 2010
2009 (47)
Dec 26 Mostly Facts
Dec 18 Just the Facts
Dec 11 Q3 2009 Flow of Funds
Nov 27 Dubai Watch
Nov 20 Reflation Issues Heat Up
Nov 13 Just the Facts
Nov 4 About a Half Paradigm
Oct 30 The Newest Abnormal
Oct 23 Mortgage Madness
Oct 16 Clinging to Misguided Monetary Mentalities
Oct 9 Dollar Dilemma
Oct 2 The Governator and the Market Operator
Sep 25 From Bear to Bear
Sep 18 Q2 2009 Flow of Funds
Sep 11 And No Dialing Back
Sep 4 No Exit
Aug 28 Party Like It's 1991
Aug 21 The Depressed U.S. Consumer and Global Reflation
Aug 14 Reflation Contemplation
Aug 7 The Stock Market and Monetary Disorder
Jul 31 Facets of Bubble Analysis
Jul 24 Tug-of-War
Jul 17 Global Reflation Update
Jul 9 Speculator_Policymaker Foe or Friend
Jun 26 It is Economic
Jun 19 Q1 2009 Flow of Funds
Jun 12 No Conundrum, Again
Jun 5 Counter-Cyclical or Counterproductive
May 29 The Core to Periphery Dynamic
May 22 Inflationism's Seductive Battle Cry
May 8 The Dynamically-Hedged Economy II
May 1 The Greatest Cost
Apr 24 Reflation Watch
Apr 17 Capitalism's Greatest Vulnerability
Apr 10 Just the Facts
Apr 3 Periphery Rising
Mar 27 Revisiting the Global Savings Glut Thesis
Mar 20 Mistakes Beget Greater Mistakes
Mar 13 Q4 2008 Flow of Funds
Mar 6 A Washington-Induced Bubble
Feb 27 A Week of Big Numbers
Feb 6 The Government Finance Bubble
Jan 30 Inflationism The Bane of Capitalism
Jan 23 U.K. Takes a Turn for the Worst
Jan 16 A Divergence
Jan 9 Just the Facts
Jan 2 Year-end Facts

Other bubble eras

Nineties Bubble → Mortgage Finance Bubble →

Global Government Finance Bubble

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