Weekly Commentary
1321 commentaries
- More Unbelievable
- Bond Yield Breakout
- Sloppy
- Currency Pegs and Carry Trades
- Our Semiquincentennial Gilded Age
- The Treasury Secretary and the Maestro
- Warsh's Regime Change
- SpaceX and a Z.1 (Q1 2026)
- The Mania and the Frog
- Party Like It's 1999, 1996 and 2007
- The Warsh Fed
- Bonds Bludgeoned
- Rapscallions Crowding Out
- Gradually Transitioning to Suddenly
- Warsh in His Own Words
- Teetering
- Unbelievable
- A Squeeze, a Gambit, and a Z.1
- Lacking a Good Scenario
- Bubbles, Dams, War and Cracks
- At the Brink
- Scorched Earth
- Sometimes Not Liquid at All
- Mounting Uncertainty
- Recalling 1991
- Deleveraging Watch
- Kevin Warsh and Regime Change
- Issues 2026
- 2025 Year in Review
- Decisive Week and a Delayed Z.1
- Recalling 2022
- Just the Facts - December 26, 2025
- Global Monitoring Report on NBFI
- It's Back
- $12 TN and Counting
- Everywhere
- Volatile and Fragile
- Last Gasp
- The Question
- Far From It
- Foreshocks
- Infestation
- Two Questions
- A Feature, Not a Bug
- Canary?
- The Fed, 3rd Mandate, and 1st Amendment
- Q2 '25 Z.1 and September 10, 2025?
- The Law of Bubbles
- MAGA Fed Put
- Discounting the Loss of Fed Independence
- Gavin & Alan
- Anything But Normal Times
- Peak Dance Moves
- One Serious Silly Season
- Not Restrictive
- Tariff Man Returns and He's Coming for Powell
- Big, Ugly Crisis of Confidence
- Just the Facts - June 27, 2025
- Back For a Second Attempt
- “Real Economy Sphere vs. Financial Sphere” Q1 '25 Z.1
- Uncertainty Squared
- TACO and Dumpling
- Don't Say You Weren't Warned
- Close to a Melt-Down
- Asian-Crisis-in-Reverse Feel
- The Typical and Atypical
- Hooked on Hedge Fund Leverage
- Burst Bubble Walking
- Normal Deleveraging and Trade Wars
- Worse than the Worst-Case
- Critical Market Juncture
- In Defense of the Constitution
- Q4 2024 Z.1 and the Start of Deleveraging
- Train Wreck
- Oval Office and the World
- Disrupted
- Declaring the Reciprocal Tariff Regime
- The Dog That Does More Than Bark
- Age of Uncertainty
- For Posterity
- Thoughts Ahead of Day One
- Issues 2025
- 2024 Year in Review
- Vigilantism and Deleveraging
- Deleveraging Doom Loop
- Monitoring for Peak Bubble Excess - Q3 2024 Z.1
- Disorder Metastasis
- Historic November
- The Rave
- Power
- Paradigm Shifts
- Vigilantes Mobilizing
- Paul Tudor Jones Insight
- Accelerating Wall Street and Subprime Booms
- 45 and Counting
- Reality Check for Bonds
- Neutral Rates and Xi's Whatever it Takes
- Fed Goes Big
- Validating the Bubble Thesis: Q2 2024 Z.1
- 'D' for Dis-Equipoise
- Money Machines
- Something of a Victory Lap
- Unstable
- Regime Change
- The Critical Leap
- In a Jumble
- Election on the Brink
- Houston, We Have a Bubble Problem
- Nothing Matters
- Just the Facts - June 30, 2024
- Greatest Threat
- Potential Catalyst and the Q1 2024 Z.1
- Summer of Discontent and Instability
- Thesis Corroboration
- Speculative Bubble Hype
- Zhang Zhan
- Citadel Securities vs. Jane Street
- Instability
- Opposite Day
- World-Wide De-Risking/Deleveraging
- Trouble Brewing in Financial Asset Wonderland
- Global Ring of Fire
- On Currency Watch Following Melt-Up Q1
- That's Our Story...
- Failed
- Q4 2023 Z.1: Bubble Confirmation
- Speak Truth to Crazy
- Overheated
- Inflationary Biases
- Deflation & Inflation
- Fed Embraces "Immaculate Disinflation"
- On Fire
- Cold and Hot
- Pricing Six Cuts (and Counting)
- Issues 2024
- 2023 Year in Review
- Bubble Kings
- Guard Down, Towel Tossed
- Repo Madness: Q3 2023 Z.1
- Rule of Thumb
- Really BIG
- A Wolf in Panda's Clothing
- A Most Critical Stage
- Back to Squeezeville
- Off the Rails
- “The Last, Best Hope of Earth”
- Most Dangerous Time
- Breaking
- Remembering LTCM
- Higher for Longer
- Memory Lane
- Risk Off and Q2 '23 Z.1
- Curious Market Action
- The Speculative Cycle
- Crisis of Confidence
- Junctures and New Cycles
- Shot Across the Bow
- Nirvana Scenario
- Time for Resolve
- Battle Lines Are Drawn
- Thursday
- Just the Facts - June 30, 2023
- Liquidity Risks
- Nietzsche on Bubbles
- Q1 '23 Z1: Shedding Light on Liquidity Dislocation
- The Case Against Skip
- Melt-up Vs. Deleveraging
- Too Loose
- China Bubble Deflation Watch
- "Extraordinarily Sound"
- Animal or Lab?
- Plan B
- Perilous "Money"
- U.S. Economy Slowing, Kuroda Going
- That Was Interesting
- The Big Pivot
- Fire
- Silicon Valley Bust
- Calm Before the Storm
- Perils of Unsound Money
- Ueda and No Landings
- Monetary Inflation Run Amok
- Powell is No Volcker
- Powell on Deck
- Inflation Complacency
- Market Messaging
- Issues 2023
- 2022 Year in Review
- Just the Facts: December 23, 2022
- Credit Downturn Acceleration
- Blackstone, Inflection Points and the Z.1
- Dr. Jekyll and Mr. Hyde
- Market Thoughts
- SBF, FTX and QE
- Derivatives, Squeezes and Fiascos Aplenty
- Powell Building Credibility
- Blinked
- Dissecting Chairman Xi
- New Cycle Realities
- A Threatening Turn
- Putin & The Vigilantes
- Deflation and Policy Mistakes
- Valuable Insight from the Q2 '22 Z.1
- Super Credit Bubble
- New Cycle Monetary Management
- Inaugural Squeeze
- The Everything Squeeze
- Indefensible Neutral Rate Doctrine
- Just the Facts - July 29, 2022
- Nowhere to Hide
- Global Crisis Dynamics Update
- Revisiting the Bursting China Bubble
- Pondering Modern-Day Runs
- Calm Before the Storm
- Bursting Bubbles and Failed Experiments
- Breaking and the Q1 2022 Z.1
- Hurricane Peerless
- Inflation Acquiescence
- More on the New Cycle
- The Acceleration Phase
- Global Quagmire
- Collision Course
- Losing Capacity to Stabilize
- Transitioning to a New Cycle
- Playing with Fire
- Historic Q1 2022
- The Big Test
- Inklings of Secular Change
- Ugly - and the Q4 2021 Z.1
- Day Nine
- Honor
- Made the Decision
- Lost Control
- A Changing World
- The High-Wire Act Has Commenced
- Market Structure in the Crosshairs
- Kaufman Knows Inflation
- Issues 2022
- 2021 Year in Review
- Just the Facts - December 24, 2021
- Pandemic Risks Rising - Again
- Two Developments and the Q3 2021 Z.1
- Walk the Walk
- Black Friday
- Trouble on the Horizon
- Accident-Prone Endgame Dynamic
- Dow 36,000 and Policy Mistakes
- Losing Control
- A True Central Banker
- Controllable
- Contagion
- Inflation Watch
- Bipolar and the Q2 2021 Z.1
- Evergrande Moment
- Necessarily Aggressive
- Easy Money Anesthesia
- Bigger Mistakes
- Weary of Their Capitalism Experiment
- Uncertainty
- Ebb and Flow
- The King of Carry Trades
- Dangerous Addiction
- Under Fire
- Beijing Flinches
- Hedge Fund Treasury Trading and Funding Fragility
- Mester on Financial Stability
- Heels Dislodged
- Historic Monetary Inflation: Q1 2021 Z.1
- Turned Tight
- The Wisdom of Benjamin Anderson
- Just the Facts - May 21, 2021
- Un-Anchored
- Generational Turning Point
- Fed Guessing
- Peak Monetary Stimulus
- Huarong
- Keeping the Dance Party Rolling
- Archegos and Ponzi Finance
- Double Trouble
- Powell on Inflation
- Let the Facts Speak: Q4 2020 Z.1
- De-risking/Deleveraging at the Periphery
- Regime Change
- Wrecking Ball
- The Short but Momentous History of Fed QE
- That's on Them
- The Great 2021 Squeeze Mania
- Short-Term Unsustainable
- The Reality of Financial Dominance
- Issues 2021
- 2020 Year in Review
- Just the Facts - 12/25/2020
- $10.275 TN In Nine Months
- Unnecessary Head Scratching: Q3 2020 Z.1
- Monetary Disorder In Extremis
- Pondering the New Treasury Secretary
- Scorched Earth
- Well, That’s Some Weird… Stuff
- Critical Juncture
- Very Dangerous
- The New Massive
- Moral Hazard Pinnacle
- Weird
- Covid Uncertainties
- Extraordinary Q2 2020 Z.1 Flow of Funds
- Revisiting "Coin in the Fuse Box"
- State-Directed Credit Splurge
- Summer of 2020
- It's About Jobs, Jobs, Jobs
- Moral Hazard Quagmire
- Safe Haven Treasuries Not So Safe
- Global Lender of Last Resort
- Precarious World
- Crossing Red Lines
- Drone Money
- Utmost Crazy
- Two Down, Two to Go
- More W than V
- Update COVID-19
- Extraordinary Q1 2020 Z.1 Flow of Funds
- Bubble Meets Pandemic Consequences
- The Scourge of “Whatever it Takes” Monetary Mismanagement
- Just the Facts, May 22, 2020
- Global Bubbles are Deflating
- Schumpeter's Business Cycle Analysis
- Going Nuclear
- Fault Lines
- Crazy, Dangerous Things
- When Money Died
- The King of Sovereign Subprime
- The Solvency Problem
- Please Don’t Completely Destroy...
- The Loss of Moneyness
- The Modern-Day Bank Run
- Hair of the Dog
- Pandemic Risk Rising
- One Extraordinary Year
- Dr. Li Wenliang
- The First Major Pandemic Scare
- Coronavirus and the End of Boom and Bust
- "This is Insane"
- Issues 2020
- 2019 in Review
- Just the Facts - December 27, 2019
- Last of the Great Central Bankers
- Q3 2019 Z.1 Flow of Funds: Repo Madness
- Crazy Extremis
- Just the Facts - 11/29/19
- Weak Link
- China Update
- Extraordinary Monetary Disorder
- Music to the Market
- Whatever It Takes to Never Give Up
- China Watch
- What the Heck is Happening in the Cayman Islands?
- Resurrecting M2
- Q2 2019 Z.1 and Repos
- No Coincidences
- Just the Facts: September 14, 2019
- $150 Billion Global Corporate Bond Binge
- Dudley Sticks His Neck Out
- Trade War Escalation and Bombs
- Comeuppance
- "Hot Money" Watch
- Trump's China Tariff Tweets
- Fanning the Flames
- Living Life Near the ZLB
- Central Banker to the World
- Abject Monetary Disorder
- History Rhymes
- Rejoicing Central Banker Capitulation
- Q1 2019 Z.1 "Flow of Funds"
- Horde of Jumbo Bazookas
- So Much for the Trump Put
- The Ignore Them, Then Panic Dynamic
- True Start to U.S. vs. China Trade War
- Deal or No Deal
- Transitory Histrionics
- Officially on “Periphery” Contagion Watch
- Full Capitulation
- The Perils of Stop and Go
- Faux Statesmanship
- Everything Rally
- Doing Harm with Uber-Dovish
- No One Knows How Monetary Policy Works
- Q4 2018 Z.1 "Flow of Funds"
- Just the Facts 3/1/2019
- Dudley on Debt and MMT
- No Holds Barred
- Delusional
- No Mystery
- Just the Facts - January 25, 2019
- Monetary Disorder 2019
- Issues 2019
- Global Markets’ Plumbing Problem
- Thoughts on Liquidity
- Powell Federal Reserve Lowers “Fed Put” Strike Price
- The Perils of Inflationism
- Q3 2018 Z.1 and THE Cycle Peak
- Framework for Monitoring Financial Stability
- Just the Facts 11/23/18
- Canary in the Credit Market's Coal Mine
- Back to Fundamentals
- MBS and the Core
- "Whatever They Want" Coming Home to Roost
- Moscovici and the National Team
- Rude Awakening Coming
- Contemporary Finance's Defect
- Portending an Interesting Q4
- Q2 2018 Z.1 Flow of Funds
- Just the Facts: September 16, 2018
- Approaching the 10-year Anniversary
- Unassailable
- Powell, Greenspan and Whatever it Takes
- Instability
- Turkey (Nudged Over the Cliff)
- "Periphery to Core Crisis Dynamics"
- Latent Fragilities
- Intimidate Nobody
- $247 Trillion and (Rapidly) Counting
- BIS Annual Economic Report (for posterity)
- A Decisive Quarter
- Performance Chase
- The Great Fallacy
- Q1 2018 Z.1 Flow of Funds
- Italian Drama
- Unfolding Instability Thesis
- Crisis Watch
- Disequilibrium
- Old Roach Motel
- Conventional Wisdom
- Recalling 1994
- Bizarre and Ominous
- Market Realities
- Just the Facts
- Regime Change
- Nobody Thinks It Would Happen Again
- Q4 2017 Z.1 Flow of Funds
- Cracks
- Anbang and China's Mortgage Bubble
- Permanent Market Support Operations
- Subprime and Short Vol
- The Grand Crowded Trade of Financial Speculation
- America First and the Decapitation of King Dollar
- You Can Only Worry For So Long
- Mania
- Issue 2018: Market Structure
- A Phenomenal Year
- Epic Stimulus Overload
- Chronicling for Posterity
- Q3 2017 Flow of Funds
- China Initiating a Global Bear Market?
- Just the Facts November 24, 2017
- "Not Clear What That Means"
- "Money" on the Move
- End of an Era
- Must Stop Digging
- Arms Race in Bubbles
- Arms Race
- Kevin Warsh to Lead the Fed in a New Direction
- Just the Facts - September 29, 2017
- Q2 2017 Z.1 Report
- Monetary Disorder
- Strong Data and Conspicuous Bubble Excess
- Yellen in Jackson Hole
- Crisis of Confidence
- Doubled-Down
- Data and a Carefree Bond Market
- Five Years of Whatever It Takes
- New Age Mandate
- Yellen on Inflation
- Wonderful Monetary Policy and Beautiful Deleveragings
- The Road to Normalization
- Washington Finance and Bubble Illusion
- Peak Stimulus Has Passed
- Crowded Longs, Shorts and a New Z1
- Liquidity Trade
- Moody's Downgrades China
- Just the Facts - May 19, 2017
- The VIX and the Scheme
- Belly of the Beast
- Unsound Finance
- Liquidity Supernova and the Big Ugly Flaw
- "Risk Off" Making Some Headway
- Just the Facts - April 7
- Q1: Sure Bets That Weren’t
- Discussions on the Fed Put
- Another Missed Opportunity
- My New Endeavor
- Unparalleled Credit and Global Yields
- Reality vs. The Neutral Rate
- Risk On/Risk Off Face-off
- China Credit and Global Inflationary Dynamics
- Bubbles, Money and the VIX
- The Wrath
- A Dubious Monetary Backdrop
- Just the Facts
- Off to an Interesting Start
- Just the Facts
- 2016 Year in Review
- Renzi Falls, Markets Rise
- Trump, Bonds, Peripheries, China and Italy
- Revisiting the Global Savings Glut Thesis
- As Exciting as the 1930s
- What a Week
- The Upshot of Inflationism
- Peak Monetary Stimulus
- The Latest on China's Mortgage Finance Bubble
- The Perils of a Resurgent China Credit Boom
- Matthew, Near Misses and Flash Crashes
- A Take on Deutsche Bank
- Like Old Times: Q2 2016 Flow of Funds
- Risk Off, the BOJ and China
- Reversals
- Just the Facts
- Yellen Unveiling, Jackson Hole 2016
- The "Neutral Rate"
- Inflation
- Updating Government Finance Quasi-Capitalism
- Bubble Battles
- Don't Mess with Turkey
- Scary Time
- Sovereign Market Dislocation and Derivatives Turmoil
- Greenspan on Bubbles
- Majority Mad as Hell
- Reminiscing about 2012
- Historic Crazy
- Monkey with Money at Your Own Peril
- Just the Facts
- Unambiguous Signals Disregarded
- Commentary: Ominous Portents
- Inflection Point for EM
- The Red Line
- More on China
- Pushing Desperate Measures Too Far
- Bubble Economy or Not?
- Another Coin in the Fuse Box
- All is Not Well
- Q4 2015 Flow of Funds
- Thesis Update
- Just the Facts - March 5, 2016
- Just the Facts - February 27, 2016
- Crisis Management
- The Global Bubble
- The Adjustment Cycle
- About Resuscitation and Reinstatement
- Draghi Ready to Fight
- Cracks at the Core of the Core
- Issues 2016
- 2015 Year in Review
- Plausible Bubbles Abound
- The Precipice
- The Cult of Draghi
- Monetary Fiasco
- Risk Off?
- Irreversibly Broken and Dysfunctional
- Developing or Developed?
- Hobson's Choice
- Look Back in Anger
- Courage to Print
- Party Crashing
- New World Disorder
- Now What?
- China Hardens Peg and Brazil Goes to Junk
- The Unwind
- CBB Response to Question on "Moneyness"
- "Carry Trades" and Trend-Following Strategies
- It’s Always Worse Than You Think
- China
- Core of the Core
- Money and Spheres
- Same Old Same Old
- Lessons of 2004
- Broken
- The Triad
- Coming Home
- Just the Facts
- Out of Thin Air
- Paying for the Past: Insight from Lindsey, Fisher and Greenspan
- Today's New Paradigm
- "The End is Near!"
- Quasi-Capitalism and Crowded Trades
- Pro-Bubble
- Horrible Risk Versus Reward
- A Tale of Two Entangled Super Bubbles
- A Progressively Maladjusted “Economic Sphere”
- True Ultra-Dovishness
- EM Contagion & A New Z.1
- King Dollar Tipping Point
- Periphery Fragility List
- The Curse of Moneyness
- Store of Value
- "What Happened to Deleveraging?"
- Issues with "Follow by Email":
- Dangerous Games of Chicken
- Company Bond Sales at $93 Billion See Slowest Start Since 2008
- Draghi's Do Whatever it Takes Beats Estimates
- Thank You
- "Bo, Bo"
- The Unavoidable Peril of Financial Sphere Bubbles
- The King of Dollar Pegs
- Memories of 2012 and 2007
- Financial Sphere Bubbles
- Back to the Nineties
- Kuroda, Bubbles and King Dollar
- More Wackoism
- The Downside of Do Whatever it Takes
- Derivatives Story 2014
- The New Mediocre Neutral
- What We Know
- Only For Wonks
- King Dollar and the Peripheries
- Issues 2007
- Mishkin on Asset Bubbles and Monetary Policy
- Do Whatever it Takes to Shock and Awe
- Pondering the Summers of 2012 and 2014
- Reflexivity, Bubbles and Profits
- Bubbles & Schemes
- Druckenmiller the Statesman
- 2014 vs. 2007
- The "Moneyness" of Risk Assets
- No Bubble?
- Sound or Unsound?
- He's Back
- How the Euro was (actually) Saved
- Nervous Time
- (No) Conundrum 2.0
- Credit Allocation
- Serial Booms and Busts
- Money and Credit and the Current Backdrop
- Stabilizer?
- Financial Stability
- HFT, Rigged Markets, and The Man
- QE, Uncertainty, and CPI
- April/May/June Dynamic
- A Truman Show World
- Q4 2013 Flow of Funds and Geopolitical
- Bundesbankification
- Currencies, Carry Trades, Fat Pigs and Pythons
- Transitions
- EM Hedge Funds and Corporate Debt
- The End of an Era
- Credit is Gold No. 1 and Icebergs
- Historic Year 2014 Thesis
- The Departing Bernanke on Macro
- Issues 2014
- 2013 In Review
- Dovish or Hawkish
- Q3 2013 Flow of Funds
- The Countdown to Year-End
- Pertinent Bubble Insights from the Roaring Twenties
- Plossers Limited Fed, A Statesman Takes a Stand
- Hearing Janet Yellen
- The May - June Dynamic
- Fighting the Good Fight
- Terminal Phases
- The Perils of Mopping Up
- Night and Day
- Z1 and the Doves
- Financial Conditions
- Blinder, Summers and Monetary Policy
- Difficult Decisions Ahead
- Weak Links and Transmission Mechanisms
- All the Makings for a Major Top
- Introducing Government Finance Quasi Capitalism
- Inflationphobia
- Bernanke's Comment
- Mis-pricing Risk
- Uninsurable Risks
- The One Year Anniversary of Do Whatever it Takes
- Latent Market Bubble Risks
- The King of EM
- Twenty Year Anniversary of Market Backstops
- It's Going to be Another Interesting Summer
- Kuroda's Gambit
- Financial Euphoria
- Thoughts on the Electronic Printing Press
- Too Much Asset Inflation
- The Global Reflation Trade
- Fault Lines
- Things Have Gone Too Far
- Kuroda Leapfrogs Bernanke
- Invaluable Insight from Axel Weber
- Cyprus and Money
- Insights from Former Fed Chairmen
- Q4 2012 Flow of Funds
- Italy and Ro, Ro
- The Fed, Chinese Tightening and Distribution
- Hedge Funds Gone Wild
- New Bull, or Larger Ro, Ro
- Late 90s Like
- Liquidity Bubble
- How Crazy?
- A Credit Theory and Ro, Ro Update
- Issues 2013
- 2012 in Review
- Recalling John Law
- Hotel California
- Q3 2012 Flow of Funds
- Ready for Year End Fiscal Cliff Drama
- Following Weidmann, Lacker Takes a Stand
- When Money Dies
- Sandy, Bernanke and Money
- The Perils of Bubbles and Speculative Finance
- 25 Year Anniversary
- The Myth of Deleveraging
- The Collapsing Periphery
- You Can Intimidate Everyone
- It's all Greek to Me
- Z1 QE3 and Deleveraging
- QE Forever
- Diverging Like It's 1929
- Risk #3
- Do Whatever it Takes
- The Winding Down of Fannie and Freddie
- The Dog That's Not Barking
- Think Grand Canyon
- Monetary Madness
- Risk On Risk Off and the Spanish_Chinese Tug of War
- Game Theory and Crowded Trades
- Trying to Stay Focused on the Big Picture
- Pavlovian
- And This Week a Turn for the Worse
- Here Comes the Policy Response!
- The Jig is Up
- Risk Off Gains a Foothold
- Revenge of Risk Off
- The Many Facets of Roro
- An Eye on France, Italy and the Speculators
- All Eyes on Spain
- Cracks in Europe
- Financial Repression
- Interesting Juncture
- Flow of Funds and More
- Now, Sterilized QE
- Contemporary Monetary Analysis
- A New Bull Market
- Price Instability
- Policy Deserving of a Rant
- Thoughts on the Crisis of Capitalism
- The Year of the Central Bank
- Issues 2012
- 2011 in Review
- Financial Arbitrage Capitalism after 10 Years
- Target 2
- The Mythical Great Moderation
- Global Contagion
- ECB to the Rescue
- The Friday Perspective and the Wednesday Perspective
- Destructive, Destructionism and Inflationism
- Money and the European Credit Crisis
- Mortgage Madness
- Ring-Fencing
- Tuesday
- Testing a Thesis
- Recalling King Dollar Distortions
- Delta One
- Crumbling Pillars
- Confidence Wearing Thin
- Valuable Insight from Jackson Hole
- The PhD Standard
- Compare and Contrast 2011 vs. 2008
- Destabilizing Speculation
- More on Moneyness
- More on Sovereign Debt Crisis
- The Sovereign Debt Crisis Learning Curve
- Red Alert
- Lehman Moment
- The King of Non-Productive Debt
- Dismal Payroll Data
- Throwing Good Money After Bad
- Pondering Greece, Spain and the End of QE2
- Just the Facts
- Henry Simons was Right
- S&P Commences the Process
- Making Room for China
- Diverging Monetary Policies, Again
- Q1 and QE2
- Q4 2010 Flow of Funds
- Risk and the Dollar Carry Trade
- Favorable or Unfavorable
- Increasingly Unwieldy. Monetary Disorder
- Pondering the End of QE2
- No Exits
- Just the Facts
- Monetary Disorder and Global Fragilities
- Recalling January 2008
- Issues 2011
- Just the Facts
- Year in Review
- Just the Facts
- Q3 2010 Flow of Funds
- The Fed and Money
- Kicking the Can
- Ideological and Hostile
- The Official Start of QE2
- QE2
- Just the Facts
- Rebalancing the World
- Inflationary Bases and the US Policy Dilemma
- Just the Facts
- 2Q 2010 Flow of Funds
- Competitive Monetization
- Bubble Thesis Update
- Let's Change the Debate
- So Much for the Exit Strategy
- 2010 vs. 2007
- Quantitative Easing Two
- Trichet Challenges Inflationism
- The Dollar's Predicament
- A Scenario
- Unavailability of Spending Crisis
- Bond Bubble
- A Prominent Indicator of Financial Conditions
- Q1 2010 Flow of Funds
- Gauging Financial Conditions
- Unwitting Beneficiary
- Just the Facts
- Dysfunctional Markets
- Liquidationist Revisited
- Tuesday April 27 2010
- Deficits and Private_Sector Credit
- It is about Trust
- Money Good
- Just the Facts
- The Restoration of King Dollar
- Greenspan on the Crisis
- Q4 2009 Flow of Funds
- A Year in Reflation
- The U.S. and Inflationism
- The Beginning of Tightening
- Global Reflation Update
- The Beginning of the End
- The Volcker Rule
- Current Account Deficits_25 Years and Counting
- Issues 2010
- Mostly Facts
- Just the Facts
- Q3 2009 Flow of Funds
- Dubai Watch
- Reflation Issues Heat Up
- Just the Facts
- About a Half Paradigm
- The Newest Abnormal
- Mortgage Madness
- Clinging to Misguided Monetary Mentalities
- Dollar Dilemma
- The Governator and the Market Operator
- From Bear to Bear
- Q2 2009 Flow of Funds
- And No Dialing Back
- No Exit
- Party Like It's 1991
- The Depressed U.S. Consumer and Global Reflation
- Reflation Contemplation
- The Stock Market and Monetary Disorder
- Facets of Bubble Analysis
- Tug-of-War
- Global Reflation Update
- Speculator_Policymaker Foe or Friend
- It is Economic
- Q1 2009 Flow of Funds
- No Conundrum, Again
- Counter-Cyclical or Counterproductive
- The Core to Periphery Dynamic
- Inflationism's Seductive Battle Cry
- The Dynamically-Hedged Economy II
- The Greatest Cost
- Reflation Watch
- Capitalism's Greatest Vulnerability
- Just the Facts
- Periphery Rising
- Revisiting the Global Savings Glut Thesis
- Mistakes Beget Greater Mistakes
- Q4 2008 Flow of Funds
- A Washington-Induced Bubble
- A Week of Big Numbers
- The Government Finance Bubble
- Inflationism The Bane of Capitalism
- U.K. Takes a Turn for the Worst
- A Divergence
- Just the Facts
- Year-end Facts
- Q3 2008 Flow of Funds
- Just the Facts
- Just the Facts...
- The Only Cure for a Bubble...
- Debt Trap
- Trick or Treat or Just the Facts
- History's Biggest Margin Call
- The 'Arb' Game is Over
- Hoping There's Hope
- The Wall Street Bust
- Changed Financial Landscape
- Misdirected Credit Runs Unabated
- Too Big to Suffer a Loss
- Just the Facts
- Ponzi Finance Dynamics Still at Play
- Just the Facts
- Dysfunctional Pricing Backdrop
- Burst Bubble Energy or Speculator
- The Uppers
- A GSE Perspective
- Benchmark MBS and the SEC
- Sorry, But Just the Facts
- Starbucks, the 'Core,' and Conventional Mortgages
- Just the Facts
- Good Inflation
- Stage II Predicaments
- Q1 2008 Flow of Funds
- Just the Facts
- A Red Herring
- A New Inflationary Epoch
- Revisiting Financial Arbitrage Capitalism
- The Meaning of Stage II
- Setting the Backdrop for Stage II
- Economic Structure and the 'Liquidationist Thesis'
- End of an Era
- Nationalization
- Wishing for another Z.1
- Q4 2007 Flow of Funds
- No LTCM
- Confirmations
- The Breakdown of Wall Street Alchemy
- At the Heart of Deepening Monetary Disorder
- Reflation Contemplation
- More than 20 years in the making
- Daisy-Chain
- Mortgage Crisis to Corporate Debt Crisis
- Issues 2008
- 2007 Wrap Up
- Wall Street-Backed Finance
- Financial Sector Credit
- Q3 2007 'Flow of Funds'
- Tight 'Money'
- No Regrets
- Credit Crunch
- Fannie in Her Own Words
- Road to Ruin
- Structured Finance Under Duress
- Respite's Over
- Not So Benign Neglect
- Financial Structures
- Clash of the Paradigms
- Q2 2007 'Flow of Funds'
- Didn't Really Get It
- Just the Facts...Again
- Just the Facts
- Money Market Issues
- Fed to the Rescue
- A Run on Wall Street Finance
- Credit Market Dislocation
- The Hand of Finance
- Worse Than Irrelevant
- Monopoly
- First-Half Global Liquidity Watch
- Uncertainty reigns supreme
- For the Twenty-First Century
- Q1 2007 Flow of Funds
- The Other Side to the Story
- A Scary Proposition
- Special Bulletin
- Checks and Balances
- Then and Now
- Unique
- Financial Earnings
- More Minsky
- 'Vintage 2007'
- Q1 Global Liquidity Watch
- The Smooth Flow of Credit
- Subprime Contagion Effects
- Q4 2006 Flow of Funds
- The Confluence
- Indictments
- Subprime in Context
- Subprime in Focus
- Income Growth and Credit Bubble Dynamics
- Expanding on El-Erian
- Nominal GDP
- 2006 Wrap-Up *
- Embrace the Deficit
- Financial Sphere Profits
- Q3 2006 Flow of Funds
- The Big Wildcard
- Just the Facts
- Derivatives 'Insurance'
- Monetary Developments vs. Monetary Aggregates
- Prevailing Inflationary Biases
- Current Account 'Recycling' Distortions
- Financial Sphere Earnings Watch
- Financial Conditions
- Inflationary Biases and Chasms at the Fed
- Volcker, Corrigan, McDonough and Geithner
- Q2 2006 Flow of Funds
- Monetary Disorder Watch
- Income Inflation
- Just the facts
- Minsky and Debt Structures
- Financial Structure
- Something different
- The Pause
- To wear or not to wear
- An Interview with an Esteemed Elder Statesman
- An Attempt at Concise
- Reality Check
- Hays Interviews the Master
- Mr. Douglas R. Gillespie, Sr.
- Q1 2006 Flow of Funds
- What Difference Does a Year Make
- Inflection point or Respite
- The Evolving Nature...
- Reasons
- Money Analysis
- Time to pause
- So, You Think You've About Wrapped Things Up
- The 'Holy Grail'
- Banking and the Business Cycle
- A Notable Quarter of Global Asset Inflation
- The Flow of Finance
- A Response to Donald Kohn on Asset Bubbles
- Q4 2005 Flow of Funds
- A Liquidity-creating Juggernaut
- Global Asset Inflation and Lessons to be Learned
- Just the Facts
- Bernanke and Yield Curve Analysis
- Blow-off Analysis
- The Essence of the Greenspan Era
- Global Imbalances Watch
- Welcome to 2006
- Anecdotes of Excess Begetting Excess
- Issues 2006
- 2005 Wrap-Up
- Cantillion, Raguet, Hawtrey, & Persons
- Most Unfavorable of Legacies
- Q3 2005 'Flow of Funds'
- Bill and Paul's Wild Analytical Adventure
- A Quickie on 'Money'
- Content with the Status Quo
- (Pollyanna) Poole on the Current Account
- The Global Financial Sphere
- A Bubble Perpetuator
- A Rather Volatile Mix
- More Trials and Tribulations of Wall Street Finance
- Sphere Analysis
- The Global Liquidity Glut
- Q2 2005 'Flow of Funds'
- Borrowing Short and Lending Short
- The Greenspan Levee
- The Greenspan Era. Lessons to be Learned
- Updating the Mortgage Finance Bubble
- The Global Inflationary Boom Thesis
- The Downside to Transparent Baby Steps
- Just the Facts II
- Just the Facts
- Asset-backed Securities
- The Flow of Finance
- Macro Confusion
- Thinking Minsky
- To Liquidate or Inflate
- Q1 2005 'Flow of Funds'
- This Time it is Different
- The 'Neutral Rate'
- Conundrums
- Topic de Jour
- Hooked on 'The Hand'
- Digging a Little Deeper into 'Financial Sphere' Analysis
- Major Uncertainties
- The Greatest Ever Speculative Bubble in Risk
- The Fed's Dilemma
- That Kind-Hearted Kate Welling
- Speculator and Liquidity Unfriendly
- Booming Broker Finance and Market Tops
- Q4 2004 'Flow of Funds'
- Dr. Bernanke on the Current Account
- It Has Everything to do with 'Finance,' Mr. Chairman
- More from Mr. Otmar Issing
- The Disparate Approaches of Messrs. Trichet and Greenspan
- The Great Dilemma
- Inflationist Watch
- Fed Again Falls Flat with Bubble Analysis
- Issues 2005
- Year in Review. Reflation to Gross Over-Liquefication
- Merry Christmas, Happy Holidays *
- Dilly-Dally Monetary Management
- Q3 2004 Z.1 'Flow of Funds'
- An Open Letter to the U.S. Dollar
- Greenspan Watch
- Monetary Disorder
- Second Term Realities
- Easy Liquidity
- The Dollar, Financial 'Profits' and Reflation
- Happy. Two-year Anniversary
- Sphere Analysis
- The Trial and Tribulations of Risk Intermediation Folly
- Q2 2004 'Flow of Funds'
- Bubble Bubble Mortgage Trouble
- Credit Bubble Bulletin
- Bubble at the Fringe
- Speculative Finance and Liquidity Bulges
- The Fragile Stability of Monetary Disorder
- Revisiting Financial Arbitrage Capitalism
- Trouble at the Core
- The Great Mortgage Spread Trade
- The Financial Sector Earnings Illusion
- Outside the Box
- Ebbs & Flows and Dollar Woes
- The Mortgage Finance Bubble
- Monetary Instability and Lessons Not Learned
- Lying in Wait
- Inflation Accommodation
- Money and The Flip Side of Speculator De-leveraging
- Faltering Financial Sphere
- Federal Reserve Miracle
- Fannie and Freddie to the Rescue
- Tightening Lite
- Ideologues and Quagmires
- The Quest for Monetary Order
- Pondering the Two Great Market Stabilizers
- The Current Account Deficit and the Bane of Inflationism
- A Banner Year for Asset Inflation
- The Curious Greenspan and the GSEs
- Issing v. Greenspan
- Simply Not Credible
- The Pay Option Arm
- Ruse. 'A crafty stratagem, a subterfuge'
- Financial Bubbles Rage On
- Q3 2003 'Flow of Funds'
- Issues 2004
- The Great Reflation of 2003
- No Inflating Out of this Quagmire
- OFHEO on Fraud at Freddie
- Inflationary Manifestations Hit the Farm Belt
- Pertinent Monetary Economics from Ralph G. Hawtrey
- Compounding the Problem
- It's Here
- Liquidity, Money and Credit
- The Evolution to an All-Encompassing Credit Bubble
- Straight Talk from Consumate Central Banker Dr. Otmar Issing
- A True Paradigm Shift
- BofA Rings Fannie
- The Honorable Life of Mr. Wally Ciochetti
- Tipping Point
- The Powerful Force
- 'Let it Rip'
- One for the Time Capsule
- Two Runaway Bubbles and Global Reflation
- Way Behind the Curve
- The Interregnum Market
- The Post-Boom Boom
- Lost Control
- Struggling Team Greenspan-Bernanke
- North Atlantic Tides
- It's Going to be a Fascinating Second Half
- Coming Next Year to Madison Square Garden...
- Following in Dr. Fisher's Footsteps
- Contemplating the Evolution From the Way We Were to the Way It Is
- Crazy Horse
- The New New Game
- You Just Gotta Love Congressman Ron Paul
- The Desperate Experiment of Maximum Global Liquidity
- The Stark Contrasts between Competing Central Banks
- Reliquefication
- Firing on Most Cylinders
- The Reasons
- Reflation Watch or The Necessity of Diligent Observation
- Off Topic
- Climbing the Wall of Water
- Cheesecake Dependency
- Key Inflationary Manifestations
- Fiat Money and Credit Inflation in America
- Blow off Week #34
- Scenario #3
- Pondering Post-Bubble America
- An Integrity Problem
- If Only...
- The Transformation of Benjamin Strong
- Issues 2003
- Pondering the Next Shoe to Drop
- Nehemiah and the Copycats or 'Non Profit' but Big Business
- The Anatomy of a Maladjusted Economy
- The Delta Hedged Economy
- Death to the 'Bubble Poppers'
- Weak Links
- 125 Basis Points Left to Sustain the Unsustainable
- National Century Financial Services
- Throw in a REIT Bubble
- Hawking 'Financial Peace of Mind' and Other Gross Financial Excess
- Juan & Maria Guzman *
- Coming Apart at the Seams
- The Trials and Tribulations of Speculative Finance
- Soul Searching
- Liquidity Excess vs. Faltering 'Risk' Market
- Cold as Ice
- Accentuated Credit Cycles
- The housing bubble loses some air
- Structured Finance in the Crosshairs
- That's my story, and I'm sticking to it!
- Palpable Systemic Stress
- Ominous portents from the NextBank meltdown
- This Week EBITDA. When 'Marked-to-Model'
- The Ominous Return of the Twin Deficits
- A Few More Years
- Point, Counter Point
- Dying a Death of a Thousand Cuts
- Financial Debacle for Dummies
- Food for Thought
- Unstable markets
- The Bundling of Risk and Dollar Vulnerability
- Untenable Monetary Regimes
- Monetary Policy and the Character of Lending
- Lies, Damn Lies, and 'Analysis'
- Pondering Imponderables
- Terminal Stage of Mortgage Finance Excess
- The Diamond Anniversary of Monetary Disorder
- Random Thoughts
- Market Dislocations
- The Clan of Seven
- Money, Monetary Policy and the Structure of Debt
- The Fun is Gone From the Game of Risk
- Partnoy on Plastic Surgery and Lemonade Stands
- Experiment on Top of Experiment
- The Consumer Bubble
- Harry E. Miller
- Issues 2002
- Financial Arbitrage Capitalism
- A Tangled Web We Weave
- The 'Widow's Cruse Myth' or Reality
- 'Ultimate Discretionary Power of Monetary Policy'
- The 'Great' Debate
- Edward Stone Shaw
- Hitting the Wall
- 450 Basis Points (and counting) to Sustain the Unstatinable
- Hero Turns Spoiler-Or, Mcteer 'Getting Nothing'
- Allyn Abbott Young
- Franklin D. Raines. Director of Central Planning
- Its Wildness Lies in Wait
- An Exceedingly Troubling Circumstance
- Moody's on the Financial Guarantors
- A Terrible Tragedy
- Just the Facts, Again
- The 'Information Economy'
- Henry Calvert Simons
- 'Off With Their Heads'
- We Could Have Used a Mr. Hawtrey
- Superior Bank
- End of an Era
- CDO Trouble
- Comparative Advantage
- Breaking the Speed Limit
- The Liquidity Showdown
- Money Market Fund Intermediation
- Monetary Disorder. Then and Now
- The Velocity of Crime
- Risky Business
- The Son of Portfolio Insurance
- Feeding the Financial Beast
- The Unraveling
- The Power of Money
- Bermuda Call Structures
- John G. Gurley and Edward S. Shaw on Financial Intermediaries
- Reality Check
- Pertinent Analysis from Friedrich A. Hayek
- Hyman Minsky on John Maynard Keynes
- Pondering an Enlightening Day in Pleasantville
- Global System Instability
- A Gain of 364000 vs. a Loss of 190000
- The Sagacious Dr. Ron Paul
- Four Months of Respite
- We Know His Enemy
- There's a New Sheriff Making His Way to Town
- The Spectacular Rise and Fall of Equity
- Fifty Basis Points To Sustain The Unsustainable Or The Inevitability Of Derivative Problems
- Crisis Management Reliquefication
- All Eyes on the Greenback
- How Could Irving Fisher Have Been So Wrong
- To The Brink
- The return on U.S. Assets
- This Time it IS Different.Edmund McCarthy
- U.S. High-Yield Lending...
- Monetary Processes and Current Vulnerabilities
- Financial Dysfunctions
- Mehrling on Minsky
- Here We Go Again...
- Liquidity
- Accolades to the Unknown Inquisitor
- A Tale of Two Bubbles
- The Facade of a Sound and Stable Prosperity
- Raise the Economy's Speed Limit
- Credit Bubble Dynamics
- On the Manipulation of Money and Credit
- The Law of Diminishing 'Reliquefications'
- 'Elasticity' and A Cycle of Perpetual Boom and Busts
- The Emperor Has No Clothes!!!
- Gottfried Haberler-Prosperity and Depression
- Greenspan and a Dysfunctional Financial Sector
- Joseph Schumpeter on Credit
- The 'Gunderson Effect' From Coast to Coast
- The Impossibility of a Soft-Landing
- Chinks in the Armor of 'New Era Finance'
- Financial Credit, Wall Street Syndicated Bank Lending, and Confidence
- Trapped
- Banks Take the Reins of Credit Excess-Wall Street is Ecstatic
- Ponzi Finance
- The Concentration of Financial Power
- The Wisdom of Dr. Henry Kaufman
- Mr. George Soros
- The Best-Kept Secret
- Bubble Dollars
- The Piercing of the Technology Financial Bubble
- Capital Markets as Reckless Creators of Money and Credit
- A Derivative Story
- Hear No Evil, See No Evil, Speak No Evil
- Perpetuating the Credit Bubble
- Commercial Paper
- John Law and Alan Greenspan - The Great Inflationists
- The Quality of Financial Sector Assets
- Dr. Paul and Dr. Greenspan on Money
- If Minsky Were Alive Today
- A Completely Different Environment
- A Theory on Money and Credit Creation
- Coin in the Fuse Box
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