Get set for Friday links in our, "Features of the Week".
1. Jim Rogers: only a crisis can solve US debt problem - WSJ.
2. What Keith Richards' 'Life' as a Rolling Stone tells us about economics - Forbes.
3. An example of why Illinois is screwed up - Points and Figures.
4. The ultimate China fraud linkfest - Abnormal Returns.
5. Was it a "There it was" stock? - Crosshairs Trader.
6. Jeff Bezos on innovation: Amazon is "willing to be misunderstood for long periods of time." - Geekwire.
7. Another story on hedge funds "grabbing land" in Africa - BBC.
8. Ron Paul: more people have died in the drug war than from drugs - Liberty Underground.
9. 2010 Oil story: drawing down the inventories - Gregor Macdonald.
10. Why comedians make great investors - Financial Philosopher.
11. Learn to overcome your obstacles - Kirk Report.
That's all for this week. Enjoy your weekend and keep us on your RSS and real-time radars for more to come.
Showing posts with label Ron Paul. Show all posts
Showing posts with label Ron Paul. Show all posts
Friday, June 10, 2011
Friday, January 21, 2011
Sebastian Mallaby interview: future of hedge funds
A few weeks ago on Twitter, we shared this interview with Sebastian Mallaby, who speaks to UC Berkeley about the future of the hedge fund industry for their "Conversations with History" series.
For those who may not know, Mallaby is the author of a recent book on hedge funds and the financial crisis called, More Money Than G-d: Hedge Funds and the Making of a New Elite.
One point that really caught my interest early on in the interview is an anecdote Mallaby shares regarding Paul Tudor Jones and the factors he attributed to his own success as a trader and hedge fund manager.
As Mallaby tells it, PTJ's explanation for his success is not at all the real reason why he is successful, but it is part of a common theme of professionals misattributing causes to explain their colleagues' and their own successes.
Enjoy the discussion; it should prove especially interesting to those who are in the business or watching the hedge fund space closely.
Related articles and posts:
1. A.W. Jones and hedge fund history - Finance Trends.
2. Interview with Sebastian Mallaby: the history of hedge funds - Martin Kronicle.
Monday, September 13, 2010
Who are the top macro investors of today?
During last week's MacroTwits discussion on StockTwits TV, Eric Jackson of Ironfire Capital posed a very worthwhile question to the group: who are the top global macro traders & investors of the day and what can we learn from them?
For those who may not know, global macro is a term used to describe a largely "top-down" approach to speculating and investing across multiple asset classes and locales. Macro traders and hedge funds often take a big picture view of emerging trends and geopolitical events and express their positions accordingly by speculating in any number of markets, be they debt, futures, currencies, or international shares.
The names of some now-legendary macro traders are probably familiar to most investors: George Soros, Jim Rogers, Stanley Druckenmiller, Louis Bacon, Paul Tudor Jones. But who are the rising stars and top practitioners of this investing style today?
That's a question we're going to examine a bit further in the weeks ahead. We'll start tomorrow with a look at one (seemingly) unlikely candidate and follow up later in the week with a rare interview from one of the recently established stars of the global macro universe.
In the meantime, check out the items in our related posts section for more on the movers & shakers in global macro trading. Know a great macro trader or hedge fund we should follow up on? Chime in at any time via the comments section.
Related articles and posts:
1. The Invisible Hands: Hedge Funds... (Stephen Drobny) - Marketfolly.
2. Paul Tudor Jones: Trader (documentary) - Finance Trends.
For those who may not know, global macro is a term used to describe a largely "top-down" approach to speculating and investing across multiple asset classes and locales. Macro traders and hedge funds often take a big picture view of emerging trends and geopolitical events and express their positions accordingly by speculating in any number of markets, be they debt, futures, currencies, or international shares.
The names of some now-legendary macro traders are probably familiar to most investors: George Soros, Jim Rogers, Stanley Druckenmiller, Louis Bacon, Paul Tudor Jones. But who are the rising stars and top practitioners of this investing style today?
That's a question we're going to examine a bit further in the weeks ahead. We'll start tomorrow with a look at one (seemingly) unlikely candidate and follow up later in the week with a rare interview from one of the recently established stars of the global macro universe.
In the meantime, check out the items in our related posts section for more on the movers & shakers in global macro trading. Know a great macro trader or hedge fund we should follow up on? Chime in at any time via the comments section.
Related articles and posts:
1. The Invisible Hands: Hedge Funds... (Stephen Drobny) - Marketfolly.
2. Paul Tudor Jones: Trader (documentary) - Finance Trends.
Tuesday, August 31, 2010
FT on the "true value of gold"
Well I'm a bit skeptical that any modern news outlet will accurately pinpoint the true value of gold, but let's give the Financial Times points for trying in this latest piece (hat tip: James Rickards):
"The Baird & Co warehouse sits in a dreary business park, half a mile east of London’s City airport. A black Mercedes and a blue Jaguar near the entrance are the sole touch of glamour. Step inside, and men in overalls are fashioning medallions, bars and rings from molten gold, purified in vats next door.
From an office upstairs, Tony Baird, the company’s managing director, and a former coin dealer, presides over the hubbub. “Gold is stable,” he says. “It’s the value of money that goes up and down.” Baird & Co sells gold to everyone from pension funds to jewellers, and as the MD says: “Our machines can’t work fast enough these days...”
Gold is still hot with investors, especially with leading hedge funds who have entered the trade in recent years, and with more conservative and libertarian-minded individual investors who seek a refuge from the uncertainties of our current government and the eroding paper money system.
As the FT notes in this piece, the leading mints and gold refineries are struggling to keep up with booming demand worldwide. And it's no mystery why, when you acknowledge the fact that many sovereign nations face grave financial problems and deficits that may lead to further "debt monetization", aka inflation via the running of electronic printing presses.
Ron Paul speaks to the problems of fiat money systems in the FT's article.
"...In his book Gold, Peace and Prosperity, Paul decries the end of the gold standard – the practice of backing currencies with a fixed weighting in the metal, which took many forms through history. President Nixon brought an end to the gold standard in 1971, as part of his attempt to overcome the strain of funding the Vietnam war and the US’s mounting trade deficit. Paul thinks the system of fiat money facilitates “governments’ attempts to inflate, control the economy, run up deficits and fight senseless wars”. He worries, too, that both the supply of paper money and government debt levels are spiralling out of control.
"The Baird & Co warehouse sits in a dreary business park, half a mile east of London’s City airport. A black Mercedes and a blue Jaguar near the entrance are the sole touch of glamour. Step inside, and men in overalls are fashioning medallions, bars and rings from molten gold, purified in vats next door.
From an office upstairs, Tony Baird, the company’s managing director, and a former coin dealer, presides over the hubbub. “Gold is stable,” he says. “It’s the value of money that goes up and down.” Baird & Co sells gold to everyone from pension funds to jewellers, and as the MD says: “Our machines can’t work fast enough these days...”
Gold is still hot with investors, especially with leading hedge funds who have entered the trade in recent years, and with more conservative and libertarian-minded individual investors who seek a refuge from the uncertainties of our current government and the eroding paper money system.
As the FT notes in this piece, the leading mints and gold refineries are struggling to keep up with booming demand worldwide. And it's no mystery why, when you acknowledge the fact that many sovereign nations face grave financial problems and deficits that may lead to further "debt monetization", aka inflation via the running of electronic printing presses.
Ron Paul speaks to the problems of fiat money systems in the FT's article.
"...In his book Gold, Peace and Prosperity, Paul decries the end of the gold standard – the practice of backing currencies with a fixed weighting in the metal, which took many forms through history. President Nixon brought an end to the gold standard in 1971, as part of his attempt to overcome the strain of funding the Vietnam war and the US’s mounting trade deficit. Paul thinks the system of fiat money facilitates “governments’ attempts to inflate, control the economy, run up deficits and fight senseless wars”. He worries, too, that both the supply of paper money and government debt levels are spiralling out of control.
“My beef is with the paper money,” he says. “All the problems we’re having today were destined to happen. Gold plays an important role in the monetary system because it restrains government spending.” Without it, Paul argues, central banks have the power to print money without pausing to consider the consequences, and more impetus to spend it."
Tuesday, May 18, 2010
Latest on US financial reform bill
The Financial Times reports that the financial reform bill is nearing a final vote in Senate:
"The US reform of financial regulation will go to a final vote in the Senate as early as Wednesday as big banks engaged in a last-ditch effort to change it.
"The US reform of financial regulation will go to a final vote in the Senate as early as Wednesday as big banks engaged in a last-ditch effort to change it.
Senators argued in public over a broad range of measures, including an attempt to prevent California getting federal bail-out money, while aides worked in private to hammer out a single “manager’s amendment” that will be the last opportunity for changes.
The legislation, which would be the second major new law of President Barack Obama’s tenure after healthcare reform, provides for a sweeping overhaul of US finance that would force the largest institutions to spin off their riskier operations..."
The FT goes on to note that an attempt by New Hampshire Republican senator, Judd Gregg, to place limits on federal bailouts to states was voted down by Senators who opposed the proposal. You'll also find details on measures in the bill that the financial industry is fighting to keep out or limit.
Forbes opines, "Wall Street Overhaul Not Bad for Wall Street", noting that the FIRE sector of the economy (finance, insurance, and real estate) has spent $123 million so far in 2010 to "influence policy makers", and that their push has helped Wall St. shape certain aspects of the reform bill to their liking.
This, "Financial Reform Amendment Scorecard" is also a very handy resource and overview of the major areas of proposed legislation including consumer protection, card fees, a spin off of FDIC-insured banks' derivatives trading activities, and the "Volcker rule" on proprietary trading at big banks.
Also: The Atlantic asks, "Will Financial Reform Pass This Week?"; Nouriel Roubini talks to Channel 4 about banking reform and breaking up "too big to fail" banks; Points and Figures explains why the Dodd bill will be a major drag on the economy; and Ron Paul discusses the financial reform bill on MSNBC.
Wednesday, January 13, 2010
Ron Paul: why the Fed likes independence
Ron Paul's latest "Texas Straight Talk" update deals with Treasury Secretary Tim Geithner's scheme to cover up details of AIG's "backdoor bailout" of large investment banks, and also covers the much-debated issue of the Fed's "independence".
Here's what Congressman Paul had to say about the recent backroom dealings by the Treasury and the Fed, and "Why the Fed Likes Independence":
"This claim that the Fed should have “independence” is a canard. They very much enjoy their comfortable pattern of bailing out friends and devaluing the currency with no oversight and no accountability. Geithner specifically asked officials at AIG not to disclose to the SEC or to the public particulars about this special deal for his friends. We only know these details now because AIG was eventually forthcoming when Congress demanded some answers.
We should be getting this information, and information on all such dealings, straight from the Fed. The Fed should be accountable to Congress because it is a creature of Congress. The Constitution gives Congress the authority to oversee the integrity of the monetary unit. We have unwisely and unconstitutionally delegated this authority to the Federal Reserve, which has in turn devalued our dollar by 95 percent and counting.
When the Federal Reserve engages in harmful policies, Congress is still ultimately responsible. If the Fed is not made accountable through a GAO audit at least, it will continue to be accountable to no one, and that is unacceptable."
Please see our related links section for more discussion on why the Federal Reserve should (or should not be) held accountable through government audits.
Related articles and posts:
1. Interview: Ron Paul & Steve Forbes discuss the Fed - Forbes.
2. Fed wants to keep US bailouts secret - Finance Trends.
3. Geithner wants zipped lips on AIG swaps - Finance Trends.
4. Ron Paul answers questions on C-SPAN - RonPaul.com.
Here's what Congressman Paul had to say about the recent backroom dealings by the Treasury and the Fed, and "Why the Fed Likes Independence":
"This claim that the Fed should have “independence” is a canard. They very much enjoy their comfortable pattern of bailing out friends and devaluing the currency with no oversight and no accountability. Geithner specifically asked officials at AIG not to disclose to the SEC or to the public particulars about this special deal for his friends. We only know these details now because AIG was eventually forthcoming when Congress demanded some answers.
We should be getting this information, and information on all such dealings, straight from the Fed. The Fed should be accountable to Congress because it is a creature of Congress. The Constitution gives Congress the authority to oversee the integrity of the monetary unit. We have unwisely and unconstitutionally delegated this authority to the Federal Reserve, which has in turn devalued our dollar by 95 percent and counting.
When the Federal Reserve engages in harmful policies, Congress is still ultimately responsible. If the Fed is not made accountable through a GAO audit at least, it will continue to be accountable to no one, and that is unacceptable."
Please see our related links section for more discussion on why the Federal Reserve should (or should not be) held accountable through government audits.
Related articles and posts:
1. Interview: Ron Paul & Steve Forbes discuss the Fed - Forbes.
2. Fed wants to keep US bailouts secret - Finance Trends.
3. Geithner wants zipped lips on AIG swaps - Finance Trends.
4. Ron Paul answers questions on C-SPAN - RonPaul.com.
Monday, January 11, 2010
Fed wants to keep US bailout secrets
Bloomberg has been doing a great job of showcasing the "transparency" of the Federal Reserve over the past year or so, in spite of many attempts by the Fed and bailed out banks to block the news outlet's progress in procuring data on a $2 trillion loan program initiated by the Fed during the 2008 financial panic.
Here's Bloomberg's latest on the Fed's bailout secrets:
"The Federal Reserve will ask a U.S. appeals court to block a ruling that for the first time would force the central bank to reveal secret identities of financial firms that might have collapsed without the largest government bailout in U.S. history.
The U.S. Court of Appeals in Manhattan, after hearing arguments in the case today, will decide whether the Fed must release records of the unprecedented $2 trillion U.S. loan program launched after the 2008 collapse of Lehman Brothers Holdings Inc. In August, a federal judge ordered that the information be released, responding to a request by Bloomberg LP, the parent of Bloomberg News.
Bloomberg argues that the public has the right to know basic information about the “unprecedented and highly controversial use” of public money. Banks and the Fed warn that bailed-out lenders may be hurt if the documents are made public, causing a run or a sell-off by investors. Disclosure may hamstring the Fed’s ability to deal with another crisis, they also argued. The lower court agreed with Bloomberg..."
As noted in the earlier Bloomberg piece from Dec. 2008 (also linked above), the Fed lent cash & government securities to banks in exchange for collateral including "stocks and subprime and structured securities such as collateralized debt obligations".
Obviously, many people are a bit concerned about the quality of that collateral. Having access to data on the quality of securities held on the Fed's balance sheet would give investors & the public an idea about the potential losses the government faces on those assets.
Related articles and posts:
1. Fed refuses to disclose recipients of $2 trillion - Bloomberg.
2. Ron Paul: audit the Fed - Finance Trends.
Here's Bloomberg's latest on the Fed's bailout secrets:
"The Federal Reserve will ask a U.S. appeals court to block a ruling that for the first time would force the central bank to reveal secret identities of financial firms that might have collapsed without the largest government bailout in U.S. history.
The U.S. Court of Appeals in Manhattan, after hearing arguments in the case today, will decide whether the Fed must release records of the unprecedented $2 trillion U.S. loan program launched after the 2008 collapse of Lehman Brothers Holdings Inc. In August, a federal judge ordered that the information be released, responding to a request by Bloomberg LP, the parent of Bloomberg News.
Bloomberg argues that the public has the right to know basic information about the “unprecedented and highly controversial use” of public money. Banks and the Fed warn that bailed-out lenders may be hurt if the documents are made public, causing a run or a sell-off by investors. Disclosure may hamstring the Fed’s ability to deal with another crisis, they also argued. The lower court agreed with Bloomberg..."
As noted in the earlier Bloomberg piece from Dec. 2008 (also linked above), the Fed lent cash & government securities to banks in exchange for collateral including "stocks and subprime and structured securities such as collateralized debt obligations".
Obviously, many people are a bit concerned about the quality of that collateral. Having access to data on the quality of securities held on the Fed's balance sheet would give investors & the public an idea about the potential losses the government faces on those assets.
Related articles and posts:
1. Fed refuses to disclose recipients of $2 trillion - Bloomberg.
2. Ron Paul: audit the Fed - Finance Trends.
Friday, December 18, 2009
Ben Bernanke: man of the year?
Time magazine has seen fit to honor Fed Chairman Ben Bernanke as its "Person of the Year".
Rather than waste my time (and yours) regurgitating their nonsense, I thought we'd take a quick look at some of the more interesting reactions to, and accurate appraisals of, this news. A short linkfest of Bernanke & Fed realism follows:
1. Person of the Year, My Foot! Bernanke "Failed Miserably", Says Chris Whalen - Tech Ticker.
2. A More Honest Look at Time Person of the Year Ben Bernanke - Wall St. Cheat Sheet.
3. Time Magazine's Kiss of Death: "You!" - Mish.
4. Time on Bernanke: The Peak of Central Banking? - Minyanville.
5. Ron Paul on Bernanke and the Fed - Jesse's Cafe.
6. Impoverisher of the Year - Mises Blog.
We should note that the Senate Banking Committee is backing Bernanke for a second term as Federal Reserve Chairman, with the debate over his renomination heading to the full senate in January.
What do you think? Should Bernanke stick around for a second term? Ponder that, and enjoy your weekend
Rather than waste my time (and yours) regurgitating their nonsense, I thought we'd take a quick look at some of the more interesting reactions to, and accurate appraisals of, this news. A short linkfest of Bernanke & Fed realism follows:
1. Person of the Year, My Foot! Bernanke "Failed Miserably", Says Chris Whalen - Tech Ticker.
2. A More Honest Look at Time Person of the Year Ben Bernanke - Wall St. Cheat Sheet.
3. Time Magazine's Kiss of Death: "You!" - Mish.
4. Time on Bernanke: The Peak of Central Banking? - Minyanville.
5. Ron Paul on Bernanke and the Fed - Jesse's Cafe.
6. Impoverisher of the Year - Mises Blog.
We should note that the Senate Banking Committee is backing Bernanke for a second term as Federal Reserve Chairman, with the debate over his renomination heading to the full senate in January.
What do you think? Should Bernanke stick around for a second term? Ponder that, and enjoy your weekend
Wednesday, December 9, 2009
Who wants war? Follow the money
Ron Paul addresses America's ever-expanding foreign wars (mentioned here last week) and the outsized influence of the military-industrial complex in his latest talk, "Who Wants War? Follow the Money":
"If anyone still doubted that this administration’s foreign policy would bring any kind of change, this week’s debate on Afghanistan should remove all doubt. The President’s stated justifications for sending more troops to Afghanistan and escalating war amount to little more than recycling all the false reasons we began the conflict.
It is so discouraging to see this coming from our new leadership, when the people were hoping for peace. New polls show that 49 percent of the people favor minding our own business on the world stage, up from 30 percent in 2002. Perpetual war is not solving anything. Indeed continually seeking out monsters to destroy abroad only threatens our security here at home as international resentment against us builds.
The people understand this and are becoming increasingly frustrated at not being heard by the decision-makers. The leaders say some things the people want to hear, but change never comes..."
If you want to know what's happening behind the scenes, follow the money. We've got an escalating war in Afghanistan, but as Mr. Paul points out, the originally stated purpose of our military mission there (capturing Bin Laden and other 9/11 plotters) has somehow eluded us for the past eight years.
Meanwhile the debate over whether or not Bin Laden is still in Afghanistan continues, and another foreign war (or two) drags on as our new President weighs his options in light of a hoped for second term in office.
"If anyone still doubted that this administration’s foreign policy would bring any kind of change, this week’s debate on Afghanistan should remove all doubt. The President’s stated justifications for sending more troops to Afghanistan and escalating war amount to little more than recycling all the false reasons we began the conflict.
It is so discouraging to see this coming from our new leadership, when the people were hoping for peace. New polls show that 49 percent of the people favor minding our own business on the world stage, up from 30 percent in 2002. Perpetual war is not solving anything. Indeed continually seeking out monsters to destroy abroad only threatens our security here at home as international resentment against us builds.
The people understand this and are becoming increasingly frustrated at not being heard by the decision-makers. The leaders say some things the people want to hear, but change never comes..."
If you want to know what's happening behind the scenes, follow the money. We've got an escalating war in Afghanistan, but as Mr. Paul points out, the originally stated purpose of our military mission there (capturing Bin Laden and other 9/11 plotters) has somehow eluded us for the past eight years.
Meanwhile the debate over whether or not Bin Laden is still in Afghanistan continues, and another foreign war (or two) drags on as our new President weighs his options in light of a hoped for second term in office.
Monday, December 7, 2009
Jim Grant: requiem for the dollar
Over the weekend, I started reading what has to be the article of the week, and very possibly, one of the top choices for Article of the Year: Jim Grant's latest WSJ opinion piece, "Requiem for the Dollar".
Here's an excerpt from that piece:
"Ben S. Bernanke doesn't know how lucky he is. Tongue-lashings from Bernie Sanders, the populist senator from Vermont, are one thing. The hangman's noose is another. Section 19 of this country's founding monetary legislation, the Coinage Act of 1792, prescribed the death penalty for any official who fraudulently debased the people's money.
If you want a great, article-length review of our money system and how we got to where we are today, definitely check out Grant's essay in full.
PS, if you'd like to know more about the country's monetary laws, you may want to seek out Edwin Vieira's very thorough book, Pieces of Eight.
Related articles and posts:
1. Jim Grant on CNBC: get set for inflation - Finance Trends.
2. Rothbard: The Founding of the Federal Reserve - Finance Trends.
Here's an excerpt from that piece:
"Ben S. Bernanke doesn't know how lucky he is. Tongue-lashings from Bernie Sanders, the populist senator from Vermont, are one thing. The hangman's noose is another. Section 19 of this country's founding monetary legislation, the Coinage Act of 1792, prescribed the death penalty for any official who fraudulently debased the people's money.
Was the massive printing of dollar bills to lift Wall Street (and the rest of us, too) off the rocks last year a kind of fraud? If the U.S. Senate so determines, it may send Mr. Bernanke back home to Princeton. But not even Ron Paul, the Texas Republican sponsor of a bill to subject the Fed to periodic congressional audits, is calling for the Federal Reserve chairman's head.
I wonder, though, just how far we have really come in the past 200-odd years. To give modernity its due, the dollar has cut a swath in the world. There's no greater success story in the long history of money than the common greenback. Of no intrinsic value, collateralized by nothing, it passes from hand to trusting hand the world over. More than half of the $923 billion's worth of currency in circulation is in the possession of foreigners..."If you want a great, article-length review of our money system and how we got to where we are today, definitely check out Grant's essay in full.
PS, if you'd like to know more about the country's monetary laws, you may want to seek out Edwin Vieira's very thorough book, Pieces of Eight.
Related articles and posts:
1. Jim Grant on CNBC: get set for inflation - Finance Trends.
2. Rothbard: The Founding of the Federal Reserve - Finance Trends.
Friday, August 28, 2009
More Fed power vs. "Fed must die"
Some of you may have read Bloomberg's article on the Federal Reserve this week entitled, "Bernanke may redefine Fed mission in financial-market stability".
I found it to be an appallingly misleading piece of pro-Fed boosterism. If you're looking for one more piece of mainstream writing that supports the idea of increased powers for the Fed in the wake of the global financial crisis, you've found it:
"Ben S. Bernanke’s renomination allows him to redefine the Federal Reserve’s mission as he expands its power over financial markets and pulls back on a credit surge the central bank used to keep the economy from collapse, economists say.
Bernanke’s agenda during the next four years will include elevating the Fed’s role in reducing excessive risk in major financial institutions, figuring out how to curtail asset bubbles, and scaling back $1.2 trillion of monetary stimulus.
“He will have the opportunity to permanently change the structure of the Federal Reserve system,” said Vincent Reinhart, a former director of the Fed’s Monetary Affairs Division who’s now a resident scholar at the American Enterprise Institute, a Washington-based research group.
President Barack Obama nominated Bernanke, 55, for a second term yesterday, lauding the Fed chairman for helping “put the brakes on our economic free fall.”... "
The article goes on to laud Ben Bernanke for his efforts in bringing greater "transparency" to the Fed, while also citing him as "a steward...of Paul Volcker's legacy of establishing a regime of low inflation". Well, I think Ron Paul may have a few things to say about that.
Meanwhile, I'd like to point you to an incredible article from James Quinn at FSO entitled, "The Federal Reserve Must Die". If you'd like to get a rather unconventional (and enlightening) historical view of the Fed and its ever-expanding powers over our economy, give this one a careful look.
Related articles and posts:
1. Ron Paul: bringing transparency to the Fed - Fora.tv
2. Obama's plan could boost Fed's power - Finance Trends
I found it to be an appallingly misleading piece of pro-Fed boosterism. If you're looking for one more piece of mainstream writing that supports the idea of increased powers for the Fed in the wake of the global financial crisis, you've found it:
"Ben S. Bernanke’s renomination allows him to redefine the Federal Reserve’s mission as he expands its power over financial markets and pulls back on a credit surge the central bank used to keep the economy from collapse, economists say.
Bernanke’s agenda during the next four years will include elevating the Fed’s role in reducing excessive risk in major financial institutions, figuring out how to curtail asset bubbles, and scaling back $1.2 trillion of monetary stimulus.
“He will have the opportunity to permanently change the structure of the Federal Reserve system,” said Vincent Reinhart, a former director of the Fed’s Monetary Affairs Division who’s now a resident scholar at the American Enterprise Institute, a Washington-based research group.
President Barack Obama nominated Bernanke, 55, for a second term yesterday, lauding the Fed chairman for helping “put the brakes on our economic free fall.”... "
The article goes on to laud Ben Bernanke for his efforts in bringing greater "transparency" to the Fed, while also citing him as "a steward...of Paul Volcker's legacy of establishing a regime of low inflation". Well, I think Ron Paul may have a few things to say about that.
Meanwhile, I'd like to point you to an incredible article from James Quinn at FSO entitled, "The Federal Reserve Must Die". If you'd like to get a rather unconventional (and enlightening) historical view of the Fed and its ever-expanding powers over our economy, give this one a careful look.
Related articles and posts:
1. Ron Paul: bringing transparency to the Fed - Fora.tv
2. Obama's plan could boost Fed's power - Finance Trends
Friday, August 14, 2009
Contest winners + Features of the Week
Thanks to everyone who participated in this week's blog contest. I really appreciate all the feedback and suggestions that were offered to help us improve the blog.
Also, thanks to Aaron at MagsDirect.com for his help in sponsoring the contest giveaway, 2 free 1-year subscriptions to The Economist. I'm sure our contest winners will appreciate the prize.
I've selected Maria at Bear Mountain Books and John at Controlled Greed as this week's contest winners. Thanks for voicing your suggestions along with our other commenters (they were ALL great!), and I will email you to confirm your prize and pass your mailing info along to the publisher.
Now for some Friday links; our "Features of the Week".
1. Financial media coup d'etat - Wall St. Cheat Sheet.
2. John Paulson buys banks hit by credit crisis - Bloomberg.
3. Charting the markets: "Where to look next" - Quint Tatro.
4. Natural gas: down and out and unloved - Frank Barbera.
5. America: fat, drunk, and stupid is now way to go through life - Burning Platform.
6. The "Second American Revolution" has begun - Gerald Celente. (Hat tip: Bear Mountain Bull)
7. A "Four-Step Healthcare Solution" - Hans Hermann Hoppe, Mises.org.
8. Beware of confirmation bias - Financial Philosopher.
9. Do we really need daily doses of news? - Growthology.
10. Last Word: Les Paul (video) - NY Times.
Thanks for reading Finance Trends Matter. You can also keep up with our RSS blog feed, and follow this link to hang out with us on Twitter.
Have a great weekend, everyone.
Also, thanks to Aaron at MagsDirect.com for his help in sponsoring the contest giveaway, 2 free 1-year subscriptions to The Economist. I'm sure our contest winners will appreciate the prize.
I've selected Maria at Bear Mountain Books and John at Controlled Greed as this week's contest winners. Thanks for voicing your suggestions along with our other commenters (they were ALL great!), and I will email you to confirm your prize and pass your mailing info along to the publisher.
Now for some Friday links; our "Features of the Week".
1. Financial media coup d'etat - Wall St. Cheat Sheet.
2. John Paulson buys banks hit by credit crisis - Bloomberg.
3. Charting the markets: "Where to look next" - Quint Tatro.
4. Natural gas: down and out and unloved - Frank Barbera.
5. America: fat, drunk, and stupid is now way to go through life - Burning Platform.
6. The "Second American Revolution" has begun - Gerald Celente. (Hat tip: Bear Mountain Bull)
7. A "Four-Step Healthcare Solution" - Hans Hermann Hoppe, Mises.org.
8. Beware of confirmation bias - Financial Philosopher.
9. Do we really need daily doses of news? - Growthology.
10. Last Word: Les Paul (video) - NY Times.
Thanks for reading Finance Trends Matter. You can also keep up with our RSS blog feed, and follow this link to hang out with us on Twitter.
Have a great weekend, everyone.
Thursday, July 9, 2009
Ron Paul: audit the Fed
I've seen some very surprising recent coverage of Ron Paul's movement to audit the Federal Reserve, via the HR 1207 and S 604 bills. Here's a quick look at what I've found in recent days via Twitter and my fellow bloggers.
Tech Ticker featured an article entitled, "Ron Paul is Right! We Should Audit the Fed", with an accompanying interview clip questioning the constitutional legality of the Federal Reserve bank's ever-growing power and the total lack of transparency in the Fed's operations and in its balance sheet.
Slate's Big Money site highlights Paul's legislation to audit the Fed in, "Ron Paul Strikes Gold". What's interesting about this piece is that it starts off with a tally of Paul-sponsored bills that failed to gain traction, and then shifts its focus to the growing support for HR 1207 and the challenge that Paul's bill represents to President Obama's plan to "make the Fed a super-regulator". Do give this Slate piece a careful read.
Finally, RonPaul.com offers up a new set of clips from Judge Andrew Napolitano's "Freedom Watch" program that discusses the grass-roots movement to audit the Fed. Follow the link to watch these clips featuring Ron Paul, Jim Demint, Rand Paul, Peter Schiff, and Tom Woods.
Related articles and posts:
1. The Fed Leviathan grows - Finance Trends.
2. Obama's plan could boost Fed's power - Finance Trends.
3. Murray Rothbard: founding of the Federal Reserve - Finance Trends.
Tech Ticker featured an article entitled, "Ron Paul is Right! We Should Audit the Fed", with an accompanying interview clip questioning the constitutional legality of the Federal Reserve bank's ever-growing power and the total lack of transparency in the Fed's operations and in its balance sheet.
Slate's Big Money site highlights Paul's legislation to audit the Fed in, "Ron Paul Strikes Gold". What's interesting about this piece is that it starts off with a tally of Paul-sponsored bills that failed to gain traction, and then shifts its focus to the growing support for HR 1207 and the challenge that Paul's bill represents to President Obama's plan to "make the Fed a super-regulator". Do give this Slate piece a careful read.
Finally, RonPaul.com offers up a new set of clips from Judge Andrew Napolitano's "Freedom Watch" program that discusses the grass-roots movement to audit the Fed. Follow the link to watch these clips featuring Ron Paul, Jim Demint, Rand Paul, Peter Schiff, and Tom Woods.
Related articles and posts:
1. The Fed Leviathan grows - Finance Trends.
2. Obama's plan could boost Fed's power - Finance Trends.
3. Murray Rothbard: founding of the Federal Reserve - Finance Trends.
Friday, July 3, 2009
Happy Independence Day
This year's Independence Day theme (at least as I see it): getting our country back on track by rediscovering the principles which made us great.
Liberty, a spirit of independence (among individuals and the nation as a whole), commerce and trade, striving for peaceful relations with all nations & no entangling foreign alliances or policing the world. Can it be done?
There is a fantastic, recent essay from Ron Paul in The Washington Times that addresses some of these themes. While I am not a regular reader of said paper, I found this piece entitled, "'Fight them over there vs. over here' a false choice", to be highly worthwhile and extremely informative.
I hope you'll take a moment to read this piece during the July 4th weekend. Please share it with your family and friends, be they American or interested readers living abroad.
We also posted some very worthwhile articles and audio clips about the Founding Fathers and America's fight for liberty and independence at this time last year, so please have a look and enjoy. Thanks, and have a great Independence Day!
Liberty, a spirit of independence (among individuals and the nation as a whole), commerce and trade, striving for peaceful relations with all nations & no entangling foreign alliances or policing the world. Can it be done?
There is a fantastic, recent essay from Ron Paul in The Washington Times that addresses some of these themes. While I am not a regular reader of said paper, I found this piece entitled, "'Fight them over there vs. over here' a false choice", to be highly worthwhile and extremely informative.
I hope you'll take a moment to read this piece during the July 4th weekend. Please share it with your family and friends, be they American or interested readers living abroad.
We also posted some very worthwhile articles and audio clips about the Founding Fathers and America's fight for liberty and independence at this time last year, so please have a look and enjoy. Thanks, and have a great Independence Day!
Monday, June 8, 2009
Creating a new reserve currency
There is a growing buzz over the possibility that the IMF will create a new global reserve currency based on special-drawing rights (SDRs) to replace the US dollar.
Bloomberg reports on the proposed new reserve currency:
"The International Monetary Fund said it’s possible to take the “revolutionary” step of creating a new global reserve currency to replace the dollar over time.
The IMF’s so-called special drawing rights could be used as the basis for a new currency, First Deputy Managing Director John Lipsky told a panel discussing reserve currencies at the St. Petersburg International Economic Forum today...
...The SDRs would have to be delinked from other currencies and issued by an international organization with equivalent authority to a central bank in order to become liquid enough to be used as a reserve, he said.
As much as 70 percent of the world’s currency reserves are held in dollars, according to the IMF, leading to calls for nations to diversify their cashpiles to avoid excessive exposure to the U.S. economy as it quadruples its budget deficit in a bid to counter the worst recession since the Great Depression. "
We've heard the rumblings over this movement away from the dollar (and towards a new reserve currency) in recent weeks, especially in comments and actions from China.
In fact, this movement away from the dollar seems to be accelerating with recent currency swap agreements (see FT link) and bilateral trading deals that would allow China and its trading partners to settle some transactions in their own currencies, rather than dollars.
Note the Bloomberg piece's mention of the need to create an "international organization with equivalent authority to a central bank" in order to issue a new global reserve currency based on SDR. This is, as RGE's Rachel Ziemba points out, a plan for a global central bank. Stepping stones towards a global currency?
Related articles and posts:
1. Ron Paul: reserve currency should be based on gold - RonPaul.com
2. Introduction to SDRs - IBT Commodities.
Bloomberg reports on the proposed new reserve currency:
"The International Monetary Fund said it’s possible to take the “revolutionary” step of creating a new global reserve currency to replace the dollar over time.
The IMF’s so-called special drawing rights could be used as the basis for a new currency, First Deputy Managing Director John Lipsky told a panel discussing reserve currencies at the St. Petersburg International Economic Forum today...
...The SDRs would have to be delinked from other currencies and issued by an international organization with equivalent authority to a central bank in order to become liquid enough to be used as a reserve, he said.
As much as 70 percent of the world’s currency reserves are held in dollars, according to the IMF, leading to calls for nations to diversify their cashpiles to avoid excessive exposure to the U.S. economy as it quadruples its budget deficit in a bid to counter the worst recession since the Great Depression. "
We've heard the rumblings over this movement away from the dollar (and towards a new reserve currency) in recent weeks, especially in comments and actions from China.
In fact, this movement away from the dollar seems to be accelerating with recent currency swap agreements (see FT link) and bilateral trading deals that would allow China and its trading partners to settle some transactions in their own currencies, rather than dollars.
Note the Bloomberg piece's mention of the need to create an "international organization with equivalent authority to a central bank" in order to issue a new global reserve currency based on SDR. This is, as RGE's Rachel Ziemba points out, a plan for a global central bank. Stepping stones towards a global currency?
Related articles and posts:
1. Ron Paul: reserve currency should be based on gold - RonPaul.com
2. Introduction to SDRs - IBT Commodities.
Thursday, June 4, 2009
Barron's interview with Niall Ferguson
For those who missed it, Niall Ferguson was the featured interview in the latest issue of Barron's magazine.
Ferguson shared his thoughts on the global economy and offered a historically reasoned view on whether or not we face another Great Depression-style downturn. Here are some excerpts from that interview:
"Barron's: Is the worst over for the global stock markets and the economy?
Ferguson: It may look that way, but appearances can be deceptive. The stock market has actually tracked almost perfectly its downward movements between 1929 and 1931. Now that doesn't mean that we are going to repeat the Great Depression. I don't think we will, because the policy responses have been different.
It would be excessively optimistic, however, to conclude from a relatively small set of green shoots in the economic data that we are all going to live happily ever after. It is certainly way too early to say the Obama administration is right that the economy is going to grow at 3% next year and 4% in 2011. I find that scenario as implausible as a rerun of the Great Depression...
When will the recovery come?
Nobody has the faintest idea what next year is going to look like. It isn't clear yet that this is just a common recession. This is probably more like a slight depression. We won't see a big V-shaped bounce. Much of the consumption growth in the decade up to 2007 was fueled by things like mortgage-equity withdrawal. That game is clearly over. Strip that out, and you are looking at an annual economic-growth rate in the U.S. closer to 1½% to 2% than 4%."
Check out the full interview (non-subscribers can look for the full piece next week) for more of Niall's thoughts on the economy, arguments over banking regulation and deregulation, gold, and investing the Rothschild way.
Related articles and posts:
1. Niall Ferguson: The Ascent of Money (PBS) - Finance Trends.
2. Niall Ferguson: Paul Krugman is wrong - Business Insider.
3. European nations "as bad as Argentina": Ferguson - Bloomberg.
Ferguson shared his thoughts on the global economy and offered a historically reasoned view on whether or not we face another Great Depression-style downturn. Here are some excerpts from that interview:
"Barron's: Is the worst over for the global stock markets and the economy?
Ferguson: It may look that way, but appearances can be deceptive. The stock market has actually tracked almost perfectly its downward movements between 1929 and 1931. Now that doesn't mean that we are going to repeat the Great Depression. I don't think we will, because the policy responses have been different.
It would be excessively optimistic, however, to conclude from a relatively small set of green shoots in the economic data that we are all going to live happily ever after. It is certainly way too early to say the Obama administration is right that the economy is going to grow at 3% next year and 4% in 2011. I find that scenario as implausible as a rerun of the Great Depression...
When will the recovery come?
Nobody has the faintest idea what next year is going to look like. It isn't clear yet that this is just a common recession. This is probably more like a slight depression. We won't see a big V-shaped bounce. Much of the consumption growth in the decade up to 2007 was fueled by things like mortgage-equity withdrawal. That game is clearly over. Strip that out, and you are looking at an annual economic-growth rate in the U.S. closer to 1½% to 2% than 4%."
Check out the full interview (non-subscribers can look for the full piece next week) for more of Niall's thoughts on the economy, arguments over banking regulation and deregulation, gold, and investing the Rothschild way.
Related articles and posts:
1. Niall Ferguson: The Ascent of Money (PBS) - Finance Trends.
2. Niall Ferguson: Paul Krugman is wrong - Business Insider.
3. European nations "as bad as Argentina": Ferguson - Bloomberg.
Wednesday, May 20, 2009
Marc Faber: Capitalism might fail
Marc Faber told a CNBC Europe "Squawk Box" panel that capitalism may fail like communism did if corporate enterprises and the financial system are not purged of the excesses and losses of the recent past.
Some excerpted (see above article link) comments from Marc:
"A sustainable recovery will occur only when the corporate system will be cleaned of losses and capitalism risks collapsing if this does not happen, Marc Faber, the author of "The Gloom, Boom & Doom Report," told CNBC Friday.
The central banks will continue to print money at full speed, but long-term this strategy will lead to a fall in purchasing power and living standards, especially in developed countries, Faber said...
..."I think the final low in markets will occur when the system is cleaned out," Faber said.
Unless the system is cleaned out of losses, "the way communism collapsed, capitalism will collapse," according to Faber. "The best way to deal with any economic problem is to let the market work it through.""
Now, we should point out that Marc is not discussing the popular fallacy of "market failure" as an impetus for the economic crisis; he is actually speaking (from a free-market viewpoint) about the risk of total failure of the capitalist system due to the suppression of financial losses and business failure.
As Marc and Jim Rogers have pointed out many times before, you cannot have a viable capitalist economy without the up-front risk of failure and economic loss which serves as the flipside to business growth and economic gain.
If the risk of failure is removed, and businesses can keep their profits while losses from the financial system are socialized (costs of failure are passed on to the people), what you then have is a a corrupt system of "crony capitalism". At that point, anything resembling true free-market capitalism will have faded from view.
Related articles and posts:
1. Synchronized Boom, Synchronized Bust - Wall Street Journal.
2. Jim Rogers & Marc Faber speak out on bailouts - Finance Trends.
3. Has Capitalism Failed? - Ron Paul via Mises.org
4. The Bailout Reader - Mises.org.
Monday, April 20, 2009
US puts conditions on bailout repayments
The Financial Times reports that the US will put conditions on TARP bailout repayments from banks who say they are ready to pay back the government.
"Strong banks will be allowed to repay bail-out funds they received from the US government but only if such a move passes a test to determine whether it is in the national economic interest, a senior administration official has told the Financial Times.
“Our general objective is going to be what is good for the system,” the senior official said. “We want the system to have enough capital.”
His comments come as Goldman Sachs, JPMorgan Chase and other relatively strong banks are pressing to be allowed to repay their bail-out funds..."
Pretty amazing, isn't it? Some of these banks were strong-armed into taking TARP funds in the first place (so as not to "stigmatize" banks that truly needed the money).
Now the government is trying to control the repayment schedule of said funds, or at least give the impression that they are successfully directing the economy and driving a shattered industry to act in the "national interest" by providing "credit to support the recovery", etc.
Is the government simply trying to maintain control over the troubled banking industry, or are conditions on TARP repayments a way to ensure that all banks look the same (with none visibly stronger or weaker than the others) in the eyes of the public?
Naked Capitalism has some additional commentary on the issue of TARP repayments, and Paul Kedrosky offers up this chart of the S&P 500 financials which illustrates how well the industry has done in recent months, thanks largely to taxpayer funded bailouts (H/T to Howard Lindzon).
Related articles and posts:
1. Jamie Dimon eager to pay back TARP funds - Finance Trends.
2. William Black: "stress tests are a farce" - Finance Trends.
3. Nationalization in Denial? - Naked Capitalism.
"Strong banks will be allowed to repay bail-out funds they received from the US government but only if such a move passes a test to determine whether it is in the national economic interest, a senior administration official has told the Financial Times.
“Our general objective is going to be what is good for the system,” the senior official said. “We want the system to have enough capital.”
His comments come as Goldman Sachs, JPMorgan Chase and other relatively strong banks are pressing to be allowed to repay their bail-out funds..."
Pretty amazing, isn't it? Some of these banks were strong-armed into taking TARP funds in the first place (so as not to "stigmatize" banks that truly needed the money).
Now the government is trying to control the repayment schedule of said funds, or at least give the impression that they are successfully directing the economy and driving a shattered industry to act in the "national interest" by providing "credit to support the recovery", etc.
Is the government simply trying to maintain control over the troubled banking industry, or are conditions on TARP repayments a way to ensure that all banks look the same (with none visibly stronger or weaker than the others) in the eyes of the public?
Naked Capitalism has some additional commentary on the issue of TARP repayments, and Paul Kedrosky offers up this chart of the S&P 500 financials which illustrates how well the industry has done in recent months, thanks largely to taxpayer funded bailouts (H/T to Howard Lindzon).
Related articles and posts:
1. Jamie Dimon eager to pay back TARP funds - Finance Trends.
2. William Black: "stress tests are a farce" - Finance Trends.
3. Nationalization in Denial? - Naked Capitalism.
Monday, March 30, 2009
Market news: Monday's reading list
Here are some of the news items and blog posts that I'm checking out today.
We've got: political drama and executive defections at GM, AIG gifts profitable trades to the major banks, a look at the recent stock market rally, and more. Have a look.
1. Obama says GM, Chrysler have last chance to survive - Bloomberg.
See also: Obama gives GM, Chrysler ultimatums; GM's Wagoner to resign - Greentech Media.
2. Bear Market Rally - Carl Swenlin.
3. Market bottom? "Follow the Money" - Janice Dorn, Trading Doctor.
4. AIG was responsible for banks' profitable months - Zero Hedge.
See also: AIG funnels taxpayer funds to counterparties - Finance Trends.
5. Bankruptcy is economic stimulus - Ron Paul.
6. Revisiting the global savings glut thesis - Doug Noland.
7. The Dangers of Printing Money (photo essay) - Time.
8. Giving in on mark-to-market accounting rules - Bear Mountain Bull.
9. Taken for the ride of our life - Best Minds Inc.
In addition to the above articles and posts, you may also want to check out our weekend posts (Dambisa Moyo on Charlie Rose and "Speaking Truth to Power") if you haven't already. Cheers.
We've got: political drama and executive defections at GM, AIG gifts profitable trades to the major banks, a look at the recent stock market rally, and more. Have a look.
1. Obama says GM, Chrysler have last chance to survive - Bloomberg.
See also: Obama gives GM, Chrysler ultimatums; GM's Wagoner to resign - Greentech Media.
2. Bear Market Rally - Carl Swenlin.
3. Market bottom? "Follow the Money" - Janice Dorn, Trading Doctor.
4. AIG was responsible for banks' profitable months - Zero Hedge.
See also: AIG funnels taxpayer funds to counterparties - Finance Trends.
5. Bankruptcy is economic stimulus - Ron Paul.
6. Revisiting the global savings glut thesis - Doug Noland.
7. The Dangers of Printing Money (photo essay) - Time.
8. Giving in on mark-to-market accounting rules - Bear Mountain Bull.
9. Taken for the ride of our life - Best Minds Inc.
In addition to the above articles and posts, you may also want to check out our weekend posts (Dambisa Moyo on Charlie Rose and "Speaking Truth to Power") if you haven't already. Cheers.
Friday, March 6, 2009
Features of the week
A taste of what's to come in this Friday's, "Features of the week".
From BusinessWeek, Maria Bartiromo's recent interview with Jim Rogers:
"MARIA BARTIROMO
What do you think of the government's response to the economic crisis?
JIM ROGERS
Terrible. They're making it worse. It's pretty embarrassing for President Obama, who doesn't seem to have a clue what's going on—which would make sense from his background. And he has hired people who are part of the problem. [Treasury Secretary Tim] Geithner was head of the New York Fed, which was supposedly in charge of Wall Street and the banks more than anybody else. And as you remember, [Obama's chief economic adviser, Larry] Summers helped bail out Long-Term Capital Management years ago. These are people who think the only solution is to save their friends on Wall Street rather than to save 300 million Americans.
So what should they be doing?
What would I like to see happen? I'd like to see them let these people go bankrupt, let the bankrupt go bankrupt, stop bailing them out. There are plenty of banks in America that saw this coming, that kept their powder dry and have been waiting for the opportunity to go in and take over the assets of the incompetent. Likewise, many, many homeowners didn't go out and buy five homes with no income. Many homeowners have been waiting for this, and now all of a sudden the government is saying: "Well, too bad for you. We don't care if you did it right or not, we're going to bail out the 100,000 or 200,000 who did it wrong." I mean, this is outrageous economics, and it's terrible morality."
Read on for more in the following "Features" links.
1. Jim Rogers doesn't mince words - BusinessWeek interview.
2. Banks that shunned subprime must pay for Wall Street's greed.
3. Can US tax authorities break Swiss bank secrecy?
4. Next in line for bailout? Life insurance companies.
5. Is spending the answer? Ron Paul on government economics.
6. Questions for Dambisa Moyo: The Anti-Bono.
7. Market due for relief? Bears call for a rally.
8. Chart: Bonds beat stocks in "earth-shattering" reversal.
9. Hedge fund destruction is the route to industry's salvation.
10. Back door bailouts for Goldman Sachs?
11. China stimulus can't pull world out of the hole: Jim Rogers.
12. US unemployment hits 8.1%, highest since 1983.
13. The $28M chair: mad hatter or new harbinger?
14. Carlos Ghosn speaks with FT.com from the Geneva auto show.
See also: (a) Photos from the 2009 Geneva motor show.
(b) Geneva motor show: best of times, worst of times.
Thanks for reading Finance Trends Matter. Have a great weekend and join us again next week!
You can also keep up with our latest posts via RSS; just subscribe to our blog feed and add it to your favorite feed reader.
From BusinessWeek, Maria Bartiromo's recent interview with Jim Rogers:
"MARIA BARTIROMO
What do you think of the government's response to the economic crisis?
JIM ROGERS
Terrible. They're making it worse. It's pretty embarrassing for President Obama, who doesn't seem to have a clue what's going on—which would make sense from his background. And he has hired people who are part of the problem. [Treasury Secretary Tim] Geithner was head of the New York Fed, which was supposedly in charge of Wall Street and the banks more than anybody else. And as you remember, [Obama's chief economic adviser, Larry] Summers helped bail out Long-Term Capital Management years ago. These are people who think the only solution is to save their friends on Wall Street rather than to save 300 million Americans.
So what should they be doing?
What would I like to see happen? I'd like to see them let these people go bankrupt, let the bankrupt go bankrupt, stop bailing them out. There are plenty of banks in America that saw this coming, that kept their powder dry and have been waiting for the opportunity to go in and take over the assets of the incompetent. Likewise, many, many homeowners didn't go out and buy five homes with no income. Many homeowners have been waiting for this, and now all of a sudden the government is saying: "Well, too bad for you. We don't care if you did it right or not, we're going to bail out the 100,000 or 200,000 who did it wrong." I mean, this is outrageous economics, and it's terrible morality."
Read on for more in the following "Features" links.
1. Jim Rogers doesn't mince words - BusinessWeek interview.
2. Banks that shunned subprime must pay for Wall Street's greed.
3. Can US tax authorities break Swiss bank secrecy?
4. Next in line for bailout? Life insurance companies.
5. Is spending the answer? Ron Paul on government economics.
6. Questions for Dambisa Moyo: The Anti-Bono.
7. Market due for relief? Bears call for a rally.
8. Chart: Bonds beat stocks in "earth-shattering" reversal.
9. Hedge fund destruction is the route to industry's salvation.
10. Back door bailouts for Goldman Sachs?
11. China stimulus can't pull world out of the hole: Jim Rogers.
12. US unemployment hits 8.1%, highest since 1983.
13. The $28M chair: mad hatter or new harbinger?
14. Carlos Ghosn speaks with FT.com from the Geneva auto show.
See also: (a) Photos from the 2009 Geneva motor show.
(b) Geneva motor show: best of times, worst of times.
Thanks for reading Finance Trends Matter. Have a great weekend and join us again next week!
You can also keep up with our latest posts via RSS; just subscribe to our blog feed and add it to your favorite feed reader.
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