EM bonds yielding more than 9%

Here’s an interesting list, prompted by a research note from Bear Stearns today, of emerging-market sovereigns whose dollar bonds yield more than 9%: Ecuador Fiji Grenada Iraq Bear reckons that Belize could join the list, post-restructuring, and I’d note that Côte d’Ivoire is officially yielding 39%, according to the EMBI index. But it’s certainly a […]

Tim Adams resigns from US Treasury

Tim Adams is a very competent technocrat who has worked hard in his job as under secretary for international affairs at the US Treasury. But he resigned today, saying that a job which took him out of the country for 131 days in the past year was “simply incompatible” with his family life. (The resignation […]

Negative equity: Much bigger than I thought?

I’ve received quite a bit of reaction to a post from yesterday, when I said this: Reich is simply wrong about the negative-equity situation: almost no one outside New Orleans has a home which is worth “less than what it was a few years ago”. In the comments, Alan said that his “friends in Detroit […]

Should the IMF sell gold – or be privatized?

The IMF really does set up entities with names like the “Committee of Eminent Persons to Study Sustainable Long-term Financing of IMF Running Costs”. And when the IMF sets up a Committee of Eminent Persons, the Persons on it are genuinely Eminent: Mohamed El-Erian, Alan Greenspan, Tito Mboweni, Guillermo Ortiz, Hamad Al-Sayari, Jean-Claude Trichet, Zhou […]

Payrolls: Nothing to write home about

Non-farm payrolls rose 111,000 in January, lower than expected, but the markets yawned, partly because the December numbers were revised upwards. Calculated Risk concludes: With the large revisions to previous reports, it is difficult to judge this report. Overall this is a solid report. The expected job losses in residential construction employment has just started, […]

Giuliani and the hedgies, cont.

It’s not just Paul Singer of Elliott Associates who seems to ♥ Rudy Guiliani. Dealbook has found the official filing of the Rudy Giuliani Presidential Exploratory Committee, featuring lots more A-list hedgies: Contributors to Mr. Giuliani’s presidential exploratory committee, formed in November, include T. Boone Pickens, the Texas mogul who runs the hedge fund BP […]

Can we please retire the penny already?

Austan Goolsbee today has a bright idea: the US should simply declare, overnight, that all pennies will henceforth be worth five cents. Actually, it’s not Goolsbee’s idea so much as it is François Velde’s. The money supply would grow by a negligible $5.6 billion, which, as Goolsbee says, “would go disproportionately to the poor (and […]

Mallaby on hedge funds: Now at book length!

Remember Sebastian Mallaby’s long Foreign Affairs article and slightly shorter Washington Post article on hedge funds? Among all the commentary, I don’t recall anybody saying that the Foreign Affairs piece wasn’t long enough. But apparently somebody feels that way. Mallaby has just taken, by my count, three new jobs at the Council on Foreign Relations, […]

More money, fewer stocks: Higher prices!

The WSJ’s David Gaffen is no mere blogger – he’s a reporter, too, and he has a really good piece up today on how increased amounts of liquidity are chasing fewer and fewer stocks, driving equities ever upwards. What’s the total value of the stocks being traded in the US? The answer is $18 trillion, […]

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