Earlier this week I noted, tongue-firmly-in-cheek, that we’re all MMTers now, following Paul McCulley’s recommendation that we just declare victory. And be nice about it. Well here is a strange post from Brad DeLong: He proclaims that essentially anyone who is anyone is a Minskian. And apparently always was. That is why mainstream economists […]

What Is Iran Doing With All That Gold?

You can read the details in Citi’s research note, but I think the most interesting parts of yesterday’s May trade statistics are gold exports, exports to Iran and gold exports to Iran: Turkey exported $1.66bn to Iran in May (total exports were $13.17bn). While the figure represents a 513.2 percent yoy increase, $1.39bn of the […]

A Week in Sovereign Wealth: From Nigeria to Qatar

Its been an important week for two funds at different ends of the sovereign investment risk tolerance spectrum – Nigeria and Qatar, both of which have sparked a series of headlines and have intentionally or not taken some new strides. The Nigerian governors breaking the deadlock on the country’s new US$1 billion fund and Qatar […]

The Fed Shirks Its Duties

On June 20, 2012, the Federal Reserve System’s Federal Open Market Committee extinguished the last shred of doubt as to whether it intends to achieve its mandated objectives. Despite a substantial markdown of an already inadequate forecast, the Fed did not take any actions that would make it possible to achieve either of its objectives […]

It’s the End of the World We’ve Known Since WWII (Updated Status Report)

Summary:  This is an updated status report about the end of the post-WWII world.  The global recession has accelerated the transition, revealing the current order’s weaknesses, and showing the people in the emerging nations that they have outgrown it.  The major nations continue to defend the current systems, a futile effort wasting time and resources […]

Drugging Development

Drug trafficking is nothing new. But with the current levels of violence we are seeing, its effects on society and economic activity are staggering. From the suffering of victims, to increasing levels of corruption and the weakening of institutions, drug trafficking is not only a criminal problem—it is an urgent development issue which needs to […]

Pending Home Sales Index 25% > Existing Home Sales

Pending Home Sales Index versus Existing Home Sales   Lots of people got excited about this week’s Pending Home Sales Index. I have been arguing that the strong housing numbers of late are being misinterpreted and that excitement was misplaced. We still have a very slow recovery, and no turnaround. I am speaking against my […]

Roberts’ Switch

Yesterday a majority of the Court upheld the constitutionality of the Affordable Care Act, otherwise known as Obamacare in recognition of its importance as a key initiative of the Obama administration. The big surprise, for many, was the vote by the Chief Justice of the Court, John Roberts, to join with the Court’s four liberals. Roberts’ […]

EFSF/ESM Bond Buying in Primary Market Not Much Better

I’ve already explained why EFSF/ESM secondary market bond purchases wouldn’t really help. One of the ideas floating around the EU summit is that the EFSF/ESM can buy bonds in the primary markets. While this would be more effective in terms of reducing borrowing costs and buying time, it is unlikely to buy enough time to […]

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