Monthly Archives: May 2008

Links 5/29/08

US uses bullets ill-suited for new ways of war Examiner (hat tip Some Assembly Required) Fish to Oil Specs: Thanks! Cassandra If you think it’s the “index speculators”… Steve Waldman Wall Street Journal Evidence That Speculators Are Responsible for the Run Up in Oil? Econospeak New surveys on August quant meltdown: Investors have learned a […]

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Credit Derivatives Clearing House Planned For September

There’s an odd little story on the home page of the Financial Times website, odd in three respects. First, it discusses a development, namely, the launch of a credit derivatives clearinghouse that is important enough that it ought to be reported more broadly, yet several searches on Google News came up empty-handed. Readers no doubt […]

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Fed Governor Mishkin Resigns

The Fed announced that Frederic Mishkin will be leaving the central bank effective August 31. The governor’s term extended through 2014, but he chose to leave early to return to the Columbia faculty, where he teaches at the business school. Personally, I think this is a good thing. Mishkin was on the FOMC and a […]

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More Theories on Oil Prices and (Declining) Prospects

It’s remarkable how certain words elicit knee-jerk reactions. Take “speculation”. I’ve questioned the prevailing view that an price increase of nearly 50% in six months in crude oil prices is entirely a function of demand (meaning immediate consumption, the kind most economists think of when they draw demand curves) and supply. That is partly because […]

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Links 5/28/08

Tasmanian Devils Get Reprieve In Australia’s Old Penal Colony Wall Street Journal US Soldiers Losing Homes Rapidly, Bush Threatens GI Bill Veto Culture of Life News Why McCain’s “Cap-and-Trade” Won’t Work Nearly as Well as Obama’s Robert Reich Bush ‘plans Iran air strike by August’ Asia Times and US is unwise to deny Iran’s key […]

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More Broker Woes: National Realtors Association Opens Multiple Listings to Internet Brokers

In a settlement of an anti-trust lawsuit (one might more accurately call it a capitulation), the National Association of Realtors will open its multiple listing service to Internet brokers. The NAR tried to put a brave face on this development, but consider: 1. Anyone finding a property via an internet listing will pay the Internet […]

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Scary Bad Increase in Chinese Foreign Currency Reserves

In general, I’m not terribly fond of imprecise and emotion-laden terms such as “scary bad”. However, in this case, the more accurate description might be “mind-numbingly awful, pointing to increased financial instability.” Michael Pettis gives us a very thorough report on the stunning and mystifying report from China that its FX reserves increased by $75.4 […]

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Soros: Skyrocketing Oil Prices a Bubble

Veteran investor George Soros, in an interview with the Telegraph, describes speculation as a significant factor in the recent spike in oil prices. However, he doesn’t expect prices to break until there are signs of economic weakening. Later in the post, I’ll provide some information that suggests how traditional supply/demand forces could have been swamped […]

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Links 5/27/08

Protests in S Korea over US beef BBC Policy Reforms May Increase Petty Corruption PhysOrg Stan Collender Wonders Why Nobody in the Bush Administration Has Gone to Jail Brad DeLong Student researching al-Qaida tactics held for six days Guardian On Israel and the US campaign bus Gideon Rachman, Financial Times Foreclosure’s Residue New York Times […]

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"Restraining asset and credit booms"

Willem Buiter decided to provide some further thoughts on regulatory reform over the holiday weekend. Given the nature of posting, and the difficulty of devising banking reforms, most proposals are going to fall short on detail. But this one falls a bit shorter than I’d like. For instance, Buiter clearly assumes international cooperation; these ideas […]

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