Monthly Archives: June 2009

"An Even Worse Financial System Than the One With Which We Began"

Martin Wolf is pessimistic about the whether the financial system can be reformed, but nevertheless offers some toughminded suggestions. Oddly, he seems to see the big obstacles not as political, but as practical, that markets are too big and interconnected, and sees that as an intractable problem. I agree that it will almost certainly not […]

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Guest Post: Overextended Pension Funds?

Submitted by Leo Kolivakis, publisher of Pension Pulse.A follow-up on my last comment where I criticized the Financial Post article, Bonus flap puts Canada Pension’s strategy at risk. While it is true that paying hefty fees to external managers costs large pension funds hundreds of millions, the article makes it seem as if CPPIB is […]

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Links 6/30/09

Lion prides form to win turf wars BBC Bottoms up for winning artist The Sun Sowell: Obama Will Lead to Sharia Matthew Yglesias. This is the political equivalent of a Weekly World News story, but at least the WWN folks were sufficiently in contact with reality to know they were making the stuff up. I […]

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Guest Post: Where is the Fear?

Submitted by Leo Kolivakis, publisher of Pension Pulse. I begin with a message from Diane Urquhart: You are welcome to put links on your Pension Pulse blog to these letters between Parliamentary Secretary of Finance Ted Menzies and myself. They are about whether preferred status for pension fund deficits and severance would increase the cost […]

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Public Opinion Data Says America is Really Center-Left

Americans on average are more liberal than sterotypes about US attitudes would suggest. So why do most Americans, and more important their representatives, act as if the country is conservative-leaning? The cynical take is the most persuasive: while the numbers may be skewed to the left, the money is weighted to the right. With TV […]

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Links 6/29/09

‘Oldest musical instrument’ found BBC Sex feels the credit squeeze in Nevada Independent How To Save The Newspapers, Vol. XII: Outlaw Linking TechCrunch Obama is choosing to be weak Clive Crook, Financial Times. Crook is measured but the substance of the article is damning. Pecora Whirling Robert Knutter, Huffington Post A Tangled Policy Web Tim […]

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BIS Warns That Dreck Still on Bank Balance Sheet Means More Bailouts

The Bank of International Settlements, mindful of the importance of its role, would never say anything as crass as the translation I offered in the headline. But that is nevertheless a message in its newly-released annual report. From the Guardian (hat tip reader DoctoRx): Taxpayers around the world still face potentially large losses because governments […]

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Chinese Now Say "No Change" in Currency Policy; Treasuries and Dollar Back in Fashion

If Alan Greenspan were serious about rehabilitating himself, he could hire himself out to central banks and instruct their officials in the art of Looking Serous and Appearing to Say Important Things While Actually Communicating Nothing. This is a crucial skill for anyone in an important bureaucratic position. The Chinese could use a few lessons. […]

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Guest Post: The New Rising Sun?

Submitted by Leo Kolivakis, publisher of Pension Pulse. In my last comment on the ‘Golden Cross‘, I warned people not to be overly reliant on technical signals. Someone on Naked Capitalism commented that it is better to use the exponential 50 and 200 day moving averages, which lends more weight to more recent data. While […]

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Reader Sanity Check: Interest Rate Policy, Leverage and the Financial Crisis

There are some interesting things one learns in putting together a book. Blogging is a lot like working in watercolors, speed and confidence in execution are key, versus the oil-painting medium of a book. And you learn how many times you wind up scraping the canvas and reworking. I’m up to the sixth revision of […]

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Links 6/28/09

Avoiding ‘wheelies’ slows animals BBC It’s Time to Learn From Frogs New York Times Most Expensive Real Estate Markets in the World Paul Kedrosky The 8 Secret Credit Scores Consumerist Central banking as partisan politics Willem Buiter The New Homeowner Hallucination: “We’ll Rent For A Year And Then Sell When The Market Comes Back” Clusterstock […]

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