Daily Archives: November 27, 2012

Civil discussion with some of the people behind the parties

John Mauldin interviews Senate Chiefs of Staff Krone and Lehman on the present fiscal impasse and why both sides may be forced into crisis mode in 2013 before they can find their way to consensus.Here is a direct link.

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Did Carney short Canada at the top of our credit bubble?

When news broke yesterday that Bank of Canada’s Mark Carney had accepted a position as the Bank of England Governor starting in 2013, my immediate thought was that he had timed this exceptionally well. After 13 years with Goldman Sachs … Continue reading

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New capital goods orders confirm US likely in recession

This morning we learn that US new capital goods orders fell 8.1% year over year for October. As shown below drops of this magnitude occurred in the early stages of the last two US recessions in 2002-03 and 2007-08. Source: … Continue reading

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Greece achieves next step towards direct debt forgiveness

The necessary process of knocking off zeros and admitting bad debts took another step toward admission today.  This is progress for Greece.  But the repricing of bank assets to reflect this reality on their balance sheet has further to go.  … Continue reading

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Chinese stocks beckoning world markets lower

As we have been noting all year, Chinese stocks remain in the midst of a cyclical downturn, last night closing below the psychological 2,000 level at 1991, down 10% year to date–the lowest close since October 2008 and just 15% … Continue reading

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The money quote

Yesterday I was doing a media interview where I repeated the self-evident truth that in order to be a valuable risk manager one needs to have measurement tools, execution discipline and allocation flexibility that allows us to constantly measure price … Continue reading

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