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Asset Safety in the post-MF Global World

December 27, 2011

by David R. Kotok, Chairman and Chief Investment Officer, Cumberland Advisors December 26, 2011 We wish our clients, referring consultants, professional colleagues, friends, and all of our readers a happy holiday season and a healthy new year. We also encourage them to ask very hard questions as they work to keep their money and investments [...]

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PIMCO Veteran Paul McCulley: A New Model for Understanding Geopolitical Crises

December 22, 2011

by Jason Voss, CFA As a former portfolio manager, I know that practitioners often pay too much attention to micro-level issues of individual securities and not enough attention to the broader macro-level context. Investors often reach for a microscope when they should be using a telescope. The consequences of this narrow focus can be disastrous, [...]

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The Nonbank-Bank Nexus and the Shadow Banking System

December 14, 2011

by Zoltan Pozsar and Manmohan Singh Abstract The present way of thinking about financial intermediation does not fully incorporate the rise of asset managers as a major source of funding for banks through the shadow banking system. Asset managers are dominant sources of demand for non-M2 types of money and serve as source collateral ‘mines’ [...]

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Why Banking Works One Big Confidence Trick

December 8, 2011

by Zoltan Pozsar Banking is one large, clever, and finely tuned, confidence trick. On the one hand are bank notes which are “legal tender for all debts, public and private”, trade at par and are referred to as money. They are liabilities of the sovereign. On the other are demand deposits – from savings to [...]

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Why is the Damned Euro So Damn Strong?

December 2, 2011

by Paul Horne, Independent Market Economist Why IS the euro so strong against the dollar when bond markets have it on its death bed? Since the onset of the crisis in Greece in late 2009, foreign exchange-traders have been forecasting that the euro will sink to dollar parity before becoming extinct. This expectation is considered [...]

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