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 [...]
Read moreby 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 [...]
Read moreby 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’ [...]
Read moreby 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 [...]
Read moreDavid Kotok Discusses Credit Rating Agencies on Bloomberg
Read moreby 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 [...]
Read moreIt is our honor to recognize Dr. Plosser for his commitment to encouraging global dialogue and free trade, principles outlined in our Declaration of Interdependence.
Read moreThe Global Interdependence Center (GIC) is a Philadelphia, Pennsylvania based nonprofit organization with a global reach.
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