Uncharted Waters Ahead Government Debt Options

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Dominos: From Financial Crisis to Economic Crisis to Government Crisis

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The dominos are falling. It’s the modern version of a 1930’s bank run. Since everything is bigger (the leverage) and faster (the computers) these days, so is the downfall in financial prices and institutions. The lead domino is an asset … Continue reading

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Turn Out the Lights, the Party’s Over

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Invitation: Unchartered Waters Ahead:  I will be giving a McCombs Alumni Lecture/Discussion (open to the public) Wednesday, Sept. 14, starting at 7:30 p.m. at the AT&T Conference Center just off campus. The content will be the likelihood and effects of … Continue reading

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A Return to the Grand Tetons: Perspective on the Economic Obstacles Ahead

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Last month, I made a personal odyssey to the Grand Tetons Mountains and Jackson Hole, Wyoming. It’s the place where I discovered the American West while in college. It is a mountain rising abruptly from its flat surroundings (the Hole) … Continue reading

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Reserve Currency Sovereign Defaults and the Flight to Quality Asset

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A member of the Euro zone has defaulted while pressure is building on others and a U.S. government default is in suspended animation. Since a U.S. default would be a willful strategic act it can be avoided, but even if … Continue reading

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The Anatomy of a Financial Meltdown

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The Euro debt situation continues to deteriorate and the U.S. is not far behind. All the distress that is now focused on government debt comes from excessive private indebtedness as developed world countries seek to support the private sector. This … Continue reading

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The Morass of Debt

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Interview with Dr. Lacy Hunt on the pervasive effects of accumulated debt on the economy and financial market pricing.  

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Why These People Are Smiling: Is There No Atlantic Wall of Financial Protection for the U.S.?

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We had some more fancy footwork and relieved smiles from Angela Merkel and Nicolas Sarkozy this past week. The reason for the smiles is not that the Euro debt crisis has been resolved, but they believe they have found a … Continue reading

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As Greece Goes, So Goes Europe: How the Unthinkable Happens

The Maastricht Treaty of 1992, which created the Eurozone and the European Central Bank (ECB), requires fiscal responsibility of its members. Annual fiscal deficits relative to GDP were not to exceed 3 percent, and cumulative debt was supposed to be … Continue reading

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From the White Horse to the Black Robe: The Fed as the Fifth Estate of Government

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At the Fed’s humble beginning almost a century ago, its designated role was to dispatch a cash-bearing armored car to a member commercial bank whose depositors had lost confidence and were in line at the door to exchange their deposits … Continue reading

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