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Category Archives: The Spellman Report
The Bond Market Rocket and Fiscal Unsustainability Are On a Collision Path
Recently, the bond market has been in rocket mode. It has achieved liftoff and slipped the surly bonds of earth. And some believe it will keep going. The price of the U.S. Treasury 10-year bond recently reached an all-time high, … Continue reading
Posted in The Spellman Report
Tagged AGG, BLV, Bond Market, Bond market valuation, Central banks and inflation, CLY, David Rosenberg, debt deflation, Fiscal and monetary policy, Fiscal sustainability, Fixed income investments, GLD, Gold, Government bond default, Helicopter money, Historic low interest rates, inflation, Inflation targeting, Milton Friedman, Monetarism, Monetary responses to fiscal policy, QE, Real return assets, TBF, The Fed, UBD, Unanticipated inflation, Velocity of money
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The Stock Market, QE3 and Voodoo Finance
As we look across the economic landscape there is an abundance of reason to anticipate a global economic slowdown. It is already well in the works as reflected in anticipatory data. It would not be a garden-variety recession emanating from … Continue reading
Denial, Default or Treasury Currency: the Hobson’s Choice
Spain’s financial vulnerability has been in the spotlight recently. The trickle-down from a single bank’s insolvency gives us a glimpse of how country funding shortfalls are likely to be handled in the coming decades. The Spanish bank in question, Bankia, … Continue reading
VIDEO - Texas Financial Market Roundtable 2012
The economic, financial and public policy issues associated with debt overload and bank runs is discussed by Dave Rosenberg, John Mauldin and Rich Yamarone. Professor Lew Spellman of the McCombs School of Business moderates. If you enjoy this blog, … Continue reading
Posted in The Spellman Report, Video Library, Video Spellman Reports
Tagged AUNZ, Banking crisis, CORP, Dave Rosenberg, Decoupling, European financial crisis, Greece and the Euro, Investing in financial crisis, John Mauldin, Lew Spellman, Recession, Rich Yamarone, Sovereign debt, Systemic meltdown, TheSpellmanReport.com, VCLT
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The Financial Multipliers of Globalism and Ross Perot’s Giant Sucking Sound
Fed Chairman Bernanke testified last week that “the situation in Europe poses significant risks to the U.S. financial system and economy”. This indicates the extent to which financial globalism has become a controlling factor in U.S. economic and financial prospects … Continue reading
Posted in The Spellman Report
Tagged Bank Default, bond, BUND, Capital flight, Economic Crisis, EU, Euro crisis, financial crisis, Financial Globalism, financial meltdown, Global financial crisis, Globalism, Gold, markets and the Euro, QEs, Ross Perot, Sovereign debt crisis, Sovereign Default, UDN, UUP
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Warren Buffet and the New Calculus of Gold
There has long been a disconnect between gold and institutional investors. The instincts of these managers of large sums are typically tied to the generation of cash flows to feed the monster — that is, the institution’s cash flow needs. … Continue reading
Posted in The Spellman Report
Tagged BRK.B, BRKA, Collateral fails, Debt crisis, Default hedge, Fiat money, financial crisis, GLD, Gold, Gold asset class, Gold bonds, Gold prices, Gold Standard, Inflation hedge, Money, Reserve currency, Scarce collateral, Store of value, Warren Buffett, Warren Buffett and gold
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The Supply Side
Since the housing and mortgage expansion reached its unsustainable zenith nearly five years ago, economic headwinds and financial contraction have been at the forefront of financial market discussions. Two years ago, the sovereign debt problems of the developed world further … Continue reading
Preserving the Debt: The Helium Express
How much country debt is too much? This is an issue of relativity. In this case relativity depends on the income flows from which debt service can be paid. Whether the debt belongs to the consumer or the government, the … Continue reading
Financial Repression: The Unintended Consequences of Saving the Sovereign
What’s new has often been lived before, but sometimes it’s not pretty. Presumably that’s what Clarence Darrow meant when he said, “History repeats itself, and that’s one of the things that’s wrong with history.” It is becoming increasingly clear that … Continue reading
Liquidity and Asset Bubbles, But Only if the Dam Holds
The ECB lending program to banks is off and running. On the first day offered, low interest rates loans were subscribed by banks in the amount of $635 Billion, an amount greater than the Fed’s QE2 which took nine months to complete. This is a battle of whether liquidity will trump insolvency and stabilize government debt prices. If it does, it will set off an asset bubble in assets that thrive in low and stable interest rate environments. Continue reading
Posted in The Spellman Report
Tagged ECB lending, Euro debt crisis, Euro financial crisis, insolvency, Liquidity, monetization
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