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October 18, 2007

United States

The Wall Street Journal says it is London.  The Yves Smith of Naked Capitalism cries foul: the real SIV-City is Citi.   Yves Smith has a point.   The Journal’s reporting makes it clear that Citi – an…

December 2, 2007

China: selling Treasuries and buying yen? What do we know about how China manages its foreign assets?

Put the latest from Stratfor and Yves Smith (Naked Capitalism) together, and it seems like China may be scaling back on its holdings of US treasuries in order to buy yen.  Stratfor hints that China m…


February 26, 2008

Capital Flows
Regulating sovereign wealth funds: does the US have any leverage?

Bob Davis’ Wall Street Journal article - which reports that the US Treasury is pushing Singapore and Abu Dhabi to increase their transparency and to signal that their funds will be managed commercial…


April 21, 2008

Financial Markets
Not all that sophisticated

Back in 2005, Ragu Rajan warned that the banks were taking on the hard-to-sell leftovers from the securitization process. As a result, he argued that the banks were becoming less liquid – and that t…

June 24, 2008

Why not more articles on China’s reserve growth? And just who are Chinese banks lending to?

Yves Smith asks why the stunning $75 billion increase in China’s April reserves hasn’t attracted more press attention. It is a good question. Part of the answer is that many -- journalists as wel…


July 7, 2008

Monetary Policy
The quiet bailout continues ...

The roughly $30 billion sovereign wealth funds provided to troubled US financial institutions (Citi, Merrill, Morgan Stanley) attracted a lot of attention.* The (almost) $30 billion of Bear Stear…

July 24, 2008

Financial Markets
Too big to fail? Or too large to save? Thinking about the US one year into the subprime crisis

Emerging market financial crises in the 1990s followed a fairly consistent pattern. The country lost access to external financing. The sector of the economy that had a large need for financing – fi…

August 18, 2008

Monetary Policy

Agency spreads have widened. See John Jansen for all the gory details. The New York Fed’s custodial holdings of Agencies haven’t grown at anything like their typical pace over the past few weeks. …

September 8, 2008

Monetary Policy
The stealth bailout, illustrated, in close to real time

Yves Smith -- responding to PIMCO’s Gross -- noted that governments, through the increase in their central bank reserves, have been intervening to support the US financial markets for a while now. Sh…


September 14, 2008

Financial Markets
The world is changing, fast

After Argentina was -- at the end of a long, drawn out process -- denied financial support from the IMF and left with no choice other than default and devaluation, the US Treasury encouraged the IMF …