Council of Councils
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Introduction
Over the last several decades, governments have collectively pledged to slow global warming. But despite intensified diplomacy, the world is already facing the consequences of climate…
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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
Ut-oh
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 …