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Cash Is Dead! Long Live Cash!
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“What explains the rapid rise in currency holdings at the same time that other methods of payment are
displacing the greenback?”
Federal Reserve Bank of San Francisco 2012 Annual Report , an Essay by John C. Williams, President and CEO
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U.S. Manufacturing and the Importance of International Trade:
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It’s Not What You Think
Federal Reserve Bank of St. Louis Review, January/February 2013 , Kevin L. Kliesen and John A. Tatom
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Hyperinflations, Hysteria, and False Memories
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To say that the printing of money by central banks to finance government deficits creates hyperinflations is far too simplistic (bordering on the simple-minded). Hyperinflation is not purely a monetary phenomenon. To claim that is to miss the root causes that underlie these extraordinary periods. It takes something much worse than simply printing money.
GMO, White Paper, February 2013 , James Montier
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Currency Wars Or Just Approaching Dollar Strength?
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The recent jump in forex volatility is understandable. A similar theme coloured the mid-to-late 1930s.
Crossborder Capital, 20 February 2013 , By Michael J. Howell
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Are We Like Sweden? Recovery in the Labor Market
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More than 20 years ago Sweden suffered a severe financial crisis that brought unemployment to an all-time high. To this day the unemployment rate has not returned to where it was before the crisis. Economists say that if the U.S. is anything like Sweden, our full recovery may still be a long way off. Sweden is like the U.S. in many ways, but the roots of its labor market troubles appear to be very different from ours.
Federal Reserve Bank of Cleveland, 7 February 2013 , Emre Ergungor, senior research economist
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The Foolproof Way To Fight Deflation or the Road to Ruin?
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The Euro is making headlines again, this time not due to its possible imminent disappearance as a currency but rather as a result of what many regard as its undue strength.
Variant Perception, February 12, 2013
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The Control Engineers And The Notion Of Risk
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"Volatility no longer measures the risks involved in holding certain assets but instead measures the amount of the manipulation that the poor prices are enduring."
GaveKal Research, Ideas, December 14, 2012 , Charles Gave
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Shadow Interest Rates and the Stance of U.S. Monetary Policy
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"Current policy may be easier than often perceived".
Federal Reserve Bank of St. Louis, 8 November 2012 , James Bullard, President and CEO, FRB-St. Louis
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The Ghost Towns of China
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Fiscal policy to nowhere, and capital (credit) missallocation on a gargantuan scale
Investments Office, December 2012
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"Vertigo" and the Swiss National Bank (SNB)
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In September we borrowed a quote from the 1949 classic, "The Third Man", to introduce the wizardly tricks of the Swiss National Bank. One month later, the analogy with "Vertigo", the 1958 psychological thriller film directed by Alfred Hitchcock, seems more appropriate to illustrate their latest currency intervention numbers.
Investments Office, November 2012
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