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Tails of the unexpected
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"The interactions which generate non-normalities in children’s games repeat themselves in real world systems – natural, social, economic, financial. Where there is interaction, there is non-normality."
Bank of England, 8 June 2012 , Paper by Andrew G Haldane and Benjamin Nelson
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Swiss National Bank: the new kid on the currency devaluers block
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In relation to GDP, total assets as well as foreign currency reserves of the SNB have surpassed the ratio of all major central banks, including China. In comparison, the ECB, the Bank of Japan and the Fed are left way behind !
Investments Office, June 2012
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Book Review: The End of Growth
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Thinking globally and examining history can reveal the flaws in books forecasting economic doom.
Fisher Investments, MarketMinder, 14.05.2012 , By Naj Srinivas
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Cement Bubbles
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An interesting chart that points at countries engaging into excessive fiscal policies. China is one of the usual suspect.
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Corporations and Cash Hoarding
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Corporate cash holdings are at their highest ever, as these two interesting charts attest.
Federal Reserve Bank of Cleveland, 01.10.2011; WSJ, 2012
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Hugh Hendry 2012 Letter and Views
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After two years of silence, Hugh Hendry is back and still at his best with a new investment and shareholder letter.
The Eclectica Fund, April 2012 , Hugh Hendry
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The Yen's Looming Day of Reckoning - Japan looks set to depress the value of the yen to boost trade – how China must brace itself for the impact
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"A yen collapse will impact China and South Korea most, just like in 1998. It will trigger substantial weakness in their industries. If a banking system succumbs, the shock can bring down an entire economy, as South Korea's experience in 1998 demonstrates."
Caixin Online , Andy Xie 03.23.2012
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The Fed’s Dual Mandate Responsibilities: Maintaining Credibility during a Time of Immense Economic Challenges
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Rather than fighting the inflation ghosts of the 1970s, I am more worried about repeating the mistakes of the 1930s.
Chicago Fed , Speech delivered by President Charles L. Evans, October 2011
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QE Coming of Age
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"...central banks have, through expanding their own balance sheets, in effect liquefied the private sector’s balance sheet and taken the unwanted assets off it."
Morgan Stanley, The Global Monetary Analyst, February 1, 2012 , Spyros Andreopoulos
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The End of History (Again): Why We May Be Living in a Permanent Financial Crisis
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"...what the European states need more than anything else is vigorous economic growth, but what they are getting is more austerity. What the European banking system needs is to get out from under its crushing debt load, but what it is getting is more debt."
Greycourt & Co. Inc., January 2012 , Gregory Curtis, Chairman
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