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Farmland Values and Credit Conditions
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"The annual growth in agricultural land values was 12 percent in 2010 for the Seventh Federal Reserve District—the second-largest increase in the past 30 years."
Federal Reserve Bank of Chicago , The Agricultural Newsletter, Number 1951 February 2011
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There Are No Policy Remedies for Debt Deflation
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My greatest complaint however is that the Fed is producing a plutocracy by demonstrating that they are willing to go to alllengths to prevent a market inpired liquidation of the economy’s bad debts. This is what happened in Weimar Germany.
The Eclectica Fund , Manager Commentary, December 2010
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O Canada!
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By the 1990s, Canada had also become one of the developed world’s most socialized economies, with the government accounting for 53% of the country’s GDP. Economic growth was stagnating while debt levels were inexorably
and dangerously mounting.
Evergreen Capital Management, LLC, 18.10.2010 , David Hay, Chief Investment Officer
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We can't inflate our way out
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"... nearly half of Federal outlays are linked to inflation, meaning that increments to debt would rise with inflation."
Morgan Stanley, US Economics , Richard Berner, February 19, 2010
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Longer Days, Fewer Weekends
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Interes rate cycle symmetry ?
Federal Reserve, September 25, 2009 , Speech by Governor Kevin Warsh
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China's Credit Bubble
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China's credit policy has striking similarities to Japan in the late 1980s!
FT, July 9 2009 , Richard McGregor
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A V-Shaped Recovery in Profits
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"In a recent meeting, a client labelled the recession the “first SAP recession”."
Gavekal , GaveKal Platform Company Fund Newsletter: June 2009
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US bank deposits swell as retail investors flee market volatility
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US retails invesors poured close to USD 250 bn into bank accounts in the first months of this year...
This is more than the whole of 2008, in which savings deposits rose by USD 229 bn.
FT, 26.03.2009
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"U.S. corporate profits fell by USD 250 billion in the closing months of 2008." WSJ, 27.03.2009
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Strangely, this amount matches the amount poured by retail investors into savings accounts during the first quarter of 2009.
Investments Office, 27.03.2009 , Ronald Weber
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Treasurys: good place to park?
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Americans will certainly boost their saving rate, from less than zero in the frothiest days of the housing boom to as much as 10% of disposable income by the end of 2010, according to some estimates. That would amount to roughly USD 1 trillion in excess cash...
WSJ, 23.03.2009
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