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It’s Been A Re-financing Crisis
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Thus, our problems concern illiquidity, not insolvency. In our view, the World has suffered a re-financing crisis over the past year largely brought on by Central Bankers’ preoccupation with fine-tuning interest rates, and their consequent mismanagement of liquidity.
Crossborder Capital, May 2008 , Michael Howell
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Balance Sheet Recession : Japan's Struggle with Uncharted Economics and its Global Implications
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Economists and business commentators have always assumed that the majority of companies in any economy are forward looking and are trying to maximize profits. They never considered the possibility that a vast majority of companies may be placing their highest priorities on minimizing debt in order to repair their balance sheets.
Wiley, John & Sons, Incorporated, May 2003 , Richard C. Koo
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Oil, Pension Funds and the Fallacy of Composition
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In fact, Index Speculators have now stockpiled, via the futures market, the equivalent of 1.1 billion barrels of petroleum, effectively adding eight times as much oil to their own stockpile as the United States has added to the Strategic Petroleum Reserve over the last five years.
Testimony of Michael W. Masters before the Committee on Homeland Security and Government Affairs, United States Senate
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The "New" "Old Economy"
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"We began to focus a lot less on manufacturing apparel and a lot more on building brands."
Fortune, April 21, 2008 , Eric Wiesman, CEO of VF
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A Real Estate Bubble in the US?
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Not if you look at it in relation to GDP growth, personal income and in the context of the past 20 years.
Ameco Financial Services , André Hämmerli
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A first impression of looming troubles in European real estate.
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If you really think real estate in the US is to blame for the current crisis, then check at what's coming to Europe.
Investments Office , R. Weber
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A Realistic Take on Europe !
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While everyone has seen that the US consumers have, in recent years, massively overextended themselves (and are now paying the price for this excessive leverage), what few see is that this attitude to spend come hell or high-water has been matched across the Atlantic Ocean not by the European consumers, but instead by European governments.
GaveKal
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Central Banks, Liquidity, Solvency and the Growth/Profitability issue
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China is the problem: not US housing. China is growing fast but it has few profits. Consequently, it requires more and-more credit to sustain growth.
Crossborder Capital , Michael Howell
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Deflation: Making Sure "It" Doesn't Happen Here
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A milestone speech that defined monetary policy for the past five years and made clear that the Fed can use "non-traditional" instruments to achieve its objectives.
The Federal Reserve Board, November 21, 2002 , Remarks by Governor Ben S. Bernanke
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The Misunderstood Economy: What Counts and how to Count It
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In clear, easy-to-understand language, The Misunderstood Economy explains how economic and social progress is and should be measured, confronting widespread misconceptions about debt and deficit, government spending and taxes, unemployment and inflation, foreign investment, and foreign trade.
Harvard Business School Publishing, May 1995 , Robert Eisner, Eisner
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