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This past week’s posts marked a turn for me on a few levels. It is apparent that most market reform efforts are mere tweaks of the existing system. I am being to conclude that no meaningful financial reform can occur absent an absolute collapse in the global economy and the financial system. This is quite [...]

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The mindset will not change; a depressionary relapse may be coming
Just what is going on in Sweden?
Going Off on Rogoff – There is No Hard Debt Constraint for Fiat Currency
The Retirement Lottery
Why is George Soros buying gold if it’s in a bubble?
Faber: 20% correction if S&P reaches new high [...]

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Is AIG the main CDS insurer for Greek government debt?
Drawing the right lessons from an obscure tale of obscure interest rate swaps
Beijing is not Washington’s banker
EM Currencies Remain Vulnerable As Pessimism Returns
European Currencies to Suffer Disproportionately vs. US Dollar
RBS paying large bonuses while Commerzbank bankers get zero
Too Soon To Cry “Victory” [...]

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Here’s my take on a recent story of apparent plagiarism at the New York Times.  Some are probably conjuring up memories of Jayson Blair.  However, I see something different, namely a battle regarding the credibility of independent financial blogs like mine as a news source.
The fact is most American newspapers and television stations are owned [...]

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Roach: "weak, anaemic, fragile, potential vulnerable to a double dip”
Chandler: Policy makers are repeating the mistakes of the 1930s
Unprecedented moral suasion from regulators on small businesses lending
John Mauldin: A Bubble in Search of a Pin
The coming wave of second mortgage writedowns
A more in-depth description of how elites maintain status [...]

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Folks, if I can get out of here [DC], I will.  I need the sun and that relaxation that only Mexico can provide.  So expect light posting next week.  Meanwhile, DC expects yet more snow on Monday (ha ha ha – Schadenfreude – ha ha!).
Have a great weekend.
Edward
Finance and economy
So Thats What Too Big to [...]

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I have shovelled snow for three days straight now. We got over 20 inches (50 cm) on Friday and Saturday. Yesterday morning, I went out for a brief drive to the grocery store. I was astounded how badly the major roads were plowed. There were almost NO patches were one could see actual pavement.
Now, another [...]

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Jim Chanos still bearish on China, talks malinvestment
If PIIGS Could Fly
After Greece and Portugal, does Spain come next?
Weaker eurozone manufacturers losing competitiveness
Greek bailout news
On depreciation, malinvestment and GDP as a gross number
The Wall Street Journal’s primer on The Volcker Rule
Double Dip Recession and the Obama 2011 Budget
Chart of the day: [...]

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Chart of the day: Clusterstock – How the AIG bailout worked
Breaking: Darrell Issa asks for a subpoena in AIG bailout cover-up
President Obama, are you listening?
Robert Reich gets it
Marc Faber: Obama makes Bush look like a genius
A strong dollar, euro downside and a gold liquidation panic
Poll results: Why Obama [...]

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As 2009 came to a close, it was obvious to me that the writing at Credit Writedowns had taken a decidedly American-centric tilt despite our experience outside of North America.  This is not something I am happy about because Marshall Auerback and I had written a decent amount about Europe earlier in the credit crisis. [...]