Post Tagged with: "United States"
Chart of the Day: The World’s Top 50 Banks (bubble chart version)
I have written a few posts showing you the ranking for the big banks globally, with a special emphasis on Europe because of systemic risk. But here’s a great bubble chart that gives you a visual on the relative size of the big banks globally. (Hat tip Barry Ritholtz). Of the large countries on this
US Industrial Output Disappoints
The US industrial production fell 0.2% in Sept. The market consensus was for a gain of the same magnitude. This is the first decline since June 2009. Manufacturing output fell 0.2%, utility output fell 1.9%, and mining rose 0.7%. The decline in utility output appears largely weather related and fell 1.4% in August. The auto
Incrementalism and Money Movement
By Kevin Brekke A news item warranting special mention went largely unremarked on in the media last week. On Monday, Sept. 27, the Financial Crimes Enforcement Network (FinCEN) announced that it had “submitted for publication in the Federal Register a notice of proposed rulemaking (NPRM) that would require certain depository institutions and money services businesses
Flashback: Jimmy Carter’s 1979 Malaise Speech
"Malaise" speech When the energy market exploded — an occurrence Carter tried to avoid during his term — he was planning on delivering his fifth major speech on energy; however, he felt that the American people were no longer listening. Carter left for the presidential retreat of Camp David. For more than a week, a
The Sustainability of Global Recovery
Now that I am back in the saddle, I am going to start doing my week in review narratives again with links to the most newsworthy posts from the past week or so. On second thought, let me actually cover the ground back to the beginning of September for this review since I haven’t done
What do the “good” trade numbers tell us?
by Michael Pettis I apologize for taking so long to write but for the past two weeks (and the next five days) I have been travelling for conferences and meetings. I spent last week in Buenos Aires at the 75th Anniversary Conference of the Banco Central de la Republica Argentina, where I gave a presentation
The Camel’s Back
By Annaly Capital Management Ireland’s rating downgrade by Standard & Poor’s on August 24 and the related news of its struggling millstone, Anglo Irish Bank , bring our attention back to the ongoing challenges facing sovereign entities in the postdiluvian financial world of 2010. We are not alone in this endeavor, as the International Monetary
The Odd Couple
by Edward Hugh The modern world moves at a breathtaking pace, even when most of us find ourselves on holiday. No sooner do we receive, read and start to digest one set of economic data than we find ourselves pushed to think about what the next set will look like. The clearest recent illustration of
A Mid-Summer’s Reflection
A personal note of reflection from Mike Farrell, CEO of Annaly Capital Management. It had been a long time between vacations. Credit crunch, lending implosion, sovereign credits going into default, currency devaluations, government intervention. It was hard to break away while trying to keep our business growing and focused. The coinciding events of my son
Alpha Creditor Revaluations in the 1930s versus the 2010s
I am trying to make sense of the revaluation talk that surrounds the Sino-American trade relationship. Here are some thoughts on the issue. Your comments are appreciated. In the 1920s, the United States was the Alpha Creditor having taken on a huge manufacturing role after Europe’s collapse during the First World War. At the time,
PIMCO on British National Solvency
PIMCO is out with its secular outlook for the UK. PIMCO Portfolio Manager and EVP Michael Amey comments on growth and inflation and their effect on UK assets in the new normal of deleveraging, greater regulation and de-globalisation. One comment he made on default risk was quite informative: Q: PIMCO has identified sovereign risk as