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The Pragmatic Capitalist – The Many Myths of Warren Buffett
Morgan Stanley – Global Economic Forum – Default or Inflate or…
Time to Press China on Its Exchange Rate – Economix Blog – NYTimes.com
FT Alphaville – Neil Hume – Buiter’s back
S&P May Downgrade Greece Within Month on Budget Risks – Bloomberg.com
Obama may compromise on consumer agency to [...]

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There will be no Dubai sovereign default. The government of oil-rich Abu Dhabi surprised investors this morning in announcing a $10 billion rescue package to pay for upcoming obligations of embattled Dubai World.
Below Richard Stovin-Bradford of the Financial Times speaks about Abu Dhabi’s decision to finally come to Dubai World’s rescue.  I share his view [...]

This December 2009 post is a reminder of the issues at stake with Greece. It is not credible for the EU to lend psychological and political support given the debt loads now burdening the Greek government. More is needed, either financial support, debt guarantees, or austerity – most probably all of the above.

This post from November 2009 is a reminder of how things looked in the sovereign debt crisis just a few months ago.

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Dubai’s dramatic boom over the last decade in pictures – Telegraph
BBC NEWS | Americas | Facing a sixth trial for the same crime
BBC NEWS | Middle East | Views from Dubai: ‘The end of the dream’
Dubai debt delays revive fear of financial crisis
FT.com | Willem Buiter’s Maverecon | Polite suggestion to [...]

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Columbia University Professor and former Federal Reserve official Frederic Mishkin wrote a much-discussed Op-Ed in the Financial Times yesterday. In it, he asks
Are potential asset-price bubbles always dangerous?

He answers this question with a no, noting that some asset bubbles are more dangerous than others because of their connection to debt and credit. I agree [...]

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I am feeling fairly ill so posting will be light today. Hopefully, I will back in shape tomorrow.

VIDEO: Former Brit Ambassador Craig Murray Says UK and USA Sent Prisoners to Uzbekistan for Torture Part 1 Patrick J. Buchanan
Chilling. Must-see video

Former UK Ambassador: CIA Sent People To Be ‘Raped With Broken Bottles’ « Patrick J. Buchanan [...]

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The following is a re-print of the latest monthly newsletter from Niels Jensen of Absolute Return Partners, published with the express permission of the author. Visit www.arpllp.com to learn more about Absolute Return Partners. You can reach the firm by email at info@arpllp.com.
This post on taxes and budget deficits should remind one of three recent [...]

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The power grab at the Federal Reserve is a topic I first broached back in February when the Federal Reserve was creating its alphabet soup of liquidity programs to pull us back from the brink of financial disaster. I was troubled about Fed policy then and I am still troubled today.
I am equally disturbed by [...]

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You are a teacher at a local primary school. Each school day you and some of your colleagues watch over the children at the school playground to make sure all of the children follow the rules and keep their hands to themselves. Your role is to keep the children safe. Mind you, this is a [...]