Current Blog
What does repo do?
The Office of Financial Research is out with a new "Reference Guide to U.S. Repo and Securities Lending Markets" which Read more
Turbulent Exit?
In a followup from their much-discussed (by me here) May memo, Pozsar and Sweeney predict "A Turbulent Exit" when the Read more
Defending the RMB
It's hard to short China, but not so hard to short China's currency, and that's a problem for the central Read more
Toward a robust dealer system of first resort
Goldman Sachs takes "A Look at Liquidity", and tells us what they see. Suffice it to say that different people Read more
The Fuss about Market Liquidity
The recently released PwC "Global Financial Markets Liquidity Study", sounds a warning. Financial regulation, while perhaps well-intentioned, has gone too far. Banks Read more
The World in Depression, a Money View
Does this sound familiar? Falling commodity prices, unsustainable official debts, crashing stock markets, pullback in global lending by dominant megabanks, Read more
Testing the Global Central Bank Swap Network
In the last few weeks, the ECB has been drawing on its liquidity swap line with the Fed, first $308 Read more
Sharp Pencils vs. Sharp Politics: The 2015 Social Security Trustees Report
The long run balance of the U.S. Social Security system has improved, but almost all of the improvement comes from Read more
Flash Crash explained by HFT
The official report on events of October 15, 2014, is now public and it makes fascinating reading. Most news accounts Read more
Ford to City: Drop Dead
I recently tweeted: "Receivership is better than Grexit for Greece, hence Tsipras; but worse for Europe, hence Schauble." That's the Read more