naked capitalism Sun 2010-08-22 09:32 EDT

Auerback: News Flash-- China Reduces US Treasury Holdings, World Does Not Come To an End

Marshall Auerback

In a post titled ``China Cuts US Treasury Holdings By Record Amount,'' Mike Norman makes the excellent observation that while China is moving its money out of Treasuries, interest rates are hitting record lows. In other words, the sky still isn't falling. So, Mike wonders, ``Where is the Debt/Doomsday crowd?'' He rightly concludes: ``They're nowhere to be found because they can't explain this. This is a `gut punch' to them. Their whole theory is out the window. They just don't understand or don't want to understand, that interest rates are set by the Fed...PERIOD!!!''...Also of note today: Tokyo's Nikkei QUICK News reports that the #309 10-year Japanese benchmark government bond, the current benchmark, traded to a yield of 0.920% Tuesday morning, down 2.5 basis points from yesterday's close. This is the lowest yield since August 13, 2003. This, from a country with a public debt-to-GDP ratio of 210%!...These are facts. Inconvenient for those who like to perpetuate the lie that the US or Japan faces imminent national insolvency as a means of justifying their almost daily attacks on proactive fiscal policy...

Auerback; China reducing; comes; ending; naked capitalism; News Flash; Treasury holds; world.

Sun 2009-10-11 18:07 EDT

Cassandra Does Tokyo: Mourning Rally

...it is most curious that I should find myself experiencing very visceral negative reactions to the upward movements in the gold price...the rallying Gold price signifies more monumental failures at multiple levels for society, in politics, for nations, for our individual and collective ability to measure our wants and desires with our means. So despite my skeptical exoskeleton about most things (financial innovation perhaps first and foremost), the aforementioned bothers me intensely, for I am, at heart, both an idealist, and a closet optimist about humanity...So when I see Gold rally, my visceral reaction is the result of my incredulous beliefs confronting contrary evidence, and the mourning for said failures (both real and imagined) that it represents.

Cassandra; Mourning Rally; Tokyo.

Tue 2009-02-24 00:00 EST

Cassandra Does Tokyo: Inflation(ists) vs. Deflation(ists) - Part II

inflation versus deflation part 2

Cassandra; deflation; Inflation; ist; parts II; Tokyo.

Mon 2009-02-16 00:00 EST

Cassandra Does Tokyo: Inflation v. Deflation

Cassandra Does Tokyo: Inflation versus Deflation

Cassandra; deflation; Inflation; Tokyo.

Thu 2009-01-15 00:00 EST

naked capitalism: Guest Post: "If You Can't Tell Who The Sucker Is...."

by Cassandra Does Tokyo; normalcy; ``what we've seen in leverage and credit growth during the past 15 years is NOT normal, nor is it sustainable - neither relative to history or in absolute terms.''

Guest Post; naked capitalism; suckers; tells.

Mon 2008-12-15 00:00 EST

Cassandra Does Tokyo: Bernie Comes Out of the Closet

Bernie Madoff Ponzi scheme reviewed; ``emblematic of America since Reagan and the Great Leveraging. Something for nothing. Thank you Mr Laffer. But as a philosophy and modus operandi it is quite literally, bankrupt and without merit.''

Bernie Comes; Cassandra; closet; Tokyo.