…dollars in 1999] and finding new ways to do acquisition which was as much a mess as today. So, through a fair amount of trading and evading it was decided…

…— doesn’t disappear. It keeps getting passed on, exchanged. Real goods move the other way, and do disappear. You’re trading something that only has exchange value for something that can…

…fraud, conspiracy, insider trading tips, pimping and so forth may properly be criminalized and regulated without much regard for the fact that the means for carrying out the transactions may…

…the 2007-08 financial crisis, was really ‘phantom’ activity–trading at several times removed from the productive economy that gives people (other than bankers). It remains to be seen whether the US…

…distorted somewhat by the 10:1 reverse split earlier this year. **An annual dividend of US$2.28, with the stock trading around US$70-75 per share. ***This is not an unusual story, sadly….

…they have to pay taxes. Paying no tax on dividends and capital gains won’t make the rich suddenly invest in entreprenuerial activities, my friends. (Simply trading corporate stocks on the…

…debt is trading at 6.05% – not bad). The banks will be ‘encouraged’ to buy government debt, thereby ensuring a funding source for the sovereigns. But this is not a…

…Irish real exchange rate appreciated 10% against its major trading partners. As such, the 13.6% real depreciation since April 2008 is more reflective of mean reversion rather than competitiveness gains….

…can see this in the spread between Italian 10yr bond yields and the Spanish 10yr bond yields, which has collapsed since the summer and is now trading at -70 bps….

…What’s driving this? Primarily the real exchange rate. The chart below illustrates the real effective exchange rates for China and the US, as measured by a broad set of trading…