We think Tim Geithner (with Bill Dudley as an alternative) will take over the Fed when Ben Bernanke steps down next January, and it seems by all indications that the table is already being set.
Lee Quaintance & Paul Brodsky
Select articles by Lee Quaintance and Paul Brodsky of QB Asset Management Company in New York, a macro-oriented hedge fund.
The Fed’s Exit
The magnitude of the systemic leverage problem will be met with equal inflationary force.
Regarding the Trillion Dollar Coin
The trillion dollar coin idea is a marvel of political imagination and public ignorance.
It’s Time
In light of today’s Fed decision…
Conjecture
Raising dividend tax rates but leaving capital gains rates unchanged would theoretically be stock market bullish, as it would spur buyback programs. It would seem this would be a compromise in which the Administration could save face. While this might help stock market indexes, it is difficult to see how it would help the real economy. (Sadly, cynical policy and superficial optics could prevail over real economic solutions… again.)
Gentlemen, Start Your DeLoreans
While some continue to argue that the US can only get its fiscal house in order by running trade and/or budget surpluses, it would seem the US’s official gold stock could be revalued to the extent that no trade or budget surplus is necessary as any sort of precondition.
The Realist
On the eve of this evening’s US presidential debate and with two weeks to go before the election, we thought it would be fitting to publicly endorse our favorite candidate – the Realist.
No pretense
There should be very little pretense among objective observers that last week’s perpetual QE announcement could actually provide real economic stimulation.
Real Return Investing
Is there a clean shirt anywhere – creased, pressed and folded? We think so.
Today’s Macroeconomic Problems, the Expedient Solution & its Consequences
Policy-administered asset monetization would stop the global financial system from seizing, restore sorely needed economic balance, and reset commercial incentives so that real growth can once again gain traction.
Another Perspective
Why and how the global monetary system is failing, why it is too late to stop, what will come next, and why the crisis is only financial – not commercial.
The State of Play: Statists at Play
Kirchner’s declaration that the action is a “recovery of sovereignty and control” should further remind observers and investors that those in power ultimately rely on maintaining and obtaining access to natural resources.
On shadow banking
It is important to distinguish between leveraged and unleveraged non-bank lenders, both investors and both implicitly “shadow banks”.
BB Gun: A Critical Analysis of Ben Bernanke’s Lecture Last Week
A critical response by Chairman Bernanke would be welcomed…
Golden Boy
We think it is imprudent to advise legitimate savers to invest in levered financial assets.
Gold in Perspective
Any sell-off in gold futures or other derivative claims serve the physical gold buyer’s interest and the interest of investors in shares of gold miners looking to accumulate in-ground physical gold.
Plastics
Fundamentals and incentives point the way to an optimistic outcome for the majority.
[AUDIO] The Seeds of Our Destruction Were – And Still Are – Sown in the Bond Markets
Paul Brodsky thinks our credit system is so far out of control that it will cause a massive – and largely unavoidable at this point – devaluation of the US dollar (and most other fiat currencies, as well).
