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Lacy Hunt On The Unintended Consequences Of Federal Reserve Policies

Authored by Mike Shedlock via www.themaven.net/mishtalk, The Financial Repression Authority interviewed Lacy Hunt, Chief Economist at Hoisington Management on Fed policies. The interview below first appeared on the FRA website along with a video. The emphasis in italics is mine. FRA: Hi, welcome to FRA’s Roundtable Insight. Today, we have Dr. Lacy Hunt. He’s an […]


Why US Tax Reform Will Put Even More Pressure On Dollar Funding Markets

On Wednesday, we noted the renewed tightness developing in dollar funding markets. Ignoring embryonic signs of stress in the financial “plumbing” can be dangerous. The divergence of LIBOR from Fed Funds on 9 August 2007, which occurred two months prior to the peak in the Dow, always comes to mind. Fast-forwarding to the present when […]


Chris Whalen On The CDO-Redux & Inevitable “Catastrophic Systemic Risk Event”

Authored by Chris Whalen via The Institutional Risk Analyst, “The great wheel of circulation is altogether different from the goods which are circulated by means of it. The revenue of the society consists altogether in those goods, and not in the wheel which circulates them”   Adam Smith, 1811 This week in The Institutional Risk […]


A Brief History Of Tail Risk: From LTCM, ABX, CDS, To VIX

Authored by Peter Tchir via Brean Capital, I continue to be focused on tail risk.  While I think valuations may be stretched, my bigger concern is that the real risk lies in market structure – more specifically to volatility and correlation strategies that quickly propagate through the financial markets with the aid of algorithmic trading. […]