Financial Markets

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The Housing Bubble and the Credit Crunch

Booms and BustsFinancial MarketsInterventionism

Blog08/10/2007

The turmoil in the credit markets now emanating from the collapse of the housing bubble can be understood in the light of the theory of the business cycle developed by Ludwig von Mises and F.A. Hayek. These authors showed that credit expansion distorts the pattern of spending and capital...

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Are Stock Markets a Swindle?

Financial MarketsMoney and BanksMoney and BankingPolitical Theory

Blog07/24/2007

Aside from the error identified by Shostak this morning, another error concerning financial markets is that they are systematically irrational - the very opposite error of the EMH.

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Size of Sovereign Wealth Funds

Financial Markets

Blog07/21/2007

I have written before for the blog about the emerging "sovereign wealth funds" (see: 1 2 3...

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Australia & The Inverted Yield Curve

Booms and BustsFinancial Markets

Blog06/07/2007

One myth upheld even by many people who has a basically sound outlook on monetary issues is the view that an inverted yield curve (where short term interest rates are higher than long term interest rates) will cause a recession. It is a well known fact that the yield curve tends to invert just...

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China: The New Global Hedge Fund

Financial MarketsGlobal Economy

Blog06/02/2007

I have been covering the story of the sovereign governments' ongoing ventures into capital markets with their accumulated currency reserves (see: 1 2...

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Is the Stock Market Rising?

Financial MarketsPrices

Blog05/30/2007

I rather like this chart from the New York Times showing the value of the S&P 500 Index in the dollar, three foreign currencies, gold, houses, oil and corn....

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Clinton talks return on investment

Financial MarketsCapital and Interest Theory

Blog05/23/2007

"If you add up all the benefits, it's really astonishing," the New York senator and former first lady said, citing one study that says for every dollar invested in pre-kindergarten, there is at least a seven fold return. -- Hillary Clinton as...

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The sham of "socially responsible investing"

Financial MarketsCapital and Interest TheoryMoney and Banking

Blog04/11/2007

The sham of socially responsible investing (SRI) is exposed in a recent New York Times column by Joe Nocera. This incisive article concludes that SRI "oversimplifies the world, and in so doing distorts reality....

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Foreigners and Those Vast US Dollar Holdings

Financial MarketsMoney and BanksCapital and Interest TheoryMoney and Banking

Blog04/09/2007

A correspondent on the LRC blog refers to the

"....ominous growth in dollar denominated debt instruments held by foreign central banks and foreign investors ...the impact...when foreigners...

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Michael Oxley Knew Sarbanes-Oxley "could spell trouble"

Financial MarketsInterventionism

Blog04/06/2007

Bob Greifeld, the President and CEO of Nasdaq, was once a great critic of Sarbanes-Oxley (SOX), citing the anti-competitive drag that SOX helped to foist upon his industry. How charming it is, then, to see that Nasdaq has recently brought Michael Oxley - one of the co-founders of SOX - on board...

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