» Resources Category

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Asset Safety in the post-MF Global World

January 01, 1970

by David R. Kotok, Chairman and Chief Investment Officer, Cumberland Advisors December 26, 2011 We wish our clients, referring consultants, professional colleagues, friends, and all of our readers a happy holiday season and a healthy new year. We also encourage them to ask very hard questions as they work to keep their money and investments […]

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PIMCO Veteran Paul McCulley: A New Model for Understanding Geopolitical Crises

December 22, 2011

by Jason Voss, CFA

As a former portfolio manager, I know that practitioners often pay too much attention to micro-level issues of individual securities and not enough attention to the broader macro-level context […]

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The Nonbank-Bank Nexus and the Shadow Banking System

January 01, 1970

by Zoltan Pozsar and Manmohan Singh Abstract The present way of thinking about financial intermediation does not fully incorporate the rise of asset managers as a major source of funding for banks through the shadow banking system. Asset managers are dominant sources of demand for non-M2 types of money and serve as source collateral ‘mines’ […]

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Why Banking Works One Big Confidence Trick

January 01, 1970

by Zoltan Pozsar Banking is one large, clever, and finely tuned, confidence trick. On the one hand are bank notes which are “legal tender for all debts, public and private”, trade at par and are referred to as money. They are liabilities of the sovereign. On the other are demand deposits – from savings to […]

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Why is the Damned Euro So Damn Strong?

December 02, 2011

by Paul Horne, Independent Market Economist Why IS the euro so strong against the dollar when bond markets have it on its death bed? Since the onset of the crisis in Greece in late 2009, foreign exchange-traders have been forecasting that the euro will sink to dollar parity before becoming extinct. This expectation is considered […]

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Paul McCulley’s interview in Welling @ Weeden

January 01, 1970

Greatest Moral Hazard, Says Paul McCulley, Is Austerity Here and Now.

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GIC Board Member, J. Paul Horne

January 01, 1970

Three years after the worst financial-economic crisis since the 1930s began; a new international financial, regulatory and fiscal architecture has emerged.

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GIC Member, Michael Drury, Chief Economist, McVean Trading & Investments

January 01, 1970

I am traveling tonight to Santiago, Chile for a conference sponsored by the Global Interdependence Center. I have been asked to discuss the question “Is monetary policy affecting commodity inflation?” and have included the presentation for our clients and friends below.

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GIC Member and Chief Global Economist, Cumberland Advisors, Bill Witherell

January 01, 1970

A year ago, my colleague David Kotok wrote a Commentary entitled “2010: The Year to Focus on Sovereign Debt.” That has certainly proved to be correct. The year that is drawing to a close witnessed a welcome recovery in the global economy that was overshadowed by a fiscal crisis in the periphery of the eurozone […]

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GIC Chair, Bill Dunkelberg: Treasury Dept. and Small Business

January 01, 1970

Dr. William Dunkelberg, provided a Guest Commentary for Cumberland Advisors’ daily Market Commentary on October 14, 2010.

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Former GIC Speaker, Howard Simons: Age, Confidence And Financial Markets: Older Not Bolder

January 01, 1970

The most predictable report in our regular repertoire over the past year has been on monthly mutual fund flow data. The U.S. investor collectively is willing to assume duration and credit risk while shunning equity risk even as stocks become increasingly attractive on a relative valuation basis.

ARTICLE

Former GIC Speaker, Howard Simons: Age, Confidence And Financial Markets: Older Not Bolder

January 01, 1970

Global Interdependence Center

Topic

Articles

Asset Safety in the post-MF Global World

PIMCO Veteran Paul McCulley: A New Model for Understanding Geopolitical Crises

The Nonbank-Bank Nexus and the Shadow Banking System

Why Banking Works One Big Confidence Trick

Why is the Damned Euro So Damn Strong?

Paul McCulley’s interview in Welling @ Weeden

GIC Board Member, J. Paul Horne

GIC Member, Michael Drury, Chief Economist, McVean Trading & Investments

GIC Member and Chief Global Economist, Cumberland Advisors, Bill Witherell

GIC Chair, Bill Dunkelberg: Treasury Dept. and Small Business

Former GIC Speaker, Howard Simons: Age, Confidence And Financial Markets: Older Not Bolder

Former GIC Speaker, Howard Simons: Age, Confidence And Financial Markets: Older Not Bolder