Reinhart Rogoff and Political Tribalism

Reinhart Rogoff and Political Tribalism

By The Banker | Blog Posts

I wrote a few days back about how Reinhart and Rogoff’s serious, academic, review of past and prospective debt restructurings seemed to provide policy support for financial repression – such as capital controls, fixed currency regimes, highly regulated banks, and hidden taxes on savings through forced public pension investments. This post highlights one of my [&hellip

Financial Repression = Less Crises

Financial Repression = Less Crises

By The Banker | Blog Posts

Please see earlier post on the Reinhart Rogoff IMF paper I wrote a few days back about how a serious, academic, review of past and prospective debt restructurings can be on the one hand useful, on the other hand not particularly predictive of market conditions, and on the third hand (I have three hands!?!) easily [&hellip

1930s Style Debt Defaults?

1930s Style Debt Defaults?

By The Banker | Blog Posts, Wall Street

A sometime gold-coin buyer and a frequent reader of Bankers Anonymous sent me a message a few days ago, linking to the CNBC headline “1930s-style debt defaults likely, says IMF,” and with the simple question: “Mike – True?” Harvard economists Carmen M. Reinhart and Kenneth S. Rogoff’s latest paper, commissioned by the IMF and published [&hellip

Book Review: The Richest Man In Babylon by George S. Clason

Book Review: The Richest Man In Babylon by George S. Clason

By The Banker | Book Reviews, Investing, Personal Finance

My taxi driver to the airport – upon hearing I was a ‘finance guy’ – told me all about The Richest Man in Babylon by George S. Clason, a book which changed his life.  From this one book, my driver told me, he had built his life plan for savings, investments, and wealth creation. I [&hellip

Book Review: Capital by John Lanchester

Book Review: Capital by John Lanchester

By The Banker | Book Reviews

I’ve been searching in the past few years for the best book to explain the 2008 Crisis, but I have yet to find it. John Lanchester’s novel Capital presents the 2007 and 2008 pre-conditions for the crisis in London – soaring real estate values, extraordinary inequality, random good and bad fortune, injustice, and fundamental cultural [&hellip