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Christopher Mahoney  

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  • More Evidence U.S. Dollar Dominance Is Beginning To Fade [View article]
    Amazing the amount of nonsense published about the RMB.
    Apr 17, 2015. 10:06 PM | Likes Like |Link to Comment
  • More Evidence U.S. Dollar Dominance Is Beginning To Fade [View article]
    There are no Chinese government bonds in the global capital market, a bit of a drawback to a potential reserve asset.
    Apr 17, 2015. 10:05 PM | Likes Like |Link to Comment
  • More Evidence U.S. Dollar Dominance Is Beginning To Fade [View article]
    The point is not the dollar is a reserve currency, it rather is that the T-Bond is the preferred reserve asset due to its unmatched liquidity. No central bank holds Chinese government bonds because the yuan is nonconvertible.
    Apr 17, 2015. 03:42 PM | 3 Likes Like |Link to Comment
  • Battle Of The Reserve Currencies: Dollar Vs. Yuan? [View article]
    It is not the dollar that is a reserve asset, it's the Treasury Bond. The purpose of FX reserves is to intervene in the currency market. Since the US never does this, it has almost no reserves. China intervenes all day long, which is why they have $4T of US Treasury bonds. Should a country want to hold reserves in RMB--they can't, because it is nonconvertible and there are no Chinese bonds for sale. Should China end exchange controls, foreign central banks could buy Yuan bonds and influence the exchange rate, which China doesn't want. China pretends that it wants normalization in order to avoid sanctions under WTO.
    Apr 16, 2015. 11:44 AM | Likes Like |Link to Comment
  • Draghi's QE Won't End Europe's Depression [View article]
    ghibinewt:
    Yes. Reversing deflation will require shock-and-awe. Every member of the ECB board should be forced to read Irving Fisher: http://bit.ly/12qvPXM
    Apr 14, 2015. 12:04 PM | Likes Like |Link to Comment
  • Monetary Policy Has Everything To Do With Banking [View article]
    Since most of the monetary aggregates consist of bank liabilities, money growth depends upon a growing banking system, which implies good earnings and capital. I don't see how you can grow the aggregates if the banking system is shrinking. This is why QE didn't work its magic: the credit contraction and the bank capital shortage.
    Apr 13, 2015. 04:46 PM | 3 Likes Like |Link to Comment
  • Draghi's QE Won't End Europe's Depression [View article]
    Depositors in Club Med banks face the same fate as Cypriots, and they know it. Run for the hills!
    Apr 11, 2015. 11:06 PM | Likes Like |Link to Comment
  • Draghi's QE Won't End Europe's Depression [View article]
    "All other funds must first be exhausted before the ESM is called on to recapitalise banks: shareholders and creditors must be bailed into the costs of rescue or resolution." -- Andreas Dombret, Deutsche Bundesbank, 10 Nov. 2014.
    Apr 11, 2015. 04:32 PM | Likes Like |Link to Comment
  • The Weak Economic Data Is Bullish For Stocks [View article]
    I feel sorry for the bears who have waited out one of the greatest bull markets in history: http://bit.ly/1ymctCS
    Apr 11, 2015. 04:29 PM | Likes Like |Link to Comment
  • The Weak Economic Data Is Bullish For Stocks [View article]
    The enemies of QE keep coming up with different stories: it will create hyperinflation, it doesn't work, it distorts markets, it is "artificial" and so on. It works but as Krugman says, it has to represent a credible commitment to reflation. This is what has been missing in Japan, the US and Europe. We need a more radical central bank.
    Apr 10, 2015. 06:10 PM | 4 Likes Like |Link to Comment
  • Is The U.S. About To Enter Recession? [View article]
    But how do you explain the GDPNow forecast?
    Apr 10, 2015. 12:57 PM | Likes Like |Link to Comment
  • The Weak Economic Data Is Bullish For Stocks [View article]
    QE does help and we need more of it--fast.
    Apr 10, 2015. 12:33 PM | 4 Likes Like |Link to Comment
  • Waiting Forever For The Next Big Crash [View article]
    I agree with the author. More importantly, so does NYU professor Aswath Damodaran, the #1 Guru of Equity Valuation.
    N.B.: Many people underestimate the return from equities because they only look at price appreciation and ignore total return. That's why I look at the Wilshire Total Market indices.
    http://bit.ly/1CAf1Is
    Apr 9, 2015. 05:57 PM | Likes Like |Link to Comment
  • Inflation: Fed Prepping For A Hiking Trip? [View article]
    Atlanta Fed forecasts 0% growth for 1Q15.
    Apr 8, 2015. 06:38 PM | 1 Like Like |Link to Comment
  • Reuters Reports That Greece Says It Will Run Out Of Money On April 9 [View article]
    Greece's weak underbelly is the run on its banks which is being funded by the ECB. That won't go on forever.
    Apr 3, 2015. 12:10 PM | Likes Like |Link to Comment
COMMENTS STATS
1,173 Comments
834 Likes