Rising Food Prices and What That Means
Putting aside two major uncertainties, the Malthusian fears about rising food prices will not materialize.
Top global market caps in the China space: What is the market paying for?
All the positive drivers behind China’s out-performance story in the last few years are expected to continue in 2008.
Growth Isn’t Enough, and Housing Is Key
For majority people in China, high growth is less important than keeping property price low. The most important expenditure for urban living is on property. If high economic growth means high property price, it may not be worth it.
Is Asia Still Attractive?
Most of what you read about Asia’s dynamism and strong economic fundamentals is true, but even so, from both a macro and strategy perspectives there are compelling reasons to be more cautious from here on in.
The Fall of Charles Prince
Charles Prince's biggest mistake was trusting his subordinates when they said that Citigroup's positions were low-risk. Their mistakes were trusting the rating agencies when the rating agencies gave their financial constructions--the Structured Investment Vehicles, the Collateralized Mortgage Obligations, the Collateralized Debt Obligations--their stamp of approval.
Super Fund, Super Folly
I suspect that the Treasury and the banks involved know that the Super Fund is a crazy idea and would never fly. Their purpose is to boost confidence in the viability of the SIVs, which would make the market more willing to refinance them or to pay higher prices for the sub-prime products that they may sell.
The Weak-Dollar Bubble
The US weak-dollar policy will trigger a dynamic response from other countries, which would amplify global inflation.
Stormy Seas for China’s Water Services Sector
Market reform has allowed foreign companies to snap up China’s water utilities, sparking debates over price hikes, local government roles and public responsibility, and shedding light on the pros and cons of water service reform.
John Maynard Keynes
John Maynard Keynes is the man who has the best claim to be the architect of our modernworld
You Should Sell Treasuries
If you hold US bonds, sell. The Fed wants to rob you to help the bankrupting US homeowners.
Are Subprime Loans Useful?
The reason for my belief is not confidence in the morality of all lenders in the subprime market, but rather that delinquencies and especially defaults on these loans hurt lenders as well as borrowers.
Waiting for the Yen
Every one of Japan’s neighbors is strengthening against the dollar ... what will it take to get the yen going again?
Towards A Healthy Property Market
If a city not built properly, posterity will suffer terribly. For example, Paris and Tokyo are model cities for high living quality. Mexico City and Rio are the opposite.
How to Conserve Water Efficiently
The best way to bring demand into balance with supply is to introduce much more sensible pricing of water consumption than is common in most countries.
When Does the US Consumer Give Up?
" Japanese import demand has weakened sharply, followed by a visible recent drop-off in Chinese and European spending as well. By contrast, the only market that seems to be holding up relatively well is ... the US."
Is Sex Selection for Births Undesirable?
An improvement in the position of women due to a decline in the number of girls relative to boys leads to some correction in the sex ratio as parental choices respond in the long run to the more favorable position of girls.
An Odd Couple Bound by Necessity
To ease the tension, China should welcome American companies to dual-list in Shanghai. The imbalance could gradually be alleviated by structural reforms, a general decrease in health care expenditures in the United States, and capitalizing the social safety net in China. Ultimately, time will heal everything.
New Bailout Likely for Indebted Rural Lender
The market’s current condition is “irrational exuberance,” a phrase used by Alan Greenspan when he commented on the U.S. stock market in 1996. To calm the exuberance, measures that are more definitive than an education program should be adopted.
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