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'In Vilnius, the alliance should launch a roadmap that will lead clearly to Ukraine’s membership in NATO at the earliest achievable date. As with Finland and Sweden, the process can bypass the Membership Action Plan in light of the close and ongoing interactions between NATO and Ukraine..'
Opinion | Ukraine Needs a Roadmap to NATO Membership ASAP
Any further delay will only invite
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Archive 'WASHINGTON (AP) — U.S. consumer prices rose 5.7% over the past year, the fastest pace in 39 years, as a surge in inflation confronts Americans with the holiday shopping season under way.
The November increase, reported Thursday by the Commerce Department, followed a 5.1% rise for the 12 months ending in October, continuing a string of annual price gains that have run well above the 2% in
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Archive 'An index of Chinese high-yield dollar bonds was pummeled, with yields surging 310 bps this week to 17.5%. This index yielded 8.20% at the end of May, and 12.0% to conclude August. For further perspective, this yield briefly spiked to 14.0% during the March 2020 pandemic crisis (back down to 8% by August).'
'It’s turning into a debacle. Evergrande bonds ended the week at 20 cent
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Archive 'The U.S. Innovation and Competition Act also directs U.S. Secretary of State to publish a list of all state-owned enterprises (SOEs) in China that have engaged in unfair trade practices such as intellectual property theft and forced technology transfers. Under the act, U.S. President Joe Biden would be authorized to impose sanctions on individuals or entities that have stolen U.S. trade sec
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Archive 'In its reply to CNN al Qaeda declares Afghanistan its victory. "The Americans are now defeated," and draw a parallel to the Soviet Union's withdrawal three decades ago from the country and its subsequent collapse: "The US war in Afghanistan played key role in hitting US economy."
That line echoes the rhetoric of bin Laden himself, who promoted the oversimplified
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Archive '..Things turn really crazy at the end of cycles. Monetary Disorder, Manias and Market Dysfunction. The parallels to 1929 turn only more compelling and ominous.'
'Erdogan’s desperate call for Turks to “cash in their gold and invest their savings to shore up financial markets” is reminiscent of the devastating 1997 “Asian Tiger” Bubble collapse. Turkey would today appear to have
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Archive 'Without some semblance of sound money, the notion of sound investment, robust economic structure, real generational income growth, and broadly inclusive prosperity is, most regrettably, nothing more than a pipedream. Current policy and market structures ensure instability and persistent hardship.'
'The problem is contemporary central bank doctrine has morphed to the point that
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Archive 'I am reminded of the sage words from the late German economist Dr. Kurt Richebacher: “The only cure for a Bubble is to not let it inflate.” Over the years, I’ve often fielded the question, “Doug, if you were a policymaker, what would you do?” There are today no easy answers – no solutions that come without tremendous hardship. I know the sooner Bubbles are addressed, the better. But policym
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Archive 'Now it’s a global Bubble, with all the issues of financial fragility, economic maladjustment, and wealth redistribution on an unprecedented scale.'
'The unprecedented buildup of speculative leverage throughout the twenties boom played an instrumental role in systemic liquidity abundance that fueled both financial distortions and economic maladjustment. Confidence in the Federal
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Archive '..according to Chatham House. However, there are signs of hope. On April 11, Poroshenko announced the launch of a special corruption court, the High Anti-Corruption Court, that was a condition for a $3.9 billion loan from the International Monetary Fund (IMF). "Today, we see the result: 38 new judges proceed to perform their duties in the new court," Poroshenko wrote on Twitter at
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Archive '..One can use a variety of estimation methods to demonstrate that the trajectory of the real economy (output, employment) in recent years has been no different than one could have projected using wholly non-monetary variables.'
'The key point here is this. Extraordinary monetary policy has one function, and it is to amplify yield-seeking speculation when investors are inclined
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Archive 'The recent analyses, alongside lessons from past peace operations, suggest what a peacekeeping operation in Ukraine could look like.
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Alternatively, Ukraine could advance its decentralization and make all regions “special” by adopting the European Union’s Charter of Local Self-Government as a framework nationwide. This approach may address Russian concerns, while strengthening Ukrai
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Archive <blockquote>'The Fed has borrowed from future consumption more than ever before. It is the least data dependent Fed in history. This is is the longest deviation from historical norms in terms of Fed dovishness than I have ever seen in my career.'
- Druckenmiller (Source, May 4, 2016)</blockquote>
'..the bubble inflated by former chair Ben Bernanke and current c
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Archive '..with tens of Trillions of securities mispriced these days on a global basis .. No one – average investor or sophisticated financial operator – has a clue as to the degree Fed policies have distorted asset prices. A credible macroprudential regulator would not promote securities market inflation. And when it comes to courage, history has shown it takes tremendous courage to halt monetary i
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Archive '..certainly no “classical” economist. The so-called “Austrians” just have a superior conceptual framework when it comes to analyzing inflation and inflationary processes.'
<blockquote>'I had the good fortune of being introduced to the Richebacher Letter in 1990 and had the opportunity to assist the great German economist, Dr. Kurt Richebacher, with his monthly publication
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Archive The German/“Austrian” view of economics just has a very different perspective, and it goes way beyond some fixation on Weimar hyperinflation. The focus is on how real wealth is created and how wealth is destroyed. Monetary inflations are powerfully destructive.
<blockquote>'No doubt about it, the Bundesbank is increasingly isolated. They are at odds with most European politicians
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Project C <blockquote>'From my analytical perspective, we’re in the midst of history’s greatest and most perilous financial Bubble. And I am beside myself that nobody in a position of influence seems to care. We’ve witnessed momentous analytical and policy errors over the years – and these blunders are allowed to repeat themselves without thorough analysis and review. All this talk about figh
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Project C <blockquote>'Sometimes I think that the job of central bankers is to prove Kurt Richebächer wrong.'
- Paul Volcker (context)</blockquote>
'...to deliver undiplomatic messages to governments.'
<blockquote>'Bundesbank President Axel Weber, the frontrunner to succeed European Central Bank President Jean- Claude Trichet next year, said diplomacy i
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Archive Past & Present - '...The right to own property - freedom of thought and to human dignity.'
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'The first panacea for a mismanaged nation is inflation of the currency; the second is war. Both bring a temporary prosperity; both bring a permanent ruin. But both are the refuge of political and economic opportunists.'
— Ernest Hemingway, “Notes on the Next War: A Seriou
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Project C By Edward Robinson
May 28, 2010
Source
May 28 (Bloomberg) -- The skunk works at IShares’ headquarters in San Francisco is buzzing. Researchers in the development lab pore over data flashing across computer screens while colleagues refill their mugs at the coffee bar and huddle in conference rooms illuminated by translucent blue partitions.
These brainiacs, who create the exchange-traded f
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Archive Too Much Reality
Big Brother Is Watching You Watching Big Brother
By Markus Brauck, Isabell Huelsen and Martin U. Mueller
01/04/2010
Source
The 10th season of the German version of "Big Brother" starts on Jan. 11. Although the original format is being followed less and less, the show has done more than just revolutionize television. Nowadays, everything and everyone is under
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Project C The 'short history' approach to military conflict
By BRENDAN SIMMS
SEPTEMBER 18, 2009
Source
Twenty or 30 years ago, the study of armed conflict was deeply unfashionable among Western scholars. The preference then was for social history and for theory-driven investigations of the past, like "postcolonial studies." Those intellectual fashions have not disappeared, of co
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Archive By Mark Pittman and Bob Ivry
September 9, 2009
Source
Sept. 10 (Bloomberg) -- Yu Lia Chun, a retired hospital orderly in Hong Kong, never heard of Lehman Brothers Holdings Inc. before she got a call last September from her banker.
“He said, ‘Did you hear the news? Something has happened to Lehman,’” Yu, 66, recalled in an interview in June. “I didn’t get it.”
Yu, who has a sixth-grade
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Archive <blockquote>'The Austrian School works with a world where money and finance can have repercussions on the real economy, primarily through the effects of financial signals and credit flows on the allocation of productive resources. So too did J.M. Keynes and Hy Minsky, and so too did Dr. Kurt Richebacher. It is a world most of us would recognize as part of our actual experience in the e
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Project C The moment is overdue for us to become moral and worthy ancestors.
By Peter G. Peterson | NEWSWEEK
Published May 30, 2009
Source (First read)
In 2007 the company I cofounded, the Blackstone Group, held a most successful public offering. I found myself, at 81, an instant billionaire. I wish I could've called my father, a Greek immigrant who had spent most of his life running a 24-hou
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Archive <blockquote>'The issues are essentially political because both mainstream parties spoke for months with a single voice in offering Germans and the world a fib (kind hearts might call it a misleading misjudgment): the idea that the German economy and its banking system were robust, oblivious to the implosion of American-led speculative schemes and a model of regulated, state-supervised
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Archive <blockquote>One ancient Chinese philosopher once said, "(w)e should self-examine ourselves three times daily." This epitomizes the oriental philosophy on the importance of self-criticism in improving oneself.
In analyzing the root causes of and drawing lessons from the current crisis, such spirit is sorely needed. Only by looking inward with this spirit, can we draw the righ
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Project C <blockquote>"But the cycle of giving and receiving solidifies Africa's dependency and impedes development. It ignores the banal insight that development can only be what people and societies achieve themselves. What we do is of little interest, while what they -- the Africans -- do is key. Nothing can replace their internal dynamics, not even the most well-intentioned assistance f
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Project C <blockquote> "The indispensable first condition for proper resource allocation at a national as well as global scale is avoidance of excessive money and credit creation. In many countries, and in particular in the United States, they are excessive as never before."
- Dr. Kurt Richebächer, An Unprecedented Speculative Spree, March 20, 2007 ( A Tribute )
"It is
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Project C “I think often of the great economist Dr. Kurt Richebacher. My analytical framework was over the years heavily influenced by his writings and mentoring. He would always say, “The only cure for a Bubble is to prevent it from developing.” Today’s crisis confirms the brilliance of Dr. Richebacher’s work. At the other end of the spectrum, conventional economic doctrine is revealed as shallow and fate
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Project CPage 1 of 4
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