Asia Times Online :: Trade Wars

The Wizard of
Bubbleland

Henry C K Liu on Alan Greenspan (Sep '05)

PART 4
The global money and currency markets
Any notion that money is not available, or that it may not be available at any price, only raises alarm to panic and enhances panic to madness, with a total loss of confidence. Yet the acceptance of loans at abnormally high interest rates is itself a sign of panic. Against such contradictions, no central bank - including the Fed under Alan Greenspan - has found the appropriate wisdom. (Feb 15, '06)

PART 3
How the US money market really works
The repo market has experienced astronomical growth in the US banking system, yet this phenomenon carries with it systemic risk, not only to the banks but to the whole US economy. Why has this happened? The repo market is where banks and other market participants can seek to free themselves from the Fed's control of the Federal Reserve. (Oct 26, '05)

PART 2
The repo time bomb
Repurchase agreements are contracts for the sale and future repurchase of a top-rated financial asset, and they have become a greater and greater feature of the risk-based US financial system that has evolved on Alan Greenspan's watch. But where there are big risks there are big losers - and the system goes out of its way to protect them from their own excesses. (Sep 28, '05)

PART 1
Greenspan, the Wizard of Bubbleland
As Alan Greenspan's term as chairman of the US Federal Reserve Board of Governors nears its end, it is a good time to look back on his tenure - and predict his legacy. (Sep 13, '05)

The Complete Henry C K Liu

All material on this website is copyright and may not be republished in any form without written permission.
0„8 Copyright 1999 - 2005 Asia Times Online Ltd.

Head Office: Rm 202, Hau Fook Mansion, No. 8 Hau Fook St., Kowloon, Hong Kong
Thailand Bureau: 11/13 Petchkasem Road, Hua Hin, Prachuab Kirikhan, Thailand 77110