Doug Noland

A Wolf in Panda’s Clothing

But I expect the bond market to push back against “risk on.” With $2 TN annual deficits as far as the eye can see, it’s either begin imposing discipline or watch inflation and supply eat away at system stability.

A Most Critical Stage

I prefer not to refer to old Credit Bubble Bulletins. I’m making an exception this week, extracting from the February 6, 2009, edition. In “Government Finance Bubble,” I offered my first warning of dangerous unfolding Bubble dynamics. “The Government Finance… Read More ›

TSP Smart: Beware of Stability

Excerpts The old Hyman Minsky “stability can be destabilizing” comes to mind. There is evidence that speculative leverage today surpasses even March 2020 levels. I would argue there is more speculative leverage, “Crowded Trades,” and potentially crash-inducing derivative exposures. Potential… Read More ›