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So it seems that Bank of America and MERS can’t make their story stick in Oregon. The Courthouse News Service has an article under Dee Moore’s byline Ruling Challenges Ore. Foreclosure System that shows that Oregon law may make the securitization house of cards fail a bit further. Bank of America and Mortgage Electronic Registration Systems broke the law when they failed to . . . → Read More: Bank of America and MERS in trouble in Oregon The crash actually followed a $2 trillion margin call by these four global banks on their prime brokerage clients and OTC counterparties – effectively a 30 per cent increase in required margin. It was the margin call that forced liquidation of global portfolios of all asset classes – and particularly the high quality, most liquid asset classes. . . . → Read More: Margin calls actually instigated the crash Dani Rodrik has an interesting take on the problems of globalization and economic integration: Democracy, national sovereignty and global economic integration are mutually incompatible: we can combine any two of the three, but never have all three simultaneously and in full. . . . → Read More: World Economic Trilemma Paul Krugman in a blog post which refers to an article by Martin Wolf (which I cover below) says ominously: “the water level has now dropped so far that the fuel rods are exposed. We really are in meltdown territory.” . . . → Read More: European economic meltdown Martin Wolf made an interesting point in the Financial Times which I wanted to capture for later thought: Almost all of the money in a contemporary economy consists of the liabilities of financial institutions. In the eurozone, for example, currency in circulation is just 9 per cent of broad money (M3). What is Money? Just the liabilities of financial institutions. |
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