Fischer Black and Myron Scholes won the Nobel Prize for Economics. Scholes was  involved with Long-Term Capital Management that blew up on that formula. The fund, which started operations with $1 billion of investor capital, was extremely successful in the first years, with annualized returns of over 40%. However, following the 1997 East Asian financial […]

Mary Jo White is from NYC. There will be no change at the SEC. She was a prosecutor for US Department of Justice in Southern District of New York and is familiar with the practice there of changing transcripts of what takes place in court, see US v Zicetello, She never prosecuted the bankers. The […]

I really do not understand why people insist that HYPERINFLATION must take place. That ASSUMES government will print to meet its unfunded obligations rather than just change laws and fail to meet promises. They are cutting entitlements already. Yes Rome debased its currency to the point that its worth was 1/50th of its former value. […]

A reader commented: “Since the debt melt down will happen after Obama leaves office in 2016. He will get off scott free of any blame.” That is NOT necessarily the case. Generally, people are getting fed-up with politicians. There are still the sublimely ignorant who will vote for their party regardless of the facts. But […]

Sovereign Debt Crisis Conference Saturday March 16th, 2013 Le Meridien Hotel Philadelphia Many readers who are not “traders” would like a conference outlining the real Sovereign Debt Crisis, how do we survive such an event based upon past experiences, and what are the implications going forward? We will be reviewing the debt levels of all […]

U.S. Supreme Court Pollock v. Farmers’ Loan & Trust Company, 158 U.S. 601 (1895) Pollock v. Farmers’ Loan & Trust Company (Rehearing) No. 898, 894 Argued May 6, 7, 8, 1895 Decided May 20, 1895 158 U.S. 601 APPEAL FROM THE CIRCUIT COURT OF THE UNITED STATES FOR THE SOUTHERN DISTRICT OF NEW YORK Syllabus […]

U.S. Supreme Court Flint v. Stone Tracy Co., 220 U.S. 107 (1911) Flint v. Stone Tracy Company Nos. 407, 409-412, 415, 420, 425, 431, 432, 442-443, 446, 456-457 Argued March 17, 18, 1910 Restored to docket for reargument May 31, 1910 Reargued January 17, 18, 19, 1911 Decided March 13, 1911. 220 U.S. 107 APPEAL […]

http://www.youtube.com/watch?v=x2igv9f2EBs&sns=em There is a major dispute over some tiny uninhabited islands in the South China Sea. One may think this is nothing. They are just tiny islands not worth going to war over. WRONG! The islands are just the excuse. The issue is the festering hatred of Japan throughout Asia for World War II that […]

The Economic Consequences of the Peace, by John Maynard Keynes THE ECONOMIC CONSEQUENCES OF THE PEACE   by   JOHN MAYNARD KEYNES, C.B. Fellow of King’s College, Cambridge   New York Harcourt, Brace and Howe 1920   PREFACE The writer of this book was temporarily attached to the British Treasury during the war and was […]

Cyprus is the 5th of 17 Eurozone countries to ask for a bailout. The entire structure of the Eurozone was a disaster. It is common knowledge that the commission attended our London Conference in 1997 and our warnings went unheeded. It was explained that allowing each nation to retain its own debt would NOT create […]