List of modern Sovereign Debt Defaults or Debt Restructuring The following list includes actual sovereign defaults and debt restructuring of independent countries from 1800 till 2012 Africa Algeria (1991) Angola (1976, 1985, 1992-2002) Cameroon (2004) Central African Republic (1981, 1983) Congo (Kinshasa) (1979) Côte d’Ivoire (1983, 2000) Gabon (1999–2005) Ghana (1979, 1982) Liberia (1989–2006) Madagascar […]

470 F.3d 89 Martin A. ARMSTRONG, Petitioner-Appellant, v. Joseph R. GUCCIONE, United States Marshal for the Southern District of New York, and Marvin D. Morrison, Warden, Metropolitan Correctional Center, Respondents-Appellees, Alan M. Cohen, Intervenor Receiver-Appellee. Docket No. 04-5448-PR(L). Docket No. 05-0280-PR(CON). United States Court of Appeals, Second Circuit. Argued: January 24, 2006. Decided: November 27, […]

We will be holding a 2 day World Economic Conference March 18th & 19th in Princeton, NJ, at the famous Nassau Inn downtown directly right across the street from the University and campus. Space will be limited here (no audience of 300 this time). This is the historic Inn where the founders of the United States stayed when […]

A reader sent this photo and comment: “To help back up your point on gun controls and access to black market arms.  The image attached is a scene from ‘Breaking Bad’ when Walt, a Methamphetamine cook, buys a Thirty-Eight Snub Nose gun, with the serial number filed off, from an underground dealer.” Obama’s laws will […]

In gold, a closing below 16960 will shift this market into a neutral position. Next month, 16700-16900 will become initial resistance.The major support lies at the 15400-15700 area. In silver the major support is in the 26-2700 level. A closing today below 3070 will keep silver in a neutral to bearish mode. Major resistance stands […]

  Aes Rude – Earliest form of Roman money whereby lumps of bronze traded by weight due to its utility value to be used to weapons or tools. Aes Grave – Early Roman bronze coinage that was cast into standardized coins with a recognizable image. Aes Signatum – Broze Ingots with an idealized intended weight […]

If anyone thinks that the Fed does not know in advance what is happening with the numbers, well you must be from another planet. Just hours after the Commerce Department reported that there was the first decline in quarterly GDP in 3-1/2 years, the Federal Reserve announced it was maintaining its policy of near-zero interest […]

There are two distinct trends that we have to divide and conquer to fully understand what we are dealing with (1) Parking capital and (2) Investing Capital The motives behind each are totally different and this goes in part to also the question of the “reserve” status of the dollar. There is the dollar as […]

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 […]