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Haircuts and Instability

Updating Hawtrey for the Shadow Banking System Read more

Wanted to buy: $2T in safe assets

Two FT pieces by Tracy Alloway caught my eye this week: this article from Tuesday’s print edition, and this post on Alphaville today. Read more

When the US last defaulted...

Two things seem to be taken for granted in the current debt-ceiling debate: 1. The parties will come to an agreement on the debt ceiling because 2. These United States have never defaulted and will not start now. Read more