Wednesday, April 11, 2007

The Dog Ate My Homework

Mainstream economists from investment banks - usual permabulls - are starting to hint that the US economy may be slower than initially estimated, at least for the first half of 2007. No news there. But I was astonished to hear the reason: bad weather! If serious people scrape so deep down in the barrel to come up with excuses...

Personally, I prefer Occam's Razor: The simplest, most obvious answer is usually the correct one. Personal consumption is 70% of GDP and it is highly susceptible to easy access to cheap credit, via tapping inflating assets. End of story.

All other excuses smack of schoolboys, missed homework assignments and pet canines with an unusual appetite for paper.

10 comments:

  1. Here is an interesting excerpt from April's IMF Global Financial Stability Report estimating the extent of the yen carry trade:


    The scale of yen-funded carry trades can be glimpsed by the level of “other” investment outflows from Japan, which include lending
    and derivatives flows from Japanese banks to nonresidents (Figure 1.24). This component of the nation’s balance of payments has become the major source of outflows in 2006, amounting to about $170 billion. The last time there were such bank and derivatives outflows was in 1997, in advance of the Asian financial crisis, the collapse of Long-Term Capital Management, and a sudden appreciation of the yen. While still a small proportion of foreign exchange trading, further evidence of the rising popularity of carry trades can be found in the speculative positions of traders of currency futures on the Chicago Mercantile Exchange, where short yen and Swiss franc positions reached record levels in January.

    http://www.imf.org/External/Pubs
    /FT/GFSR/2007/01/pdf/chap1.pdf

    There is also a discussion earlier in the report re: whether or not the problems in subprime will spread to the rest of the securitized mortgage market.

    I was disappointed the report's authors simply accepted that problems would stay contained in subprime based solely on stress test information supplied by Lehman Brothers and other investment banks. I think HSBC shows how reliable the assumptions underlying these software models really are regardless of how many PhDs you have on staff.

    ReplyDelete
  2. Dear Alex,

    Thks very much for the IMF link. I think that the yen and swiss carry trades are much greater than most people think, likely in the $1 trillion+ level. Essentially they are the last "cheap" sources of financing the sea of debt liquidity pumping up asset prices.

    I also saw your blog re: tail events and option-like income being potentially disruptive (from the BIS official). I totally agree.

    Thanks once again.

    ReplyDelete
  3. hellasious,

    Thanks for your comments on my blog. Reading your blog inspired me to start my own.

    Interesting that today the IMF now projects 2.2 real GDP growth for the US in 2007, significantly below the fed's own recent estimate of 2.5 - 3.0.

    By the way, I updated my blog again today citing another BIS research paper to explain the historical context for what we are currently experiencing in the financial markets.

    If you have the time, I would greatly appreciate any feedback you might have.

    ReplyDelete
  4. Another blog on the housing bubble:

    http://www.thehousingbubbleblog.com/

    ReplyDelete
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    ReplyDelete
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