Sunday, February 17, 2008

Un Ballo In Maschera

I have often remarked that I am on the deflation side of the inflation-deflation debate. Here is one more argument in support of this thesis:

So-called "innovative" finance monetized real estate and corporate assets that where hitherto immune from being turned into money equivalents. This was done via an array of asset-backed securities and derivatives which often went all the way to the fourth order. Starting from plain vanilla mortgage, consumer and corporate loans (i.e. funded debt), the investment bank factories synthesized a whole array of artificial goods, ultimately far removed from the income streams of the underlying assets:
  1. CDOs and CLOs, i.e. tranched bonds made up of loan packages.
  2. CDSs on the above bonds, i.e. credit insurance policies.
  3. Hybrid and synthetic CDOs, i.e. bonds made up of the above CDSs.
  4. SIVs that issued their own ABCP in order to buy and hold the above "goods".
  5. CPDOs that were structured to own CDS income streams.
... and more...

The alphabet soup seems thick and opaque, but don't let the jargon confuse you. Here is the crucial point: almost all of these "securities" were unfunded debt, i.e. money equivalents created from thin air. All they did was to generate more and more "buying power" to boost asset prices higher, from houses in the Inland Empire of California to share prices in New York, London and Shanghai. In case it is still unclear: it was margin debt.

If you are familiar with buying stocks or commodities on margin, you can immediately appreciate what went on, and why all current attempts to avert a wider crisis will fail miserably for as long as the focus is on the symptoms, instead of the underlying illness. Margin debt cannot be "restructured" with falling asset prices. Period.

Depending on the leverage used, this debt is now worth anything from zero to a deep discount from face value. And that's where it is trading at, when it trades at all in the secondary market. All those trying to hide the balance sheet reality behind plywood and canvas should be recognized for what they are: Potemkin village builders.

This artificial money is now being removed, destroyed by dropping asset prices. How much of this "margin money" was created, in the first place? In a word, lots. In the end of 2007, financial sector debt amounted to 110% of US GDP, or $15.4 trillion. It was 63% just ten years ago (see chart below, click to enlarge).

Financial and Non-Financial Debt as Percentage of GDP Data: FRB

Allora.. finalmente, it is only fitting that this is happening during Carnevale. The clueless may still be dancing Un Ballo In Maschera, but I already see the elaborate Venetian masks coming off and "Miss Lovely Liquidity" being revealed for who she really is: "Madam Ugly Debt".



33 comments:

  1. excellent analysis
    This is the crux of the trillons dollars problem facing global financial markets.
    It is unfortunate that market mechanism is constantly being tinkered by vested interests to avoid the inevitable.
    Thanks for your great work.It is being appreciated by many around the world.

    ReplyDelete
  2. I am confused.
    Based upon what I have been reading in this blog, deflation seems to be the likely outcome. Yet I am reading on other blogs that the money supply (M1, M2 and M3 equivalents) are still growing by leaps and bounds. On yet other blogs I am reading that the monetary base is shrinking, leadings some to believe that the Fed is actually reducing the money supply.
    H. can you shed a little light?
    Thanks
    V

    ReplyDelete
  3. OT:

    But something the readers here will probably be interested in:

    Arcane Market Is Next to Face Big Credit Test (Credit Default Swaps).

    ReplyDelete
  4. Great piece H.!

    (Personally think that food may remain inflatory (at least longest) while everything else will come tumbling down.)

    But the point of the article is so correct! This crises is really all about ingenious and multi-leveraged derivatives constructions. And as they are now starting to fall apart, it is going to be something amazing to behold. As no one can do anything to stop it, the only thing left is to try to enjoy this incredible play.

    What took me by surprise at the beginning was the incredible slowness with which this train started to move. The reason of course was that this train is so much bigger than I was able to realize at the beginning. Now it is picking up speed and there is no one who can step on the rails and stop it!

    50 years from now they read about this magnificent crash, and wonder how could the people be so blinded by their greed, that they build such an insane system.

    And the blindest are the stock-markets. The writing has been on the wall since last summer, and still they keep on hoping for a new and better bubble. No sympathy for those investors.

    ReplyDelete
  5. Hellasious:

    As anon#1 above, I also appreciate your insightful observations.

    I've become incrasingly of the opinion that financial "engineering" has made the securities markets less suited to the values based approach to investing. Do the tools of Graham & Dodd still have relevance if indeed the world of finance is a simply a casino ? Is the fundamental approach perhaps only applicable to the stocks of companies on which derivitives are not traded ?

    I look forward to your comments.

    I've just finished N.N. Taleb's "Fooled by Randomness" and "The Black Swan" and recommend both to you & your readers.

    Best Regards,

    ReplyDelete
  6. Hellasious...thank you for this great blog...and superb, and honest analysis.

    Have just one niggle on analysis...relating to inflation/deflation/monetary policy and your earlier 'money doesn't grow on trees' blog...Its about Keynes; think, from what you have written, that you are under a misapprehension: he was primarily a monetary reformer; fiscal policy was what he espoused once the Depression had hit, and enormous wealth had been destroyed. The emergency required extraordinary policies..but he was first and foremost concerned with establishing a stable, and sustainable, non debt-creating monetary system, that would not be deflationary...His policies have both been discredited and marginalised, first by 'keynesians' and then by monetarists...for more see Geoff Tily's Keynes'General Theory, the Rate of Interest and 'Keynesian' economics, Palgrave Macmillan, 2007...and also my much more modest polemic..'the coming first world debt crisis' (Palgrave 2006).....

    ReplyDelete
  7. The Masque of the Red Debt?

    ReplyDelete
  8. H.,
    If this situation devolves into a crisis, as it likely will, the states will go broke and have to layoff cops just when they are needed most. Won't the federal govt
    be forced to massively increase block grants to the states not only
    to hold onto cops but to hire some
    of the hordes of jobless to do some
    of the long neglected infrastruc-
    ture work that will be neeeded even
    more now to cope with peak oil.
    If long bond rates go through the
    roof the Treasury may be forced to
    borrow in forex, it may have to do
    so shortly anyway if OPEC and China
    start to accept Euros or other
    currencies or even demand them. A
    defecit of $600-800 billion for
    several years would reflate nominal
    values even as Americans became
    poorer as the dollar declines to
    equalize the value of global labor,
    an American programer will no longer be able to expect 7-8 times
    the salary of an Asian one.

    ReplyDelete
  9. Confused anonymous,

    I wouldn't presume to put words in H.'s mouth, but I think deflationists in general would say the derivatives market is so much larger than the cash market, expanding money supply is beside the point. I share your confusion over the true state of money growth. Most say money supply is growing double digit while others (John Hussman in particular comes to mind) make a compelling case that actual Fed policy has added little or no liquidity. It's hard to imagine this considering the size of the TAFs, but I suppose the Fed could be pouring liquidity into a bucket with a massive hole in its bottom - or no bottom at all.

    From a purely investment standpoint, the risks of inflation versus deflation look to me to be very asymetrical at the moment. If the inflationists are right - but we don't experience outright hyperinflation - gold and commodities in general will drift higher and the stock market lower. If the deflationists are right, both the commodity and stock markets have an appointment with what Paul Krugman has aptly called a Wile e. Coyote moment. The drops will be sudden and catastrophic.

    ReplyDelete
  10. Not "restructure" but maybe "cover the call" via the taxpayers?

    ReplyDelete
  11. When you vaporize more credit/debt than can be originated, you are toast.So do you want white or wheat America and world?

    Banks and businesses are walking away from commitments, consumers doing the same, and yet we are supposed to have inflation? I have a bridge with a beautiful view for anyone who believes that line of thinking.

    ReplyDelete
  12. I think ultimately the deflationists are right, but I wonder about the timing. As Keynes pointed out, markets can remain irrational longer than you can remain solvent. (Whatever you may think of his economics, Keynes was apparently a savvy trader.) Beyond the deflationists, many mainstream financial pundits are gold skeptics. That suggests inflation, or at least the fear of it, has a bit more to run.

    When the hammer does come down, it will be interesting to see where it falls hardest. After the late 20s and late 80s crashes, it fell the hardest on the up-and-coming empires. The fading empire economies (Britain in the 30s, U.S. in the 90s) fared far better than the economies of then up-and-coming U.S. and Japan. A historic rhyme there would bode ill for China.

    A big difference, of course, is that commodities apparently were deflating all through the 20s in the U.S., while China is experiencing horrific commodity-driven inflation pressure right now. What happens if China has to flood the world with dollars to get its inflation under control? Wouldn't that tip the pendulum temporarily toward a dramatically weaker dollar and inflation? Just asking.

    ReplyDelete
  13. I am confused too.

    Is it possible to have both hyperinflation and deflation at the same time? I can see assets (like housing) falling in price yet I can see items that the US doesn't produce going up astronomically because our money isn't worth anything.

    Is the USA such a driver of everything worldwide that everything has no choice but to deflate?

    ReplyDelete
  14. Is anyone here familiar with the writings of economist Antal Fekete? If not, he is well worth getting to know. Although, like Hell here, I too am primarily a deflationist, it seems to me that due to the special and wondrous dynamics of Peak resources, that we are going to experience both inflation AND deflation simultaneously.

    Asset prices supported by all the mad margin money are indeed collapsing in value, and the money supply likely is shrinking in response to systemic distress, but even as all this occurs, the items that we desperately need to live, food, water, and fuel are in inexorable decline. Look where raw resources are in the midst of our present monetary deflation. What does that tell you?

    ReplyDelete
  15. edwardo,

    That's what I would think too: Inflation and deflation. Resource assets would inflate due to scarcity and portability (they can move from country to country).

    On another blog, I was reading about "cooking oil inflation." Now there is an item I never thought about! Some areas are experiencing scarcity because it is not only used for cooking, it's used for biofuel. Climate disasters have destroyed oil seed crops in some areas so cooking oil is rapidly increasing in price.

    ReplyDelete
  16. We are in accord, Anonymous, raw materials to the moon, cooking oil included. Actually, the raw materials have already gone to the moon, the next stop is beyond the solar system.

    ReplyDelete
  17. Edwardo:

    I have made the comment before that we seem to be experiencing inflation in the things we need (with the exception of housing, which is deflating after a bubble -- but then again, rents will start increasing as former homeowners seek housing) and a deflation in discretionary products.

    Who does this hurt? Those on fixed incomes such as Social Security, pensions and unemployment benefits.

    Those that have lots of capital (cash) will be able to take advantage of the coming foreclosures and repossessions. This is especially true given the expected credit crunch wherein financial institutions can't or won't lend for business expansion.

    It doesn't look like the coming years are going to be pretty.

    ReplyDelete
  18. Excellent analysis. When you look at the problem this way, another thing becomes obvious -- that rising home prices were perhaps not an incidental side-effect of the cheap credit strategy: it may have a been a foreseen and intended effect, as it then allowed for issuing ever more value in these debt instruments.

    ReplyDelete
  19. I will try to resolve the inflation/deflation debate with a very fundamental point: The Second Law of Thermodynamics.

    It takes energy to reduce entropy locally, i.e. to reduce disorder. For example, we need to apply energy to turn a pile of iron ore and crude chemicals into an automobile or a washing machine. That's what we call "economic activity" and more of it means more GDP.

    The PermaGrowth Model is based on the availability of virtually unlimited resources, including a livable environment. If these "peak" BY DEFINITION we will have lower inflation, including a reversal of population growth.

    As someone said :"Thermodynamics always trumps economics". Or as I recently said: "Thermodynamics should be a required course for economists".

    Regards,
    H.

    ReplyDelete
  20. Inflation/deflation. I agree that on the short term we are facing deflationary tendencies due to the evaporation of all the funny muny that went into housing. The long term outlook (20-30 years) however is default or massiv inflation. The cluture of debt that has been building over that last 3 decades requires more and more debt to keep going. Debt on all level of society and government. As with all drug users, there will be a day of reckoning. The only 2 alternatives I see are equally unpleasant. You can take a Christian approach "Forgive us our debts, as we forgive our debtors", or more bluntly, outright default. The other option is to fire up those printing presses Weimar style. I don't see that we as a society can ever pay back the money we borrowed with honest $$. On the contrary, our relative debt is still growing since we continue to live beyond our means. I want everything and I want it today, damn it!

    ReplyDelete
  21. hellasious,

    "The PermaGrowth Model is based on the availability of virtually unlimited resources, including a livable environment. If these "peak" BY DEFINITION we will have lower inflation, including a reversal of population growth."

    Yes, but this is ultimate game play and I don't think any of us are dealing in this just yet. Water, oil, food, and most other items aren't going to run out tomorrow. I think we all are just trying to figure out how to get by for the next 20 years -- not forever.

    Short term, I see portable resource inflation (water, oil, any necessary resource that can be carried out of it's country of origin) and asset deflation, particularly assets tied to a certain country (like real estate, which you cannot move and fiat currencies).

    Ultimately, we could all go out like the dinosaurs and I think that might fit into thermodynamics theory -- but now they want to bring the dinosaurs back via DNA cloning -- so what gives??!! :)

    ReplyDelete
  22. Maybe you know this post already, but denninger says that the TAF is basically replacing SOMA, which long-term is withdrawal of the money supply. I have no idea about the conclusion or the hyperbole. Just passing it along.

    I just want to test my understanding, if I might. Though there are X trillion dollars of this stuff floating about, don't most of them cancel each other out? That is, if all participants were highly reserved, then if an "instant unwind" happened, wouldn't it amount to simply a redistribution of a relatively (relative to the X trillions) small amount of money (i.e. on the scale of the underlying economic activities) among the participants?

    As I understand it, the systemic hazards are due to the time issues (they won't all unwind at the same time) and reserve issues (many counterparties will fail in the course of the unwind). Due to these effects, the losses could start to be on the scale of the X trillions, rather than on the scale of the underlyings. Is this a correct understanding?

    (BTW I've been waiting fifteen years for an finance guy to point out that at the end of the day, all economic activity must contribute to entropic heating of the universe.)

    ReplyDelete
  23. re: unwinding of X trillion.

    Debt does not cancel out against something else. Once it becomes impossible to service and repay, it must be written off partly or wholly, i.e. vanish.

    ReplyDelete
  24. The earth’s biosphere is a cauldron of energy absorption and transference thanks to that great nuclear reactor in the sky, the sun. Most of life derives its order from siphoning radiation energy and arranging molecules and cells into forms that are capable of gaining energy and reproducing. Heat is dissipated in the process into the cold sinks of the poles and space.

    The earth is alive in the sense that the atmosphere and hydrosphere circulate, thereby distributing gases and moisture around the globe. The circulation is only allowed by the differences in temperature between the poles, space and the hot equatorial regions. The forces that distribute gases and moisture to us also result in the eventual wearing away of the order we have created.

    There are also forces and reactions within our bodies that regularly tear away at the order of our bodies so that we must be rebuilt and maintained continually which requires energy. Organisms are just one step ahead of the forces that continuously assault them. Eventually all organisms, if not eaten, will perish from being unable to maintain themselves at a rate in excess of the rate of deterioration.

    That’s what humans are, an organism that has evolved a specific order to stay ahead of our own rate of deterioration and avoid a whole bunch of hazards (predators) on our way to reproducing.

    Now we have used a limited non-solar energy source to build a cushioning level of order between us and the forces of deterioration. We build homes to protect us and keep us warm and cool, we make medicines to regulate the disorder in our bodies, we create better and better defensive and offensive weapons to prevent disorder from being applied to our bodies, we enslave the natural world to provide us food. Our natural tendency to overcome deterioration and death by reproducing has been damped in developed nations where technology has provided higher survival rates for children. But in those areas where there is no technological cushion the rates of population increase are still fairly high.

    Unfortunately, not only do we not have enough energy to continue growing, we don’t have enough energy to maintain and service the existing infrastructure and we have not applied much energy to recycling the materials of technology yet. Recycling is done for free in the world of organic life since we are made up of oxygen, carbon dioxide, mostly water and some minerals. Technology, as it is currently employed, seems to be headed for a dead-end.

    Technology will end and couples, the ones that survive, will once again be scrambling to produce enough offspring so that at least two will survive without any technological cushion or barrier. What a shame that the earth’s human survivors, if there are any, will inherit a depleted and polluted biosphere that is less able to sustain life than before the technological magic mystery tour started its mindless and rocket-like trip towards the cliff.

    Without RADICAL changes, inflation and deflation will be the least of your worries in the months and years to come.

    ReplyDelete
  25. Have you heard the one about the classical economist who accidentally locks himself in a windowless basement? As he begins to grow hungry he smiles to himself, confident his "demand" will produce sandwiches.

    ReplyDelete
  26. suggestion: when thinking of asset inflation don't fail to include all those commodities which prices have been financialized.

    the price of crude oils, for example, has much less to do with economic fundamentals than trade in contracts on the physical which, contrary to it seems most beliefs, do not have to take or provide delivery of that contracted for. Well over ninety percent of trades are purely paper and, just as other such, price change can take on a type of self-fulfilling momentum as psychology becomes set and institutions reallocate. These are not efficient markets.

    Wheat, though fundamentally more sound, has pretty much proven the point of late, partic on the MGEX which was experiencing a near classic squeeze, margin calls that could not be met, rumours of elevator and/or bank failures, even questions about the Canadian Wheat Board.

    Days of limit up moves effectively froze the market, though it appears this may have been rectified via concerted increase in daily limits and sharply higher margin requirements. The FT used the term "price controls" in its characterization.

    My point though is simple enough. It is a mistake to see fundamentals through the lense of commodity prices while ignoring the financial pressures directed towards these.

    anon,

    Prices are not determined simply be money quantity. The quantity theory contains other conditions such as velocity of turnover which has proven not to be so constant as some used to believe but can relate money creation/destruction/hoarding to conditions in the real economy, which from my perspective is more determinant, particularly within a credit money regime.
    Price is realized in the market but not entirely created there; the production side should not be ignored.

    ReplyDelete
  27. Thank you for your blog and interesting analysis. I have no real opinion on inflation/deflation, I believe current credit market turmoil is largely due to a combination of structural flaws in credit products and misallocation of capital.

    I view CDOs, etc as enablers. These vehicles enabled non-traditional credit providers to enter into unsecured, non-recourse agreements with enormous leverage at low expected returns. As in any new market, what we are seeing now is the other side of price discovery as market participants seek to fix structural flaws and re-evaluate capital allocation.

    Thanks again for all your work. Keep up the great job!

    ReplyDelete
  28. great post. I would be on the deflation side of the argument too, if you could guarantee that the gov't would not intervene in the coming difficulties. I suspect that the gov't will find a way to buy a lot of the FC from the banking system to prevent its collapse.

    ReplyDelete
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