Back in December, the BIS laid out a stunning, and heretofore unknown assessment of the factors leading into the September repocalypse: not only was the overnight repo surge to 10% a function of supply (or lack thereof), with banks – primarily JPMorgan –...
By John Mauldin In the last 150 years, we’ve had a number of innovations that radically changed the way we live. You can tick off the list: electricity, the automobile, refrigeration, TV, the Internet. But one innovation rarely makes those lists. It is just as...