FURTHER FURTHER READING
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A note from ConvergEx this morning considers the impressive seigniorage benefits to the US of the $100 bill, the annual production of which has spiked in recent years. But the C-note is unique for its use as an overseas store of value, including in conflict regions and for dodgy transactions.
We were more interested in what the note had to say about all the other kinds of physical bills, whose combined annual production fell to its lowest level since 1980 in the fiscal year that just ended: Read more
From Credit Suisse’s newly-minted Global Wealth Report. Click to enlarge…
We’ve been looking recently at the false promises of a zombie hedge fund industry. Now let’s widen the lens a little to take in asset management more broadly, and the self-interested warping of a concept at the heart of investing.
Start with this terrific piece from Bloomberg, about how investors have been gulled by the supposedly respectable brokers of Wall Street selling investment products known as managed futures. Read more
Live markets commentary from FT.com
We know that one day UK high streets will be windswept vistas of pubs, charity shops and discount grocery stores, with the odd place to pick up your online purchases from Asos.
We’re a little late to this one but what the hell. Here’s an issue of super premium Treasuries maybe saving the day if the debt ceiling hits. Maybe. Read more
On the Fed’s likely first chairwoman, on Wednesday:
– Why I’m Very Happy About Janet Yellen – Justin Wolfers, Bloomberg
– Why I’m Not Very Happy About Janet Yellen – Carol Roth, CNBC
Markets: Equity markets across Asia-Pacific were mixed as investors weighed the negative impact of a continued shutdown in Washington against the positive effect of the White House confirming its next pick to head up the Federal Reserve. Japan’s Nikkei 225 index was up 0.4 per cent and the Shanghai Composite was 0.2 per cent higher, but Hong Kong’s Hang Seng index suffered a 0.7 per cent decline. Markets in South Korea were closed for a public holiday. (Financial Times) Read more