Tech billionaire and bitcoin investor Marc Andreessen says Mt Gox is to bitcoin what MF Global is to the dollar.
But before we get to that, we’d like to explore revelations that it may not have been a malleability issue, a.k.a. a transaction doppelganging problem, which brought down the world’s premier bitcoin exchange but the much more common scenario of “under-capitalisation”. It’s a common problem for banks and ponzi schemes everywhere. Read more
After the deluge comes … erm … the deluge.
Commercial Mortgage Alert reports that 37 shops are now in the business of actively originating commercial mortgage-backed securities (CMBS). That’s up from 27 such CMBS “conduits” in existence a year ago, and just shy of a peak of 38 originators tallied in 2007 and 2008. That’s pretty impressive work for a market that all but collapsed after the crisis. Read more
Late last year we speculated that if anything was going to disrupt the London property bull market it was going to be a grand exodus, motivated by the economically viable population realising that they could nowadays live and work quite happily outside of city perimeters. You know, the internet and all that.
Knight Frank’s latest wealth report, to be released on Wednesday, has decided that the greatest disruption to established property wealth centres may come from extra-terrestrial advances instead. Read more
Live markets commentary from FT.com
Bank Rossii raises Russian rates || Russia has massed armored vehicles at border, says Ukraine || Gas Explosion at Sinopec site || Eurozone manufacturing activity up || UK mortgage approvals at 6 year high || Thorntons profits up || Stocks down, haven assets up Read more
On Sunday Pimco issued an intriguing tweet from Bill Gross, the undisputed King of the bond mountain.
Women hold about 60 per cent of the total jobs in the thirty occupations projected by the US Bureau of Labor Statistics to have the most net job growth in the decade through 2022.
That figure was calculated* recently by the National Women’s Law Center, which adds that eighteen of those thirty occupations are “female dominated, with workforces that are 60 per cent or more female”. Read more
Elsewhere on Monday,
– TED gently points out the problems with Hamilton Nolan’s hedgie polemic.
– The economic future of Americans – some arithmetic.
– RBC ain’t dead!
– Russia thinks the West is now all about the money. Read more
Clear enough where Russian assets are concerned at least… the CBR has
gone to war just hiked by 1.5 percentage points to put a stop to the rouble’s tumble.
The central bank did not mention Ukraine in its statement, but said the decision to raise rates was aimed at preventing “risks to inflation and financial stability associated with the recently increased level of volatility in the financial markets”…
Markets: Escalating geopolitical tensions in the Ukraine has weighed on equities, lifting commodities and motivating investors to seek shelter in havens. S&P 500 futures were pointing to a 1 per cent drop at the open of trading in New York, after the benchmark US index finished last month at a record high. In Asia, equity losses were sharp. (FT’s Global Markets Overview) Read more