Sponsor the Levy Institute

  Dear Friends,  I am writing this note in the hope that you, like me, will have an interest in sponsoring one of the few institutions of fair-minded economic thinking. The Levy Institute conducts research programs and offers solutions to a myriad of politically fouled economic issues abounding in today's world.

A Perspective on European Banking

 Yesterday, Patricia Kowsmann published the linked article on the Portuguese banks. I wish it was as good as Patricia described.The facts are: With one exception, all of the Portuguese banks including Caixa Geral, the government owned bank, are technically bankrupt and insolvent. They have not yet written down most of

A Misguided Banker

 I read with interest a Bloomberg article entitled “Italy Could Spark European Bank Crisis.” The article quotes Societe Generale Chairman Lorenzo Bini Smaghi as saying that “governments must accept the idea of taxpayer money as the ultimate recourse.” Lorenzo Bini Smaghi has held many impressive positions within the European Union

The State of the World Economy

 We are facing a rerun of 2007-2008 with more dire consequences and a longer duration than we experienced then. The first blows will surface as a result of the collapse of the European Banking System. Last September, I wrote Where Now-Why Volatility. The Grand Surprise.    "The U.S? The end of