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Dear Reader,
May 15, 2012 - Vol 6 No 20
Economic Blogger Mike "Mish" Shedlock's wife has ALS, better known as Lou Gehrig's disease. Mish is not asking for anything for his family, but has sponsored a raffle for ALS research. Please consider buying one or more tickets or making a small donation to the
Les Turner ALS Foundation.
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 An Attack on Paul Krugman
By Michael Edesess
A foundational principle of modern economics is that the creation of credit leads to economic growth. That precept underlies need for quantitative easing, and it is central to the question of what role monetary policy can and should play in stimulating a faster recovery from the Great Recession. It is also the subject of a debate between one of the world's most prominent economic scholars, Paul Krugman, and a feisty Australian economist, Steve Keen.
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Dividends: A Timeless Component of Equity Return
Sponsored Content by Loomis Sayles & Company, L.P.
With interest rates at historic lows and many dividend-paying stocks boasting yields comparable to or higher than US Treasurys, it is no wonder that dividends have recently been at the forefront of many investors' minds. But dividends have a long history as a significant component of total return, and today's buzz is just the most recent chapter.
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Lacy Hunt on Debt, Austerity and Recovery
By Robert Huebscher
Global economies are experiencing unsustainable debt disequilibrium, according to Lacy Hunt. Economic textbooks preach that equilibrium, rather than transition, should be the predominant condition. But our attempts to reduce our indebtedness by taking on more - and less productive - debt are weakening our economy and creating unstable conditions.
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Featured Videos from Henderson Global Investors
Stephen Peak - European Update
Stephen Peak of Henderson Global Investors
Henderson's Stephen Peak provides an update on recent developments in Europe and touches on the key issues that are influencing market behavior.
Strategic Income Fund update
John Pattullo of Henderson Global Investors
Henderson's John Pattullo provides an update on markets including details on stronger economic data seen year-to-date and surprises seen so far this year such as the strength of equities and credit markets. He also touches on the Henderson Strategic Income Fund and reviews recent fund management decisions.
Andrew Beal - 1Q Asian Market Outlook
Andrew Beal of Henderson Global Investors
Henderson's Andrew Beal, Director of Pan Asian Equities, provides an update on Asian markets year-to-date including anticipations as we approach the second half of the year.
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James Montier on the Failures of Modern Finance
By Robert Huebscher
The seeds of the next crisis have already been sown, according to James Montier - and they are fundamental flaws buried deep within the current theory and practice of finance. Bad models were the root of the financial crisis, Montier said, and a slew of behavioral biases are reinforcing financial instability.
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Career Opportunities
As a service to our clients, we are posting career opportunities for firms that seek to add financial advisors and planners to their staff. One new opportunity added since last week.
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Optimizing Social Security Benefits
By Wade Pfau
My dissertation was about Social Security reform, so I've read more of the Social Security Handbook than any human being should be forced to digest. Despite this background, William Reichenstein and William Meyer's new book, Social Security Strategies: How to Optimize Benefits, taught me a lot about how to strategize to get the most out of Social Security.
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Ponzi's Children
By Michael Lewitt
Europe, whose economic condition is nothing less than terminal, is about to receive what physicians refer to as a 'zetz' of morphine in the form of M. Hollande. A 'zetz' is the final dose that doctors give to dying patients to hasten their passage to the afterlife. In Europe's case, however, the medicine is not going to be painless, and its administration is not based on mercy but on resentment and stupidity.
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The Surprising Way to Deepen Client Relationships
By Dan Richards
Among the countless ways advisors have attempted to increase client loyalty, I've found a simple approach that deepens relationships.
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Letter to the Editor
A reader responds to Justin Locke's article, Why the Best Conductors Sent Us Home Early, which appeared last week.
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Highlights from Market Commentaries
Here are the top three commentaries from last week.
 Don't Fight the Last War Lessons from the Battlefields of Risk Management
Investors often behave as if they operate in a world of logic and certainty even when that is not the case. For that reason, history is littered with investors who have failed miserably. In this month's Absolute Return Letter we look at many of the pitfalls facing risk managers and we take a stab at where the next big crisis is going to surface. Our conclusion may surprise a few readers.
Tags: US Investment Themes
Don't Fight the Last War Lessons from the Battlefields of Risk Management by Niels C. Jensen of Absolute Return Partners
 Unbalanced Risk
Maybe our present concerns won't amount to as much downside as we expect. But if investors were to choose a point to test the hypothesis that this time will be different and risk will be well-rewarded, I hardly think a worse moment could be found.
Tags: Bearish US
Unbalanced Risk by John P. Hussman of Hussman Funds
Toto, I have a feeling were not in Kansas anymore.
While most people know The Wizard of Oz as one of the most popular films ever made, what is little known is that the book was based on an economic and political commentary surrounding the debate over sound money that occurred in the late 1800s. Indeed, L. Frank Baums book was penned in 1900 following unrest in the agriculture arena due to the debate between gold, silver, and the dollar standard. I revisit the dollar/gold topic this morning because I think the most important chart in the world may be in the process of breaking down. The chart in question is that of the U.S. Dollar.
Tags: US Monetary Policy
Toto, I have a feeling were not in Kansas anymore. by Jeffrey Saut of Raymond James
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