Doug Noland: The Financial Accounts of the United States

I would add that bull markets create their own liquidity. And so long as “risk on” is fueled by self-reinforcing speculative leveraging, the marketplace would easily accommodate small portfolio sales from the Federal Reserve. It’s an altogether different story, however, when “Risk Off” materializes. De-risking/de-leveraging dynamics would rather abruptly emerge from hiding. That’s when the markets will sorely miss – and beckon for more – QE.

Lifecycle Funds

TSP Lifecycle Funds

The Lifecycle funds of TSP and Vanguard provide a good baseline for investors on how to allocate their accounts based on their age or years to retirement. We just finished updating our look at the current allocations of TSP and Vanguard Lifecycle funds.

Doug Noland: Doubled-Down

The 2008/09 financial crisis should have concluded an incredible era of dangerous risk misperceptions and flawed calculations. But the Federal Reserve and global central bankers Doubled-Down. Instead of the markets reverting back […]