[A-List] A question to those among us who follow the financial markets

["Sabri Oncu" <soncu@xxxxxxxxxxx>]

Thank you Henry!

Your excerpt was most useful. Please send us the full article when you think
it is appropriate. 

Also, what do Anne, Michael Hudson and others who are following the markets
say about the recent "developments"?

By the way, Henry, as some Turkish members of the A-List know, I have been
trying to explain what is below to some dunderheads over the past few weeks
and they seem to be unable to follow what I am saying:

> As economist Hyman Minsky observed, money is created 
> whenever two parties enter into a mutual credit/debt 
> obligation. The size of the invisible money pool created 
> by financial derivatives is now many times (no one knows 
> how many) the amount of M3, a money supply category 
> accounting for the sum of all short-term liquid funds, 
> excluding Treasury bills, savings bonds, commercial papers, 
> bankers acceptances and non-bank Euro-dollar holdings of 
> US residents. .... This invisible supply of virtual liquidity
> outside the reach of central banks supports an artificial 
> level of asset market value very much detached from fundamentals, 
> and the un-wounding of their open private derivative contracts 
> based on astronomical notional values will inevitably cause 
> drastic readjustments in asset prices in the real markets.

Also, what do people think about the future of the global real-estate
bubble?

Best,

Sabri