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Indeed this is a good thread. But concerning the forex link where links the subprime with leverage through carry and trade, I think that in the exemple the author has not taken into account that MBS pays not only interest. Usually any mortgatge implies payment of interest and some portion of the...

Surely St Louis Fed will lower its discount rate next monday. On the other hand, Poole is a first class specialist in monetary economics. An old 1970's paper laid down the basics to use interest rate as the instrument of the FEd instead monetary targetting. His opinions obviously deserve a...