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Japan May Have Reached Point 7

I give up. It was perfectly obvious what was happening at Fukushima on Saturday afternoon, when I posted bullet points at Skippy: there was going to be a major cleanup cost and the live reactors were...

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Currency Markets and the Disaster in Japan

I’ve been receiving questions about this week’s rather dramatic appreciation of the yen. Central banks around the world have been intervening today to prevent further volatility in exchange rates, but...

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