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David Alan Stockman interviewed on CBS-TV 60 Minutes (October 2010) Highlights of recent interview by Harry Dent. David Stockman: People don't want to hear the reality and the truth that we're facing. But I think there is an enormous appetite out in the country to get a different perspective than what you have from the media day in and day out, so I say the fed is out of control. Its balance sheet is exploded. It's printing money like never before. Zero interest rates for 70 months have basically destroyed the pricing function in the financial markets. I said...

Even if you are outright bearish, don't short the market. Stocks could touch crazy levels, but they may be in currencies which are worthless. Indeed, a sovereign default and currency turmoil could rattle world markets in a year or two. In a chat with ET, global investor Jim Rogers says cotton, silver and sugar can be hot picks. Read on.

Renowned investor Jim Rogers says that the rally in stocks and the dollar will soon end, thanks to the Federal Reserve’s massive easing policy. “I’m not buying shares anywhere,” he tells Bloomberg TV. “I’m not selling short yet. But…if it keeps going like this, I’ll have to start selling short eventually. I don’t see the stock market as a great place to be in the next two to three years, maybe even the next decade.” As for the dollar, “we’re going to have a currency crisis probably this fall or the fall of 2010,” Rogers says. “It’s been building up...

The 1991 book "The Risk of Economic Crisis" with all-star list of contributors including Volcker, Summers, Minsky, Krugman, Samuelson, Sprague, and edited by Marty Feldstein. The following were predictions about the nature of the risk of financial and economic crises in the USA:Lawrence H Summers, Planning for the Next Financial Crisis Could the United States again experience a financial crisis like those that so frequently disrupted the real economy before World War II? ... There is cause for concern... It is probably now easier to lever assets than ever before and the combination of reduced transactions costs and new markets...

(3rd LD) S. Korea, U.S. to sign currency swap contract: sources SEOUL, Oct. 29 (Yonhap) -- South Korea will likely sign a currency swap contract soon with the United States in a bid to ease a dollar-funding shortage amid deepening global financial turmoil, multiple finance ministry sources said Wednesday. The final decision will be announced later on Wednesday or early Thursday (Seoul time) by the U.S. Federal Reserve Board when it meets to decide on its key interest rates, a high-ranking official said on condition of anonymity, saying he is "optimistic" about the results. He declined to elaborate. Details on...

This article was reported by David E. Sanger, Mark Landler and Keith Bradsher and written by Mr. Sanger. WASHINGTON, Jan. 24 - After a first term in which terrorism and war dominated President Bush's foreign policy agenda, his allies in Europe and Asia suspect that his next confrontation with the world could take on a very different cast: a potential currency crisis, in which a steep plunge in the value of the dollar touches off economic waves around the world. Already, the tensions over the dollar are becoming a recurring source of friction, a conflict that does not reverberate as...