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Subject: Columbia University

Columbia University in the City of New York (commonly known as Columbia University, or simply Columbia) is a private university in the United States and a member of the Ivy League. Columbia’s main campus lies in the Morningside Heights neighborhood in the borough of Manhattan, in New York City. It was founded in 1754 as King’s College by royal charter of George II of Great Britain, and is one of only two United States universities to have been founded under such authority. Columbia is the oldest institution of higher learning in the state of New York, and is the 5th oldest in the United States —making it one of the country’s nine Colonial Colleges founded before the American Revolution. After the American Revolutionary War, it was briefly chartered as a state entity from 1784–1787. The university now operates under a 1787 charter that places the institution under a private board of trustees.
Columbia annually awards the Pulitzer Prizes and is one of the founding members of the Association of American Universities. More Nobel Prize winners (both alumni and faculty) have been affiliated with Columbia than with any other institution in the world. Notable alumni and affiliates include 4 Founding Fathers of the United States, 4 United States Presidents, 9 Justices of the Supreme Court of the United States, 97 Pulitzer Prize winners, 93 Nobel Prize winners, and at least 20 Academy Award winners. Columbia’s endowment and annual research expenditures are among the largest of any American university. The university currently has two global centers in Amman, Jordan and Beijing, China with plans to establish two additional centers in France and India. (Wikipedia Jan 2010)

International finance

Who chooses the global reserve currency?

An alternate

Who determines the ‘world reserve currency’? Central bankers? IMF officials? College professors?

The answer is ‘none of the above’. In an open, global economy, the world reserve currency is determined by the judgment of millions of importers and exporters in many countries.

The world reserve currency is decided by consensus and the personal decisions of exporters as to what currency they will accept for their goods.

On this basis, it’s too early to count the dollar out.

Featured articles on inside pages

Stock buybacks

Stock buybacks dry up

Since 1982, US equities have been driven upwards by stock buybacks. Federal Reserve statistics show corresponding sales of stocks as executives exercised options to take advantage of manipulated prices. More ...

Securities Analysis

Efficient Market Hypothesis: No proof

The Efficient Market Hypothesis continues to impede understanding of how capital markets work. This hypothesis suggests that world capital markets are guided by crowds of rational, competing, profit-maximizers, each trying to predict future market values of individual securities. The Efficient Market Hypothesis has never been proven.
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US Politics

What is the future of private pension plans?

Between 1999 and 2002, US private pension funds lost US$ 1.2 trillion in value. It would almost seem that pension fund managers had been speculating with retirement money, attempting to beat each others' short-term performance statistics, with little interest in safeguarding the assets of plan beneficiaries. More ...

US equities

Professor Siegel’s Epiphany

The topic "Baby Boom — Baby Bomb?" was debated by Michael Milken and Professor Jeremy Siegel in April 2006. This debate was featured in BusinessWeek in the article, "When Boomers Cash Out: A buy-and-hold legend sees tough times ahead." Professor Siegel is the guru of the Common Stock Legend.
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US Bonds

Bond demand exceeds supply for a decade

Over the decade, 1995-2004, the demand for US bonds of all types has surpassed new bond issues in eight of the last ten years. This is the reason that bond prices have held firm, even in 2003, when net new issues reached almost $1.8 trillion. More ...

World Economy

Working off the US trade deficit

Foreigners hold $16.8 trillion in US financial assets as a result of selling more goods to Americans than they buy from them. Since the 'deficit' is in dollars, the US has no problem in 'paying it off'. More ...

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2010-12-13 14:27