Global History of Capitalism Project – Discounting Gold


Dr. Tiemann continues to serve as an invited lecturer for Professor Christopher McKenna of the Oxford Centre for the Global History of Capitalism Project. In support of this teaching center, Dr. Tiemann has written a second teaching note Case Study, in conjunction with Dr. McKenna, that he will be teaching for Oxford in June, 2021. This Case Study covers the issue of the “resource curse” and endeavers to address whether and why that did or did not apply to California as a result of the California Gold Rush. Gold attracted thousands of emigrants to the state. At the height of the rush, California suffered from the worst symptoms of the resources curse: a speculative, land-grab atmosphere, poorly-developed agriculture and manufacturing, and an almost total reliance of imports paid for by exports of the natural resources—gold—and corruption and crime.  Yet, despite these factors, California benefitted from the gold rush, turned the curse into a blessing and remains a hotbed of innovation, economic activity and adventure.  This case study is made available by Oxford under a Creative Commons Copyright.

Global History of Capitalism Project – Leidesdorff


As an invited lecturer for the Oxford Centre for the Global History of Capitalism Project, Dr. Tiemann has written a teaching note Case Study, in conjunction with Dr. Oenone Kubie, that he will be teaching at Oxford in October, 2020. This Case Study covers much of the history that Dr. Tiemann has been studying around the period of the American Gold Rush, which catalyzed the transformation of California into an economic power by the end of the 19th century. In particular, the note takes a look at William A. Leidesdorff, who arrived in the area in the early 1840s and built a successful business as a steamboat operator, hotel owner and merchant, despite a dire lack of cash, coins, checks, banks, or banking services. This case study is made available by Oxford under a Creative Commons Copyright.

Is Bond Market Liquidity Really Falling?


In this note, Dr. Tiemann analyzes the assertion that Dodd-Frank financial reform legislation, passed in the aftermath of the financial crisis, has contributed to a decline in the liquidity in the bond market.  Dodd-Frank set out to moderate the risks that banks might take with their balance sheets but Wall Street has tried to argue that the law’s restrictions impair the profitability of bond dealing, resulting in declining liquidity of the bond market and therefore could cause a market disruption.  Dr. Tiemann utilizes the underlying data of bond trading before and after to evaluate Wall Street’s assertion and used the show boxplot to show how bond trading liquidity has increased since Dodd-Frank was implemented.

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The Irony of Bitcoin


Dr. Tiemann reviews how Bitcoin, the new “crypto-currency,” works and shows that, while designed to not require the participation of banks or other trusted financial intermediaries, nevertheless, Bitcoin does require a form of verification that can be established by ordinary people, which is not yet available.

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The Store of Value Under Siege


What is money? You might as well ask, “What is time?”  It’s one of those concepts we all think we understand until we really examine them. After all, we use money in its various form to buy things every day. But where does it come from? What does it represent? And most important of all, what stands behind our confidence that if we use our money to pay for something, the seller will accept it? This note answers all of those questions, and more.

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Advancing the State of the Investment Art


Reflections on the power of the dialectic within the academic approach for diagnosing and solving the vexing issues relating to investing for individuals. Further reinforcement for upholding the principle of working to best solve the specific individual needs of each investment client, rather than contorting clients' portfolios to fit into existing products.

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