July 2010

Evidently there is now a considerable debate out there about the famous (or should that be infamous) CEBS stress tests. Methodologically all sorts of weaknesses have been identified, but in many cases these are decidedly beside the point.…

A lot of people have asked me to write about the recently “leaked” CBRC report on dodgy local government debt.  Here is what the article in Monday’s Bloomberg had to say about it (and note especially that delicious second paragraph):…

From the BBH Currency Strategy Team. Highlights US dollar is mixed vs. the majors as consolidative trade is being seen today.  Sentiment remains positive overall in the wake of the bank stress tests, but risk on FX trading appears to…

By Annaly Capital Management The economic research staff at the Federal Reserve Bank of New York has been busy. Last week we wrote about the New York Fed’s Staff Report No. 458 , which discussed the shadow banking system in the United…

Usually I have more links than I can possibly put in the links post. I chopped some good stuff, so if you want to see them all, either go to the News Feed at CW or subscribe to it here. Edward PS – My home has been blacked out for two…

From the BBH Currency Strategy Team Highlights US dollar is softer vs. the majors, as sentiment remains positive and risk on trading picks up.  Dollar is up only against JPY and CHF, which are both weaker today and finally succumbing…

There is a new graph on the internet that will be seen and discussed at length in the coming days and weeks.  It shows how household net worth has changed over the past 59 years. The graph below, originally from Macro and Other Market…

It seems that a lot of analysts have caught onto the MMT framework popularized by the late economist Wynne Godley and made topical in this downturn by Rob Parenteau of the Richebacher Letter. We have seen Martin Wolf use Godley and…

In a note to investors today, a well-regarded strategist on the equity sales desk at a major sell side firm put up the following two Bloomberg charts next to each other. The two charts reflect different time frames but are from related…

Given near universal austerity measures in Europe and thoughts of the same in the US, increasingly it looks like the emerging markets are expected to do the heavy lifting to sustain a global recovery. As I said recently, "for the…