2011

Spain appears to have dropped off radar screens. In part, a disorderly outcome of the Greek crisis continues to be threatened. Italian bond yields and CDS prices have risen above Spain's. Yet, ironically, earlier this week, Spain's central…

The negative headlines are here and the tape bomb shows a failure to confirm the recent W-bottom, which has Andy Lees thinking about where the next stop is.

Greece sees default with 50pc haircut on debt - reports - Telegraph "Greece's finance minister has told lawmakers he sees three scenarios to resolve the debt crisis, including one involving an…

The question after the frightful period in 1907 was what to do to prevent another panic from causing a severe depression. Benjamin Strong, a senior executive at Bankers Trust and later the first President of the Federal Reserve Bank of New…

EUR/USD headed back below 1.347 as European stocks extend early morning losses; DAX down 2.7%. G20 communiqué indicates that EZ actions to increase EFSF flexibility is likely; details remain light. Singapore’s inflation continued to surge…

Last week I excerpted from Herbert Hoover’s 1930 State of the Union address. This time I wanted to excerpt from the 1931 SOTU because the Credit Anstalt event had already happened, triggering retail deposit runs. Bank runs is something…

The earnings estimates on the S&P must go down significantly. With the problems in Europe, and then the potential slow-down in China (after building more residential and commercial construction than presently needed) we would have to…

At some point soon, maybe tomorrow, I will be writing an update to two posts: The Fake Recovery and The recession is over but the depression has just begun. The gist of those two posts is still operative and also very relevant, namely that…

What is surprising is that over the past decade, the price rises you find for 33 commodities are just about beyond the realm of possibility—2, 3, and 4 standard deviations away from trend. It is a boom without any precedent. Quite simply,…

Be Safe, Break the Law — Marginal Revolution "Higher speed limits are often safer because what is worse than speed is variable speed, some people driving fast and some driving slow. When the speed…