2011

The following is excerpted from today’s UBS research note by Stephane Deo, Paul Donovan and Larry Hatheway on the consequences of a euro break-up. The full note is embedded below.

Ed asked me to comment on hidden contingent sovereign liabilities of Danish mortgage bonds given the most recent Absolute Return Letter.

FT Alphaville » SNB euroquake, the analyst reaction – part one (tags: switzerland currency-intervention europe currency) In E-Mail Age, Postal Service…

Morning dominated by SNB’s decision to target EUR/CHF at 1.20; European stocks marginally higher. German August orders slumped -2.8%, first drop since March; US service-sector ISM key report today. In the EM space, China's economic growth…

This is excerpted from the American Presidency Project at UCSB. Hoover writes the following letter to George L. Harrison, Federal Reserve Board of New York, on financial and economic problems on 5 Oct 1931

On a floating exchange rate, the government’s own IOUs—currency—are nonconvertible in the sense that the government makes no promise to convert them to precious metal, to foreign currency, or to anything else. Instead, it promises only to…

The Decline of Manufacturing in America: A Case Study « naked capitalism (tags: manufacturing) Study plays down impact of bank ringfencing - FT.com…

US dollar broadly firmer vs. majors as global growth concerns, euro zone tensions pick up. Merkel's CDU lost weekend election in her home state of Mecklenburg-Western Pomerania. Risk assets under pressure, Swiss franc still outperforming;…

Globally, coincident data is already slowing visibly across the globe with headline PMI readings and trade data coming in steadily lower. In that sense we are up against the wall again only so shortly after the shock of 2008/09 and this…

Chinese goods cost more in China because of currency, taxes, transportation,logistics and inflation. The Chinese get the jobs, while Americans get the consumer products; The Chinese government gets the dollar, but the U.S government gets…