2011

A few weeks ago (July 7th) we wrote a comment entitled "Nothing Matters Until It Does". Now it suddenly does all matter, although all of the problems every one is talking about today have been pretty obvious for some time. These include the…

Stocks Are Still Expensive - NYTimes.com tags: investing stocks Did No-one “see this coming” too? | Steve…

This is a classic liquidity crisis. Bond markets in Europe are selling off. Commercial paper markets in the US are seizing up. Retail investors in Asia are already running for safety in overnight trading. What we are experiencing is a…

I received the following blurb from Bloomberg Television about Barton Biggs, who yesterday had indicated we were in the process of bottoming.

In case you did not notice it, the much discussed "range" on the SP500 broke in spectacular fashion today as the short rollers bypassed the 1250 mark in the same style as the Germany panzer passed the Maginot line back in the early stages…

Here’s my take on the wideners.

It is very clear that Brazil is moving further and further away from the orthodox model due to its obsession with the strong real. While the IMF said today in its Article IV discussions with Brazil that capital controls are an “appropriate”…

Elga Bartsch, a ECB shadow council member and Chief European Economist at Morgan Stanley, talked to Bloomberg about the sovereign debt crisis today. She said that the ECB would be hard-pressed to do a 180 on its hawkish tightening position…

Patrick Chovanec talked to Bloomberg earlier today about the Chinese rating agency Dagong’s downgrade of US sovereign debt to Single-A. Chovanec says that Dagong is ‘hyper-senstive’ to US risk.

In Germany movements in GDP follow movements in the rate of expansion of exports. Let’s not get into why that is for the moment (think Germany’s particular demography), and just consider the possibility, despite all the talk over the years…