Chart of the Day: Debt Deflation in the Eurozone
When I see the chart for Euro zone NPLs and look at the numbers, I think debt deflation. And this is exactly the problem with the euro zone's policy mix.
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Yearly Archives
2013
China: Some thoughts on investment and consumption
I have been arguing for several years that once China begins the adjustment process, which I expect to characterize the ten-year period of the current administration, growth rates must slow significantly. My expectation for long-term growth…
On T-Mobile’s Un-Carrier move
I keep going on and on about how mobile is where the technology industry is moving. So clearly the access/telecom end of that is going to be important. The T-mobile move to unbundle the handset subsidy from the telecom monthly fee is a bold…
More on Microsoft’s mobile strategy
Microsoft is getting a bit of black eye in the press due to its about face on the Ambitious Windows 8 platform change. While the unit numbers match up well against Windows 7, there has already been quite a bit of noise about how steep the…
Some thoughts on negative deposit rates at the ECB
ECB President Draghi suggested last week that the central bank was taking a fresh look at the deposit rate. There does not appear to be any economist that thinks it is a good idea. The reasons vary, but the two main reasons are that it…
On the demise of Nokia and more on the move to the Cloud via Adobe
I have a few threads on tech that I am going to breakup into multiple posts here. The first two threads are on Adobe's move into a cloud computing-only based software model and on Nokia's dogged pursuit of the windows mobile platform, now…
“Merkel knows best what’s happening in Europe”
These are the words of European Commission President José Manuel Barroso in a recent interview with Die Welt, a German newspaper. Rather than translate this article in full, I want to put it in context given Barroso's outburst about…
Frantically revising Japanese corporate earnings projections
Analysts' latest adjustments to corporate earnings forecasts for Japanese firms show many more upward than downward revisions. Merrill Lynch tracks the "number of stocks for which consensus EPS estimate has risen vs. the number for which it…
In the long run we are all in trouble
Now, you may well deduct from all of this that I am as bearish as I have ever been, but nothing could be further from the truth. The issues I have discussed in this month’s letter are clouds on the horizon which are likely to take years to…