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Yearly Archives
2013
The challenges for China’s new leadership
My quick take is that the leadership is saying all the right things, but they have been saying these things for quite a while – nearly two years in the case of Li Keqiang, the new premier. The constraints they face, however, have neither…
Why Germans are poor
Recently the ECB conducted a eurosystem household finance and consumption survey and man have been talking about it because it shows that household wealth in places like Italy and Spain is greater than it is in Germany. The question I think…
QE will end this year after tapering off in June
I was on BNN's Headline with Howard Green yesterday talking about the Fed's QE program. I said that QE would be tapered and I believe it will likely end at the end of this year if the economy does not slip into recession. This is the…
The political economy of the euro crisis, part 1
The European Union is an existential crisis because its crowning achievement, the single currency, has come under assault from all sides. The continued existence of the Euro has even been called into question as country after country within…
Japan: taking QE to a whole new level
The Bank of Japan is taking the concept of quantitative easing to a whole new level. Unlike the Fed who is only focused on treasuries and agency MBS securities, the BOJ is authorized to purchase ETFs and REITs in addition to JGBs.
Kyle Bass gets it wrong on Japanese bonds
This is a good interview with Kyle Bass because it cuts to the heart of the matter. If you are a partisan in the Bass debate on Japan, you can see him as being either correct or incorrect. Now, I have covered this before and I have stressed…
European Governments’ Unpaid Bills
Over the past weekend, Italy's caretaker cabinet formally approved plans to begin paying its overdue bills to domestic suppliers and service providers. Its official arrears have aggravated underlying problems, such as access to credit by…