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Yearly Archives
2013
The Need for Wholesale Change
In the short term, though, a continuation of the currently lax monetary policy is likely to lead to higher assets prices. The investor mindset is very much in risk-on mode at the moment, as documented by the surprisingly calm reaction to…
The Credit Writedowns Pro Post Framework
While I was on my Easter break, I came up with what I think is a good format to both reward paying subscribers of Credit Writedowns Pro with good content and post outside the paywall at the same time. I have been toying with various ways to…
Deposit insurance after Iceland and Cyprus
Depositors in Eurozone banks are facing a steep learning curve on just exactly what deposit insurance means. This column points out that the precedents set in Cyprus and Iceland show that deposit insurance is only a legal commitment for…
Italy is now the largest borrower from the Eurosystem
By Sober Look
As European banks find some private sources of capital to fund themselves, they continue to repay their ECB loans - particularly in the 3y LTRO program.
FoxBusiness: - Next week, nine banks will repay just over 4 billion euros…
The terrible March US jobs data
I am still on vacation here through Monday but the jobs number in the US was so ugly I had to comment briefly. The unemployment rate came in at 7.6% and 88,000 jobs were added to non-farm payrolls. The consensus estimates were for 7.7%…