Sign in
Sign in
Recover your password.
A password will be e-mailed to you.
Yearly Archives
2013
Is Spain’s economic contraction now self-perpetuating?
The core of the issue is not whether the country could see one, or even two, quarters of positive performance, but whether any faltering recovery will be sustained out into the future, through 2014 and beyond. It is here that all the old…
Excess cash on the balance sheet is wealth destruction
Many of the largest technology companies are making so much money that they are rapidly accumulating cash on their balance sheets. While on could argue that this cash should be stripped off the balance sheet for valuation purposes, I would…
France: The Coming Push
Many investors understandably have not focused on France. The threat of scandal in Spain, the need for yet another round of government support for Italy's third largest bank and the country's upcoming election have commanded attention. What…
Currency Wars will only get worse
When massive private and public sector debts result in a credit collapse and recession, the efforts to pare down the debt is deflationary. Measures to inflate our way out of the situation are likely to fail as households are attempting to…
On the horrendous economic numbers coming out of Europe
The European Union released figures for Q4 2012 GDP today and they were awful. GDP fell by 0.6% in the euro zone and 0.5% in the entire EU. Stock markets are getting clobbered on the news and the euro is selling off. This is not unexpected…
China, Spain and Japan: What I’ll be watching in 2013
I’ll be watching a number of things in 2013 in order to get a better sense of what the future will bring. On January 22 Princeton University Press will be publishing my book, The Great Rebalancing: Trade, Conflict, and the Perilous Road…