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Europe is now officially in back-loaded austerity mode
As I have ben predicting here for months, the problems in individual large European economies have become to large to bear for the prevailing European policy mix. Therefore, today, in releasing the next year's country specifici…
On investing during housing reflation in the US and the fiscal drag in Europe and North America
I have two topics I want to highlight this morning. First, there are the US housing inflation numbers from Case Shiller, which are at a 7-year high. Then there is the fiscal drag in the US, Denmark, the UK, the Euro Zone and Canada. What I…
On the Fed’s tapering and the volatility in Japan
Yesterday, Ben Bernanke said that the Fed would start to wind down it's QE program sometime this summer as I indicated early last week I believed the timetable would be. Market pundits believe these remarks triggered a sell-off in global…
On European rebalancing and Germany’s excess savings
Michael Pettis had a very good post out yesterday that focused on the sectoral balances within and across eurozone countries which I recommend. His point is that excess German savings driven by wage suppression was behind macro imbalances…