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Edward Harrison 7783 posts 575 comments

Edward Harrison is a senior Editor at Bloomberg. He is also the founder of Credit Writedowns newsletter, a former career diplomat, investment banker and technology executive with over twenty five years of business experience. He speaks six languages and reads another five, skills he uses to provide a more global perspective. Edward holds an MBA in Finance from Columbia University and a BA in Economics from Dartmouth College.

Daily

Daily commentary: The Spanish bank bailout has already failed

Edward Harrison Jun 11, 2012

Two weeks ago I argued Europe is on the brink of something very big. But the Spanish deal is not it. After the deal, markets rallied initially but soon afterwards, Spanish and Italian sovereign bonds sold off and are at the still elevated…

Daily

Daily commentary: Fed on hold until economic data is weaker

Edward Harrison Jun 8, 2012

The big news yesterday was that Ben Bernanke did not back up Janet Yellen's dovish commentary from the night before. Fed Chair Bernanke did say that the Fed was prepared to use unconventional measures to maintain an accommodative stance.…

Members

On the coming EuroTARP bank bailout in Spain

Edward Harrison Jun 8, 2012

As I first described here in late April, the Spanish bailout is looking like a bailout of Spanish banks instead of the sovereign. Spain's debt to GDP is still relatively low and so the thinking is that the sovereign debt problems there are…

Daily

Daily commentary: The Spanish bank recap is coming

Edward Harrison Jun 6, 2012

As I indicated on 27 April on Why the Spanish bailout may be to recap the banks instead of sovereign, I don't believe the Europeans are going to bail out the Spanish sovereign. Instead, given that Spain has low sovereign debt to GDP, the…

Daily

Daily commentary: On panic, retrenchment and deleveraging

Edward Harrison Jun 5, 2012

The Martin Wolf piece about panic becoming all too rational fits very nicely with the macro case i made earlier today. He points to the private sector indebtedness and subsequent retrenchment as well as to the policy errors that have come…

Political Economy

Macro outline of causes and effects of and predictions for the global financial crisis

Edward Harrison Jun 5, 2012

This post is a brief outline in bullet points of my macro view of the global financial crisis both in terms of cause and effect and prediction. My goal here is to help me crystallize what the real issues are and how they are likely to play…

Daily

Daily commentary: On the global growth slowdown and US multinational earnings

Edward Harrison Jun 4, 2012

The link I want to highlight today is on the relationship between the slowdown in growth globally and US multinational earnings.

Daily

Daily commentary: on gold-backed European Maastricht compliant sinking fund

Edward Harrison Jun 2, 2012

This is a belated commentary for Friday. I have a lot of links on the global growth slowdown today but I covered this earlier saying Weak global economic data signal likelihood of global recession. I wanted to highlight Marshall Auerback's…

Members

Weak global economic data signal likelihood of global recession

Edward Harrison Jun 1, 2012

The economic data today from a number of different corners has been poor. In Asia, Europe and the US, manufacturing data point to continued slowdown. In the US, weak jobs numbers do as well. It has been clear for some time that growth was…

Economy

Chart of the day: Net Target2 Balances in Eurosystem show capital flight

Edward Harrison Jun 1, 2012

The Target2 problem is really a manifestation of an accelerating bank run. I have said many times, this is my major concern, the bank runs and the resulting shrinking credit and likely deadweight loss that accompanies them.

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