Author

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.

Political Economy

Scared to Death

Edward Harrison Jul 7, 2011

Fear mongers want you to be scared to death that interest rates will skyrocket. As I have said many times in the past, long Treasury rates reflect inflation and interest rate expectations. Full stop. The default risk isn’t there since…

Markets

Financing world trade – Buy the dollar

Edward Harrison Jul 7, 2011

Andy Lees argues insufficient dollars are getting into the system from the US current account deficit to finance the growth in global trade, so the stock of these international dollars is falling relative to the value of world trade. He…

Markets

The Carry Trade and Fed Swap Lines

Edward Harrison Jul 7, 2011

The Fed is stuck at permanent zero and that means the carry trade is on. If we did have another panic, those swap lines would be handy because the Fed would again become the global lender of last resort.

Political Economy

Obama offers up Social Security cuts

Edward Harrison Jul 6, 2011

The larger question is the economy. If it improves from here, the President gets re-elected. If the debt ceiling and budget cut debates tank the economy, the Republicans will get the blame and Obama wins too. If the economy sours without a…

Markets

4-week T-bills now being auctioned for 0.000%

Edward Harrison Jul 6, 2011

Apparently, market professionals are willing to accept short-term government paper at auction with no discount through four weeks.

Markets

Text of Moody’s downgrade of Portugal to junk

Edward Harrison Jul 6, 2011

Moody's has "heightened concerns that Portugal will not be able to fully achieve the deficit reduction and debt stabilisation targets". They conclude that will result in "growing risk that Portugal will require a second round of official…

Economy

This is what happens when there is a public record, part 2

Edward Harrison Jul 6, 2011

Even if the debt ceiling showdown ends without default, there will be more shutdown attempts when the federal budget comes up for review in the fall. Get ready for more gridlock – and a US sovereign debt ratings downgrade.

Monetary System

Ideology and economics

Edward Harrison Jul 6, 2011

For ideological reasons, one might believe that limiting or reducing government is better. However, it does not follow that doing so is a painless exercise.

Markets

Thoughts on European High Yield

Edward Harrison Jul 5, 2011

Yields are incredibly low in the investment grade space. So that has put pressure on managers to get some yield pick up. Could European high yield be it, not just for European fund managers but for Americans as well?

Economy

Post credit bubble fiscal austerity leads to depression

Edward Harrison Jul 3, 2011

My hope is that, despite slowing in Europe and China, the global economy will have enough pop to get the US through its experiment with expansionary fiscal contraction. But this is just a hope.

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