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Browsing Category
Economy
Chart of the day: Breakdown of 1 trillion euros in European bank NPLs by country
I recently wrote two member posts on the NPL problem in Europe. The source is a study by PwC's Frankfurt office that was released to the German-language media. Frankly, this report is everywhere in the German media and I think it's a big…
Study of European bank NPLs suggest underreporting and large losses for equity and bond holders
This week's second weekly-length post is just another review of the Price Waterhouse Coopers study that is big news in the German press. I have now seen the numbers in a bit more granular detail and I wanted to run through them for me…
Italy’s ‘this time it’s different’ moment: Reaction to Giavazzi
Some maintain that Italy and Spain risk losing market access for their sovereign bonds despite drops in yields. A recent Vox column by Francesco Giavazzi suggested that Italy could and should avoid a bailout. This column argues that in…
TARGET2 replacing other sources of funding for Bank of Spain
It is clear that lending to Spanish banks is now funded entirely via TARGET2 (borrowing from the rest of the Eurosystem) rather than with deposits. In fact deposits at the Bank of Spain by the Spanish government and Spanish banks (excess…
In Search Of Lost Demand
Why is the global economy hamstrung by heavy debts and weak banks? Or put another way, why doesn’t deleveraging happen, and the weight of debt reduce, and why doesn’t the economy expand so the weak banks can once more become robust and…
Gary Shilling: We are either in or entering a recession
Here's another Tech Ticker segment on the state of the economy. Noted economic bear Gary Shilling believes the US is in recession or will be entering one shortly. His view is that wages have not grown robustly enough to warrant the level of…
Banks run into ownership problems in collecting on credit card debt
Here's a good video from the Tech Ticker guys showing us that the opaque nature of asset-backed securities is catching up with Wall Street again. This is now becoming a problem in the credit card industry.
Can China avoid a hard landing?
I have been running this poll since January. We have over 2000 votes, so I am ending it. Here are the results:
The euro zone’s manufacturing contraction is now driven by Germany
As the Eurozone recession (which started months ago) worsens, the area's manufacturing activity, as measured by the PMI index, is contracting at a pace not seen since 2009. A great deal of this decline however is now driven by Germany…
Jobs Data Good, but Good Enough?
The 172k rise in July private sector payrolls was well above the consensus forecasts and the best showing in 5 months. Hourly earnings rose 0.1% and the work week was unchanged. After a string of disappointing news this is surely,…