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Moody’s: U.S. banking system outlook changed to stable as economy improves
Moody's has changed its outlook on the U.S. banking system to stable from negative, reflecting continued improvement in the operating environment and reduced downside risks to the banks from a faltering economy, says Moody's Investors…
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 QE, inflation and Deflation
So QE cannot possibly offset the effects of fiscal tightening in the lives of ordinary working people - the largest part of the population. In fact because it seems to discourage productive corporate investment, it may even reinforce…
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…
Excess German savings, not thrift, caused the European crisis
One of the reasons that it is been so hard for a lot of analysts, even trained economists, to understand the imbalances that were at the root of the current crisis is that we too easily confuse national savings with household savings. By…
On Greece’s eventual exit from the eurozone
I don't think it's a big secret that I believe Greece will eventually leave the eurozone. I have said this repeatedly. But I have also written that I do not believe that Greece would attempt to do so while Europe's economic crisis is…