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The political economy of the euro crisis, part 1
The European Union is an existential crisis because its crowning achievement, the single currency, has come under assault from all sides. The continued existence of the Euro has even been called into question as country after country within…
Japan: taking QE to a whole new level
The Bank of Japan is taking the concept of quantitative easing to a whole new level. Unlike the Fed who is only focused on treasuries and agency MBS securities, the BOJ is authorized to purchase ETFs and REITs in addition to JGBs.
Kyle Bass gets it wrong on Japanese bonds
This is a good interview with Kyle Bass because it cuts to the heart of the matter. If you are a partisan in the Bass debate on Japan, you can see him as being either correct or incorrect. Now, I have covered this before and I have stressed…
European Governments’ Unpaid Bills
Over the past weekend, Italy's caretaker cabinet formally approved plans to begin paying its overdue bills to domestic suppliers and service providers. Its official arrears have aggravated underlying problems, such as access to credit by…
The Need for Wholesale Change
In the short term, though, a continuation of the currently lax monetary policy is likely to lead to higher assets prices. The investor mindset is very much in risk-on mode at the moment, as documented by the surprisingly calm reaction to…
The Credit Writedowns Pro Post Framework
While I was on my Easter break, I came up with what I think is a good format to both reward paying subscribers of Credit Writedowns Pro with good content and post outside the paywall at the same time. I have been toying with various ways to…