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Daily: As the EU moves toward fiscal union, will Britain be forced out?
Early today, I wrote a fairly upbeat piece on the European sovereign debt crisis for gold members. The overall gist here is that fiscal union is now coming. And while it remains to be seen who will be a part of that union, the implication…
Full text: Moody’s – Germany’s banking system outlook remains negative
The ratings agency Moody's issued the following statement earlier today in connection with its ratings review of the German banking sector.
The outlook for Germany's banking system remains negative, says Moody's Investors Service in a new…
Raghuram Rajan is right about the perils of today’s monetary policy
University of Chicago Professor Raghuram Rajan, one of the few mainstream economists to predict the financial crisis, has written a very good article at Project Syndicate questioning central bank monetary policy. His main point is that…
Europe is moving closer to the endgame
This is probably one of the most upbeat posts I have written on Europe in quite a while. Originally, I intended to write this post as a short blurb discussing Angela Merkel's recent European proposals but there are a few loose threads I…
Daily: Apple angst has increased – here’s why
For some reason there seems to be a lot of angst associated with the release of the iPad mini, with Apple shares falling over 10% in recent weeks. If you recall, Apple had a mini correction earlier this year when they missed earnings but…
Cheap and high-powered mobile bandwidth will kill many outdated tech business models
When I started to write about the mobile space on Credit Writedowns three years ago, it was clear to me that Apple's strategy as a sole hardware manufacturer earning high margins and maintaining dominant market share was limited. The…
Daily: Bullish US housing starts numbers show the US in full recovery mode
Economic data in the US is not trending down. It is stabilizing and perhaps trending marginally higher. We have seen a slew of data showing that the US data are outperforming expectations. The data for the housing market in the United…
Full text: Moody’s confirms Spain’s government bond rating at Baa3, assigns negative…
Moody's issued the following statement in downgrading Spain's sovereign credit rating outlook to negative.
Moody's Investors Service has today confirmed the Kingdom of Spain's Baa3 government bond rating and assigned a negative outlook to…
Daily: On the Currency Wars and Bernanke’s Defense of Fed Policy
I was on BNN's headline yesterday (video here) talking to Howard Green and Brian Milner about the IMF and China. Fed Chairman Bernanke's defense of QE and zero rates was a big piece of that conversation. I believe Bernanke's defense is…
Public pension accounting and low nominal GDP growth
I was reading through an article at Reuters on the problem that public pension plans are having with shortfalls that can only be made up via increased tax revenue, increased investment returns, or decreased benefits. The Reuters article…