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Is the Italian elephant about to break loose again?
And going beyond April, the political arithmetic of a post Monti government looks complicated, making the kind of stability needed to advance what the population may well see as “harsh” reforms unlikely. In other words, as Monti says, when…
Indian deficit will grow to 6.2% as industrial output shrinks again
According to recent media reports, the Indian Prime Minister Manmohan Singh is about to announce the appointment of University of Chicago professor and former International Monetary Fund Chief Economist Raghuram Rajan as India's chief…
Wide swathe of data in US, UK, India and China points to further slowing
The data pointing to the synchronised global slowdown continues. This time we have a string of data from the United States, the United Kingdom, India and China telling us that the economy is not doing well. Here I am leaving Europe aside.…
Emergency Liquidity Assistance In The Eurozone – Draghi’s Irreversible Euro Put…
While the ECB may certainly now buy as many peripheral bonds as it wishes if it deems convertibility risk to be a real issue money is already trickling into cash strapped peripheral economies through the arcane tool of emergency liquidity…
Data point to continued economic slowing in US and Europe
I do have a lot of links though and here they are. The big issue is the economic slowing in the US and Europe. These articles demonstrate that the global slowdown is spreading beyond the eurozone periphery and is well entrenched in the US…
Zero rates have created a dangerous risk seeking return mentality
One thing Austrians harp on is the misallocation of resources caused by heavy handed and persistent interest rate market intervention. They are right that the industrial organization and the structure of investment capital priorities is…
The Fed’s zero rate policy is toxic for US household interest income
A key negative side effect of persistently low rates on households is the delay of retirement. This inability of many Americans to retire on their savings because of low rates is keeping them in the workforce, limiting job opportunities for…
The high yield bond market looks overheated in the US
The rally in leveraged finance markets is back on, as investors snap up junk bonds as quickly as they come to market.
EC green light to Rajoy’s fiscal plans makes Spanish sovereign bailout more likely
I am going to try a different format for the daily today because I have a number of foreign language articles. This time, I am going to give a brief synopsis of each article rather than just having a main talking point at the outset. This…
Europe looks cheap if the ECB pulls out the unlimited backstop bazooka
Despite my increased pessimism on Europe, it is clear that European equities are undervalued compared to the US. My call at the beginning of the year was for European equities to outperform because of relative value vis-a-vis the United…