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Full text: Moody’s downgrades Danish financial institutions
The following press release was issued just today by Moody's the ratings agency in conjunction with a recent ratings action on Danish banks.
The crisis in Spain has reached the breaking point
We are now in another existential crisis for the euro zone with yields on sovereign debt from Spain and Italy spiking well over 6%. We have been here before, most recently in November. Then, it was Italy in Spain's position as the lead…
Weekly: On risk assets, the global growth slowdown and likely policy responses
This week's newsletter is going to focus on how risk assets are setup given the continuing global growth slowdown and likely policy responses to it. The overall thesis is that shares and high yield bonds in the US are short-term oversold…
What record low 10-year rates tell us about the toxic effects of permanent zero
On Twitter the latest buzz is about the US ten-year government bond hitting a record low of 1.6713%. Some are amazed that the world of 'financial repression' where long-term yields are lower than consumer price inflation can go on and on…
Chart of the day: Correlation of largest economies’ GDP since 2001
John Hussman's latest weekly letter contained a very nice chart on the trend for GDP growth in the largest developed economies. The data show a high degree of correlation over the past ten years.
Daily commentary: more on the EuroTARP
Since I have been off for a few days I have a lot of links today, probably too many for one big linkfest but here they are. I will leave out more than usual to strip it down to the most salient ones. There's a lot on Spain and India in…
Links: 2012 05 25
Unfortunately I don't have the time to do a proper daily commentary. But here are the links.
The Chinese water torture that is the euro zone debt crisis
Here's the video from last night's capital Account with Lauren Lyster and Demetri Kofinas. Everyone keeps acting like this crisis is about to boil over and take the world economy with it. It certainly could. More likely though, we will…
Why can’t people understand national accounting?
I was on RT's Capital Account last night talking to Lauren Lyster about the euro zone debt crisis. At the end of the show, we came up against the deficit problem and the question about how it should be solved. I get frustrated by this topic…
Chart of the Day: Euro Zone Government Debt
The two charts below give one a sense of the relative size of the government debt markets in the euro zone as well as the size of those markets compared to each country's GDP. Estonia has both the smallest government debt market and the…