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Chart of the day: Job Creation 2007-2012
Here's what I see: job destruction during a cyclical downturn followed by massive job destruction after the Lehman failure followed by a steady climb toward tepid job creation. Take a look.
Daily commentary: On QE3
This one's short today as I am running out of time. I posted earlier regarding Bill Gross' comments about the Fed doing a mortgage-backed QE3. There's nothing fundamentally off about this call. But we really aren't there yet as it is wholly…
Full text: Moody’s takes actions on seven Portuguese banks; Outlook negative
The following is the text of a ratings action on Portuguese banks initiated today
On debt’s centrality to modelling complex economic systems
My view as developed in that post is that debt is central to understanding economic systems, and not just because it has a redistributive element in apportioning losses between creditors and debtors when recession forces credit writedowns.…
On bank lending’s creating deposits and Paul Krugman’s response
Alan Holmes wrote in 1969 that "in the real world, banks extend credit, creating deposits in the process, and look for the reserves later." Holmes would turn in his grave at Krugman’s naïve assertion, half a century later, that banks need…
More on the rain in Spain (and the need for bank capital to cover ECB loans)
Back in November last year I posted on my confusion over the jubilation shown by the citizens of Spain as they elected Mariano Rajoy as their new political leader. Mr Rajoy’s strategy during the election campaign was to say very little…
Bill Gross on his expectations for QE3 and more
The following transcript and video is courtesy of Bloomberg TV where Bill Gross spoke to Margaret Brennan today, telling her that he thinks the Fed will go Qe3, but that it will shift to mortgage backed securities when Operation Twist ends…
Greece is a huge importer of French and German weaponry
Greece argues that its needs to strong defense spending for two threats. The first is from Turkey. Yet relations have improved and a military confrontation between these two NATO members seem quite remote. The other threat Greece is thought…
On Spain’s coming under the watchful eye of the Troika in 2012
This is a thematic post, I am also putting outside the paywall because there is a lot of chatter today about Spain needing to tap EU bailout funds this year. The messaging in the analyst community follows the thematic prediction I made in…
Rollerball: The game is created to demonstrate the futility of individual effort
Marshall Auerback sent me this video of Rollerball. I liked it so much, I thought I would post it.