Credit Writedowns

The LTROs may have helped ease this year's roll-over risk (Spain has met almost 50% of this year's refinancing needs). But they have not substantially altered the market's views of the risks of an eventual restructuring.

This daily commentary is a bronze level post. Today's comment is on financial repression and an FT article by Tony Jackson.

This daily commentary is a bronze-level post. Today's comment is on the Irish desire to get their tracker mortgage obligations written down.

I love Chris Whalen's bank industry analysis. I featured his CNBC commentary yesterday. Today is his commentary from last night's Capital Account.

Happy Friday. Here's a quick gold-level note note on what I think is going on in the markets and the economy right now that I am making freely available. Turning to the paradigm I set out in 2009, the following points frame the secular…

Yves Q. Smith spoke with Lauren Lyster on RT's Capital Account show this past Wednesday about Wall Street and Goldman Sachs. Her view is that the points highlighted by Greg Smith in his Op-Ed in the New York Times about Goldman Sachs are…

Germany and Papademos have ended Greece’s political sovereignty, but Greece gave up its economic sovereignty long ago when it adopted the euro. Two aspects of national economic sovereignty were inherently lost with nations that gave up…

The dollar is trading modestly firmer against the majors in very narrow ranges, gaining some traction after the losses seen Thursday.

This daily commentary is a bronze-level post for members only. Everyone is talking about Goldman. Here are my thoughts.

One of the most important developments in the foreign exchange market is the fragmentation of the risk-on/risk-off matrix that was a key feature since the onset of the financial crisis. While cognizant of the non-linear nature of the…