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The European debt crisis has thus far unfolded as a sovereign debt crisis.  And the sovereign here is the national government.  This is particularly true in Greece. However in the coming months, it may become clearer that local…

This morning ECRI's Lakshman Achuthan was talking about the recovery on CNBC. His take is that the recent slowdown in GDP growth is normal for the recessions since before World War II so far. If we dip even more from here, we have trouble.…

I am going through the BIS Quarterly Review that just came out and it is packed with useful information about the global economy.  With regard to the sovereign debt crisis, I found the following chart a good one for getting a feel for…

Just as a point of fact, it bears noting that government debt is a government liability in much the same way that bank notes are. what is the functional difference for the federal government between Treasury securities and bank notes?…

As it seems that we are finally about to get something which resembles a stable summer here in Denmark it may seem strange to suddenly start talking about snowballs. Yet, the idea of debt snowball is very relevant in the current environment…

By Annaly Capital Management. We’ve made no secret of our love for the Federal Reserve’s Z.1 Flow of Funds report. The only thing more amazing than the impressive volume of data in the release is the lack of coverage it receives by the…

Nassim Taleb speaks to the issue I have been addressing here for two years, namely that the problem with our financial system is debt.  There is too much of it. And all the stimulus in the world won't solve that problem.  The…

The June Monthly Commentary By Annaly Capital Management. The Economy: The financial crisis is not over The Residential Mortgage Market: The tale of "fails" in the mortgage market The Commercial Mortgage Market:…

By Annaly Salvos. We breathlessly await the release of the next Z.1 from the Federal Reserve on June 10 to check on a number of things, such as the change in the amount of equity in the average American’s home in the first quarter, but we…

This morning David Rosenberg noted: We also received the U.S. consumer credit data for April yesterday afternoon and the $1.0bln rise in total outstanding should be viewed in the context of the sharp revision in March (to now show a…