Probably not. As Mnuchin and President Trump have done before, a distinction was drawn between short- and longer-term perspectives.
If bitcoin and its equivalents can deliver what its champions promise, what’s not to like? Well, the rub is what Economist Abba Lerner said “The modern state can make anything it chooses generally acceptable as money".
A subordinated deal in a bank bailed out just a year ago and the currency at a three -year high underscore European investor confidence.
Claims that moves by central banks in China, Japan and Europe are dominating the US Treasury market are flawed because the 'model' used to make those claims is flawed.
Italy's election has the potential for some surprises. The Five Star Movement, which is polling first in surveys, has pledged a referendum on the euro if Brussels does not change its fiscal rules. Berlusoni's Forza Italia and Salvini's…
My model of interest rates and currencies says that long-term yields are just an amalgam of short-term yields with a term premium tacked on. There’s nothing there about money flows from people moving money to where yields are highest. I…
The risk in the UK is an inflationary recession. For now, Mark Carney is resisting a rate hike. But how long will the Bank of England hold out? And how long can British consumers keep spending if real wages are falling? Two things would…
What happened in 2010 with Greece, Spain, Portugal and Ireland will happen again. But this time, Italy will be the first domino to fall. And when it does fall, Italian sovereign and bank credit risk will skyrocket. Caveat Emptor.