ECB

This appropriation of the economic surplus to pay bankers is turning the traditional values of most Europeans upside down. Imposition of economic austerity, dismantling social spending, sell-offs of public assets, de-unionization of labor,…

Once again, the 200-day moving average proved to be formidable resistance for the S&P500. After trading though the 1264-65 level on the now expected daily afternoon market moving FT article the index couldn’t hold its water and sold…

The “troika” – Italian, Spanish, and French bond yields - is acting pretty well even after the S&P downgrade. Italy is under 6 percent and that is what matters. We sense there will be tremendous pressure on the shorts and equity risk…

Tomorrow the central banks will auction dollars for the first time under the lower rates. There was some talk that the lower take down at this week's regular refi operation (about 13 bln less euros than were maturing from last week's…

The US dollar is beginning the week on a softer note, but well within recent ranges. Most of this week's key events lie ahead. The day earlier than planned and somewhat larger Italian austerity plan coupled with talk of ECB purchases has…

The probability of a German-led fiscal union in Europe is greater than the consensus suspects given its arguments that only an ECB backstop and a European bond will prevent the end of the greater experiment. In addition, the argument is…

News links from 2 December 2011 include links on the European sovereign debt crisis, the UK economy, the latest on mortgages and technology as well as other stories.

Mario Draghi has become explicit about what it will take for the ECB to have a more active role in the European sovereign debt crisis.

What is clear is that, with the U.S. dollar as the world’s major reserve currency, this move to lower the price on U.S. dollar liquidity swap arrangements is due to the world’s banks being short U.S. dollars. In the past few days, there…

"The Bank of Canada, the Bank of England, the Bank of Japan, the European Central Bank, the Federal Reserve, and the Swiss National Bank are today announcing coordinated actions to enhance their capacity to provide liquidity support to the…