The Euro Zone: A System Designed to Fail, WILL Fail
Monetary union was not a good idea, even in the best of circumstances. Time to abandon the failed experiment?
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Browsing Tag
sovereign debt crisis
Buiter: Europe must act now to avoid a default
Former bank of England central banker and present Citigroup Chief Economist Willem Buiter spoke to Tom Keene this morning on Bloomberg Radio. His view is similar to mine, that Europe must act now to avoid a default. He believes we could…
In defense of the ECB
This phrase 'lender of last resort' has been bandied around by people who, it seems to me, have no idea what lender of last resort actually means, to be perfectly honest. It is very clear from its origin that lender of last resort by a…
Nigel Farage: ‘Germany is dominating Europe’
The well known eurosceptic Nigel Farage is having a field day over the sovereign debt crisis in the euro zone. Farage says that the EU lacks democratic legitimacy, a complaint heard ever more often during this crisis. He goes further,…
Spain Another Pain
Pressure is mounting on Spain. The 10-year yield today is essentially back to where it was when the ECB broadened its sovereign bond purchase scheme to include Spanish and Italian bonds. On Oct 27, the 10-year yield was near 5.33%. Today it…
News Links: “Little Startups Are Ridiculously OverFunded”
Sean Parker: "Little Startups Are Ridiculously OverFunded" | TechCrunch
It's gotten so bad that, says Parker, "Now institutionally-backed venture funds are backing other venture funds in order to stay close to the…
Contagion to the Core Raises Tail Risks
Overnight price action marked by choppy trading conditions; Most EM stocks and currencies lower, safe havens advance. North American session likely to focus on US data; Inflation expected to remain flat, industrial production seen higher.…
More on advocacy versus forecasting at Credit Writedowns
About a year ago I told you there would be less policy advocacy and more policy forecasting at Credit Writedowns. This is an update.
Chart of the day: Contagion spreads to the Netherlands
Yesterday, I showed you that contagion had spread and default probabilities were blowing out right across Europe. Every single name on the list for sovereign credit default wideners was European and names like Austria, Estonia, and Slovakia…
The alternative to the ECB writing the check is economic collapse
German central bankers (current and former) continue to voice their hostility to what the financial community now calls a Euro-style Quantitative Easing (aka big bazooka). This talk (by one of the boldest opponents of an ECB solution to the…