sovereignty

Two separate issues here today. The first is on the yield curve in the US. And the second is on the slow vaccine rollout in the EU and its impact on the economy. The three yield curve outcomes Let' start with the yield curve. We began the…

I have been trying to organize a decent exchange on MMT on the new financial media platform Real Vision. My first attempt got dropped because the conversation wasn't forward looking, diving into the issues people care about, namely the…

I was reading about the potential candidacy of former Starbucks CEO Howard Schultz for US President in the 2020 election just now. He plans to run as an independent, potentially dividing the anti-Trump vote, should Trump survive until then.…

The euro is “celebrating” its 20th anniversary this month, but they aren’t popping corks across the continent. The underlying assumption of a common currency—namely, that it would lead to a convergence of the member countries’ production,…

I continue to believe that the bond bear market thesis is flawed. Money managers following it will lose a lot of money.

Fiscal policy space is limited first and foremost because of the threat of default. So governments are forced to act pro-cyclically.

As a member of the euro area, Italy has no monetary sovereignty. The only thing keeping its debt yields low is the implicit backstop of the ECB. But because of the political turmoil, this backstop is now in question. And Italy could default…

As the Trump economic team comes together, their economic vision is also coming together. In the last post, I laid out some overarching themes I am seeing from them on the hopes that reducing taxes and regulation will increase productive…

A destabilized Europe adversely impacts the UK within or without the EU. The UK is tied to Europe in ways that leaving the EU will not sever. Ironically, the UK may find it has less sovereignty if it leaves the EU than within it.

Over the past week, European institutions have shown no qualms about bullying, arm-twisting, and humiliating a sovereign nation and its people. This is no union – this is a fiasco.