Living off immoral earnings
“The reality.. is that banks.. support a thick layer of second tier executives, as well as legions of pen-pushing, meeting-loving, middle- and back-office workers who are paid multiples of their worth and contribution, especially compared with other industries.” - Financial...
A Tad Unsettled
Suddenly, global credit markets are looking, shall we say, a tad unsettled... I wonder if we're (finally) beginning to see bond markets pricing in the post-financial-crisis orgy of fiscal recklessness (not to mention the tsunami of refinancing-related supply)? If so,...
No Solution
In "On Borrowed Time," Barron's columnist Randall Forsyth further undermines the notion that persistent public profligacy can solve our problems: Heavy debt loads slow the U.S. economy now and pose threat to the future. Can a stimulant become a depressant?...
A beef quiz, and revisited Koo
“Like a Hitchcock film. You did not need to see the blood and gore and violence – the hint of it and the menace that pervaded the office was worse.” - Theo Zemek cheerily describes the atmosphere at New Star...
Big and Bigger
It's that time again... "Obama to Ask for Debt Limit Hike: Treasury Official" (Reuters) The White House plans to ask Congress by the end of the week for an increase in the government's debt ceiling to allow the United States...
Liars led by junkies
“In my several decades as a financial and economics commentator – covering banking crises dating back to the early 1970s and the Latin American debt catastrophes of the early 1980s – I have never heard a sitting [Bank of England]...
Liars led by junkies
“In my several decades as a financial and economics commentator – covering banking crises dating back to the early 1970s and the Latin American debt catastrophes of the early 1980s – I have never heard a sitting [Bank of England]...
Only a Few Short Years
As usual, Zero Hedge (one of my absolute favorite blogs) is at the forefront when it comes to funny money-era milestones: "US Debt/GDP Hits Post WW2 High 99.5% Following $55 Billion Overnight Debt Increase: Total Debt Now Over $15.1 Trillion"...
The decline and inversion of Italian bonds
Breaking on Tuesday morning: Italy pays more to borrow for three years than it does for 10 years…RTRS-ITALIAN 3.5 BLN EURO NOV 2014 BTP BOND AUCTION GROSS YIELD 7.89 PCT...
How much is there left to sell?
European sovereign debt, that is.And the answer is over €500bn, according to Nomura, which has pieced together data from the IMF and national sources to come up with an updated...
A new golden age
“The designers of the good ship euro wanted to create the greatest liner of the age. But as everybody now knows, it was fit only for fair-weather sailing, with an anarchic crew and no lifeboat. Its rules of economic seamanship...
