The figure below shows the six forces which we believe are at work in determining the trajectory of the Euro in the foreseeable future. The analysis below discusses the six […]

The markets were rattled in the last few days. Let’s review what the conventional wisdom underwrote as the main causes (we use the plural causes, since the explanation was changing […]

The risks in the global economy remain due to Europe’s problems in the banking and fiscal spheres as well as due to the hundreds of trillions of dollars in toxic […]

A friend was telling me lately that it seems that there are two kinds of people: Those who chose the door that leads to paradise and those who choose the […]

It has long been our position that the debt market should be viewed as a market for third-party liabilities. Its growth advances leverage and brings with it diminishing returns since […]

We just want to erase from our memories the happenings of last fall, when the markets were dropping nervously while searching for signs of life. The swap lines announced by […]

Last week we posted the presentation that Chairman Volcker gave at Warwick University approximately thirty-three years ago. We believe that speech set the foundation for a great economic reversal that […]

The Eurogroup is meeting one more time on Monday to decide about the second rescue package for Greece. Division among its members regarding the package exacerbates the markets’ uncertainty. In […]

The calls heard last week from the southern periphery of the EU seem to be coming from the abyss. The Greek economy is in her fifth year of contraction, the […]

The argument of this commentary is as follows: The market experiences an upswing (which we anticipated and started commenting on December 21, 2011) due to two basic facts: First, the […]