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 […]

Today the EU leaders are gathering again for another summit! More than two years into their crisis, they cannot get their act together while continuing on the same path of […]

The news from the United Kingdom this week implied that more quantitative easing and money printing is coming to the U.K. economy soon. When we take into account that high […]

The macroeconomic picture – globally – does not look that promising. Trends need to be reversed in order to avoid the dawn of the waste land. However, for the near […]

Mer(kel) has lately been enjoying one of her highest favorable ratings in her political career in Germany. (Sar)ko(zy) is up in the polls but still behind his main opponent (Francois […]