O ΣΙΣΥΦΟΣ, ΟΙ ΑΓΟΡΕΣ, ΚΑΙ ΟΙ ΙΣΟΤΙΜΙΕΣ
Ο μύθος του Σίσυφου πρωτοειπώθηκε από τον Όμηρο. Καταδικάστηκε από τους θεούς να κυλά ένα βράχο στην κορυφή ενός βουνού. Η μοίρα της πέτρας ήταν να κατρακυλά πίσω στη βάση του βουνού, και ο Σίσυφος έπρεπε νε ξαναρχίσει πάλι την προσπάθεια από την αρχή. Όταν διαβάζει...
Brand Name Icarus: Lessons Learned?
Today China decided to raise its lending and deposit rates. How could we interpret such a move? In the near future we will draft a commentary on Icarus, but let us recall quickly his story. His father Daedalus prepared him wings to fly, warning him not to fly too...
A Sishyphonian Symphony: Currencies, Fiat Money, Hard Asssets, and the Puzzle of the Sphinx
Have you seen him lately? He is still rolling that stone up to the hill. He is my good friend, Sisyphus. He was condemned to roll the stone up the hill and as he is approaching the summit, the rock will go down the plain again. So, as I am drafting this, I am...
Here we go again.
The second phase of the global economic crisis (fiscal and consequently sovereign debt) is rearing its ugly head again. News broke on Friday that the government of Ireland would stand behind Anglo Irish Bank with liquidity injections. The bailout of this...
Paradise Lost: A Contrarian View Based on Our Most Recent Calls
"The world was all before them where to choose their place of rest and Providence their guide. They hand in hand with wandering steps and slow through Eden took, their solitaire way." John Milton, Book XII (that’s how the poem ends) In the most recent issue of...
Α ΧΑΜΕΝΟΣ ΠΑΡΑΔΕΙΣΟΣ: ΜΙΑ ΔΙΑΦΟΡΕΤΙΚΗ ΜΑΤΙΑ ΜΕ ΒΑΣΗ ΤΙΣ ΠΙΟ ΠΡΟΣΦΑΤΕΣ ΕΠΕΝΔΥΤΙΚΕΣ ΜΑΣ ΠΡΟΤΑΣΕΙΣ
«Ο κόσμος ανοιγόταν όλος ενώπιον τους, τον τόπο αναπαύσεώς τους για να βρουν και η Θεία Πρόνοια οδηγός και σύντροφός τους. Χέρι-χέρι, περιπλανώμενοι, με βήματα αργά διαβαίνοντας απ’ της Εδέμ τον Κήπο κίνησαν για το δρόμο τους μοναχικά» John Milton, Book XII (το τέλος...
The Music of Currencies: Currency Allocations in Times of the Valdai Meetings
A few days ago, Vladimir Putin called his annual gathering of academics, journalists, and other analysts a.k.a. the Valdai meetings, at his vacation home in Sotsji, Russia. The leader of the re-emerging Russia desires to establish her as the ultimate frontier of a new...
SIC TRANSIT GLORIA MUNDI: There Goes the Glory (?) of the Old Days
Just a few days ago, Jurgen Stark, a member of the Executive Board of the ECB (European Central Bank) said that German banks would require more capital. According to Basel III agreement that was reached on Sunday, the capital requirements of banks would rise, and at...
Mountains to Climb
The official start of the fall season is upon us. Music is still played over loud speakers and the politicians plan for their rallies and agendas. Over the wires, we read about Chairman Bernanke’s hypothetical plans to start buying equities for the Fed’s portfolio. We...
The Day After: The New Silk and China
Our commentary last Monday August 30th outlined the present circumstances surrounding China. Our September newsletter discussed the facts that may lead to a Chinese collapse. This commentary discusses, the day after the collapse and the still significant role that...
