From the Cacophony of the Fall to the Rhapsody of the Spring: Sovereigns, Risks, and Returns
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 the Fed last November infused hope and allowed the ECB to start the cheapening of collateral...Strategic Disintegration: Part II
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 revitalized the global economy. As we pointed out in the...Strategic Disintegration: Part I
It is again with distinct honor and pleasure that we bring to our readers a presentation-talk that former Chairman of the Federal Reserve Board, Mr. Paul Volcker made approximately 33 years ago at Warwick University. At that time Mr. Volcker was President of the...On Debts, Leverage, and the Sustainability of the Euro Zone: T like Titanic or Taunus
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 last few days, the “strong” countries (Germany, Finland, Austria,...Abyssus Abyssum Invocat: On Liquidity Premiums and the Broadening of the Collateral Base
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 official unemployment rate has hit 20 percent, and more austerity is on the horizon for at least the next 3-4...Sign Up for Our Publications
