Commentaries

By: John E. Charalambakis | On: November 10, 2010 |

Seisachtheia Meets the Markets: The Fed, the Yuan, and India

First of all, a special note of thanks to a good friend (IKM) who recently reminded me of the concept of Seisachtheia. Thus, a historical reference is needed first (please […]

By: John E. Charalambakis | On: November 8, 2010 |

The Markets in Purgatory

They did it again. They rolled the dice again in favor of $600 billion in purchases, and when we count the repurchases of other paper-instruments (e.g. mortgages and MBS), the […]

By: John E. Charalambakis | On: November 2, 2010 |

Negative Yields, Inflationary Expectations, and Portfolio Allocation: In what Directions is Sisyphus Pushing the Rock?

Just a few days ago the auction for TIPS (Treasury Inflation Protection Securities) produced for the first time ever negative yields. When we take into account that TIPS’ correlation with […]

By: John E. Charalambakis | On: October 25, 2010 |

In the Land of Debt: Foreclosures, Commodities, and Quantitative Easing

The securitization problems seem to be making another comeback in the form of “foreclosuregate”, as the Economist newspaper has labeled its latest phase. Banks seem to be admitting to subpar […]

By: John E. Charalambakis | On: October 19, 2010 |

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 […]

By: John E. Charalambakis | On: October 14, 2010 |

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 […]

By: John E. Charalambakis | On: October 5, 2010 |

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 […]

By: John E. Charalambakis | On: October 5, 2010 |

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 […]

By: John E. Charalambakis | On: September 23, 2010 |

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 […]

By: John E. Charalambakis | On: September 14, 2010 |

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 […]