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Articles related to Sovereign Debt
 
Mish - Global Economic Analysis
Reply From Pettis on Spain; Prisoner's Dilemma in Reverse; EMU End Game
In response to Spain Needs to Debate Leaving the Euro; Tooth Fairy Economics I received a nice email from Michael Pettis confirming my translation was correct. He also attached the original article in English. Michael Writes ... Thank's Mish. I am attaching the original, but the translations you got were basically right and covered the main points, which you understand anyway. Excessive debt impedes growth, and very few sovereign debt crises in history have been resolved by growth The on
Friday, November 21, 2014
Michael Pento - Delta Global Advisors
  Japan's Last Stand
There is a popular American military term called a "last stand", which is meant to describe a situation where a combat force attempts to hold a defensive position in the face of overwhelming odds. The defensive force usually sustains very heavy casualties or is completely destroyed, as happened at Custer's Last Stand. General Custer, misreading his enemy's size and ability, fought his final and fatal battle of Little Bighorn; leading to complete annihilation of both himself and his t
Friday, November 21, 2014
Mish - Global Economic Analysis
Short Seller Doug Kass on Malinvestment, Permanent QE, the Global Economy
Aaron Task did a nice video interview of famed short seller Doug Kass on Yahoo! Finance. I am waiting to pull the trigger, says Kass. Kass’s contrarian views are well known on Wall Street. Last December, he predicted that global economic growth would be subpar, even as much as 50% less than the consensus and that, as a result, bonds would outperform stocks and the 10 year yield would fall to around 2.5%. “Nobody thought that,” says Kass. [Mish note: Lacy Hunt at Hoisington made that call, and
Wednesday, November 19, 2014
James Howard Kunstler
The Instability Express 
T he mentally-challenged kibitzers “out there” — in the hills and hollows of the commentary universe, cable news, the blogosphere, and the pathetic vestige of newspaperdom — are all jumping up and down in a rapture over cheap gasoline prices. Overlay on this picture the fairy tale of coming US energy independence, stir in the approach of winter in the North Dakota shale oil fields, put an early November polar vortex cherry on top, and you have quite a recipe for smashed expectations. Plummeting
Tuesday, November 18, 2014
Mark O'Byrne - gold.ie
ECB Buy Gold Bullion? Japan's Monetary Policy Dubbed "Ponzi Scheme"
Concerns about deflation, recession and a return to the Eurozone debt crisis, may see the ECB follow Japan and print money to buy assets including shares, exchange traded funds and physical gold. Counter intuitively, gold prices fell on the quite bullish news. In marked contrast to the sharp falls gold saw on the mere rumour of small Cyprus selling their miniscule gold reserves. Such odd trading leads to continuing concerns that the precious metals markets are still being manipulated. Over the
Tuesday, November 18, 2014
Mike Maloney - Goldsilver
  Common Gold & Silver Pitfalls to Avoid 
Investing in gold and silver may seem simple and straightforward, however it is not. There are many types of ( quote, unquote ) "investments" in gold and silver you will want to avoid. Gold and silver dealers are no different from any other industry or crowd of people. Within our industry you will find many good honest professionals and organizations, but you will also find some bad outfits whose practices can be described as underhanded, even criminal. Being the Managing Director of
Tuesday, November 18, 2014
Alasdair Macleod - Finance and Eco.
Bank gearing in the Eurozone
According to the ECB's Bank Lending Survey for October banks eased their credit standards in the last quarter, while their risk perceptions increased. This apparent contradiction suggests that the 137 banks surveyed were at the margin competing for lower-quality business, hardly the sign of a healthy lending market. Furthermore, the detail showed enterprises were cutting borrowing for fixed investment sharply and required more working capital instead to finance inventories and perhaps to cover t
Saturday, November 15, 2014
Michael Pento - Delta Global Advisors
Yellen Hands Off Printing Press to Japan
There is a saying: "The rich just keep getting richer". And by all accounts, since the 2008 financial crisis, they have. Unfortunately, for the struggling poor and middle class, wealthy asset holders have been the only beneficiary of six years of Federal Reserve easy-money policies. Under the tutelage of Ben Bernanke, the Fed introduced QE in March of 2009 with the hope it would save the economy from economic collapse. The goal was to create a new vibrant market for borrowing to repl
Monday, November 10, 2014
Sam Kirtley - Sk Options Trading
Understanding Global Monetary Policy: And How to Profit From It
To say that the last month as been turbulent in markets would be a drastic understatement. We saw the biggest intraday range in US bond yields in 16 years, equities nosedive then whipsaw right back to new highs, VIX hit the highest levels since 2011 whilst gold, silver and oil hit multi year lows. With such volatility around the theme of uncertainty is rife across financial markets, therefore it is important to reassess ones views of the market and properly understand the underlying drivers of m
Thursday, November 06, 2014
Mish - Global Economic Analysis
"Whatever It Takes" Stage Two; Headwinds Explain Why Draghi Will Fail This Time
"What's it all about Alphie" is a sing-along that most have heard. Take out the word "Alphie" and substitute "Draghi" and the answer is "Assuage Investors" in yet another can-kicking exercise. Draghi hopes that if he continues with his kick-the-can tactics long enough, that  something good will eventually happen. Hope is really all he has. In the meantime, Draghi Reinforces ECB Stimulus Momentum to Assuage Investors. Under pressure to show he can spur inflation, and to narrow divisions amon
Thursday, November 06, 2014
Philippe Herlin - GoldBroker
  ECB Stress Test Results Show Banks Struggling
Last Sunday, the European Central Bank announced its verdict on the stress tests it has been conducting for several months and, this time around, quite a few banks have failed them. The preceding stress tests in 2009 and 2011 had seriously diminished the ECB’s credibility by not detecting anything at all (even though Irish banks had passed the tests, they went bankrupt a few months later, and so did Dexia). This time, 25 banks failed, on a total of 130 being tested, and I would submit that this
Friday, October 31, 2014
Alasdair Macleod - Finance and Eco.
Market Report: Gold benefits from market uncertainty
The outlook for gold is now more positive than it has been for some time. After a prolonged period of low volatility as funds invested in ever-greater risk, markets have snapped and volatility has jumped. In short, we are swinging very suddenly from complacency to reality. Financial markets hit a serious air-pocket this week, with a collapse in US Treasury bond yields in a dash-for-cash, illustrated in the chart below. On Wednesday the yield fell from 2.21% to 1.87%, a move of over three whole p
Tuesday, October 21, 2014
Michael Pento - Delta Global Advisors
A Funny Thing Happened on The Way to Raising Rates 
It wasn't too long ago that the stock market was busy celebrating a "great" September jobs report. There were 248k net new jobs created and the unemployment rate dropped to 5.9 percent. Janet Yellen, Ben Bernanke and the rest of Washington D.C.'s central planners deemed it a great time to take a Keynesian victory lap, basking in the delusion that they now have proved you actually can print and borrow your way to prosperity. And, because of their success, the Fed would be able to raise
Monday, October 20, 2014
Rick Ackerman
The Death Rattle of Europe’s Statist Dream 
Europe’s all-too-predictable relapse into recession is gathering force, threatening not only the pipe dream of economic and political unity, but eroding grandiose illusions that have helped prop up the world’s financial house of cards. The unwillingness of France in particular to play by the EU’s — i.e.,  Germany’s — rules appears to have doomed the EU dream. The idea of a borderless Europe bound by a common currency and a shared desire to forever banish war from the Continent was a lofty one, b
Monday, October 20, 2014
Rick Ackerman
The Death Rattle of Europe’s Statist Dream
Europe’s all-too-predictable relapse into recession is gathering force, threatening not only the pipe dream of economic and political unity, but eroding grandiose illusions that have helped prop up the world’s financial house of cards. The unwillingness of France in particular to play by the EU’s — i.e.,  Germany’s — rules appears to have doomed the EU dream. The idea of a borderless Europe bound by a common currency and a shared desire to forever banish war from the Continent was a lofty one, b
Monday, October 20, 2014
Andy Hoffman - Miles Franklin
Crashing Oil Prices Portends Unspeakable Horrors
OK, so how about that for a headline?  And no, we’re not exaggerating as the charge toward global depression, war and hyperinflation is exploding out of control, like terrified wildebeest pursued by a den of lions.  We wrote last week that the only difference between 2008 and today – aside from tens of trillions of debt and historic geopolitical tensions – was the PPT’s ability to manipulate equity markets higher.  However, “Economic Mother Nature” is decidedly asserting herself; and consequentl
Wednesday, October 15, 2014
Jesse - Le Cafe Américain
Comparing One Dimension of the Policy Responses of the ECB and the Federal Reserve
Here is a chart comparing the Balance Sheet Assets of the Fed and the European Central Bank. It is important to recall that the Fed has been providing extensive funding to non-US, largely European, multinational Banks through their US subsidiaries. This also does not compare the sovereign debt of the two regions, but rather just one measure of their Central Banks policy responses.  It does not indicate how those assets are being used, by whom, and to what effect. Nevertheless there seems to b
Tuesday, October 14, 2014
Philippe Herlin - GoldBroker
Headed toward a conflict between Germany and the ECB? 
Tensions are rising between Germany and the European Central Bank and, this time, concerns are raised openly through an intervention by Germany’s finance minister Wolfgang Schäuble before the German parliament, the Bundestag. Angela Merkel’s strong man has been in charge of this key ministry since 2009, so one should take what he has to say very seriously. Wolfgang Schäuble started by stating his reluctance at the ECB’s intention, as recently announced by Mario Draghi, of buying securitized loa
Sunday, October 05, 2014
Ty Andros - traderview
  When Leverage Fails and Hope Turns to Fear 
In today's TedBits we will be outlining a lot of smoke signals. They signal fires burning and about to break out. As everyone is aware, the Federal Reserve has been tightening monetary policy for almost a year now and has been joined by the Chinese central bank. The Federal Reserve has been reducing its balance sheet expansion from $85 billion a month (85,000 million) to zero in mid-November. While the fed does not characterize it as a tightening, it is one. Numerous studies have put
Saturday, September 27, 2014
Mark O'Byrne - gold.ie
Venezuela's Gold Appears To Be Still In Venezuela But For How Long?
▶ Where is Venezuela's 366 tonnes of gold? ▶ Does Venezuela still control and own unencumbered it’s own gold reserves? Former President Hugo Chavez and a London Good Delivery Gold Bar (400 oz) ▶ Bank of America economist on visit to Venezuelan central bank last week was allowed to view the bank's gold vault and the gold repatriated by President Hugo Chavez ▶ Is any of the country's gold encumbered, loaned or leased to Goldman Sachs or other banks? ▶ Is there a possibility of this given the Vene
Wednesday, September 24, 2014
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