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Ben Bernanke Breaking Bad

If you have not seen "Breaking Bad" you are missing out. It is one of these highly aggressive shock and awe mini-series on cable TV. It’s an addictive cocktail of Quentin Tarantino violence and David Lynch surrealism. In the show a geeky high school chemistry teacher...

Those Pesky Europeans

US financial markets continue to be infected by elevated systemic risks from Europe. As the FOMC has noted for over a year now - "strains in global financial markets continue to pose significant downside risks to the economic outlook". Of course, we have our own...

Shhh!!! Don’t Tell Anyone, Spanish Banks Have Problems

Back on April 11th, when the spoo was only up 8 percent on the year, I penned the piece reprinted below [April 11th, Shhh!!! Don't Tell Anyone, Spanish Banks Have Problems] I really enjoyed writing this one. As I watch Spanish and Greek protests on the streets, and...

Massive Corporate Slack

We have discussed the possibility of a lower IOER for some time now. Ever since the ECB went to a 0 deposit rate, and the Danish went to a -20bp deposit rate, the Fed's policy of a +25bps IOER has become increasingly suspect. The NYFED, and those associated with large...

Answers From John Taylor

Last Thursday we hosted John Taylor in NYC for the third installment of our Global Macro Speaker Series. John was asked 12 questions during the hour long session. The "abridged" answers to those questions are below. In the course of the discussion there was also a...
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