Quietly leaving the Euro
Please, click here to read this article in pdf format: march-2-2010 We will be brief today, for nothing of macroeconomic consequence has taken place in the past 24hrs. The action that caught our...
View ArticleReflections from an Austrian observer
Last week we had suggested that the strength of the Euro (by strength, we mean a Euro above $1,30) could be based on the fact that the liquidity lines extended by the European Central Bank were...
View ArticleThere is no straight path
Click here to read this article in pdf format: June 4 2012 The loyal reader knows by now that we have been, perhaps since the start of our publication, expecting a dynamic like the one seen last...
View ArticleIs it possible to smoothly exit the Euro zone?
Click here to read this article in pdf format: June 11 2012 As we write, the news is out that Spanish banks will get bailed out in the order of EUR100BN (also reported EUR125BN). We have repeatedly...
View ArticleMore of the same…
Click here to read this article in pdf format: July 9 2012 Markets had a quiet week, with a holiday in Canada and another in the United States. We will therefore be brief today. In our last letter, we...
View ArticleDid the risk-free rate move to Frankfurt?
Click here to read this article in pdf format: September 16 2012 Last week, after the German Bundesverfassungsgericht decided not deactivate the debt monetization program announced by Mr. Draghi a week...
View ArticleThe year 2012 in perspective
Click here to read this article in pdf format: December 9 2012 Today, I want to summarize what we covered over the year. During 2012, I sought to address both theory and market developments. Under an...
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