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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...
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Reflections 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...
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There 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...
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Is 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...
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More 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...
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Did 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...
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The 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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