I spent all of last week on the west coast of the US crossing paths with about 300 clients from nearly 30 institutions. As to be expected, all discussions centered on Europe. While our highly pessimistic view on Europe met with only minor resistance, our idea that a...
After a disappointing week - like the one we just went through - I always do two things. First I reread Ben's classic "helicopter" deflation speech from 2002 - http://www.federalreserve.gov/boarddocs/speeches/2002/20021121/default.htm And second, I reread Herbert...
Today should have been some sort of momentous occasion. The Germans have backed an expanded EFSF - but the markets are about as excited as Red Sox fans. The new chatter is that this expanded power is not enough - which is of course correct - the EFSF would need...
Here is an excerpt from Fed Governor Raskin's speech yesterday: "Indeed, some commentators assign a label of “hawk” or “dove” to the various FOMC participants in an attempt to characterize how we prioritize the goals of maximum employment and price stability. In my...
Remember the August 10, 2010 FOMC meeting? After the statement was released we wrote a commentary entitled the "The Top 10 FOMC mistake list – a new addition” (see the link “NSN L7TH583PWT1D” on your BB). It was the meeting where Ben thought he was setting the stage...
So, the colonel wimped out. He didn’t listen to his academic consigliore – Rogoff, Woodford and Geanakoplos. And he left the most courageous Fed President – Charlie Evans – out in the cold. Instead he went for a compromise after feeling the heat from both a highly...
So, the colonel wimped out. He didn’t listen to his academic consigliore – Rogoff, Woodford and Geanakoplos. And he left the most courageous Fed President – Charlie Evans – out in the cold. Instead he went for a compromise after feeling the heat from both a highly politicized Republican leadership and a set of Austro-German […]
