Notes From Underground: Friday and the BINI SMAGHI Rally Continued
It was a risk-on day Friday as the markets were ostensibly relieved by the exit of Berlusconi in Italy and Papandreou in Greece. The replacement of two European will have little effect on the austerity...
View ArticleNotes From Underground: DSK Spoke in Beijing and Now His Black Book Has...
Dominique Strauss-Kahn delivered a speech today in Beijing, lambasting the leadership of Europe for its “state of denial” about the severity of the credit crisis. It seems that an angry DSK is speaking...
View ArticleNotes From Underground: Christine Lagarde Is Quietly Raising Her Voice
The IMF took center stage during the last four days as its meeting in Tokyo became the central focus of the global macro world. As usual, the IMF communique promised much via the usual platitudes but...
View ArticleNotes From Underground: Clarifying the IMF
It seems that yesterday’s piece on the IMF left more questions than answers. The point of the IMF moving to break the adverse (negative) feedback loop in the economies of Europe and the impact of...
View ArticleNotes From Underground: Hollande Gets Saucy With the Germans
First, the equity markets continued this week’s rally as better data in the U.S. (housing) following upon the Monday retail sales report provided more fuel for the bulls and is causing great angst for...
View ArticleNotes From Underground: Reposting the IMF Piece From October 14, 2012
First and foremost, a happy Thanksgiving to all the readers of NOTES FROM UNDERGROUND. The growth in readership and the high level of discourse is something I am very grateful and certainly thankful...
View ArticleNotes From Underground: As We Yada, Yada, Yada The EU/IMF Greek Debt Deal…
As the sun sets on the Greek drama, the most predicted outcome has indeed taken place as the IMF/EU and ECB/EFSF/ESM have come to an agreement about bringing the Greek debt load to a robust level of...
View ArticleNotes From Underground: Hollande and ABE Discuss Nuclear Energy
The most important piece of the French President’s visit to Japan was to discuss a cooperative agreement with the Japanese Prime Minister on the development of new and improved nuclear powered...
View ArticleNotes From Underground: The IMF’s Role Has Become Too Subjective to be Objective
One upon a time, the IMF‘s mission was to aid countries suffering balance of payments problems and dealing with the possible credit problems that would arise for over-extended nations. Recently, the...
View ArticleNotes From Underground: How Do Markets Test the FED?
In following up on the theme of the last three blog posts, it’s always a question how markets test central bank policies. As is frequently mentioned, when investors fear that central banks will err on...
View ArticleNotes From Underground: The IMF, an Atavistic Vestige of a Structural...
As Notes From Underground has been publishing for five-and-a-half years, a recurring theme has been the ineptness of the IMF. While there are many fine economists and researchers working for the IMF,...
View ArticleNotes From Underground: I Wonder If Arthur Okun Meant This Leaky Bucket
It was a very big weekend for information leaks that many in the world of policy making did not wish to have spread across the globe. The noted economist Arthur Okun posited that there was a trade-off...
View ArticleNotes From Underground: Who Gets Eaten and Who Get’s to Eat (Sweeney Todd)
As Stephen Sondheim wrote in the dark musical Sweeney Todd, “What’s the sound in the world out there. It’s man devouring man. The history of the world, my sweet, is who gets eaten and who gets to eat.”...
View ArticleNotes From Underground: New FRA Podcast
On April 19, the FRA’s Richard Bonugli moderated a discussion between the highly regarded Cal Professor Barry Eichengreen and yours truly. The discussion centered around the issue of China and the...
View ArticleNotes From Underground: Prairie Fires On the Global Landscape
Let me put introduce areas of great concern that markets acknowledge but do not price for as they are too difficult to weigh. The Chinese/U.S. trade negotiations are simple relative to the potential...
View ArticleNotes From Underground: Reposting the IMF Piece From October 14, 2012
First and foremost, a happy Thanksgiving to all the readers of NOTES FROM UNDERGROUND. The growth in readership and the high level of discourse is something I am very grateful and certainly thankful...
View ArticleNotes From Underground: As We Yada, Yada, Yada The EU/IMF Greek Debt Deal…
As the sun sets on the Greek drama, the most predicted outcome has indeed taken place as the IMF/EU and ECB/EFSF/ESM have come to an agreement about bringing the Greek debt load to a robust level of...
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