In the 1980s and 1990, there was a split in the Green Party in Germany. The fundis were very principled and doctrinaire. The realos were more interested in sharing power to shape policy. For them, unlike the...
The differences between eurozone members tends to be a key focus for investors and policy makers. There is another fissure that typically is under-appreciated. It is within Germany itself, and it is often not...
Bond yields and the dollar fell. Emerging markets and equities performed well. The main cause appears to be Yellen’s testimony to the Senate. Yet this seems to be an exaggerated response. Going over...
Testimony by Federal Reserve Chair Yellen is one of this week’s few highlights. Yellen’s testimony is not about articulating a new policy, but explaining the existing policy to US Congress, and to some...
German Chancellor Merkel visited the Vatican over the weekend. Consistent with the diplomatic practice, they exchanged gifts. The Chancellor gave to the Pope a Bach CD and a donation for refugee children. Pope...
There is a high degree of uncertainty in the global markets. How deep into negative territory can nominal bond yields fall? Has oil bottomed? Are deflationary forces deepening? Will Greece remain within EMU,...
We have consistently argued that many market participants are repeating the mistake of 2010-2011 when they thought Greece would leave the monetary union either on its own accord or as a result of it being pushed...
The two main knocks against the US from global investors have been largely addressed. The US budget deficit has been reduced from 10% of GDP to less than 3%. The current account deficit has been halved. Nevertheless,...
Many observers have proclaimed the death of OPEC. This seems to be a premature judgment, and may reflect a misunderstanding of oligopolistic practices. The decision not to cut production is not a sign of the...
This Great Graphic was tweeted by Michael McDonough, the global head of economics for Bloomberg and its chief economist. It shows in one chart the assets of the central banks of many countries, including China (green...