Bloomberg.com – Pimco’s McCulley to Retire From Investing for Think-Tank Post Pacific Investment Management Co.’s Paul McCulley, a member of the firm’s committee of top-ranked investment managers, will retire from a 27-year career in money management to join a think tank. McCulley will leave at year-end and take time off before becoming a public speaker,… Continue reading McCulley To Retire From Pimco
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Comment Jim Bianco was on CNBC Europe yesterday discussing QE2. To view the interview click on the picture above. To view any of our recent interviews click here.
Euro Intelligence (Blog) – Only Trichet can save us now – ECB about to monetise peripheral debt We find it very strange that the EU finds the idea of a common bond too radical, but seems to have no qualms at all about monetising trillions of banking debt and peripheral eurozone sovereign debt. With his… Continue reading QE In The EU?
In a November 4 Washington Post op-ed, Ben Bernanke defended QE2 with the following statement: Easier financial conditions will promote economic growth. For example, lower mortgage rates will make housing more affordable and allow more homeowners to refinance. Lower corporate bond rates will encourage investment. And higher stock prices will boost consumer wealth and help… Continue reading Will The Wealth Effect Materialize?
The Federal Reserve – Usage of Federal Reserve Credit and Liquidity Facilities This section of the website provides detailed information about the liquidity and credit programs and other monetary policy tools that the Federal Reserve used to respond to the financial crisis that emerged in the summer of 2007. These programs fall into three broad… Continue reading The Federal Reserve Spills The Beans On Who Received Aid During Credit Crisis
<Click on chart for larger image> The Wall Street Journal – ‘Contagion’ and Other Euro Myths Over the weekend, European finance ministers and the International Monetary Fund (IMF) announced a €90 billion fund to bail out Ireland. They also promised that no sovereign bondholder would lose a cent, at least through 2013. The amount of… Continue reading European Contagion
The Irish Economy (Blog) – Barry Eichengreen on the Irish bailout The Irish “rescue package” finalized over the weekend is a disaster. You can say one thing for the European Commission, the ECB and the German government: they never miss an opportunity to make things worse…The Irish “program” solves exactly nothing – it simply kicks… Continue reading More On The Irish Bailout
Pimco.com – Bill Gross: Allentown We will more than likely continue to “level the playing field” via currency devaluation and an increasing emphasis on trade barriers and immigration, as opposed to constructive policies to make this country more competitive in the global marketplace. If so, investors should recognize that an emphasis on currency depreciation and… Continue reading Bill Gross Speaks On Currency Devaluation
The Financial Times – Germany is right: bondholders must pay Miscommunication has accompanied Europe’s monetary union since the start. The economic crisis, however, has brought forth a Babel of voices. A recent example was the remark by Herman Van Rompuy, the European Union’s president, that the debt crisis would put the survival of the union… Continue reading Bondholders On The Hook…Eventually
The Wall Street Journal – At London Metal Exchange, Mystery Buyer Holds Bulk of Copper A mystery buyer is apparently holding more than half of the copper stocks at the London Metal Exchange’s warehouses, the latest revelation of how a single trader can roil an entire commodities market. That trader, whom the exchange hasn’t identified,… Continue reading How To Corner A Market
As usual with these cartoons, explicit language