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Category Archives: Black Swan Watch
ECB’s Bond Purchases: A Game of Cat and Mouse
A little dated but an informative graphic nonetheless. (click here if chart is not observable)
Posted in Black Swan Watch, Euro, Sovereign Debt, Sovereign Risk
Tagged ECB Bond Purchases, Euro, European Sovereign Debt Crisis, PIIGS
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Brazil’s Roussef warns Europe on austerity
(click here if video is not observable)
Posted in Black Swan Watch, BRICs, Euro, PIIGS, Policy, Sovereign Debt, Sovereign Risk
Tagged Austerity, Brazil, Dilma Rousseff, Europe
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Spiegel: Obama “like a doctor caught prescribing performance-enhancing drugs”
Go no further than the Der Spiegel piece, Why Europe Is Right and Obama Is Wrong, to understand the fundamental differences between American and German thinking on fiscal and monetary stimulus. Michael Sauga, the author, writes, American economists, central bankers and fiscal … Continue reading
Greek Haircuts: A Clarification
The media and some pseudo-analysts, and, surprisingly, even some investors, still don’t understand what the 21 percent haircut in the Greece bond restructuring is all about. The 21 percent touted about is simply the hypothetical secondary market discount of the … Continue reading
Posted in Black Swan Watch, Euro, PIIGS, Sovereign Debt, Sovereign Risk
Tagged European Banks, Greece, Haircuts
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Hang Seng Down 5 percent in Morning Session
The Hang Seng is really taking it on the chin in the morning session. Recall the Hong Kong index is one of our leading indicator species for global risk appetite. We don’t know what the Hang Seng’s swan dive this … Continue reading
Picture of the Day: Wall Street & Bull Under Assault
This picture really captures the current market and social mood. Three of New York’s finest having to guard Arturo Di Modica’s bronze sculpture of the Wall Street Bull from protestors in Bowling Green Park near Wall Street in Manhattan. The … Continue reading
Posted in Black Swan Watch, Economics, Employment, Politics
Tagged Arab Spring, Bull, Occupy Wall Street
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Sarkozy: Europe “morally obliged” to help Greece
(click here if video is not observable)
Posted in Black Swan Watch, Bonds, Budget Deficit, PIIGS, Sovereign Debt, Sovereign Risk, Video
Tagged European Debt Crisis, Greece, Sarkozy
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QE and the “Crowding Out” of the Bond Market Vigilante
We’ve updated our chart of the sources of financing of the U.S. budget deficit from the Fed’s Flow of Funds data released on September 16th. The chart illustrates how the Fed and foreign central banks have been indirectly fully … Continue reading
Angry Greeks Protest Arrival of Trioka
(click here if video is not observable)
Posted in Black Swan Watch, Euro, PIIGS, Politics, Sovereign Debt, Sovereign Risk
Tagged Euro, European Sovereign Debt, Greece, Protests, Troika
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Third Macro Panda Huffs and Puffs…
Over the weekend we posted a piece on the three McBears weighing on global markets. As all eyes continue to focus on Europe the third macro bear — China — is beginning to growl a little louder. Greece is no … Continue reading
Posted in Black Swan Watch, BRICs, China, Credit, Equities
Tagged China, Hard Landing
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Global Macro Monitor 