Category Archives: Fiscal Policy

Argentina – “Cookie Cutter” for the European Periphery?

Posted on December 13, 2010 by macromon

“I would not say that Mexico is going to be a cookie cutter for others.” – William Rhodes, Citibank 1989 These were the words of the chairman of Mexico’s Bank Advisory Committee in 1989, just after the country and its … Continue reading →

Posted in Black Swan Watch, Bonds, Budget Deficit, Credit, Euro, Fiscal Policy, PIIGS, Sovereign Debt, Sovereign Risk | Tagged , | Leave a comment

Who’s Funding the U.S. Budget Deficit?

Posted on December 11, 2010 by macromon

Interesting data showing who is funding the U.S. budget deficit and how the profile has changed since the financial crisis.  We excluded 2008 as the aggregate data was distorted due to the Federal Reserve’s $265 BN sale (or exchange?) of … Continue reading →

Posted in Bonds, Budget Deficit, Charts, Fiscal Policy, Monetary Policy, Sovereign Debt | Tagged , , | 1 Comment

filliBuster Sanders now on Senate Floor

Posted on December 10, 2010 by macromon

Bored?  Click here to watch CSPAN’s live view of Senator Bernie Sanders “ tax cut filibuster” on the Senate floor.   CSPAN  writes, He began his speech by saying, “I am simply here today to take as long as I … Continue reading →

Posted in Budget Deficit, Fiscal Policy, Politics | Tagged , | 2 Comments

The Illustrated History of the U.S. Credit Collapse

Posted on December 10, 2010 by macromon

We constructed these charts with data from today’s release of the Federal Reserve’s Flow of Funds.  They are both stunning and frightening as they illustrate the cardiac arrest that took place in the credit markets.  The  collapse in credit issuance/borrowing … Continue reading →

Posted in Black Swan Watch, Budget Deficit, Charts, Fiscal Policy, Sovereign Debt, Sovereign Risk | Tagged , , | 2 Comments

December 7th – A Rate Move Which Will Live In Infamy

Posted on December 7, 2010 by macromon

CNBC puts an interesting spin on the stock market sell-off and reversal in almost all commodities today, blaming the SEC insider trading probe.  We have a different view, believing it was the historic rise in long-term rates. Today’s 23 bps … Continue reading →

Posted in Black Swan Watch, Bonds, Budget Deficit, Charts, Commodities, Credit, Crude Oil, Economics, Equities, Fiscal Policy, Gold, Politics, Sovereign Risk | Tagged , , | 3 Comments

Chart of the Day: ECB Bond Purchases

Posted on December 6, 2010 by macromon

They’ve only just begun…

Posted in Black Swan Watch, Bonds, Budget Deficit, Charts, Credit, Currency, Economics, Euro, Fiscal Policy, Monetary Policy, PIIGS, Sovereign Debt, Sovereign Risk | Tagged , , | Leave a comment

Merkel Warned EU Germany Could Leave the Euro

Posted on December 4, 2010 by macromon

The slow motion fracturing of the Eurozone continues as revelations surfaced that German chancellor, Angela Merkel warned the EU her country could abandon the euro.  The Guradian reports the threat took place at the EU Summit in Brussels at the … Continue reading →

Posted in Black Swan Watch, Bonds, Budget Deficit, Euro, Fiscal Policy, PIIGS, Sovereign Debt, Sovereign Risk | Tagged , , , , , | 3 Comments

Share of U.S. Income and Federal Taxes, by Income Quintile

Posted on December 4, 2010 by macromon

This is an interesting chart from the Congressional Budget Office (CBO) showing the share of income and federal tax liability by income quintile.  In 2007,  the average income of the bottom quintile was $18, 400;  the middle, $64, 500; and … Continue reading →

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Rogoff on Euro Crisis: “Endgame…a wave of debt writedowns”

Posted on December 2, 2010 by macromon

One of the best pieces we’ve seen on Europe’s debt crisis is Kenneth Rogoff’s, The Euro at Mid-Crisis, posted today over at Project Syndicate.  He doesn’t hold back in criticizing how policymakers, excluding Angela Merkel,  are deluding themselves and in … Continue reading →

Posted in Black Swan Watch, Bonds, Budget Deficit, Euro, Fiscal Policy, PIIGS, Sovereign Debt, Sovereign Risk | Tagged , , , | 1 Comment

ECB About to PIIG Out on Bonds. Gold to the Moon.

Posted on November 30, 2010 by macromon

Just a few short weeks after German Finance Minister Wolfgang Schaeuble criticized U.S. monetary policy with his “with all due respect, U.S. policy is clueless” statement, the FT reports the ECB is contemplating expanding its sovereign bond purchase program.  That … Continue reading →

Posted in Black Swan Watch, Bonds, Currency, Euro, Fiscal Policy, Gold, PIIGS, Policy, Politics, Sovereign Debt, Sovereign Risk | Tagged , , , , | Leave a comment