Category Archives: Fiscal Policy

Gov Moonbeam’s Update About “Greece on the Pacific”

Posted on June 14, 2011 by macromon

(click here if video is not observable)

Posted in Fiscal Policy, State and Local Government, Video | Tagged , | 1 Comment

U.S. Macro in Three Charts: Credit Flows

Posted on June 13, 2011 by macromon

The U.S. is suffering from insufficient aggregate demand the result of the bursting of the 2004-07 credit bubble.   The consumer led economy financed by borrowing, much of it backed by home equity,  has given way to massive private sector deleveraging … Continue reading →

Posted in Economics, Fiscal Policy, Monetary Policy, Sovereign Debt, State and Local Government | Tagged , , , | 3 Comments

Moving Day?

Posted on June 11, 2011 by macromon

We want to clarify and answer some of the questions that have come in about the phrase “Moving Day for the Administration” in our prior post.   We surely did not mean the administration will or should be moving from the … Continue reading →

Posted in Economics, Fiscal Policy, Politics | Tagged , , | Leave a comment

Chart of the Day: Ownership of U.S. Treasury Debt

Posted on June 9, 2011 by macromon

This is hot from the latest Federal Reserve Flow of Funds data.   Foreigners own 47.1 percent of the $9.4 TN of marketable Treasuries outstanding at the end of Q1 2o11 with the Fed a distant second at 14.2 percent.   We’ll … Continue reading →

Posted in Fiscal Policy, Sovereign Debt, State and Local Government | Tagged , , , | Leave a comment

Chart of the Day: California’s Volatile Revenue Base

Posted on June 6, 2011 by macromon

The following chart is from the California Legislative Analyst’s Office (LAO) and is indicative of the state government’s unstable revenue base.   The government receives a higher proportion of its revenue from personal income taxes than most states, which is also … Continue reading →

Posted in Bonds, Budget Deficit, Chart of the Day, Fiscal Policy, Muni Bonds, Muni Market, State and Local Government | Tagged , | 6 Comments

Chart of the Day: U.S. Federal Spending

Posted on May 25, 2011 by macromon

Great chart from Deutsche Bank showing a times series of U.S. Federal spending.  Note the “peace dividend” and decline in defense spending during the 1990’s, which was partially responsible for the Clinton surpluses.  The chart also illustrates where the reform … Continue reading →

Posted in Chart of the Day, Charts, Fiscal Policy, Sovereign Debt, Sovereign Risk | Tagged , | 1 Comment

Euro Fracture: Foreign Bank Exposure to GIPs

Posted on April 15, 2011 by macromon

Great chart from the Economist of foreign bank exposure to Greece, Ireland, and Portugal (GIP) and explains why “restructuring” is so taboo with European policymakers. The Greek sovereign credit curve is inverted with the 2-year now yielding around 18 percent … Continue reading →

Posted in Euro, Fiscal Policy, PIIGS, Sovereign Debt, Sovereign Risk | Tagged , , , , , | 1 Comment

Components of the 10-Year Treasury Yield

Posted on April 13, 2011 by macromon

An interesting chart from the IMF showing the components of the 10-year Treasury yield.   Note how oxymoronic credit risk (in pink)  crept into the “risk-free” 10-year rate starting around the collapse of Bear Sterns.   The IMF opines on what has … Continue reading →

Posted in Bonds, Budget Deficit, Fiscal Policy, Sovereign Debt, Sovereign Risk | Tagged , , , | 10 Comments

Chart of the Day: QE2 and the Bernanke Curve?

Posted on March 17, 2011 by macromon

Sure there are fundamental reasons or a story for why commodity prices are moving higher, but let’s see what happens, especially to food and energy,  when if the Fed concludes quantitative easing and long-term yields spike.    Negative real interest rates … Continue reading →

Posted in Chart of the Day, Commodities, Crude Oil, Currency, Fiscal Policy, Monetary Policy, Policy | Tagged , , | 1 Comment

Is This Why Bill Gross Dumped Treasuries?

Posted on March 17, 2011 by macromon

A couple of revealing charts from the Fed’s Flow of Funds data.   Both show net flows into Treasuries by creditor type and the Federal Government’s borrowing during each quarter.   Note, the quarterly data is annualized. The first chart illustrates how … Continue reading →

Posted in Bonds, Budget Deficit, Charts, Fiscal Policy, Monetary Policy | Tagged , , | 14 Comments