Tag Archives: Fiscal Policy

Diagnosing What Ails The Market

My father-in-law died of rectal melanoma, a disease so rare his doctors didn’t even know it existed.  He was diagnosed with having a rectal fissure.   He lived with some discomfort until I called him one night.  Slurring his words, he … Continue reading

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Weekend Lecture: Economics of Abenomics

The Peterson Institute held a high-level discussion of the economic policy initiatives of Japan’s new government, or Abenomics, on February 15, 2013. This timely event took place just ahead of Prime Minister Abe’s upcoming summit meeting with President Obama. The … Continue reading

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Picture of the Year: For Whom the Can Tolls

If there is one picture we’ve posted, and we’ve posted it several times, that encapsulates 2012, it is this one.   Think Ernie as the allegory for the fiscal and monetary policymakers across almost all developed countries. Let’s give them credit … Continue reading

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Portugal passes fresh tax hikes

Portugal’s parliament has passed the country’s largest tax hike package in decades. The changes form part of Prime Minister Pedro Passos Coelho’s new 2013 budget programme. Lisbon has to meet targets set by a 78-billion-euro bailout agreement with the EU … Continue reading

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The Fiscal Health of Nations: General Govt Balance

The IMF is out with their Fiscal Monitor today.  Great stats.  Here is a comparison of the fiscal health of the world’s economies. Contrast Norway and Saudi (both oil exporters) with, say,  the U.S. and Japan.  Italy doesn’t look so … Continue reading

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

The Weekend Read: Commodity Flop

On How Academic Economists Missed the Crisis I was shocked by how large a panic was produced by what seemed to me – and still does – relatively small losses (in terms of the size of the global economy) in … Continue reading

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Holders of U.S. Public Debt

The best table we’ve seen on the U.S. government’s major creditors.  Nice compliment to our Dec11 post, Who’s Funding the U.S. Budget Deficit.  The U.S. government’s  fiscal year begins October1 and ends September 30.

Posted in Bonds, Budget Deficit, Economics, Fiscal Policy, Sovereign Debt | Tagged , , , | 2 Comments

Fed Ownership of the U.S Treasury Curve

Here’s an interesting chart we threw together showing the Fed’s ownership of Treasury securities maturing in each year on the curve.  There are no bonds maturing in 2032-35 due to the temporary discontinuance of the 30-year earlier in the millennium, … Continue reading

Posted in Black Swan Watch, Bonds, Budget Deficit, Credit, Economics, Fiscal Policy, Monetary Policy, Policy, Politics, Sovereign Debt, Sovereign Risk | Tagged , , , , | 9 Comments

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

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

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

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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