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The United States Is Not Europe and Texas Ain't France: America as the Thoroughbred Economy
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"I would suggest that if you want to see an economy that has avoided the traps of an overburdened social structure like that which you have discussed today, and if you want to consider a fiscal and regulatory regime that attracts rather than chases away business and jobs, you might look to Texas."
Remarks before the Cato Institute, Washington, D.C., October 10, 2012 , Richard W. Fisher, president and CEO of the Federal Reserve Bank of Dallas
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The Unintended Consequences of Quantitative Easing on Emerging Markets
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"While central banks have focused on the unique circumstances of their own nations, the collective magnitude of QE has had
unintended consequences beyond the borders of their constituencies."
Pyramis Global Advisors, June 2012 , Rubén Calderón, Portfolio Manager
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Why QE Won't Create Inflation Quite as Expected
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"The velocity of money buried in a hole is zero. The velocity of hoarded money is also zero. The velocity of credit that is never used (i.e. no money is actually borrowed and spent) is also zero. Money that is created but which has zero velocity cannot spark inflation."
of two minds, September 27, 2012 , Charles Hugh Smith
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Modelling Risks to the Financial System
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"Procyclicality is the key issue in the time dimension. It reflects the tendency to take on excessive risk during economic upswings - too much punch from the punchbowl, if you will - and to become overly risk averse during the downturns. Procyclicality makes the financial system and the economy more vulnerable to shocks, and increases the likelihood of financial distress."
Bank of Canada, 21 August 2012 , Remarks by Agathe Côté Deputy Governor of the Bank of Canada
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The SNB running amok !
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60 years after Orson Welles' famous quote on Switzerland and the cuckoo clock, the Swiss National Bank might just be re-writing history with a creation of its very own: the "all you can eat" EUR pegg !
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"Japanification"
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Although deflationary winds are a risk in the developed world, they have yet to become embedded in expectations.
PIMCO, Viewpoints, August 2012 , Scott A. Mather
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Is the Juggernaut Losing Steam?
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What happens when a central bank becomes insolvent.
Mao Money, Mao Problems, August 2012 , Matt Dale
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The Nort Dakota and Montana Oil Boom
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With 15 million barrels per month, the Bakken oil boom dwarfs previous oil production expansions in Montana and North Dakota.
The Federal Reserve Bank of Minneapolis, June 2012 , Data on Demographic, Economic and Financial Activity in the Bakken
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Financing the Global Transition
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Interesting remarks on the current financial situation by the Governor of the Bank of Canada
Mark Carney, Governor of the Bank of Canada , 21 June 2012
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How heavenly is the German haven?
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Angela Merkel stated last week: “Germany is strong. Germany is the economic engine and the anchor of stability in Europe. (...) But Germany’s strength is not infinite”. We could not agree more with the latter part.
Lombard Odier, June 21, 2012 , Investment Strategy Group
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