macronomy.blogspot.com
Macronomics: June 2015
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Wednesday, 17 June 2015. Credit - The Third Punic War. The worst pain a man can suffer: to have insight into much and power over nothing." - Herodotus, Greek historian. While coming close to "Grexithaustion" thanks to the never ending Greek tragedy, which seems to be a manifestation of Henri Poincaré's "recurrence theorem" we discussed in our last conversation " Eternal Return. In similar fashion, while Rome was letting Numibia continue abusing its Carthaginians neighbors, it was busy imposing more and m...
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Macronomics: Credit - Mack the Knife
http://macronomy.blogspot.com/2015/07/credit-mack-knife.html
Thursday, 30 July 2015. Credit - Mack the Knife. Oh the shark has pretty teeth dear,. And he shows them pearly white. Just a jack-knife has Macheath dear. And he keeps it out of sight." - The Threepenny Opera 1954. Which we mused about in our October 2013 conversation:. Of course what is happening in the commodity space as well as in the Emerging Markets space is of no surprise to us given we mused on Emerging Markets risks in our conversation " The Tourist trap. Back in September 2013:. In fact we could...
macronomy.blogspot.com
Macronomics: Credit - Zemblanity
http://macronomy.blogspot.com/2012/09/credit-zemblanity.html
Saturday, 22 September 2012. Insanity: doing the same thing over and over again and expecting different results.". Which have been flooding the markets recently with even more liquidity. Definition of Zemblanity - "The inexorable discovery of what we don't want to know". While serendipity means a "happy accident" or "pleasant surprise"; specifically, the accident of finding something good or useful while not specifically searching for it, zemblanity is the opposite. Robert K. Merton. Back to the Future?
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Macronomics: The link between consumer spending, housing, credit and shipping.
http://macronomy.blogspot.com/2012/08/the-link-between-consumer-spending.html
Wednesday, 15 August 2012. The link between consumer spending, housing, credit and shipping. Confidence is contagious. So is lack of confidence." - Vince Lombardi. Back in March in our conversation " Shipping is leading deflationary indicator. Where we indicated that the deterioration of credit would accelerate the demise of some shipping companies due to many banking institutions paring back drastically funding or pulling-off completely from structured finance operations such as shipping :. Container vo...
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Macronomics: May 2015
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Thursday, 28 May 2015. Chart of the Day - S&P500 - Leverage and performance. When you combine ignorance and leverage, you get some pretty interesting results." - Warren Buffett. This Exane BNP Paribas chart displaying the S&P 500 with the performance relative to the leverage summarizes clearly the current "releveraging" trend in the United States we think:. Source Exane BNP Paribas. This might be a statement of the obvious but, this "releveraging" to finance buybacks/acquisitions is a "bullish" developme...
macronomy.blogspot.com
Macronomics: Credit - The False Alarm
http://macronomy.blogspot.com/2013/10/credit-false-alarm.html
Sunday, 6 October 2013. Credit - The False Alarm. Politics is the last resort for the scoundrels". Looking at the on-going US political shenanigans, and given we recently posited that markets had been " the last refuge of a scoundrel. Courtesy of central banks' generosity and " Cantillon effects. We had to reassess our views. It does seem after all that politics have been indeed the true refuge for the scoundrels. Samuel Johnson, English author. With potential fat tail-risks around the US government shut...
macronomy.blogspot.com
Macronomics: Credit - Osmotic pressure
http://macronomy.blogspot.com/2013/08/credit-osmotic-pressure.html
Saturday, 24 August 2013. Credit - Osmotic pressure. We want a story that starts out with an earthquake and works its way up to a climax.". Emerging Currencies "tapering" in true MMA fashion since Bernanke started mentioning "tapering" its QE programme, graph source Thomson Reuters Datastream / Fathom Consulting / Macronomics:. So why "Osmotic pressure" as our chosen title you might rightly ask? As the Osmosis definition. It results in cell shrinking (or cell becoming flaccid).". In biology, a hypertonic...
macronomy.blogspot.com
Macronomics: Credit - Blue Monday
http://macronomy.blogspot.com/2015/07/credit-blue-monday.html
Saturday, 4 July 2015. Credit - Blue Monday. As long as the world is turning and spinning, we're gonna be dizzy and we're gonna make mistakes." - Mel Brooks. By British band New Order. Later remixed in 1988 and 1995, the biggest-selling 12" single of all time. From the starting lyrics and with the on-going Greek situation, we think that our chosen title is indeed more than appropriate again, this time around:. How does it feel to treat me like you do? I thought I was mistaken, I thought I heard your words.
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Macronomics: Credit - The tourist trap
http://macronomy.blogspot.com/2013/09/credit-tourist-trap.html
Saturday, 7 September 2013. Credit - The tourist trap. Employ your time in improving yourself by other men's writings, so that you shall gain easily what others have labored hard for.". Our favorite "magician central banker in chief", namely Ben Bernanke, has indeed engineered the "best" of tourist trap when it comes to Emerging Markets. We might get another "dollar" crisis on our hands:. Wave number 1 - Financial crisis. Wave number 2 - Sovereign crisis. Wave number 3 - Currency crisis. If the Fed start...
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