ECB Archive

U.S. and Eur Data/GDP Downgrades

Karim writes: U.S. data on the soft side (October) Most notable is core durable goods orders (capex has been gwth leader of late) falling 1.8% and 3mth annual rate slowing to 4% from 7.3% Core shipments (more important for current quarter growth) down 1.1% Personal spending up 0.1%. Personal income up 0.4% ...Read More

DJ Europe Mulling New Role For ECB, Lending To IMF-Greek FinMin

Hint of German support? *DJ Europe Mulling New Role For ECB, Lending To IMF-Greek FinMin ...Read More

Marshall Auerback’s Euro Update Video

Marshal Aueback says: My latest attempt to explain it all. Is the ECB Europe’s Last Hope? ...Read More

Talk still cheap – ECB writes the check again

Lots of talk, particularly from Germany about the ECB not writing the check, due to (errant) inflation concerns. But to no avail. In fact, with the Rubicon crossing decision to haircut Greek bonds 50% for the private sector’s holdings, expect the check writing to continue to intensify. And expect economies to continue ...Read More

German “wise men” (classic oxymoron) warn ECB is risking credibility

German “wise men” warn ECB is risking credibility By Alexandra Hudson November 9 (Reuters) — Germany’s “wise men” panel of economic advisers warned the European Central Bank it risks losing credibility by buying the bonds of heavily-indebted euro zone states, and that monetary and fiscal policy are becoming worryingly blurred. The group, ...Read More

News recap comments

The news flow from last week was so voluminous it was nearly impossible to process. For good measure I want to start today’s commentary with a simple recap of what happened. On the negative side – · Greece called a referendum and threw bailout plans up in the air taking Greek 2yrs ...Read More

President Obama entering the fray

More of the blind leading the blind. The one thing they all agree on, at great expense to global well being, is the budget deficits are all too large and the need for shared sacrifice and all that. No chance for anything constructive to come out of any of this. And these ...Read More

The Euro Zone Race to the Bottom

While the symptoms get continuous attention as they get threatening enough, the underlying cause-the austerity- does not. The euro zone, like most of the world, is failing to meet its further economic objectives because of a lack of aggregate demand. And in the euro zone, the fundamental problem is that the member ...Read More

Early Holiday Cheer…

As discussed last week, the latest euro package just announced is unravelling quickly as markets again realize there is no actual substance, and no operational path with regards to carrying any of it out. So things will deteriorate as described until markets again force further ‘action.’ At the same time, the austerity ...Read More

Euro Bailout Fund Chief Sees No Quick China Deal

Now it all starts unraveling. It’s all talk- another ‘optical illusion’ with no operational reality I sight. The China participation isn’t a done deal. The 50% haircut isn’t a done deal either as they haven’t yet figured out how to actually do it without a default event. The EFSF contributions aren’t a ...Read More