In June, the ECB lowered the interest rate on bank deposits, including reserve holdings in excess of the minimum reserve requirements, from zero to -0.10%. This week, surprising just about…
It’s a Mad, Mad, Mad, Mad World
Isn’t summer supposed to be the time when life slows down and the world takes a vacation? That may be the case for some of us, but the despots of…
Mario the Magnificent
It will take more than higher prices to cure what ails the European economy, but Wall Street reacted to the European Central Bank’s inflation-boosting efforts by setting new records yesterday.…
Talking the Talk
When’s the last time you’ve heard anything about the sovereign debt crisis? We’ve seen more activity in a tortoise than we’ve seen in Europe of late. Maybe Vladimir Putin needs…
The Age of Low Expectations
Observing today’s global economy is like watching Adam Sandler’s best movie. It’s horrible, but it could be worse. Consider what passes for improvement today: Europe is no longer in a…
Two Banks With a Country Attached
Cyprus? Really? The population of Cyprus is just north of 1 million people. In comparison, the Boston area has a population of 4.6 million. Greece has a population of about…
Ignoring the Cliff
The fiscal cliff beckons and, as previously predicted, a resolution is unlikely. So let’s ignore the cliff this week and consider what’s happening elsewhere. Viva Europe! Last week was a good…
It’s A Correction for Nasdaq, Russell Indexes
Stock markets have become increasingly bearish since the election. With the fiscal cliff approaching, and little confidence that Democrats and Republicans will agree on a solution to avoid it, the…
The Good News: No More Election Ads
In the wake of Tuesday’s re-election of President Obama, the Dow Jones Industrial Average fell 434 points in two days, a drop of 3.3%. That’s better than when he was…
Set Our Markets Free!
In the not-too-distant past, the stock market rewarded entrepreneurs who worked hard and had innovative ideas. Today, the market is driven primarily by two things: Monetary policy. The Federal Reserve…