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…
Sprinkling the Fairy Dust of Illusory Riches
When the Bank for International Settlements (BIS) calls central bank market rigging “the fairy dust of illusory riches,” it’s time to pay attention. The BIS is the central banks’ central…
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…
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…
Dog Days Not So Slow
Another near-miss “flash crash,” more European craziness, buzz about more action from The Federal Reserve Board and a stock market that rises along with the unemployment rate … who says…