Tag Archives: ECB

A Song for Europe – Mario’s favourite things

Here’s hoping someone will sing this … my voice would etch lead…

 

Haircuts on Greek bonds, ELA exploding

LTROs and OMTs , liquidity flowing

Wondering which of the lefties will win

These are a few of my favorite things

 

Deposits eroding and capital oozing

Taxes evading and cronies a schmoozing

Yanis going cheap via Ger-man Wings

These are a few of my favorite things

 

13 month salaries , no privatisation

Structural reforms that are stuck at the station

Facing the Troika what will it bring?

These are a few of my favorite things

 

When the Dawns comes

When Putin rings

When I’m feeling sad

I simply remember my favorite things

And then I don’t feel so bad

1 Comment

Filed under Blogpost

How do we solve a problem like Mario?

Has the European Central Bank gone feral? If it has this is an appalling vista, and with which must be dealt with. But its not clear how.

Continue reading

4 Comments

Filed under Blogpost, Journalism

Lessons for 2015 from 1919…

In 1919 Lord Keynes penned a wonderful tome, The Economic Consequences of the Peace. It is a profound work, written by him to express his concern, as an economist, with the punitive and inflexible approach being taken to German debt. It contains nary an equation but is one of the best pieces of economic analysis you will find anywhere. It would be well worth a read by the politicians of Europe.

You cant expect Greece to immiserate itself forever

Germany should realise that a settlement that is generous to Greece will hurt in the shortterm but reap benefits longterm

Debt reduction is the best way forward, then and now…

Handily enough, now as then much of the debt is owed “internally” in a bloc of so called allies…

Just set the payments in such a way as to make it in everybodys interest that Greece trades and prospers

Irving Fisher in 1922 got it spot on…

This government in Greece is soft-medium left. The Nazis await in the wings. Deal with Syriza or reap dragons teeth…

3 Comments

Filed under Blogpost

Next time a German politician moralizes on debt…

Slide1
In 1953 Germany got a debt writeoff at the London Debt Conference. What was good for them is more than good for its European community colleagues.

Leave a comment

January 24, 2015 · 6:52 am

Will QE do the trick for Europe and Ireland?

So the ECB has, years late and trillions short, decided to act rather than to react. Having passively allowed its balance sheet, shrink By €1 trillion over the last two years it has now decided to inflated its balance sheet by €1 trillion over the next two years. One of the things that central banks are supposed to do is to ensure stability. Looking back from the end of 2016 the gyrations of the ECB balance sheet will hardly inspire. Nonetheless the proposal to engage in quantitative easing, of a sort, is welcome. But its more a constipated squeezing than real quantitative easing.  Continue reading

4 Comments

Filed under Blogpost, Journalism

Interrogating God, the Central Banking Version

Shield-Trinity-Scutum-Fidei-English.svgToday at the banking enquiry in the Irish parliament parliamentarians will get a unique opportunity, to interview and interrogate God.   I say God, but whom I really mean is Patrick Honohan.

Continue reading

2 Comments

Filed under Uncategorized

Helicopters, Money and Mines…

I have been thinking a lot about helicopters lately. Mostly this is down to the regular reminders to Santy not to forget to bring a helicopter, with doors that open and close and a winch to rescue boats.. Partially its down to the increasing debate that is taking place on helicopter money, which is not something you give to Fisher Price…
Continue reading

6 Comments

Filed under Blogpost, Journalism