Depression or Bust! (09-16-2008) What Needs to Be Done? (09-15-2008) The Dollar, Budgets and Rates (09-12-2008) The US Financial System and Fed Policy: Will a Nordic Answer Become Necessary (09-11-2008) Two Heads Are Better Than None (09-10-2008) Solbes, Almunia and the Dance of the Seven Veils (09-09-2008) Fannie and Freddie: Reality Bites, or a Lesson for the World? (09-08-2008) Has the World Gone Mad? Part 3: "Liquidation", the Dollar and Geopolitics (09-05-2008) The EMU Crisis: Collateral Damage? (09-03-2008) The Dollar, US Rates and the Ponzi Game (09-02-2008) US Growth and the World Crisis (08-29-2008) Oil and the Dollar (08-21-2008) US Manufacturing: Stressing Why the Recovering Dollar Is Dangerous - Except for Domestic Asset Prices (08-15-2008) Adjustment in EMU and German Inflation: a Disaster Story (08-14-2008) The Fall in "Non-Dollars": What Corollaries? (08-08-2008) The ADP Number: How Surprising and What Implications? (07-30-2008) British Retail Sales: What Political Implications for the BoE? (07-29-2008) US Numbers: What Message? (07-28-2008) The World Economy Falling Off the Edge of a Cliff: Accident or Murder? (07-27-2008) US Markets All Over the Place (07-23-2008) Oil, Plosser and the Dollar: the World Is Still Mad (07-22-2008) Japan and the World Crisis: Spectator or Participant? (07-21-2008) The Bernanke Testimony: Ungrasped Nettles (07-17-2008) Fannie, Freddie, Greenspan and the Dollar (07-14-2008) Central Banks, "Neutral" and "Normal" Rates, Inflation and the Global Disaster (07-11-2008) What next for the ECB and the Euro? (07-04-2008) Almunia: (Grond-)stof and Nonsense (07-02-2008) Has the World Gone Mad? Part 2 (07-02-2008) The Curve, Capital and Capitalism (07-02-2008) Has the World Gone Mad: Part 3 - Jouyet, the US and Oil: Mistake or Mischief? (06-30-2008) Has the World Gone Mad? Part 2 (Preview) (06-23-2008) Retail Sales: Beware of Rogues: and Wages - Admire the US (06-19-2008) Has the World Gone Mad? Part 1 (06-12-2008) EMU: The End Is Nigh (06-06-2008) Bernanke: Announcing a Policy Error? (06-03-2008) Whistling Past the Graveyard Again: S&P and Spain (06-03-2008) 'Adverse Feedback Loops and the Fed: Damned If It Does and Damned If It Doesn't? (05-22-2008) The EMU Crisis: How Much Nearer? (05-15-2008) Does the Forex Market Misunderstand What the Bank of England Thinks It Is Playing At? (05-14-2008) The Dollar, the Ponzi game, Trichet and the ECB: What Links? (05-08-2008) What Is the Worst for the US Economy? (05-07-2008) The US: The Worst Is Yet to Come (04-30-2008) Spain: Bad News Should Mean Higher Bond Yields (04-28-2008) Euro-Area Money and Spanish Unemployment: Stages in Market Understanding of EMU - and of "Decoupling" (04-25-2008) The IFO, Marx, Weber, the Euro and the ECB (04-24-2008) The G7: What Did It Say About the Global Crisis...and About the EMU Crisis? (04-21-2008) Spain's Budget (04-16-2008) Spain's Budget: Bad and Getting Much Worse (04-16-2008) What Threat Is Trichet Making Against Britain? (04-10-2008) 'Viva la Muerte!' (04-04-2008) Iceland: a Microcosm of the Global Mess (04-03-2008) Inflation and the Euro (03-31-2008) Germany's Surplus: Whose Ponzi Game Will It Support? (03-28-2008) Paulson Calls For Weaker Dollar (03-26-2008) After The Fed: Where Does the Dollar Fit In The Global Crisis? (03-19-2008) The Fed's Emergency Package: Why? And What Next? (03-17-2008) Eyeball-to-Eyeball...Trichet Blinks (03-07-2008) Accounting for Depression (03-04-2008) With Friends Like This, Does the World Economy Need Enemies? (03-04-2008) Conscience or Conceit: the True ECB Dilemma (02-28-2008) The Doomsday Machine, the Threat of Depression and the Myth of Inflation (02-26-2008) When the EMU Credit Bubble Burst, Who Gets Hurt? (02-22-2008) Weber: ECB or Bundesbank?....and Trichet? (02-18-2008) German Wages and Cads Slumps (02-08-2008) Has the World gone Mad? (02-07-2008) The Fed or The Market: Which Needs to Adjust? (02-04-2008) The FOMC: Making Necessity Out of Virtue (01-30-2008) Claptrap From Lagarde: Dangers Ahead (01-29-2008) Trichet: Struggling to Keep a Lid on the EMU Pressure Cooker (01-29-2008) Is SocGen a Get-Out-of-Gaol Card for the Fed? (01-25-2008) The EMU War: Grand Strategy and Tactical Retreat Confirm Cut is Coming Soon (01-24-2008) The Fed, the ECB and Rate Cuts (01-22-2008) What Can the Authorities Do? (01-21-2008) Noyer Lifts the Veil a Bit Further: a Cut is Coming (01-18-2008) Bernanke on Fiscal Stimulus: Squeaky-Bum Time Is Here (01-17-2008) US CPI: More Reason for the Fed to Ease (01-16-2008) Merkel Accepts Reality: Too Bad for Weber (01-15-2008) Collapsing Bubbles and Raw Nerves (01-11-2008) The ECB and EMU (01-10-2008) Trichet: Be Very Afraid (01-10-2008) The Banque de France (01-04-2008) Islands in the Storm: Cads and Bounders (01-03-2008) US House Prices and Dollar (01-02-2008) Short Memories, Bad Analysis: Britain Versus the EMU Disaster (12-20-2007) Dangerous Nonsense on Inflation (12-19-2007) Kant, Cant and ...Padoa-Schioppa: Destroying "Anglo-Saxon Global Financial Capitalism" (12-18-2007) The Dollar and the Ponzi Game (12-17-2007) The Dollar Surge: What Does It Mean? (12-14-2007) Common Sense from the SNB, Infighting in the ECB (12-13-2007) US Numbers Spell Holiday Gloom (12-13-2007) Central Banks and the Risk of Global Depression: Are We Still Too Optimistic? (12-12-2007) The Fed Errs Dangerously on the Side of Caution Yet Again (12-11-2007) The IMF and Euro/Dollar: Incoherence; Padoa-Schioppa and Bini-Smaghi: Menace (12-11-2007) The ECB: Clinging to the Big Lie (12-07-2007) What Will the Payrolls Numbers Tell the Fed That the GDP Data Didn't? (12-07-2007) Growth Versus Inflation: No Dilemma for the Fed and the BoE, No Choice for the ECB (12-06-2007) Message to the Fed: Keep your Eyes on the Ball, not on the Rear-View Mirror (12-05-2007) The Bank of England: Has Head-Banging Served Its Purpose? (12-05-2007) Bye-Bye, Free-Market Global Capitalism? (12-04-2007) Better that Bernanke bends than that the economy breaks (11-30-2007) Plosser Has Been Given His Marching Orders (11-30-2007) King, Liebscher and the Euro Area: All for One, One for Itself (11-29-2007) The Market Squeeze, SWFs and banks (11-29-2007) Bonds and Stocks: Which Are Wrong Today? (11-28-2007) Kohn Speaks: Who Will Have to Listen? (11-28-2007) The Global Disaster: What Can Depression-Era Economics Tell Us About the Fed and the Curve? (11-28-2007) IFO: Bad News for Trichet (11-27-2007) Retail Sales: All Is Well Again...Or Is It? (11-26-2007) The EMU Disaster Gathers Pace (11-23-2007) Almunia and Sovereign Wealth Funds: The Threat Made Clearer (11-22-2007) Hawkish FOMC Minutes: Do They Mean Anything? (11-21-2007) Fed Forecasts: Whistling Past the Graveyard? (11-20-2007) News: Almunia Almost Gets It Right - But London Should Be Afraid (11-20-2007) Is Germany Two-Timing the Immortal Beloved? (11-19-2007) Staring into the Abyss (11-19-2007) Bernanke, the Dollar, Inflation, the Balance of Risks and the Crisis of Capitalism (Again) (11-16-2007) Has the Luck of the Irish Run Out? (11-15-2007) Has the Luck of the Irish Run Out? (11-15-2007) Plus ça change (11-09-2007) Another "Declaration of War" in"Euroland" Makes Life Harder for Trichet (11-07-2007) King: Uneasy Lies the Head (11-07-2007) Plosser Rocks the Market: What Next? (11-07-2007) The Fed: Turning on a Sixpence (11-07-2007) Will German Growth Wobbles Bail Trichet Out? (11-06-2007) Jouyet, Weber, the ECB and the Euro: Everyone a Winner or Everyone a Loser? (11-02-2007) Payrolls: Who Cares? Not the Fed (11-02-2007) The Fed: Condemned to Playing Catch-Up (11-01-2007) The Stocks/Fed Interaction: Where Does It Stand? (10-30-2007) Newswire Headline: Almunia Says Does Not Believe Mars Will Go into Recession (10-26-2007) Holding One's Nose and Re-creating the Ponzi Game: What Political Consequences? (10-22-2007) Which Direction for the Euro Curve? (10-11-2007) Kohn - Retracting the F-Word (10-09-2007) The ECB: Scrambling to Respond to Juncker (10-08-2007) Almunia, Budgets and the Euro (09-28-2007) Mr. Euro Speaks at Last (09-28-2007) An Easing Liquidity Crisis and a Worsening Credit Crisis? (09-26-2007) Lagarde, the Treaty and the Euro: Freudian Slip or Coded Message? (09-26-2007) The Crisis, Central Banks and Philosophy, Politics and Economics: the Case of Britain (and Others) (09-26-2007) US Existing Home Sales and Prices - Yet Again (09-25-2007) British August Retail Sales and Intertemporal Prices (09-20-2007) The Fed: Erring on the Side of Caution (09-19-2007) Northern Rock: What Are the Deeper Issues? (09-18-2007) The Crisis, Central Banks and Politics: the Case of Britain (09-18-2007) Financial and Macroeconomic Risk: Liquidation or Socialisation? (09-17-2007) The Crisis, the BoE and the ECB: Different Aims, Different Problems and Different Results (09-17-2007) EMU, Lender of Last Resort and the Existential Crisis of the ECB (09-07-2007) The Crisis, The Fed and The Stocks-Bonds Relationship (08-24-2007) Why the Discount Rate? (08-17-2007) The Crisis: What Shapes the Fed Response? (08-15-2007) The ECB, the EMU Credit Bubble and Lender of Last Resort: Not in Front of the Children? (08-13-2007) China, the Dollar, Treasuries and the Global Crisis (08-08-2007) Mortgage Applications: More Signs of Distress? (08-08-2007) Pending Homes Sales: Which Picture is Nicer? (08-08-2007) The Credit Bubble As Addiction, Not Tonic: What Withdrawal Symptoms? (08-06-2007) "Normalisation" Means "Liquidation" (08-02-2007) Pending Home Sales: Stabilisation or Capitulation? (08-01-2007) Housing, Wealth, Consumption and the Crisis of Monetary Policy (07-30-2007) A Collapsing Ponzi Game (07-27-2007) Floods, Trichet, Anachronisms, Cataclysms and Nonsense - But No Joke For Spain (07-27-2007) A Collapsing Ponzi Game? What Market Implications? (07-26-2007) The ECB Will Bend; the World May Break (07-20-2007) The ECB, the Euro and Rates: an Emerging Line? (07-19-2007) Jouyet on Intervention and Rates: Has Sarkozy Got Merkel and the ECB Bang to Rights? (07-18-2007) Sarkozy, the ECB and the Euro: Everyone's a Loser (07-17-2007) Retail Sales and Spending Pulse: Something Ominous? (07-13-2007) The Global Crisis: Which Way Will Central Banks Jump? (07-11-2007) Monetary Policy and Liquidity Risk, Gamekeepers and Poachers - What Should Be in the Poacher's Bag? (07-10-2007) The US, China and the "Bretton Woods" Thesis: Implausible, Illogical and Dangerous (07-09-2007) King: Cometh the Hour, Cometh the Van? (07-05-2007) US Income and Spending and the FOMC: Is the Ponzi Game Faltering? (06-29-2007) Getting the FOMC Out Of a Language Pickle (06-27-2007) The BIS and the Ponzi Games: Is It Too Late for "Preventive" Action? (06-27-2007) Trichet: On the Rack; Weber: In Retreat? (06-06-2007) The FOMC: Outwitting the Hawks and Flummoxing the Market? (06-04-2007) Sarkozy, the ECB, the ECJ, "economic government", British financial markets, the euro and rates (05-30-2007) US New Home Sales: Normalisation or Liquidation? (05-24-2007) Trichet and Viñals: Underlining the Faults of EMU (05-23-2007) Lacker and Paulson: Undermining the Ponzi Scheme? (05-22-2007) The US Yield Curve and the Dollar: Some Global Preliminaries (05-18-2007) Should the BoE Try to Lose Credibility? (05-10-2007) King, Money, Rates and Inflation Targeting (05-09-2007) Sarkozy, Germany and the ECB: Realpolitik Will Prevail (05-09-2007) Spain and EMU: Propaganda Versus Persuasion (05-04-2007) US Employment Bucking the Trend: Why? What Implications? (04-26-2007) Spain and Rates: Shutting the Stable Door When the Horse Is Trying to Get Back In. What Market Implications? (04-24-2007) Bini-Smaghi: Playing a Dangerous Game (04-19-2007) The Impact of a Rising Euro: Lack of Sense or Lack of Sensibility? (04-18-2007) Noyer Versus Mersch on the Euro: Pride and Prejudice (04-16-2007) Argentina and EMU: a Recap of Lessons (04-12-2007) FOMC Minutes: Cause for Concern (04-12-2007) Viñals, Credit Problems and Market Adjustment: Is He Really Talking About Spain? (04-12-2007) Global Growth: the US Impact, European Effects and EUR/USD (04-05-2007) Why the Fed Will Have to Validate the Markets' Ponzi Game (04-05-2007) Constancio, Indebtedness and Real Rates: Is EMU's Agony About to Begin? (04-04-2007) Pending Home Sales: Financial Market Implications Misinterpreted Again? (04-03-2007) EU Commission Says EMU Up the Creek Without a Paddle: Stock Markets Should Pay Heed (03-29-2007) What Might Bernanke Say? (03-28-2007) The FOMC: How Can it Get Off the Hook? (03-27-2007) Eurodollars and Euribor: Pricing Inconsistent With Vol Pricing? (03-21-2007) FOMC: Worries Beneath the Surface? (03-21-2007) Global Scenarios and Commodities: Near-term Risks, Bright Prospects Thereafter (03-21-2007) Growth and Inflation Data and Forecasts - Inconsistent Scenarios Point to Dollar Risk (03-15-2007) Corrigendum: Spain: the Bloom of the Consumptive; Portugal: a Deathly Pallor - EMU, the Ponzi Scheme and the Big Lie (03-14-2007) Subprime Financial Markets, the Economy and the Fed (03-14-2007) Spain: the Bloom of the Consumptive; Portugal: a Deathly Pallor - EMU, the Ponzi Scheme and the Big Lie (03-13-2007) Market Reactions to Payrolls: Consistent Assessments, Inconsistent Scenarios? (03-12-2007) Greenspan, Bernanke, Asset Markets and Cycles (03-06-2007) The Yen: Will Watanabe Provide Liquidity? (03-02-2007) Parsing Bernanke: a Troubling Kind of Soothing (03-01-2007) Asset Market Tremors: What Implications for US Rates? (02-27-2007) World Growth, EMU and Financial Crisis (02-23-2007) US CPI and Interest Rates: FOMC Members Will Take Their Pick (02-21-2007) The BoJ, MoF and the Yen (02-20-2007) Central Banks, Asset Prices, Risk Premia, Money and the Macro Paradigm: Where Does It All Point? (02-19-2007) King on German Views in the G7: Too Harsh or Too Kind? (02-14-2007) US Labour Costs: a Worrying Trend? (02-07-2007) EUR/JPY, the G7 and "Europe": Do As I Say, Not As I Do (02-01-2007) The FOMC and Employment: Market Implications of Alternative Hypotheses (01-30-2007) The MPC, Communication, Oil, Wages and Asset Markets: What are the Links? (01-30-2007) CHF and JPY Carry Trades: Can the Authorities Afford to React? (01-25-2007) US Housing, CPI and Labour Data: What Do They Mean? (01-18-2007) Merkel, Royal and the ECB: More Straws in the Wind? (01-17-2007) The BoJ: Hastening Slowly Still Best? (01-17-2007) Juncker and Prodi: Which Way is the Wind Blowing on EMU? (01-15-2007) The BoE, Roth and the ECB: Strange Bedfellows? (01-12-2007) Kohn, Inflation and Rates: Waiting and Wanting, and Wanting and Waiting (01-09-2007) Mark/Swiss Strength: Who Should Worry? (01-04-2007) The Political Impact in Britain of EU Exchange Controls - An Elucidation (01-04-2007) Collapse of the Global Boom (01-03-2007) Rules Versus Realpolitik: Slovenia Points to the EMU Crisis (01-02-2007) Spanish Lessons from Iceland (12-21-2006) Thailand: Are There Global Lessons? (12-19-2006) Slowing US CPI: But What Does It Mean For Interest Rates? (12-18-2006) The ECB: Chirac Tries to Tighten the Screw (12-15-2006) Earnings Data Will Make BoE Happy - But What About Markets? (12-13-2006) EMU: Intensifying Comment Warfare Betrays Panic (12-13-2006) Villepin and the FT: Stating the Obvious is Not Enough (12-11-2006) Trichet: Acknowledging Coming Crisis of EMU (12-07-2006) The Eurogroup, the Euro and EMU: Dirty Work at the Crossroads (11-29-2006) US Housing Data: Better, Not Stronger (11-28-2006) The Dollar, Risk, Asset Markets and the Fed (11-24-2006) French Slowdown Saving Italy's Bacon: You and Whose Army? (11-21-2006) US CPI: OER Rise Suggests More Housing Weakness, Lower Inflation to Come (11-16-2006) The Europols, the ECB, Credit Expansion and Volatility (11-14-2006) US Retail and Business Sales and PPI: Cumulative Weakness Evident (11-14-2006) Hildebrand, Money and Asset Prices: the SNB is Different (11-09-2006) Trichet, Bini-Smaghi, Italy, Japan and Money: Known Unknowns, Unknown Unknowns and Known Red Herrings? (11-09-2006) US Consumption: Is it "Holding Up"? (11-06-2006) US NFPs: A Joke, but a Good Joke or a Bad Joke? (11-03-2006) Decoding Trichet: Politics, As Usual; Economics, For Once (11-02-2006) Norges Bank: Managing the Second-Best As Best One Can (11-01-2006) Stocks, the ADP and the ISM: Getting the Message Back to Front (11-01-2006) Fed Communication Policy: Lacker Holds Out (10-30-2006) The IFO, Weber, Almunia, Trichet and the French Elections: Which Way Is the Wind Blowing? (10-27-2006) US Growth: Not Crashing, But Sliding (10-27-2006) Euro Area Stock Exchange: Is Italy Using the Eurogroup's Desire to "Do Something"? (10-24-2006) FT Articles Show Why Germans Should Want Italy Out Of Euro (10-20-2006) US Housing: The Worst is Just Beginning (10-18-2006) The BoJ and the Budget: "Lord, Make Me Chaste - But Not Today"? (10-16-2006) Poole and Moskow: Will Anything Ever Be Cheap Again? (10-13-2006) Yen Policy: Wary of Congress, Waiting on the Eurogroup (and the SNB)? (10-12-2006) Will the Fed Get Lucky? Payrolls, Kohn, Housing and the Economy (10-10-2006) The MPC and Weber: Both Hawks, But Different Prey (09-29-2006) Disraeli on Greek Public Finance (09-27-2006) "Global Adjustment" After the G7 and the Philly Fed: Forget It? (09-22-2006) The Swissie and the Euro: Beauty and the Beast (09-20-2006) The Fed, Labour Costs, Inflation, Equities and Interest Rates (09-11-2006) The G7, the Yen - and the Europols (09-07-2006) Trichet, US Payrolls and Markets: Who Is Fooling Whom? (09-01-2006) CPI, BoJ/MoF Relations and the Yen (08-25-2006) Global Dilemmas in Monetary Policy (08-25-2006) Angela and the ZEW: a Struwelpeter Tale for the Euro Area? (08-22-2006) The MPC: Labouring Under a Misapprehension or Grasping the Nettle? (08-22-2006) German Exporter Predictions Imply Either EMU Break-up or Exchange-Rate "Coordination" (08-15-2006) Breton Ratchets Up the Rhetoric on the Dollar, the ECB and "Coordination" (08-14-2006) The US Economy on the Brink - and What Else? (08-10-2006) The Rents Distortion in US CPI: Prefiguring Growth Weakness More Than Underlying Inflation (08-09-2006) Worrying Prospects for the US: The FOMC and the MPC on Whether Inflation is Temporary: Compare and Contrast: Part 2 (08-04-2006) The BoE and the ECB: Striking Before the Iron Gets Cold? (08-03-2006) Global Adjustment, the Dollar and Its Counterparties: a Recap (08-02-2006) US Numbers: The Fed Needs a Cover Story for the Coming Recession (07-28-2006) The GfK: Intertemporal Allocation and Mischief Both at Work (07-27-2006) The FOMC and the MPC on Whether Inflation is Temporary: Compare and Contrast: Part 1 (07-25-2006) Bernanke: FOMC Still Seeing Inflation as Biggest Risk (07-19-2006) The Fed, Inflation and Growth: Will Bernanke's Testimony Tell Us How Close We Are to a Re-run of December 2000? (07-18-2006) The BoJ - Not Enough to Prevent Another Intertemporal Misallocation (07-14-2006) La Pensée Unique: Why Analysts Misperceive the ECB (07-10-2006) FOMC Reduces Scale of Policy Error - But Not Enough (06-30-2006) The US: The Market is Forcing the Fed to Accept a Recession (06-29-2006) The Riksbank: The Fed Has No Clothes (06-28-2006) Trichet, Sarkozy and Weber: Is a New Louvre the Way to Bind the ECB? (06-26-2006) Trichet on Housing and FX: EMU Cannot Survive; the Euro Must Depreciate With the Dollar (06-21-2006) Global Market Scenarios Update: Asset Market Correlation Puzzles Point to Serious Trouble (06-16-2006) Bies and Fisher: a Preview of an FOMC Battle? (06-14-2006) CPI and a Looming Policy Error (06-14-2006) Spain in Room 101: But is Trichet Reluctant to be O'Brien? (06-09-2006) Which is Out of Control in the US - Inflation or the FOMC? (06-07-2006) The US Growth Slowdown: When Will the Fed and the Markets Realise It's Not Goldilocks? (06-05-2006) Stark Messages for EMU and Italy (06-02-2006) Is the US recession of 1937/38 a warning for the BOJ? (05-31-2006) Paulson, the dollar and asset prices (05-30-2006) Global Market Scenarios Update: After the US Numbers (05-25-2006) IFO and the ECB: Springtime for Frankfurt and Germany, Winter for Club Med and France (05-25-2006) Inflation Targeting: Goodnight from Basle and Goodnight to Free Markets? (05-24-2006) Krozny Looks Forward - Good for Eurodollars? (05-24-2006) No German-Inflation Linkers: Implications for the Euro Area (05-23-2006) Rents, Inflation, the Fed and Market Implications (05-22-2006) "Global Adjustment": What Implications for US Markets? (05-15-2006) The FOMC Statement: the Logic Becomes (Somewhat) Clearer - but the Markets Panic (05-11-2006) The BoE, Housing and Sterling: Hemmed in by the Inflation Target (05-10-2006) How Much Should the Fed Care About Housing? (05-09-2006) Global Market Scenarios Update: Can Fundamentals Explain the Metals Price Explosion? (05-05-2006) The Fed and the Market - Why is Communication Going Wrong? (05-02-2006) Market Scenarios Update: After the FOMC Minutes (04-20-2006) Goldilocks in Wonderland: a Reductio ad Absurdum in US growth (04-13-2006) The ECB: Trichet worries about Italy (04-06-2006) ISK and NZD: what global risk and what global lessons? (04-03-2006) Two models of labour market "reform": Rhenish capitalism and the euro area (03-29-2006) Bernanke's New York Speech Re-assessed: Still an Inverted V in Short Rates? (03-22-2006) The US Current Account and Interest Rates Reprised: Geithner, Bernanke and a Medley of Old Tunes (03-20-2006) Inflation targeting: Goodnight Vienna? (03-16-2006) Should the SNB let CHF be a "funding currency"? (03-14-2006) Paradise Regained or Inferno Deferred? What US Market Scenarios are Likely After the Payrolls Numbers? (03-13-2006) The German Bloc, Issing and the Big Lie of EMU: What Market Opportunities? (03-10-2006) The BOJ: interpretation, outlook and risks (03-09-2006) MoF comments on monetary policy: Watanabe repairs the Hosakawa damage (03-02-2006) The ECB: in a hurry to become more German before Issing goes? (03-02-2006) The BoJ's New Hawkishness - Reasons and Implications (02-24-2006) British Interest Rates: the Impact of Housing, Consumption, Investment, Trade and Structural Degradation (02-16-2006) Japanese monetary policy: what targets, what constraints, what outcomes? (02-07-2006) Trichet: politics still king (02-02-2006) What will shape the Fed statement? (01-31-2006) Are commodities overvalued? Yes, but... (01-25-2006) King: real long rates, paradigm failure and the crisis of capitalism (01-23-2006) The Current Account: Does it Matter for US Interest rates and the Dollar? (01-16-2006) Geithner, asset prices and the curve: an inverted V in short rates this year? (01-12-2006) Trichet: Knowing the Limits (01-12-2006) FOMC minutes: what currents beneath the surface? (01-10-2006) Watanabe on dollar/yen: what underlies the strategy? (01-05-2006) British manufacturing: would stagflation be bad news for sterling and good news for King? (01-03-2006) A Summit Lost on the Playing-Fields of Fettes (12-19-2005) Issing: more evidence of the world crisis (12-15-2005) The FOMC: feeling the knife-edge? (12-14-2005) The FOMC statement and market expectations - can the wild duck be fished up? (12-13-2005) Gold, oil, Japanese QE, New Zealand, Spain, Portugal, the ECB and bird flu: fitting the pieces together (12-12-2005) Gold, oil, Japanese QE, New Zealand, Spain, Portugal, the ECB and bird flu: fitting the pieces together (12-09-2005) Gold and market expectations - which is leading which? (12-06-2005) Why is the British economy underperforming? (12-06-2005) Trichet: discretion is the better part of valour (12-01-2005) Exiting EMU: no joke, but what's the alternative? (11-29-2005) US new home sales: what implications (11-29-2005) MoF and BoJ, JGBs, stocks and the yen: who cares most about what? (11-25-2005) The BoE: groping towards the right answer? (11-24-2005) The ECB: the fun goes on; EMU: the pain goes on! (11-22-2005) Trichet: who is pulling the strings, and why? (11-21-2005) EMU: Coming apart at the (gold) seams (11-18-2005) King: uncomfortable curves (11-16-2005) TICS: What a load of rubbish! (11-16-2005) The ECB, the Bundesbank, Interest Rates and Monetary Union: Accepting the Project has Collapsed (11-14-2005) The Bernanke factor: markets at risk (11-07-2005) After the retracement: what relative prospects for commodity prices? (11-02-2005) Central banks, core and overall inflation: integrating globalisation and interest rates (10-21-2005) Replacing Large: a politicized BoE? (10-17-2005) The MPC, interest rates and sterling: constructive dissension? (10-13-2005) The BoJ: finding an exit in the dark (10-11-2005) Global market tremors - increased aversion or aversion to increased risk? (10-07-2005) Britain and the US: interest rates, hurricanes, budget deficits and consumption (10-04-2005) US current account and TICS data: fundamentals and market inefficiency (09-16-2005) Iwata, Japanese monetary policy and the yen (09-14-2005) Trichet, Issing and inflation: Italy is the constraint on action (09-14-2005) Germany and EMU: good news is bad news (09-12-2005) Bears, bulls and behinds -- which will squeak loudest after the US unit labour costs? (09-07-2005) Katrina will not save the Fed's bacon - or the world's (09-05-2005) The US economy: Greenspan, oil, rates, inflation and housing (08-26-2005) International rates of return, entrepreneurship, US trade, the dollar and China (08-22-2005) MPC minutes: a rod for their own backs? (08-17-2005) British inflation: a jump needed, but not to conclusions (08-16-2005) BoE Inflation Report increases risk that rates will have to go lower than the Bank wants (08-10-2005) The Fed, rates, investment and the economy: What is the real conundrum? (08-08-2005) The BoE: accepting the grimly inevitable? (08-05-2005) Greenspan sets up market for blame (07-20-2005) Portugal: now it really gets tough (07-14-2005) The US: no stagflation, no Goldilocks - just Micawber (07-14-2005) US trade: misconceptions reign (07-13-2005) Noyer: sinking Italy? (07-04-2005) Japan: fewer domestic demand risks than elsewhere, but the yen still a quandary (07-01-2005) Oil, intertemporal allocation, the dollar and the Fed; the world turned upside down (06-30-2005) EUR/USD and asset prices: a shifting relationship? (06-27-2005) Italy deal: no tough budgetary action, ECB ease - Italy stays in for now (06-27-2005) Why monetary union will fail (06-23-2005) The EU summit: a Waterloo lost on the playing fields of Fettes? (06-20-2005) Greenspan, the curve and capitalism: you always hurt the one you love (06-10-2005) Issing: has the EMU blame game begun? (06-09-2005) Greenspan, Trichet and Zhou (06-07-2005) EU Crisis (06-06-2005) A revolt of the great unwashed? What implications of the "no" votes? (06-03-2005) Trichet confirms likely demise of monetary union (06-02-2005) Eichel, EMU and the Inflation Target (06-01-2005) Monetary union: a political impossibility theorem (05-27-2005) The Fed: searching for an exit strategy? (05-25-2005) Italian debt, asset sales and euro zone inflation (05-24-2005) German Politics and the EU (05-23-2005) The ECB: hoping a weak Euro will bail it out? (05-23-2005) Italy and monetary union: voyage of the damned (05-18-2005) Dramatically Bad Euro Zone GDP Numbers Raise the Stakes for the Euro (05-12-2005) Today's euro zone economic news: perversity and absurdity in EMU (05-10-2005) The payrolls numbers and the Fed: beyond the knee-jerk (05-09-2005) US Inflation and Growth: Oil-Induced Blip, Worsened Trade-Off or Knife-Edge? Market Implications (05-03-2005) Greenspan in China - the Opera: love betrayal, greed or fear? (04-27-2005) Papademos: Is the Market Behind the Curve on Greece, Portugal and Italy? (04-26-2005) Wages, Prices, Jobs and Output: Which Should Matter Most for US Markets? (04-08-2005) British factory numbers in a global perspective (04-07-2005) Blair on Brown: the British Election -- Personality Politics Hiding the Crucial Issue for Sterling? (04-06-2005) The Stability Pact, the ECB and the Re-configuration of "Europe" (03-31-2005) The CPI, the FOMC statement and the break in markets (03-23-2005) Koizumi, Watanabe and Japanese Reserves (03-10-2005) "Neutral", "natural", "normal": the long and short of a rates enigma (03-08-2005) China's Growth Path, CNY and the World: What Is Implied by Wen's Address? (03-07-2005) The Coming Demise of Free-Market Global Capitalism: Is Greenspan Pointing the Way? (03-03-2005) Greenspan and the Senate Committee: Fed inconsistency in macrofinancial terms; politicians' obfuscation on demographics... (02-18-2005) The ECB: right to worry, wrong to act? (02-15-2005) The dollar and the "twin deficits" - Part 2 (02-11-2005) Greece: When will it undermine the euro? (02-10-2005) The dollar and the"twin deficits" - Part 1 (02-07-2005) Financial market implications of the US productivity and unit labour cost numbers (02-04-2005) Trichet: liquidity, credit and longer-term inflation (02-03-2005) Demographics, the dollar and world crisis (12-29-2004) IFO (12-17-2004) Politics and Economics of US Adjustment (12-17-2004) If you don't like the dollar, should you hate TIPS? (12-03-2004) Trichet, Issing and ECB policy: Who, What, and Why? (12-02-2004) Euroland/Japan intervention: How Serious a Prospect? (12-01-2004) Stability Pact farce and Ukraine tragedy: what will they mean for the euro? (11-29-2004) Switzerland: little chance of a rate hike (11-26-2004) Greenspan, the Dollar and Japan/Euroland Policy Wars (11-22-2004) Weber on Euro Area growth: Whistling in the Dark (11-18-2004) Asian Intervention, the Dollar, US Markets and Global Adjustment (11-17-2004) US PPI, Oil Prices and Long Yields (11-16-2004) US trade, sustainability and the dollar (11-15-2004) Trichet on the Euro: What Does it Mean for the G7 (11-08-2004) US NFPs (11-05-2004) The ECB, the Eurogroup and the euro (11-04-2004) The dollar and commodity prices: which has been wrong? (11-01-2004) China, Commodities, Forex and World Interest Rates (10-28-2004) Durable goods orders: will the Fed avoid a trap? (10-27-2004) Ferguson vs. the Europols result: lower rate expectations (10-26-2004) Japan: Global Slowdown, Intervention and "Normalization" (10-26-2004) Yellen, Motherhood and Apfel Strüdel: Implications for the dollar and global interest rates (10-25-2004) Central banks, rate "normalization": gold as an indicator (10-19-2004) Market expectations, "normal rates", the Fed and a grim dilemma (10-11-2004) Issing declares Stackelberg War (09-28-2004) The experience of 1929-39: what implications for the US economy in the 2000s? (09-28-2004) The Stalled German Growth Cycle - Blame EMU (09-14-2004) Oil and Interest Rates: Is there a puzzle? (09-13-2004) "Cyclical" and "structural" factors in the dollar and US long rates (09-10-2004) Stability Pact Changes: Broader Economic and Political Implications (09-10-2004) Oil and Global Financial Markets (08-23-2004) The BoE, House Prices and Sterling Prospects (08-16-2004) Reflecting on Greenspan: Goldilocks or the Three Bears? (07-26-2004) US inflation and the dollar: What relationship? (07-16-2004) Stability Pact Demolished; Not Many Dead? (07-13-2004) The Fed, Gradualism, Inflation and the Dollar Part 3 (07-12-2004) Downplaying Japanese Growth: What Yen Implications? (07-08-2004) Summary of main points of BC note on "The Fed, Inflation, Gradualism and the Dollar - Part 2" (07-07-2004) The Fed, Gradualism and the Dollar: Part 2 (07-07-2004) PPI Suggests China May Bale Out The Fed (06-17-2004) The Fed, Gradualism, Inflation and the Dollar: Part 1 (06-14-2004) Japanese Markets (06-09-2004) Dollar Dilemmas and Greenspan Myth-spinning (06-08-2004) The ECB and Politicians: Berlusconi Spills the Beans (06-08-2004) The Fed, Inflation, Gradualism and the Dollar - Part 2 (06-07-2004) Oil Prices: Genesis, Impact, Reaction: Part 1 (06-04-2004) Labour Cost Revisions Restrict Fed's "Comfort Zone" (06-03-2004) Does the ISM signal a coming recession? (06-01-2004) Weber: Oil But No Vinegar - a Rate Cut Back on The Table? (05-25-2004) Eurosclerosis, The ECB and De-Globalization (05-22-2004) OPEC, Interest Rates and Oil (05-20-2004) Japan: Outlook, Policies and Constraints (05-19-2004) Blair's EU Referendum: Part I - Genesis; Legal and Constitutional Implications (05-10-2004) US inflation and growth: Crisis? What kind of crisis? (05-06-2004) The Fed, the ECB and the BoE: Differing Constraints, Different Paths (05-04-2004) China, US GDP, Positioning Panics and Financial Markets (04-29-2004) Today's US GDP Numbers (04-29-2004) The Fed and the US Economy: Up, Down, and Bumps-a-Daisy (04-21-2004) Market Reaction to Retail Sales - the Fed's Problems Deepen (04-13-2004) Parrying the Blows: and Unnatural Reaction to a "Natural" Rate (04-13-2004) Buba Row? Worst of All Worlds for Schroeder - and the Euro (04-08-2004) US Employment, the Output Gap, Inflation and Imbalances (04-07-2004) British Referendum on EU "Constitution"? (04-06-2004) More Battles in the Dirty War for Europe's Money (04-06-2004) US Payrolls: Drowning by Numbers? (04-02-2004) Portugal, Public Debt, EMU and the Euro (04-01-2004) Trichet Signals that a Rate Cut is Unavoidable (04-01-2004) Understanding the Coming ECB Rate Cut (03-31-2004) PCE Deflator Revision (03-25-2004) The MPC: Wanting a Weaker Currency and Higher Interest Rates (03-25-2004) Is US Housing a Has-Been? (03-19-2004) Madrid, the Threat to an Order of National Soverign States, and deglobalization (03-12-2004) Portugal, the euro débâcle and CE-4 (03-11-2004) Hungary Told Not to Enter ERM2 (03-09-2004) MoF and the WSR rule: a yen that is Weak, Strengthening but Restrained (03-09-2004) Payrolls, intertemporal misallocation, the dollar and de-globalization (03-08-2004) The China currency Debate --Part 2: the Global Impact (03-01-2004) The US numbers - no need for higher rates (03-01-2004)