Archive for June, 2015

Greece and the ECB

29th June 2015

Quite naturally, financial markets are focussed on events in Greece and for us the key question remains whether Greece will or will not default in the coming days on its EUR100.3 billion of debt to the TARGET2 system and its…

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US Flow of Funds Data – interesting observations

12th June 2015

Despite some glaring data accuracy problems, the latest flow of funds data from the USA provided few surprises but did confirm a number of important hypotheses.  Firstly, the US corporate sector is now running a significant cash flow deficit that…

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This week’s global review

11th June 2015

In this week’s GWR, we look at the increasingly strange relationship between money growth and bond markets – why money and liquidity growth is slowing in many of the DM as bond markets sell off.  This is yet another unwelcome…

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The Mechanics of Deflation in 2015

10th June 2015

There are clear signs that private sector investment trends have been weakening at a time in which savings rates have been moving higher.  In theory, governments should have reacted to this situation by easing their fiscal policies so as to…

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