Paul Brodsky

Today’s Macroeconomic Problems, the Expedient Solution & its Consequences

Today’s Macroeconomic Problems, the Expedient Solution & its Consequences

Policy-administered asset monetization would stop the global financial system from seizing, restore sorely needed economic balance, and reset commercial incentives so that real growth can once again gain traction.

 Deutsche Bank Research

Pan-European deposit guarantee – no quick solution to the current crisis!

Pan-European deposit guarantee – no quick solution to the current crisis!

It won’t happen – at least not any time soon.

 Luis Martín

Mexico, 1994; Spain, 2012: Find The Similarities in the Pictures

Mexico, 1994; Spain, 2012: Find The Similarities in the Pictures

As it happened in Mexico 18 years ago, Spain’s banking system’s woes seem to be setting up the stage for a self-fulfilling prophecy of Mayan proportions.

 Peter Tchir

What Is Regulatory Capital?

What Is Regulatory Capital?

Maybe it is also time to step back and think about what capital is supposed to do, and with that as a guideline, think of rules that make sense.

 Peter Tchir

Germany wants to know if Ace, 2, 3, 4, 5 is a good hand

Germany wants to know if Ace, 2, 3, 4, 5 is a good hand

Germany will have to change their tone or risk being the ones seen responsible for breaking up the Eurozone and causing strife across Europe.

 Luis Martín

Bankia: Responsibility Matters

Bankia: Responsibility Matters

Among the many questions raised by Bankia’s nationalization in extremis, there is one that cannot go unanswered: who is responsible?

 Paul Brodsky

Another Perspective

Another Perspective

Why and how the global monetary system is failing, why it is too late to stop, what will come next, and why the crisis is only financial – not commercial.

 Deutsche Bank Research

Low interest rates pressuring US bank margins

Low interest rates pressuring US bank margins

How long can lower provisions cover for the sluggish credit environment?

 Peter Tchir

The Paucity of Growth

The Paucity of Growth

Europe is about to begin its “Audacity of Hope” moment.

 Peter Tchir

Why shorting Spanish and Italian Bonds is the Right Trade

Why shorting Spanish and Italian Bonds is the Right Trade

I continue to believe that longer dated Spanish and Italian bonds are poised for a significant sell-off.

 Paul Brodsky

On shadow banking

On shadow banking

It is important to distinguish between leveraged and unleveraged non-bank lenders, both investors and both implicitly “shadow banks”.

 Paul Brodsky

Golden Boy

Golden Boy

We think it is imprudent to advise legitimate savers to invest in levered financial assets.