Spain ‘Most Undervalued’ Stock Market, Tchir Says (Video)
Select articles by Peter Tchir of TF Market Advisors. Tchir ranks as one of the most respected financial analysts in the United States. His long experience in the in the corporate bond and structured products and credit derivative markets provide unique insight in developing trading strategies. Tchir frequently appears on Bloomberg TV and his articles are published in the Wall Street Journal, Seeking Alpha and Zero Hedge among others. Truman Factor features Tchir's articles in English and in Spanish.
Being reserve currency resides as much in trust as in any other factor, and taking this step, of minting coins to pay debt and avoiding the political process, will just further encourage other countries to move away from the dollar and dollar based assets.
Everywhere you look, countries have too much debt and are struggling with it.
Peter Tchir’s latest appearances on Bloomberg Television’s “Taking Stock” and on RT’s “CrossTalking”
Can the market go down while the Fed is engaged in QE?
The catalyst for any retracement is likely QE off the table in the U.S., political rhetoric, or Rajoy screwing things up in Europe.
I wouldn’t trust anything now until they have a program in place with the ECB.
It’s time For Europe to stop screwing around.
The best hope for stabilizing the banking system is an equity capital infusion that is essentially converting German and French borrowing power into equity investments, followed up by more cheap lending to the banks by the ECB.
Our thoughts on the FAQ and what it means – decently positive.
The temptation to fade this Spain deal is high (and higher after Rajoy claimed victory and jetted off to the football match).
The more they look at the situation, the more I am convinced they will see not only how potentially awful the situation becomes, but that the cost to avoiding it right now are relatively small, and with proper preparation a Grexit can be managed down the road.
Debt restructuring is the only way to get the debt under control and allow the policies of spending and austerity to work over time.
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.
Germany will have to change their tone or risk being the ones seen responsible for breaking up the Eurozone and causing strife across Europe.
Just like Rome wasn’t built in a day, the Eurozone won’t be destroyed in a day, but it is on a path that leads to eventual dismantling.
Europe is about to begin its “Audacity of Hope” moment.
I continue to believe that longer dated Spanish and Italian bonds are poised for a significant sell-off.
Some forms of “austerity” have minimal near term impact yet are crucial for the long run.
Only in Greece, can you wipe out €100 billion of debt, and have the new debt that replaces it trade at 20% of face value…