Archive | Euro

This is the simplest argument we’ve seen for leaving the Euro

There are loads of good arguments out there for why Greece (or Italy, or Spain, or Portugal) should leave the Euro.  We’ve always been partial to the basic philosophical truth that monetary policy lies at the core of national sovereignty. No nation is sovereign if they can’t set monetary policy. And then we saw this chart (from the […]

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European Bank Kabuki Preview: Spoiler alert!

European banks are bracing themselves for another slap on the wrist and stern language, as the next round of sham “stress tests” begins.   We’re not quite sure who exactly is stressed, but our inkling is that it should be the taxpayers.  Thankfully, the ECB is hoping to avoid actually penalizing any banks by “prepping” them for the […]

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Europe’s solution: Would you believe $1.4 TRILLION in free money for banks?

Remember at the “end” of the financial crisis when everyone from Timothy Geithner to Barack Obama to assorted members of British Parliament promised that “Never again” would anyone need to hand trillions of dollars to bail-out banks?   That was just a one time thing, right? We’re all past that now. Right? Wrong.  Well, at least not […]

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Did the Fed steal Germany’s gold?

There must be snickers in the NY Federal Reserve as they make a fool out of their too-trusting depositor: Germany.  Imagine lending 300 tons of gold to a bank which never gets audited, and coming back 6 decades later and asking for your deposits — only to be told something like, “Sorry, but now’s not […]

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