Archives for: Spain French German Debt Spreads

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WE ARE A NATION OF LIONS LED BY DONKEYS IN THIS ECONOMIC TRENCH WARFARE

by Mitch Feierstein about 2 years 2 weeks ago

A hundred years ago, a generation of men – many of them volunteers – fought an unprecedently bloody war for almost invisible gains. The men were heroes, but the generals commanding them were too often blunderers, too little conscious of the ever-mounting casualties. David Cameron is right to demand that our schoolchildren are reminded of [...]

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Those financial forecasters, like myself, who take a generally dark view of world affairs are known by a number of monikers: prophets of doom, killjoys, pessimists, Cassandras. And that last one is interesting. Cassandra, in ancient Greek myth, was the daughter of King Priam of Troy. After Helen, she was considered the most beautiful woman [...]

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‘Failing dismally’: Nobel prize-winning economist Paul Krugman says austerity isn’t working Paul Krugman, a Nobel Prize-winning economist and writer for the New York Times, is in London at the moment telling us that we’ve got things wrong. On Tuesday, he gave a lecture at the London School of Economics entitled, ‘Austerity Thy Name is Vanity’. [...]

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A Hundred Billion Here A Hundred Billion There

by Mitch Feierstein about 2 years 4 months ago

Earlier this week, on 21 May, the Financial Times ran a short piece which opened thus: ‘There has been no official announcement. No terms or conditions have been disclosed. But Greece’s banking system is being propped up by an estimated €100bn or so of emergency liquidity provided by the country’s central bank – approved secretly [...]

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Lessons from the Eurozone: Some Banks Will Fail

by Mitch Feierstein about 2 years 5 months ago

You know those summer thunderstorms we used to have? You’d be sitting out in a warm garden somewhere, sipping something cold and white, looking at lightning flashing on the horizon and counting the seconds until you could hear the thunder. Well, it’s like that now, only the gap between the flash and the rumble is [...]

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The Death of The Euro: What Next?

by Mitch Feierstein about 2 years 5 months ago

I don’t want to crow, but I’ve been predicting this for years: the writedowns of Greek debt, accompanied by swingeing austerity conditions, popular unrest, and (shortly) Greek exit from the Euro. You don’t have to take my word for that: my book, Planet Ponzi, pretty much mapped out the course we’re now taking. But although [...]

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Sarkozy Thinks The Euro Debt Crisis is Over

by Mitch Feierstein about 2 years 6 months ago

Five weeks ago, the French President, Nicolas Sarkozy, was a happy man. He said, ‘The [Greek] problem is solved. How happy I am a solution to the Greek crisis … has been found.’ Which is good. Everyone, even presidents, deserves a little sunshine.  Looking on the bright side: France’s President Nicolas Sarkozy should not think [...]

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A Huge Miss

by Mitch Feierstein about 2 years 10 months ago

Stop press. The biggest news of the month is that Germany’s most recent bond auction failed horribly in attracting buyers.  Some 39% of the bonds available for sale were left unsold and had to be mopped up by the Bundesbank. This is extraordinary news. It means that contagion has now spread from Greece, to Ireland and Portugal, [...]

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You Heard It Here First

by Mitch Feierstein about 2 years 10 months ago

You’ll recall, I’m sure, that the newly formed M. Feierstein Ratings Agency broke the news that France has lost its AAA rating. Although we’re a newly formed agency and, if you want to be pedantic about it, we have only ever issued one rating, nevertheless we like to think of ourselves as a market leader. [...]

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