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Stretching monetary policy divergence to an extreme?

In this podcast I discuss the durability of monetary policy divergence between the Fed and, increasingly, the rest of the world. How far can this story be stretched, what narrative will win in the tug-of-war between hawks and doves. Unfortunately, I think it could turn out to be former. Finally, I discuss the case of the evaporating liquidity in bond markets, and why it matters. 


To Default or not to Default

With apologies to Shakespeare

{Dawn, Yannis Varoufakis is roaming the Akropolis} 

To default or not to default, that is the question.

Whether ’tis nobler in the mind to suffer

The slings and arrows of outrageous demands

Or to take arms against a legion of creditors

And, by opposing, end them?

To stay, to oppose—

No more—and by opposing to say we end

The heartache and the thousand cuts

That the euro and debt is heir to—’tis a consummation

Devoutly to be wished! To stay, to oppose.

To oppose, perchance to extend—ay, there’s the rub,

For in not paying what usury and strife may ensue

When we have shuffled off this mortal coil

Must give us pause. There’s the respect

That makes calamity of the euro.