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Peace for our time in Greece? 


Greece is on everyone's mind at the mind. In this podcast, I try to add counterweight to the growing criticism against the EU/ECB which has, predictably, risen in tandem with the desperation in Athens. I argue that a major part of the responsibility lies with the Greek government, and that the discussion on whether the Euro is fundamentally flawed is uninteresting, and essentially boring. The opening reference to Chamberlain is different from, but still inspired by, Polemic's reference here

Articles quoted/used:

Paul Krugman, June 2015 - The awesome gratuitousness of the Greek crisis

Steven Randy Waldman, July 2015 - Greece

Bloomberg Views July 2015, Clive Crook - Europe wants to punish Greece with Exit


The intro music is courtesey of the Lino Rise Project at​ee-int​ro-mus​ Podcast is recorded using Audio Hijack 2, and edited with Fission, supplied by Rogue Amoeba.  


Did A Butterfly Flap Its Wings In Corporate Bond Markets Last Week?

In this podcast I continue to discussion from last week on corporate bond market bubbles and liquidity, what the risks are, and how worried we should be. I take my point of departure in the decision, last week, by Aberdeen Asset Management to set up a $500M credit line, as a precaution, to fund redemptions from its bond funds. I also give a brief overview, in numbers, of the increase non-financial corporate bonds outstanding since 2007*. 

Articles quoted/used:

The FT Jun 15th 2015, David Oakley - Aberdeen takes safety measures against risk of bonds sell-off

The FT Jun 18th 2015, Robin Wigglesworth - Liquidity pitfalls threaten parched markets

FastFT - Investors flee US junk debt for second week

Notes from the Hedge Jun 17th 2015 - Fund Management CEO Reminds Investors How Funds Are Managed


* In the podcast I note that corporate debt outstanding was up 47% in the U.S. at the end of 2014, but I don't mention the starting point for this calculation, which is 2007 (SIFMA data). This year is also the starting point for the calculation of a reduction in household leverage of 18%

The intro music is courtesey of the Lino Rise Project at​ee-int​ro-mus​ 

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