Questionable business models in Fintech have been exposed, as predicted, in response to rising interest rates. In Europe, the UK and US, rates have risen from near zero levels at…
IREF Newsletter
France receives a debt downgrade as interest costs and the EU imbalances increase. Is there any way out?
Ratings Agencies take notice of deteriorating finances Debt ratings agencies may not have the power they used to possess before the 2008 global financial crisis, but they still carry influence.…
Introduction – Bulgaria’s recent announcement On 17 February, Bulgarian finance minister Rositza Velkova announced that, rather than continue as planned with the full, formal adoption of the euro on 1…
IREF Newsletter
Croatia has Joined the Eurozone. Let’s Look at the Upside, with also a little Caution
Introduction – Recent ECB Policy Developments Croatia became the 20th Eurozone member on January 1. Regular readers know our often expressed view that the euro is a deeply flawed currency…
There was universal relief in the UK and international media at the demise of Prime Minister (PM) Liz Truss and her replacement by the man she had recently defeated in…
Towards the end of August, every year investors focus on the Jackson Hole conference of the central banking global elite. Given widespread acceptance among central bankers that non-temporary inflation is…
IREF Newsletter
ECB Policymakers Run Out of Options; Antifragmentation Cannot BOTH Address Inflation AND Contain Spreads
When the history of the euro currency’s rise and decline in popularity is written, the month of June 2022 will be viewed as decisive. In June, the ECB committed to…
How can sanctions end the war? Easily, according to respected Russian chess superstar and political activist, Gary Kasparov. Simply isolate all Russian banks from the global financial infrastructure, confiscate all…
China devalued its currency by 3%. Financial markets responded disproportionately, but we explain that it is quite understandable, given government policies in the rich countries.
We then investigate the devaluation’s effect on the US and EU financial markets as well as on the currencies of emerging markets.
Ultra Low Interest Rates have destabilized the global Economy whose capital markets now show signs of Illiquidity.
Stress testing of banks by central banking authorities has come to prominence as reliance on the traditional accounting standards has waned. Europe’s banking system was successfully stress tested last October, but we were not impressed.
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