Monthly Archives: January 2015

EQE Vs Political Populism

Two big events in less than a week. The ECB launches QE and Syriza wins the Greek election. The victory of far left populists in Greece is a sign that the ECB has done too little too late. Will the people of Europe start to feel the positive effects of years of austerity, backed-up by a tailwind from Frankfurt monetarists, in time to swing their political leanings back to centre, or will they fall victim to the populist tactics of politicians that threaten to unwind years of painful progress? Continue reading

Can You Bear this Bonds Market?

Back in 2014, I wrote a post about why I’m a patient bonds bear. Since then I have suffered the daily ignominy of hearing a gloating Rick Santelli on CNBC raving about how right he is and how bond prices are going higher. Well, he was right and I was wrong. But hold on. He’s not been right by a long shot. Rick has suffered the same virus as most other bond bulls. He’s been right for the wrong reason. And that is why I am still a patient bond bear. Continue reading