Investment Strategy
End of Innocence E-mail
13 December 2011

The British veto has opened the doors for European leaders to indulge in an orgy of mutual distrust. . . . Not surprisingly the initial reaction of the markets was not to trust the Europeans any more than they trust each other. . . .  Things could get very dire in Euroland . . .

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    Follow the Leader

        27 November 2011

    Apart from subsidizing its trading partners, it is difficult to see what role Germany can really play as the recession unfolds. . . . I do not see any indication in any peripheral countries that they have the least interest in following the German fiscal example. . . . The European recession will make any reduction of debt a long-winded affair.
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    Lumières Mystérieuse

        23 November 2011

    . . . the US Conference Board published leading indicators for October which were sharply up. . . . Do the Conference Board leading indicators and the figures for fresh unemployment claims bode well for next year?  . . . Fiscal tightening plans in Europe and the US would in themselves be enough to provoke some anxiety about global growth.  
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    History Repeats

        06 November 2011

    The Group of Twenty meeting was . . . merely one of a succession of milestones we have been passing on the way to a serious global recession. . . . These lost opportunities have left us with the prospect of a weakened European banking system which must reduce lending to survive and meet the new Basel capital adequacy requirements.  
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