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| Morgan Stanley's chart on ZH |
Even though ECB has been very expansive and its balance sheet is now relatively larger than "helicopter/printing" FED's, the velocity of money is not picking up. If only the French would have recapped their banks in 2008, instead of pretending that everything is fine, maybe things would have been different during this storm.
Light post for the morning. Yesterday a Credit/LTRO guest post, evening linkfest, and the rolling Facebook post is updated for those that just can't get enough.
Coming up later: Press Digest, Best of The Week and tomorrow the Weekly Support and Weekender-posts. The Back to School-research regular will also be making a comeback. Do not touch that dial!
- MoreLiver
- MoreLiver
News – BTH
News – The Trader
Morning Briefing – BNY Mellon
The outlook for the EUR is in many ways intertwined with that for the Chinese economy; and China’s excesses are still exacting a toll
The outlook for the EUR is in many ways intertwined with that for the Chinese economy; and China’s excesses are still exacting a toll
Market Preview – Saxo
Debt crisis: live – The Telegraph
Europe Crisis Tracker – WSJ
EURO CRISIS: GENERAL
What will happen if the euro collapses? For many people, the answer is unmitigated disaster. But this column argues that to identify the euro, the EU, and Europe as one, as many politicians like to do, is totally misleading. A possible demise of the euro and the EU can be seen as a chance for the evolution of a better future Europe.
Europe's "Great Deleveraging" Has Only Just Begun – ZH
Morgan Stanley: we may have avoided a credit crunch but European banks could delever between EUR1.5 and EUR2 Trillion over the next 18 months as the unwind is far from over. History suggests that over a longer time-frame, around five to six years - the deleveraging could reach EUR4.5 Trillion assuming zero deposit growth and the LTRO will slow but not stop the process.
Morgan Stanley: we may have avoided a credit crunch but European banks could delever between EUR1.5 and EUR2 Trillion over the next 18 months as the unwind is far from over. History suggests that over a longer time-frame, around five to six years - the deleveraging could reach EUR4.5 Trillion assuming zero deposit growth and the LTRO will slow but not stop the process.
Morgan Stanley Cuts EURUSD Forecast From 1.20 To 1.15 On Upcoming ECB Easing – ZH
MS: While we expect central banks globally to continue to provide liquidity, it is the ECB’s position that has changed the most dramatically. The relative expansion of the ECB’s balance sheet is EUR bearish in our view....
MS: While we expect central banks globally to continue to provide liquidity, it is the ECB’s position that has changed the most dramatically. The relative expansion of the ECB’s balance sheet is EUR bearish in our view....
EURO CRISIS: GREECE
No Shoes, No Shirt, And I Still Get Service – TF Market Advisors
At least a Portuguese haircut is likely to be more stylish. How politicians think Portugal doesn’t go Greek if they don’t just gift money is beyond me.
45% Of Greeks Have Never Used The Internet – ZH