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Notes From Underground: Another Cold Day In July

In late July, Bundesbank President Jens Weidmann made a comment about being in favor of a rise in German wages. I was citing a Financial Times article, “Bundesbank Shifts Stance To Support Pay Rises.” The article opens with the line, “Germany’s Bundesbank has backed the push by trade unions for inflation-busting wage settlements …” I noted that it was Bundesbank Chief Economist Jens Ulbrich who called recent wage trends moderate, given the strength in the German economy. 653 more words


Notes From Underground: It's Good News Week (By Hedgehoppers Anonymous)

Last week was an appropriate tribute to a song from the 1960s in which the news is looked upon as just so much blather about drivel and evil events. 690 more words


Notes From Underground: Why Draghi Needs to Phony the Impending AQR Results

In the mid-October the ECB will announce the results of the Asset Quality Review (AQR), which is a bank stress test by another name. The… 522 more words


Notes From Underground: Mario Draghi's Veni, Vidi, Vici Moment

Mario Draghi, the Caesar of European monetary policy, took the ECB meeting on the road to Naples and wowed the world with his ability to hold an hour-long press conference and say nothing. 606 more words


Notes From Underground: If ...

Tonight I’m paying homage to Rudyard Kipling’s great poem, “If.” It’s a reminder of what the fourth quarter holds for global investors, and particularly traders with a much quicker reaction: 958 more words


Notes From Underground: CNBC -- EU Referendum

Click on the image to watch Rick and I discuss European referendums.


Notes From Underground: Nineteen Ways To Leave Your Lover

The reference of 19 ways to leave your lover is a reference to Janet Yellen’s Labor Market Condition Index (LMCI), which is what the Fed chair noted as the most important “dashboard” for measuring… 876 more words