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Notes From Underground: People Get Ready, There's a Train (Chambers Brothers & Curtis Mayfield)

“There ain’t no room for the hopeless sinners,

who’s hurt all mankind just to save his own,

have ┬ápity on those whose chances grow thinner…

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Notes From Underground: Martin Wolf/Mr. Fantasy Lays Out The Road For Germany To Exit The EU

In tomorrow’s Financial Times, one of the major sycophants of ECB and Brussels policy has raised his “voice” in castigating the Germans for being the source of all the EU’s current problems. 591 more words


Notes From Underground: Chinese Economic Policy Is Modeled on Kelly's Heroes Paradigm of Sgt Oddball

It is time to invoke one of the great war movies of the anti-war decade, Kelly’s Heroes. The theme is relevant in two ways. First, a ragtag group is trying to steal a hoard of German gold from a heavily guarded town and divide it up among themselves as booty from the war (similar to Chinese desire for Western-owned gold). 729 more words


Notes From Underground: A Question of Imbalance

Yesterday, it was the issue of imbalances and the need for currency manipulation as seen through the eyes of a hegemon in decline. Today there was more criticism of German intransigence as Mario Draghi was pushing back against criticisms from Wolfgang Schaeuble that ECB policy was igniting the fire of the radical right. 697 more words


Notes From Underground: Draghi Believes Time Is On His Side (Methinks He Is Playing With Fire)

Listening to the Draghi press conference left me with little satisfaction and I failed to have any sympathy for the devil, although I don’t wish to paint it black. 685 more words


Notes From Underground: Will Mario Drag His Feet Tomorrow?

Thursday is ECB┬áday as the doves all return to Frankfurt. I will unequivocally say that there will be NO NEW QE ENHANCEMENT. MAYBE PRESIDENT DRAGHI… 650 more words


Notes From Underground: Another Day When Everything is a Trade, Not A Position ... Until?

On Monday, the yield curves tried to confuse us and the result was that the 2/10 provided the impetus for flattening across the board. The yield differentials are rangebound, creating a grind trade as the market looks for some clarification for longer term direction. 717 more words