What If the Debt Doesn't Matter? Is This Realistic?

Published by Philippe Herlin | Aug 24, 2020 | 57097

I mean, what if the debt wasn't serious? What if the explosion of its amount all over the world since the coronavirus crisis had no harmful consequences? What if we could even get rid of some of it without incurring any damage? This is the little tune we hear from those who want more and more public...

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ECB Offers €1.3tn at -1% to Rescue European Banks

Published by Philippe Herlin | Jun 24, 2020 | 41382

By rolling over the debt of ailing banks (new loans to pay off old ones), the ECB is giving them a very bad habit, namely that of governments with perpetual deficits, which are thus exempting themselves from any budgetary effort. What is the point of cleaning up one's balance sheet if the ECB gracio...

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Gold, the Winning Asset of the Coronavirus Crisis

Published by Philippe Herlin | May 13, 2020 | 41132

Gold will be the only winner in the current crisis. This is the opinion of a bank's (Natixis) research department, which is not so common, it should be pointed out, as financial institutions rarely speak highly of the precious metal, as it is precisely because it allows one to free oneself from the...

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From Coronavirus to Inflationavirus?

Published by Philippe Herlin | Apr 16, 2020 | 39427

With a sharp drop in GDP and an unprecedentedly high level of bank notes, we are entering the scenario we analyzed on February 6: money printing + fall in output = hyperinflation. Both mechanisms are, in our view, necessary for price slippage to occur, and here we are. Inflationavirus is coming.

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ECB: The Ongoing Headlong Rush

Published by Philippe Herlin | Sep 16, 2019 | 33964

Mario Draghi decided before handing off to Christine Lagarde on November 1: the QE will be relaunched! Quantitative easing, the sovereign debt buyback of eurozone countries, will restart at €20 billion per month, "for as long as necessary", he announced on September 12th at a press conference.

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