The Euro must fall. If the Euro is to be saved, and if there is not to be some messy bank default with a side order of contagion, the ECB will be engaged in debt monetization very soon.

  There is no economic rationale for Europe having a common currency. The USD works in the US because there is a common treasury on top of the state governments and Federal taxes and benefits unite the US. Also, labor mobility is high, and the national identity is at least as strong as the state

The future is a wonderful place. Because you can borrow from it.

I first looked for an export led recovery in the US in June in my article Investment Strategy: The New Macro. It was my view at the time that the US economy had been in recession for the last 12 months, despite a 2 year long liquidity and emerging market driven bull market in the

Yesterday the Fed and 5 other major central banks announced measures to shore up liquidity in the global banking system.