Tag Archive: LTRO

Schaetze To That

2020-02-26

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2020-02-26

Inflation Europe, 2007-2020
When Mario Draghi sat down for his scheduled press conference on April 4, 2012, it was a key moment and he knew it. The ECB had finished up the second of its “massive” LTRO auctions only weeks before. Draghi was still relatively new to the job, having taken over for Jean-Claude Trichet the prior November amidst substantial turmoil.

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What’s Germany’s GDP Without Factories

2019-05-09

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2019-05-09

Europe Real GDP, 2007-2013
It was a startling statement for the time. Mario Draghi had only been on the job as President of the European Central Bank for a few months by then, taking over for the hapless Jean Claude-Trichet who was unceremoniously retired at the end of October 2011 amidst “unexpected” chaos and turmoil. It was Trichet who contributed much to the tumult, having idiotically raised rates (twice) during 2011 even as warning signs of crisis and economic weakness...

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Euro Saves Germany, Slaughters the PIGS, & Feeds the BLICS

2017-04-06

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2017-04-06

European Population vs. Total Europe Energy Consumption
The change in nations Core populations (25-54yr/olds) have driven economic activity for the later half of the 20th century, first upward and now downward. The Core is the working population, the family forming population, the child bearing population, the first home buying, and the credit happy primary consumer. Even a small increase (or contraction) in their quantity drives economic activity magnitudes beyond what the numbers would indicate.

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European Banks and Europe’s Never-Ending Crisis

2016-07-07

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2016-07-07

Landfall of a “Told You So” Moment… Late last year and early this year, we wrote extensively about the problems we thought were coming down the pike for European banks. Very little attention was paid to the topic at the time, but we felt it was a typical example of a “gray swan” – a problem everybody knows about on some level, but naively thinks won’t erupt if only it is studiously ignored.

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ZIRP, NIRP, QE, Bank Collapse and Helicopters Coming Too Late – The Lehman Effect Hits Europe – Hard!

2016-04-11

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2016-04-11

It's official, I'm calling a banking crisis in Europe. Things didn't go well the last time I did this. Of course, many will say, "But the rating agencies have learned their collective lessons. They would most assuredely warn us if the European banks...

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