Not a lot to say today but I do have a lot of links. The stories today are all the same, which is why I don't have a lot to add.
One story to note is that the German government is now borrowing 2-year money at zero percent. This tells you that the Germans continue to benefit from Europe while the periphery does not. The prevailing narrative as to why this is so is because the Germans are frugal and conservative and the peripherals are not. I don't buy that narrative, at a minimum because i know the Germans have government debt of 82% of GDP. And there are many other reasons why this is a false narrative. But that's how the situation is going to be sold. Given this storyline, it puts pressure on the Germans to share the wealth, meaning the Germans could be said to be 'benefitting' from ...
As this site is now reader-supported via Patreon, the remainder of this article is only available to subscribers at a specific patronage level. Articles at patronage levels BRONZE, SILVER, and GOLD are denoted by the categories in blue capital letters above the post. Posts categorized DAILY are available to both SILVER and GOLD patrons.
Edward Harrison is the founder of Credit Writedowns and a former career diplomat, investment banker and technology executive with over twenty five years of business experience. He has also been a regular economic and financial commentator in print and on television for the past decade. He speaks six languages and reads another five, skills he uses to provide a more global perspective. Edward holds an MBA in Finance from Columbia University and a BA in Economics from Dartmouth College.