Credit Writedowns » Politics

Is US democracy being bought and sold?

Edward Harrison — Mon, 06 Feb 2012 13:05:03 +0000

The answer is yes. video below

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It’s Timmy Time

Edward Harrison — Thu, 26 Jan 2012 16:24:51 +0000

This is a sing along in honor of the US Treasury Secretary

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Geithner tells Bloomberg that Obama will give him the sack if Obama is re-elected

Edward Harrison — Wed, 25 Jan 2012 22:53:42 +0000

I had a bet with a bunch of fellow market watchers back in early 2010 when Geithner was getting it from all sides as to how long he would last. Some people were saying he couldn't make it through the second year. Geithner outlasted Summers, Goolsbee, Romer, and Orszag. Wow!

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Stephen Colbert for President of the United States

Edward Harrison — Fri, 13 Jan 2012 14:00:00 +0000

Colbert says "clearly, my fellow South Caroliniacs see me as the only viable "Mitt-ternative". Take a look

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America: What to Do with North Korea?

John Lounsbury — Mon, 26 Dec 2011 06:19:29 +0000

North Korea’s dear leader, Kim II, died a few days ago. His 3rd son is now in charge, as Kim III, Kim Jong Un (pictured). There is no better time to talk about North Korea than now, as evidenced by some timely expert opinions. So it’s time for me to chip in my two cents. I will briefly but succinctly answer five pertinent questions as follows

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March to Folly: Underestimating Germany and the ECB

Marc Chandler — Sun, 04 Dec 2011 15:18:56 +0000

The probability of a German-led fiscal union in Europe is greater than the consensus suspects given its arguments that only an ECB backstop and a European bond will prevent the end of the greater experiment. In addition, the argument is that such actions will not resolve the underlying problem of fiscal sustainability and restoring competitiveness. Recognizing that Germany is pursuing its self-interests which is perfectly understandable under a rational actor and realist framework, this argument warns that the consensus may be exaggerating the likelihood of German and ECB capitulation

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Video: Mockumentary Presents: Politics in America

Edward Harrison — Mon, 28 Nov 2011 19:00:25 +0000

An in-depth (and cynical) look at the current political environment in America, from the Occupy Wall Street protesters to the President's reaction to the Republican Primary via Omid Malekan, creator of the Quantitative Easing Explained and European Crisis Explained videos Don’t change the change!

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Poll: Germans reject eurobonds

Edward Harrison — Fri, 25 Nov 2011 14:35:33 +0000

Neither the current governing coalition nor the German populace is anywhere close to getting where Schröder is. The most Germany will deliver is what’s on the table now: EU fiscal oversight with penalties and potentially expulsion for governments which deviate from the German low deficit vision for a United Europe

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Belgian government collapses

Edward Harrison — Mon, 21 Nov 2011 21:00:51 +0000

And the crisis continues in Belgium ... The acting Belgian Prime Minister Elio Di Rupo officially resigned on Monday night. He has been trying to form a government. But after a serious step forward in October, stalled negotiations have led him to go to King Albert II this afternoon

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Spain: The nationalist left makes a strong comeback after 15 years

Edward Harrison — Sun, 20 Nov 2011 23:45:51 +0000

The left-wing nationalists will return with force to the House of Representatives after 15 years of years of absence through the Amaiur coalition according to data from the first ballot count

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Barack Obama circa 1991

Edward Harrison — Sat, 19 Nov 2011 14:00:02 +0000

Here is a video clip of US President Obama from February 1991 in which he narrates a PBS ode to Charles Hamilton Houston during Black history month

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60 Minutes: Congressional Insider Trading

Global Macro Monitor — Tue, 15 Nov 2011 00:00:15 +0000

In case you missed it last night here is one that is sure to get your feathers up. It’s about time they Occupy Congress

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The Obama Hope and Change Fail

Edward Harrison — Mon, 14 Nov 2011 21:30:00 +0000

Gallup reports that Congress' job approval is entrenched at a record low of 13%. Here’s what I noticed, however

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The solution for Europe’s crisis will be more integration rather than less

Marc Chandler — Thu, 10 Nov 2011 15:00:42 +0000

The German Christian Democrats hold a party congress next weekend. There are a number of proposals that members are trying to get incorporate into the party position and platform. One such proposal is to give the national central banks weighted votes on the ECB. Another set of proposals that sparked even more interest is the allow for countries to leave the euro zone. A separate proposal in this space seeks a mechanism by which a country can be forced out of the euro zone

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Throw the Greeks out of the eurozone

Edward Harrison — Mon, 07 Nov 2011 04:26:04 +0000

That’s what Philipp Rösler, the leader of the junior partner in Germany’s coalition government, is saying. Barry Eichengreen says that this kind of talk is counterproductive

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Israel: “The possibility of a military attack against Iran is closer than the diplomatic option”

Edward Harrison — Mon, 07 Nov 2011 03:42:35 +0000

Now, this could just be bluster and rhetoric. But then again it may be something else. I think it bears watching. Just following up on the post by Global Macro Monitor this morning, I note from French daily L’Express the following passage

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Is Iran About to Get Hot?

Global Macro Monitor — Sun, 06 Nov 2011 14:30:34 +0000

Here is something brewing off radar. We’re wondering if this is a factor as to why crude is bid and gold is coming back

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What George Papandreou is listening to now that he’s won the no-confidence vote in Greece

Edward Harrison — Fri, 04 Nov 2011 23:02:30 +0000

Now it's on to a Greek coalition government with the FinMin at the helm. Get ready for more austerity!!

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Berlusconi has his priorities straight

Edward Harrison — Thu, 27 Oct 2011 03:36:32 +0000

Watch the video. It plays Silvio Berlusconi’s encounter with Danish Premier Helle Thorning-Schmidt a second time in slow-motion so you can see where Berlusconi’s real priorities are

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Italians rally around Berlusconi after the Merkozy smirk

Edward Harrison — Mon, 24 Oct 2011 13:00:56 +0000

This video of German Chancellor Angela Merkel and French President Nicolas Sarkozy has stirred a sense of nationalistic pride in Italy. Everyone seems to be talking about it

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Pippa Malmgren on the Republican Presidential Debate

Edward Harrison — Wed, 12 Oct 2011 17:21:38 +0000

Former George W. Bush official Pippa Malmgren does a good analysis for Bloomberg of the issues important to voters and how they will play in this year's presidential election

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This is looking more like Hoover every day

Edward Harrison — Thu, 18 Aug 2011 15:00:00 +0000

Forget about ‘pivoting’ to jobs when right now the President is going to be forced to focus on deficits. The House Majority Leader Eric Cantor has already said he will broker no stimulus and the deficit panel will be in full swing before long too. There’s zero chance Obama can pivot even if he wanted too. Avoiding a double dip by any means necessary is the only way that Barack Obama doesn’t become the new Herbert Hoover

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Obama: I deal with worse than Lincoln

Edward Harrison — Wed, 17 Aug 2011 13:30:40 +0000

This says a lot about the President. In his mind, he is dealing with a Madison-, Roosevelt- or Wilson-caliber crisis. And apparently the President also believes the political environment he must manage is even more partisan and poisonous than the one that Lincoln, the President who presided over the American Civil War, dealt with

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Jon Stewart: Why isn’t Ron Paul the one?

Edward Harrison — Tue, 16 Aug 2011 15:00:17 +0000

Ron Paul’s campaign put out the video below. Move over, Barack Obama; now Ron Paul is “the one”.Meanwhile the Paul campaign believes the media, including Fox News, is shutting it out in favour of other lesser candidates. Jon Stewart has a good take on this as usual. Take a look

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War and Debt

Michael Hudson — Fri, 05 Aug 2011 20:00:00 +0000

The essence of classical free market economics was to restrict Executive power – in an epoch when war-making power was the major abuse of national interests. Just as the lower house of bicameral legislatures had taken over the power to commit nations to permanent national debt – rather than royal debts that died with the kings, as were the norm before the 16th century – so parliaments asserted their rights to block warfare

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Spain’s High Risk Election Process

Edward Hugh — Thu, 04 Aug 2011 12:30:41 +0000

As Mr Zapatero put it on Saturday, when he announced the date of Spain’s general election, the decision “is in the country’s interest” since from now on there will be certainty, and “certainty is stability”. While it is quite possible that almost all of Spain’s politicians share this sentiment, and welcome the bringing forward of the election date, they may very well be the only ones to do so. Certainty is undoubtedly a strong positive, but when the only thing about your country which people can be certain of is the election date, then maybe you won’t have gained much on balance

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Debt Ceiling Deal: All cuts, no taxes

Edward Harrison — Tue, 02 Aug 2011 19:25:41 +0000

Unfortunately for President Obama, the economy is not doing well. And the cuts envisaged in this deal make that problem worse. From an electoral standpoint this is already becoming a problem in key swing states like Pennsylvania

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Rep. Gabrielle Giffords Votes for Debt Deal

Edward Harrison — Tue, 02 Aug 2011 14:58:19 +0000

The bill passed the House overwhelmingly. The Senate votes today. I will be speaking about the deal on BBC World News at 100PM

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Raise The Debt Ceiling!

Edward Harrison — Thu, 28 Jul 2011 11:47:32 +0000

Here’s a good morning video for you. Raise the debt ceiling already

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The Exciting Adventures of Middle Man

Edward Harrison — Fri, 22 Jul 2011 21:11:40 +0000

For you political junkies, I ask: doesn’t this have the ring of truth to it

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Merkel losing her party’s old guard

Edward Harrison — Tue, 19 Jul 2011 19:30:35 +0000

If the sovereign debt crisis spirals out of control, it is not clear who will govern. At a minimum, Germany’s reputation as a foundational support for the European project will be in tatters. Likely, the governing coalition of CDU, CSU and FDP will be get the blame for this

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Kohl: Merkel “is destroying my Europe”

Edward Harrison — Mon, 18 Jul 2011 01:00:12 +0000

According to Der Spiegel, Helmut Kohl, the father of a unified Germany and the German politician most responsible for the single currency, is very unhappy with his protégé Angela Merkel. I found this article to be consistent with what I have heard for months about the Kohl-Waigel generation’s feelings about Merkel’s leadership during the sovereign debt crisis

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The debt ceiling debate: view from Germany

Edward Harrison — Fri, 15 Jul 2011 17:00:46 +0000

Here’s what Germany’s largest daily newspaper Bild Zeitung has to say about the politics in the US around the debt ceiling

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What Bernanke should have said?

Edward Harrison — Wed, 13 Jul 2011 15:30:28 +0000

These questions sound like Congress thinks the US will be the next Greece. And that makes them likely to turn the US into the next Japan. The Congressmen almost never ask questions. They are statements posed as questions to get Bernanke to back their ideological position. Here’s what Bernanke should do when he doesn't want to answer questions. Why doesn't he just do this: point to the debt ceiling debate and say to every single question he’s asked

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America’s Rival Oligarchs’ Fight Over the Debt Ceiling

Marshall Auerback — Mon, 11 Jul 2011 01:00:01 +0000

Marshall Auerback argues that President Obama remains close to Wall Street via Geithner, Summers, Rubin, et al. Given the strong mutual cultural antipathy between Wall Street 'Yankees' and Southwestern 'Cowboys', it is not surprising that the 'populist' outrage against Obama has such a tone of viciousness. By contrast, the Wall Street crowd tends to be socially liberal. The bottom line however is that in economics - which is what counts - both groups are predators. The rest of us, we're just caught between two rival groups of oligarchs, with nothing in it for us

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