Credit Writedowns » Willem Buiter

[Premium] Europe is on the brink of something very big

Edward Harrison — Wed, 16 May 2012 10:20:17 +0000

Euro zone bond markets have come completely unhinged this morning. Spanish 10-year yields have hit the highest level this year at 6.5%. While Italian 10-year yields broke above 6% for the first time since late January. Meanwhile, German yields have moved to a record low of 1.44%. We are now back to levels of stress we last saw during the Italian crisis in November and December. However, this time policy space has narrowed considerably. In short, Europe has reached the critical breaking point

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[Premium] On helicopter drops and wealth confiscation in Europe

Edward Harrison — Wed, 09 May 2012 19:18:01 +0000

Hugh Hendry made some remarks about confiscation last week that I addressed in my TV appearance on RT's capital account (see video here). The gist of his comments was that he fears government's ability to confiscate wealth as a means of dealing with the economic crisis in Europe. On RT, I said that I didn't think the situation had reached that point in Europe and so I was not overly concerned. But I do want to flag comments by a major bank economist that touch on these issues

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Running through unilateral Greek exit scenarios

Edward Harrison — Fri, 10 Feb 2012 20:18:46 +0000

Here's how I see it happening, based on my Italian default post

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[Premium] Willem Buiter: “We will certainly have a panic stage before the debt crisis is resolved” (part 2)

Edward Harrison — Sat, 14 Jan 2012 03:10:10 +0000

Continuing from part 1 of the Willem Buiter interview with het Financieele Dagblad

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[Premium] Willem Buiter: “We will certainly have a panic stage before the debt crisis is resolved” (part 2) originally appeared on Credit Writedowns

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Buiter: “The temporary pause in the European debt crisis is as deceptive as the frenzy before the New Year”

Edward Harrison — Sat, 14 Jan 2012 02:22:37 +0000

The countries of the eurozone will eventually emerge from the sovereign debt crisis -- with pain and difficulty

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[Premium] Willem Buiter: “We will certainly have a panic stage before the debt crisis is resolved” (part 1)

Edward Harrison — Sat, 14 Jan 2012 02:10:57 +0000

The countries of the eurozone will eventually emerge from the sovereign debt crisis -- with pain and difficulty. That is what Citigroup chief economist Willem Buiter, on a visit to Amsterdam on Friday during a roadshow, expects. Spain and Italy will get their finances in order and the ECB will jump in when necessary. Deep integration of fiscal policy, according to him, is not necessarily required

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[Premium] Willem Buiter: “We will certainly have a panic stage before the debt crisis is resolved” (part 1) originally appeared on Credit Writedowns

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Michael Hudson on the erosion of democracy

Edward Harrison — Thu, 08 Dec 2011 13:40:01 +0000

Michael Hudson was on RT's Capital Account with Lauren Lyster, speaking about the loss of democracy that has accompanied the global financial crisis. The video is below, but recently Michael also wrote two articles for the Frankfurter Allgemeine Zeitung in which he gives one a more in depth view of his perspective

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Buiter: no politically feasible route to sustained growth for many years to come

Edward Harrison — Tue, 06 Dec 2011 15:21:10 +0000

In the aftermath of the emergence of a “reinforced ‘Stability and Growth Pact’”, Citigroup chief economist Willem Buiter is pessimistic about growth outcomes in the major developed economies because the political economy of the sovereign debt crisis will stymie any pro-growth policy solutions. While Buiter sees giving the ECB a green light to monetise euro area government debt as the genesis of the deal, he anticipates years (or decades) of low growth and he warns that ECB policy support will neither be “open-ended” or “unconditional”. On a positive front, Buiter says it “should allay concerns about disorderly sovereign defaults by Italy or Spain and about euro area break-up.”

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Buiter: Europe must act now to avoid a default

Edward Harrison — Wed, 16 Nov 2011 23:00:35 +0000

Former bank of England central banker and present Citigroup Chief Economist Willem Buiter spoke to Tom Keene this morning on Bloomberg Radio. His view is similar to mine, that Europe must act now to avoid a default. He believes we could have a few months or a few weeks. But time is running out. Video below

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Central banks can go broke

Edward Harrison — Tue, 16 Aug 2011 11:37:05 +0000

Remember, this is a solvency crisis too, not just a liquidity crisis

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