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  • All Spain All the Time

    Last Monday I was in Paris and was asked to do a spot on CNBC London. I arrived at the studios an hour early due to a misunderstanding of the time zones, so while trying to catch up on the news I listened to CNBC. I had just written about Spain in last week's letter and guessed that was what they wanted to talk to me about, but for the full hour before I got on it seemed like every guest wanted to talk about Spain. When I had my turn and indeed got the Spain question, I smiled and noted that we were now in a period when it would be "All Spain All the Time," for at least the next year. I should have noted that there would be brief interruptions where we glanced at Portugal and perhaps Ireland, but the real focus would be on Spain.

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  • Unintended Consequences

    For every government law hurriedly passed in response to a current or recent crisis, there will be two or more unintended consequences, which will have equal or greater negative effects then the problem it was designed to fix. A corollary is that unelected institutions are at least as bad and possibly worse than elected governments. A further corollary is that laws passed to appease a particular group, whether voters or a particular industry, will have at least three unintended consequences, most of which will eventually have the opposite effect than the intended outcomes and transfer costs to innocent bystanders.

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  • Where is the ECB Printing Press?

    Where Can I Find €3 Trillion?
    When Leverage Comes Back to Haunt You
    The German Dilemma
    So How Do We Solve the Eurozone Problem?
    Where Is the ECB Printing Press?
    DC, Cleveland, and New York

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  • European Summit: A Plan with No Details

    A Definite Plan (Minus Those Sticky Details)
    Dear Mario
    When Leverage Is the Kind-of Answer
    Meanwhile Back in Portugal
    Let’s Just Change the Rules
    San Francisco, Kilkenny, Atlanta, DC … and the World Series Loss

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  • The End of the World, Part 1

    What Is the CBO Seeing (or Smoking?)
    The End of the World, Part 1
    Who Will Rescue the Rescuers?
    The Problems of Debt in the Eurozone
    Thoughts on Jackson Hole
    Some Thoughts on Getting Older

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