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- Jag är medveten om att dessa åtgärder påverkar min generations bostadstillgångar idag. Ingves.

”De större frågorna, som rör exempelvis hyresreglering, fastighetsskatt, ränteavdrag och beskattning av bostaden vid försäljning är politiska frågor, frågor som ingen politiker i grunden velat ta tag i” 

Riksbankschef Stefan Ingves 2019-09-18 

Mean Reversion

Currently CAPE is near 30, or close to double the average of the last 100 years. 


A bear market could come without warning or apparent reason, or with the next recession

Robert J. Schiller Project Syndicate 24 september 2018


Fed stands ready to inject another $75bn into the financial system

The Federal Reserve Bank of New York announced plans to inject another $75bn into the US financial system when trading resumes on Wednesday, a day after making its first such intervention in more than a decade to alleviate funding pressures in short-term lending markets.

FT 18 September 2019

Some old financial melodies from 2007-2008 are getting a replay.

It’s a rule of thumb that if you’re even talking about such geeky fare as long-short market-neutral strategies or overnight repurchase agreements, then something has already gone wrong.

John Authers Bloomberg 18 september 2019 

The US dollar bond pits alone will soon be shocked with $1.8 trillion of homeless government debt 
as the US Treasury issues $1.2 trillion of new paper and the Fed dumps $600 billion of old debt during the fiscal year that incepted three days ago.

David Stockman, October 4th, 2018

Martin Wolf: why rentier capitalism is damaging liberal democracy

Economies are not delivering for most citizens because of weak competition, feeble productivity growth and tax loopholes

So why is the economy not delivering? The answer lies, in large part, with the rise of rentier capitalism. In this case “rent” means rewards over and above those required to induce the desired supply of goods, services, land or labour.

“Rentier capitalism” means an economy in which market and political power allows privileged individuals and businesses to extract a great deal of such rent from everybody else.

Martin Wolf chief economics commentator at the Financial Times 18 September 2019


The Middle East's 'Sarajevo moment' has caught markets in a complacent stupor

Iran has slapped the impulsive and autocratic Crown Prince Mohammed in the face. 

The Revolutionary Guard have shown that they can circumvent the Patriot and Hawk missile defences of the Saudi Arabia’s gold-plated military and strike Aramco’s nerve centre.

Ambrose Evans-Pritchard 17 September 2019

Stupor is the lack of critical mental function and a level of consciousness wherein an affected person is almost entirely unresponsive and only responds to intense stimuli such as pain. Wikipedia

Draghi Leaves It to Lagarde to Pick Up the Pieces

The incoming president of the European Central Bank will have to face down a revolt over her predecessor’s decision to restart quantitative easing.  

Ferdinando Giugliano Bloomberg 17 september 2019 


Stora frågor som alltför få vågar ägna sig åt, säger Karolina Ekholm

– Hur fungerar egentligen finanspolitik och penningpolitik? Vad bestämmer växelkurser? Varför hamnar länder återkommande i kriser?

DN 16 September 2019

Is Christine Lagarde capable of the change necessary to save the eurozone?

Without knowing it, the EU has become a kind of Ancien Régime whose arrogant complacency risks its own destruction.

Jeremy Warner Telegraph 10 September 2019

Draghi Faced Unprecedented ECB Revolt as Core Europe Resisted QE

Economist Robert Shiller sounds a warning on the US housing market: ‘We’re in 2005 again’

Nobel prize-winning Shiller has always sought out the human side of the so-called dismal science.

His reputation has been built on sounding the alarm ahead of the dotcom bubble in the early 2000s and the US housing crash in the run-up to the financial crisis.

Telegraph 16 September 2019

A bear market could come without warning or apparent reason, or with the next recession


Macroeconomics was one of the casualties of the 2008 global financial crisis.

Conventional macroeconomic models failed to predict the calamity or to provide a coherent explanation for it, and thus were unable to offer guidance on how to repair the damage. 

Despite this, much of the profession remains in denial, hankering for a return to “normal” and in effect treating the crisis as just a rude interruption.

Mark Cliffe Project Syndicate 9 September 2019 

The Economists' New Clothes

With economists struggling to derive credible explanations of macroeconomic conditions from the prevailing models, those who have long criticized the discipline for its scientific pretensions are feeling vindicated.

The widespread belief that economic activity will follow a regular cycle around a stable growth trend is not very helpful beyond the very short term. 

Rather, the economic disruptions we are experiencing highlight an obvious fact, but one that prevailing models assume away: the future is fundamentally uncertain, and not all risks are quantifiable.

Project Syndicate September 2019

Economic theory discredited


Draghi Faced Unprecedented ECB Revolt as Core Europe Resisted QE

Bank of France Governor Francois Villeroy de Galhau joined more traditional hawks including his Dutch colleague Klaas Knot and Bundesbank President Jens Weidmann

Other dissenters included, but weren’t limited, to their colleagues from Austria and Estonia, as well as members on the ECB’s Executive Board including Sabine Lautenschlaeger and the markets chief, Benoit Coeure

Bloomberg 12 September 2019


2012 räddade Draghi euron med löftet att ”do whatever it takes”.

2015 slog han återigen till med vad som senare kommit att kallas Draghis ”bazooka”. Alltså så kallade kvantitativa lättnader med uppköp av obligationer på numera totalt 2 600 miljarder euro, hisnande 1,3 miljoner euro i minuten, under de senaste fyra åren.

Tomas Lundin SvD 12 September 2019

ECB will restart its quantitative easing (QE) programme, buying €20bn of bonds every month from November. 

It eased lending terms for eurozone banks and offered them tiered interest rates in a bid to ease the pressure on their lending margins.

Germany, it says, will never accept a “transfer union”. Target 2

In real life, of course, that horse has already bolted. 

The true choice is between the shadow transfer union represented by the mountain of national central bank liabilities that have built up at the ECB — so-called Target balances — and the creation of an economic union that admits the role of fiscal policy in managing economic demand.

Philip Stephens FT 12 September 2019

More about Target 2 at IntCom

In Strasbourg on Dec. 9, 1989, after the Berlin Wall fell, Germany agreed to monetary union in order to get President Mitterand to agree to German reunification

WSJ 23 Sept 2011


Summer books of 2019: Economics Martin Wolf selects his mid-year reads

The Case For People’s Quantitative Easing by Frances Coppola

She is making the case for helicopter money – quantitative easing, but carried out by placing money directly into people’s accounts. 

My long-time colleague and mentor, Martin Wolf of the Financial Times, commented

John Authers Bloomberg 10 september 2019 

Highly recommended


The best book written on EMU woes is EuroTragedy: a Drama in Nine Acts by Princeton Professor Ashoka Mody, the International Monetary Fund’s former deputy director in Europe.

A report three years ago by a group of eminent economists for the Delors Institute warned that the eurozone will remain unworkable unless it embraces some form of fiscal union and debt pooling.

“At some point, Europe will be hit by a new economic crisis. We do not know whether this will be in six weeks, six months or six years. But in its current set-up the euro is unlikely to survive that coming crisis,” they said. Nothing was done. 

Bernard Connolly, the high priest of eurosceptic theory 

 Ambrose 4 September 2019




Deutsche Bank CEO Says Negative Rates Ruin Financial System

More monetary easing by the European Central Bank, as widely expected next week, will have “grave side effects” for a region that has already lived with negative interest rates for half a decade.

Few economists believe another cut at this level would actually help the economy, and clients are telling the bank they won’t invest a single euro more just because rates go 10 basis points lower, Sewing said at a conference in Frankfurt. 

All it would achieve is to further divide society by lifting asset prices while punishing Europe’s savers who are already paying 160 billion euros ($176 billion) a year because of negative interest rates, he said.

Bloomberg 4 September 2019

Recession predictors have always had a terrible record

But in the past, stopped-clock doom-mongers only had to wait a few years for their moment of glory. 

Now redemption can take decades. 

At 122 months, the current US expansion is the longest on record, just ahead of the period from 1991 to 2001.

A hard to predict financial crisis is the most probable source of the next downturn

FT 3 September 2019