Greece

Fashionable to compare the U.S. fiscal situation with that of Portugal or Greece

March 31st, 2011|by Michael Ashley Schulman, Perspectives, The Big Picture|

It has become fashionable to compare the U.S. fiscal situation with that of Portugal or Greece. Forgotten, though, is that the U.S. has no foreign currency liabilities; it is the only government that can issue claims against itself. As such, there is no sovereign risk on U.S. government debt. In theory, the Federal Reserve can […]

Brother can you spare a dime? I need something to turn on

March 31st, 2010|by Michael Ashley Schulman, Perspectives, The Big Picture|

Brother can you spare a dime? I need something to turn on. Although markets seemed to have bottomed about a year ago and the economy has quickly been rebounding in various (but not all) corners, many seem to be caught surprised by the unrelenting about-face of security prices and economic indicators, especially since many sectors […]

The list of concerns unnerving investors seems to be expanding quickly

January 31st, 2010|by Michael Ashley Schulman, Perspectives, The Big Picture|

The list of concerns unnerving investors seems to be expanding quickly. The degree to which this “recovery” is addicted to emergency policy stimulus has been the most important source of uncertainty since the beginning of this year. Now add to this the danger posed by a tightening in Chinese monetary policy, the growing sovereign debt […]