A Primer on the Euro Breakup

Default, Exit and Devaluation as the Optimal Solution In this piece we look at the mechanics of a currency breakup and how it would happen. This piece is longer than most of our pieces and is a slightly more wonkish piece than usual, but the first two pages provide a...

Japan’s economy is running out of time and growth

The recent Q4-12 GDP print in Japan underscores the mounting pressure on BOJ and Ministry of Finance officials to act decisively on the ongoing strength of the Yen. Japan’s economy slumped to a  2.9% contraction on the year (nominal GDP, NSA) and a 0.77%...

Update on demographics in the US

A recent article by the US Population Reference Bureau produces some great charts and information on demographics in the US. We are structurally bullish on the US economy largely because the economy’s demographics do not exhibit the same characteristics as other...