The author has been described by News Ltd as an "iconoclast", "Svengali", a pollie's "economist muse", and "pungently accurate". Fairfax says he is a "Renaissance man" and "one of Australia’s most respected analysts." Stephen Koukoulas concludes that he is "85% right", and "would make a great Opposition leader." Terry McCrann claims the author thinks "‘nuance’ is a trendy village in the south of France", but can be "scintillating" when he thinks "clearly". The ACTU reckons he’s "an enigma wrapped in a Bloomberg terminal, wrapped in some apparently well-honed abs."

Friday, January 27, 2012

Central banking humour...

A lot of my readers come from the Treasury, RBA, investment banks, media, hedge funds, and other global economics organisations, like the World Bank, IMF, OECD etc. Now I have never seen the ECB's domain hitting my blog before (it may have, although I have not noticed it). Today was then a first. So I was curious as to how they came across it. Drilling into the data, somebody at the ECB had gone to Google and entered in the following search string:

"Not all germans believe in god, but they all believe in the Bundesbank"

And they found me! It is especially amusing/ironic that this text was entered into Google by an ECB officer given (1) the ECB is about to take a circa EUR20 billion loss on Greek government bonds, which is tantamount to European taxpayers subsidising Greek taxpayers (UBS estimate), and (2) the ECB printed about half a trillion Euros of new money in December via their 3 year LTRO facility, which is very likely to be matched in size with another half trillion Euros in February (and is effectively European taxpayers bailing our private European bankers). The Bundesbank would do neither.