Diversos analistas de medios como por ejemplo el WSJ o BusinessInsider, revelan que está ocurriendo algo inusual en los tipos de interés norteamericanos, aunque la verdad sea dicha, motivos para que el Sistema financiero se comporte de modo extraño y jamás visto no faltan, desde luego. Para ponernos en situación, cabe recordar que cuando una economía -como le está sucediendo ahora mismo a la norteamericana- consigue unas cifras próximas al pleno empleo y una inflación cercana al codiciado 2%, su curva de tipos se acentúa. Esa es una consecuencia lógica de la mejora de las perspectivas económicas, ya que en un escenario donde empiezan a surgir cantidad de buenas oportunidades de negocio, es normal que los inversores exijan mayor rendimiento a cambio de bloquear su dinero a largo plazo, y menor renta a vencimientos cortos. La consecuencia gráfica es una mayor pendiente en la curva de tipos de esa moneda, como se ha visto en infinidad de ocasiones a lo largo de la historia. (more…)
We’d like to recommend something for you to read at the weekend. It’s the article linked at the bottom of this post, written by 
About four years ago, the state of the European economies was so divergent that the markets were pricing in defaults across almost the entire periphery. Risk premiums were pushing half of Europe towards insolvency, and Germany was refusing to allow Draghi to flood the south of the continent with cash. The countdown to the break-up of the EU was underway, and 
Some of you may remember the article we published a little over two years ago entitled 
Banco Madrid is the first bank that the state and its regulators have let fall in this galloping debt crisis. In fact, technically speaking, it has not been allowed to fall, i.e. it has not fallen due to the absence of a bailout with state funds, as other insolvent institutions have been rescued in recent years, but rather, forceful measures have been taken to liquidate it due to its -still- alleged money laundering. What is paradoxical is therefore that the reason for the intervention and the swift liquidation of the institution is not, at least originally, due to the feared insolvency but to criminal practices of great significance.
With central banks and their QE, the debt situation in the developed world has reached a surrealistic level worthy of study. Not only because of the unprecedented size of the balance sheets of the FED, ECB, BoE, BoJ, SNB, etc., but above all because of the manipulation of accounts, which has become a macabre and dangerous norm.