What’s going on in America?

October 9, 2013

The question keeps coming up, so I thought I’d share some of the highlights of expert opinion:

  • Our resident Argentine, Ignacio Esponda, asked at lunch:  “Which is the banana republic now?” (That’s a low blow, but he has a point.)
  • Gian Luca Clementi was interviewed by Italian network RAI, ostensibly because Italians are worried about us. I don’t speak Italian, but GL tells me he said:  “No need to worry about a US default, Italy has enough miseries of its own.”
  • Perhaps more surprising, Nouriel Roubini is optimistic about the US. That’s even more positive than his comments earlier in the year about Europe, that “things are less worse.”
  • Jon Stewart has been overwhelmed with good material and is running a series, “Shutstorm 2013.”
  • Even better, The Onion has weighed in. As has Limericks Economiques.

More seriously, we’ve seen a rise in yields at the very short end of the Treasury yield curve and a rise in the price of Treasury credit default swaps — insurance against default. Kim Schoenholtz and I may collect some data for a future post.

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