Blog | macrocredit

A destructive Brexit will create no winners, only a divided, poorer UK

With its back against the sea and outmatched in numbers, the British army managed to escape from Dunkirk and win the war. One year into...

Politics is turning the screws on QE infinity

We have all experienced that awkward moment during a night out. The lights turn on, the volume softens. You look around: some people are...

The Next Tail Risk is in Risk-Free Assets

In his theory on financial markets' fragility and instability, the late Hyman Minsky argued that "from time to time, capitalist economies...

Don't write Theresa May a blank check

By calling a general election on June 8, U.K. Prime Minister Theresa May is asking Britain for a stronger mandate to steer the country...

A chance to restructure Europe's financial architecture

Europe is back in black. France’s new president, Emmanuel Macron, and Germany’s Chancellor Angela Merkel are now working in tandem. The...

Macron scepticism won't pay for investors

By electing Emmanuel Macron as their next president, the French have made the choice of an open, forward looking and European future. Can...

Brexit could be the best thing that happened to the European Union

In June 2016, the British public voted to do the unthinkable: leave the European Union. For a while there was some uncertainty. After...

ECB Needs to be Original on Tapering

The Fed is on a clearly flagged path to reduce stimulus, with at least two more rate rises to go this year. But if normalisation was...

Why the Eurozone will Defy the Sceptics in 2017

“Europe is just uninvestable,” says a fund manager at a dinner in Mayfair, “with [Marine] Le Pen in France and Brexit, there’s just too...

Our Financial System is Broken: Here's A Plan For Fixing It

The beginning: let them eat credit policies It all started with the American Dream. Following World War II, the Marshall plan helped...

Markets to May: Britain Needs a Better Brexit Plan

If Theresa May follows through on Tuesday with details of her plan for a hard Brexit, she will be taking her country on its first steps...

Bond Investors Must Accept Low-for-Long Era is Over

The low-for-long era is over. Central banks, fiscal activism and populism pricked the bond bubble in 2016. Next year will be a lot worse...

Brexit Was a Leap of Faith. Now Where's our Parachute to Soften the Landing?

Upon landing on the coast of Veracruz in 1519, Spanish conquistador Hernán Cortés decided to scuttle his ships, in an attempt to prevent...

Turning Europe from a good trade into a good investment

Quantitative easing is broken. Central bankers have fought the crisis with low interest rates and asset purchases. This playbook has...

Gallo launches fund for 'negative rates world'

As the great global bond rally drives on, sending returns soaring but hammering yields down to zero and below, ex-RBS analyst Alberto...

Brazil is not a Quick Fix

Brazilians love telenovelas, soap operas that air every evening in prime time. President Dilma Rousseff’s recent impeachment offered all...

New Fund Designed For Negative Rates

Alberto Gallo, former macro credit strategist for Royal Bank of Scotland, has left the bank to join Algebris, with the aim of expanding...

Italy's Bank Reform that wasn't

The history of the modern bank goes back to Italy during the Renaissance period. In an age when lending was prohibited by the Catholic...

Why ECB's quantitative easing won't work and how it can be fixed

Last week, investors were expecting Mario Draghi to pull a rabbit out of his hat. But could it be that there is no rabbit at all? I...

Getting Italy's 'Demolition Man' Going Again

When Prime Minister Matteo Renzi took office in February 2014, he pledged to shake up Italy with reforms that would bring its moribund...