All posts by Daniel Lacalle

About Daniel Lacalle

Daniel Lacalle (Madrid, 1967). PhD Economist and Fund Manager. Author of bestsellers "Life In The Financial Markets" and "The Energy World Is Flat" as well as "Escape From the Central Bank Trap". Daniel Lacalle (Madrid, 1967). PhD Economist and Fund Manager. Frequent collaborator with CNBC, Bloomberg, CNN, Hedgeye, Epoch Times, Mises Institute, BBN Times, Wall Street Journal, El Español, A3 Media and 13TV. Holds the CIIA (Certified International Investment Analyst) and masters in Economic Investigation and IESE.

The ECB, Europe and The Real Growth Plan

Europe, Global Economy, On the cover, Sin categoría

“The ECB and the creditor nations cannot and will not save governments that are unwilling or unable to save themselves”. RBS research

Slovenia has suddenly been forgotten by markets despite a banking system with average non-performing loan rate of 20%. This is what mass liquidity does to markets. If the country is in recession and the markets remain weak, it may need between 9 and 13 billion euros between 2013 and 2015 (25-38% of GDP, according to JP Morgan). If it follows a bail-in process like Cyprus, it will likely impact European banks by c15 billion. Austria, Italy, France and Germany would be the most affected. Continue reading The ECB, Europe and The Real Growth Plan →

Spain, Insolvency and The Telegraph

Global Economy, On the cover, Sin categoría, Spain
(This article was published in Spain in El Confidencial on May 18th 2013)

” Dissent is the highest form of patriotism”, Howard Zinn.

In the past week there has been an enormous uproar in Spain created by an opinion article published in The Daily Telegraph under the title “Spain is officially insolvent” Continue reading Spain, Insolvency and The Telegraph →

Summary comments from Commodities Investor Day presentations

Energy, Global Economy, On the cover, Sin categoría
A few summary comments from CS commodity day presentations:
Metals:
The entire metals complex is moving lower (in price) and very little of it has to do with weak demand in China, if anything, physical demand looks decent there, particularly in precious, but even copper and ore.  It’s almost all on supply gains for these metals in 2013 and again unfortunately in 2014.  There is simply too much supply coming in.  Continue reading Summary comments from Commodities Investor Day presentations →