Posts Tagged ‘Yanukovich’

Notes From Underground: Just A Small Piece On Some Critical Issues

February 23, 2014

I am reissuing four pieces from 2009 and 2010 about the Ukraine. The importance of Ukraine to the EU and Russia should not be diminished and therefore what we have seen over the weekend is just another scene in a very long drama. The most positive news has been that Victor Yanukovich seems to have abdicated his position as President and that previous leader Yulia Tymoshenko has been freed from prison. But, caution should be the watch word as the Winter Olympics come to an end and Russian President Putin will turn from being a congenial host to a grand-master of the political chess game.


Notes From Underground: FED, Dealing Three Card Monte on the Potomac

December 19, 2013

In a bow to acronym manufacturing, I placed the idea of TAPER ON, TAPER OFF (TOTO). We got a taper but it was offset by the Fed’s forward guidance on the unemployment threshold.In the FOMC statement the FED clearly said, “The Committee now anticipates, based on the assessment of these factors, that it likely will be appropriate to maintain the current target range for the federal funds rate well PAST THE TIME that the unemployment rate declines below 6.5 percent, especially if projected inflation continues to run below the Committee’s 2 percent longer-run goal.” The emphasis on the phrase PAST THE TIME is to highlight that the Fed will keep moving the threshold on what will constitute an acceptable level of employment, if not in words but in deeds.