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	<title>Deep Thoughts by Professor Pinch</title>
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		<title>Deep Thoughts by Professor Pinch</title>
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		<title>About This Space&#8230;</title>
		<link>https://professorpinch.wordpress.com/2010/08/02/about-this-space/</link>
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		<dc:creator><![CDATA[professorpinch]]></dc:creator>
		<pubDate>Tue, 03 Aug 2010 02:25:17 +0000</pubDate>
				<category><![CDATA[About me]]></category>
		<category><![CDATA[Way Forward]]></category>
		<category><![CDATA[blogging]]></category>
		<category><![CDATA[Davian Letter]]></category>
		<category><![CDATA[macro]]></category>
		<category><![CDATA[Markets]]></category>
		<category><![CDATA[mental diarrhea]]></category>
		<category><![CDATA[Minyanville]]></category>
		<category><![CDATA[STHU memos]]></category>
		<category><![CDATA[what's next]]></category>
		<guid isPermaLink="false">http://professorpinch.wordpress.com/?p=2307</guid>

					<description><![CDATA[I might as well say it here, even though it has been on Twitter while I was on vacation. My macroeconomic goodness is moving to The Davian Letter and Minyanville.  So I guess I know who my two readers were: an investment newsletter and a financial infotainment website. Thanks for all the pageviews, guys. But &#8230; &#8230; <a href="https://professorpinch.wordpress.com/2010/08/02/about-this-space/">Continue reading <span class="meta-nav">&#8594;</span></a>]]></description>
		
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			<slash:comments>9</slash:comments>
		
		
		<post-id xmlns="com-wordpress:feed-additions:1">2307</post-id>
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		<title>Forgetting Faux Stress Tests, Reclaiming Experience and Possibly Ourselves</title>
		<link>https://professorpinch.wordpress.com/2010/07/23/forgetting-faux-stress-tests-reclaiming-experience-and-possibly-ourselves/</link>
					<comments>https://professorpinch.wordpress.com/2010/07/23/forgetting-faux-stress-tests-reclaiming-experience-and-possibly-ourselves/#comments</comments>
		
		<dc:creator><![CDATA[professorpinch]]></dc:creator>
		<pubDate>Sat, 24 Jul 2010 02:46:10 +0000</pubDate>
				<category><![CDATA[About me]]></category>
		<category><![CDATA[government]]></category>
		<category><![CDATA[Markets]]></category>
		<category><![CDATA[Way Forward]]></category>
		<category><![CDATA[bank stress tests]]></category>
		<category><![CDATA[banks]]></category>
		<category><![CDATA[beach]]></category>
		<category><![CDATA[central banks]]></category>
		<category><![CDATA[change your latitude and change your attitude]]></category>
		<category><![CDATA[kure beach]]></category>
		<guid isPermaLink="false">http://professorpinch.wordpress.com/?p=2295</guid>

					<description><![CDATA[Today was some day.  While I&#8217;m on vacation, the release of the European bank stress tests was a big enough event for me to at least keep tabs on while I was away&#8230; And then came the leaks.  What was stressed.  What wasn&#8217;t stressed.  How much.  How little.  The reaction to the test was a &#8230; &#8230; <a href="https://professorpinch.wordpress.com/2010/07/23/forgetting-faux-stress-tests-reclaiming-experience-and-possibly-ourselves/">Continue reading <span class="meta-nav">&#8594;</span></a>]]></description>
		
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			<slash:comments>5</slash:comments>
		
		
		<post-id xmlns="com-wordpress:feed-additions:1">2295</post-id>
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		<title>In Other News</title>
		<link>https://professorpinch.wordpress.com/2010/07/21/in-other-news/</link>
					<comments>https://professorpinch.wordpress.com/2010/07/21/in-other-news/#respond</comments>
		
		<dc:creator><![CDATA[professorpinch]]></dc:creator>
		<pubDate>Thu, 22 Jul 2010 03:44:33 +0000</pubDate>
				<category><![CDATA[About me]]></category>
		<category><![CDATA[Markets]]></category>
		<category><![CDATA[Way Forward]]></category>
		<category><![CDATA[beach]]></category>
		<category><![CDATA[change your latitude and change your attitude]]></category>
		<category><![CDATA[I'd rather be surfing]]></category>
		<category><![CDATA[kure beach]]></category>
		<category><![CDATA[re-centering]]></category>
		<category><![CDATA[reconnecting]]></category>
		<category><![CDATA[surfing]]></category>
		<category><![CDATA[vacation]]></category>
		<guid isPermaLink="false">http://professorpinch.wordpress.com/?p=2288</guid>

					<description><![CDATA[I know Bernanke spoke today.  Frankly, I don&#8217;t care at the moment.  He said what he said, the market reacted the way it reacted to that message.  I&#8217;ll get back to that soon enough. But for now, the biggest going on here in Kure Beach?  We arrived at our favorite cottage (i.e. home away from &#8230; &#8230; <a href="https://professorpinch.wordpress.com/2010/07/21/in-other-news/">Continue reading <span class="meta-nav">&#8594;</span></a>]]></description>
		
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			<slash:comments>0</slash:comments>
		
		
		<post-id xmlns="com-wordpress:feed-additions:1">2288</post-id>
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			<media:title type="html">IMAG0072</media:title>
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			<media:title type="html">IMAG0074</media:title>
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		<item>
		<title>Going Coastal</title>
		<link>https://professorpinch.wordpress.com/2010/07/21/going-coastal/</link>
					<comments>https://professorpinch.wordpress.com/2010/07/21/going-coastal/#respond</comments>
		
		<dc:creator><![CDATA[professorpinch]]></dc:creator>
		<pubDate>Wed, 21 Jul 2010 11:24:14 +0000</pubDate>
				<category><![CDATA[About me]]></category>
		<category><![CDATA[Way Forward]]></category>
		<category><![CDATA[beach]]></category>
		<category><![CDATA[coastal]]></category>
		<category><![CDATA[family]]></category>
		<category><![CDATA[finance]]></category>
		<category><![CDATA[I'd rather be surfing]]></category>
		<category><![CDATA[Markets]]></category>
		<category><![CDATA[re-centering]]></category>
		<category><![CDATA[reconnecting]]></category>
		<category><![CDATA[surfing]]></category>
		<category><![CDATA[vacation]]></category>
		<guid isPermaLink="false">http://professorpinch.wordpress.com/?p=2284</guid>

					<description><![CDATA[I just wanted to take a brief moment and inform all three of my readers (myself included) I am going to be taking a break from the normal financial and macro-related fare you find on this piece of blog.  I&#8217;ll be at the beach with my family for the rest of the month, taking a &#8230; &#8230; <a href="https://professorpinch.wordpress.com/2010/07/21/going-coastal/">Continue reading <span class="meta-nav">&#8594;</span></a>]]></description>
		
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			<slash:comments>0</slash:comments>
		
		
		<post-id xmlns="com-wordpress:feed-additions:1">2284</post-id>
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		<item>
		<title>Whether It&#8217;s Euribor or Libor, It&#8217;s All IBOR All the Time</title>
		<link>https://professorpinch.wordpress.com/2010/07/20/euribor-or-libor-its-all-ibor-all-the-time/</link>
					<comments>https://professorpinch.wordpress.com/2010/07/20/euribor-or-libor-its-all-ibor-all-the-time/#comments</comments>
		
		<dc:creator><![CDATA[professorpinch]]></dc:creator>
		<pubDate>Tue, 20 Jul 2010 12:00:42 +0000</pubDate>
				<category><![CDATA[finance]]></category>
		<category><![CDATA[government]]></category>
		<category><![CDATA[International]]></category>
		<category><![CDATA[macro]]></category>
		<category><![CDATA[Markets]]></category>
		<category><![CDATA[Monetary]]></category>
		<category><![CDATA[risk management]]></category>
		<category><![CDATA[Way Forward]]></category>
		<category><![CDATA[banks]]></category>
		<category><![CDATA[credit]]></category>
		<category><![CDATA[credit crunch]]></category>
		<category><![CDATA[credit risk]]></category>
		<category><![CDATA[debt]]></category>
		<category><![CDATA[deflation]]></category>
		<category><![CDATA[dollar]]></category>
		<category><![CDATA[economics]]></category>
		<category><![CDATA[economy]]></category>
		<category><![CDATA[Euribor]]></category>
		<category><![CDATA[Euribor curve]]></category>
		<category><![CDATA[Euro]]></category>
		<category><![CDATA[Eurozone]]></category>
		<category><![CDATA[EURUSD]]></category>
		<category><![CDATA[interest rates]]></category>
		<category><![CDATA[LIBOR]]></category>
		<category><![CDATA[liquidity]]></category>
		<guid isPermaLink="false">http://professorpinch.wordpress.com/?p=2268</guid>

					<description><![CDATA[I wanted to expand on the issue going on in Europe with respect to funding.  I&#8217;ve been contending the situation is getting worse, not better.  And as a result, we&#8217;re seeing a blow-off coming in the Euro, which in spite of the recent &#8220;strength&#8221; we&#8217;ve seen, has some very fundamental issues and it&#8217;s questionable it &#8230; &#8230; <a href="https://professorpinch.wordpress.com/2010/07/20/euribor-or-libor-its-all-ibor-all-the-time/">Continue reading <span class="meta-nav">&#8594;</span></a>]]></description>
		
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			<slash:comments>1</slash:comments>
		
		
		<post-id xmlns="com-wordpress:feed-additions:1">2268</post-id>
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			<media:title type="html">professorpinch</media:title>
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		<media:content url="https://professorpinch.wordpress.com/wp-content/uploads/2010/07/dollar-euro-libor-spreads-1-25-10-to-7-16-10.png?w=300" medium="image">
			<media:title type="html">Dollar Euro LIBOR Spreads 1-25-10 to 7-16-10</media:title>
		</media:content>

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			<media:title type="html">Libor</media:title>
		</media:content>

		<media:content url="https://professorpinch.wordpress.com/wp-content/uploads/2010/07/eurusd-7-19-10.png?w=300" medium="image">
			<media:title type="html">EURUSD 7-19-10</media:title>
		</media:content>

		<media:content url="https://professorpinch.wordpress.com/wp-content/uploads/2010/07/eurusd-7-19-102.png?w=300" medium="image">
			<media:title type="html">EURUSD 7-19-10(2)</media:title>
		</media:content>

		<media:content url="https://professorpinch.wordpress.com/wp-content/uploads/2010/07/euro-libor-spread-to-dollar-libor-5-28-to-6-22.png?w=300" medium="image">
			<media:title type="html">Euro LIBOR spread to Dollar LIBOR 5-28 to 6-22</media:title>
		</media:content>

		<media:content url="https://professorpinch.wordpress.com/wp-content/uploads/2010/07/euribor.png?w=300" medium="image">
			<media:title type="html">Euribor</media:title>
		</media:content>

		<media:content url="https://professorpinch.wordpress.com/wp-content/uploads/2010/07/euribor-euro-libor-spreads-thru-time.png?w=300" medium="image">
			<media:title type="html">Euribor - Euro Libor Spreads thru time</media:title>
		</media:content>

		<media:content url="https://professorpinch.wordpress.com/wp-content/uploads/2010/07/euribor-euro-libor-spreads-term-structure.png?w=300" medium="image">
			<media:title type="html">Euribor - Euro Libor Spreads Term Structure</media:title>
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		<item>
		<title>Libor and the Bataan Death March for European Banks</title>
		<link>https://professorpinch.wordpress.com/2010/07/19/libor-and-the-bataan-death-march-for-european-banks/</link>
					<comments>https://professorpinch.wordpress.com/2010/07/19/libor-and-the-bataan-death-march-for-european-banks/#respond</comments>
		
		<dc:creator><![CDATA[professorpinch]]></dc:creator>
		<pubDate>Mon, 19 Jul 2010 12:57:51 +0000</pubDate>
				<category><![CDATA[finance]]></category>
		<category><![CDATA[International]]></category>
		<category><![CDATA[macro]]></category>
		<category><![CDATA[Markets]]></category>
		<category><![CDATA[Monetary]]></category>
		<category><![CDATA[risk management]]></category>
		<category><![CDATA[Way Forward]]></category>
		<category><![CDATA[banks]]></category>
		<category><![CDATA[credit]]></category>
		<category><![CDATA[credit crunch]]></category>
		<category><![CDATA[credit risk]]></category>
		<category><![CDATA[debt]]></category>
		<category><![CDATA[deflation]]></category>
		<category><![CDATA[economics]]></category>
		<category><![CDATA[economy]]></category>
		<category><![CDATA[interest rates]]></category>
		<category><![CDATA[LIBOR]]></category>
		<category><![CDATA[liquidity]]></category>
		<category><![CDATA[macroeconomics]]></category>
		<guid isPermaLink="false">http://professorpinch.wordpress.com/?p=2258</guid>

					<description><![CDATA[I&#8217;m a little late in getting this out, but the charts will speak for themselves: That was just the actual Euro Libor curve.  Here are two ways to look at Euro Libor funding relative to Dollar Libor: The pace of widening between Euro-denominated Libor and dollar-denominated Libor has dramatically increased over the past week or &#8230; &#8230; <a href="https://professorpinch.wordpress.com/2010/07/19/libor-and-the-bataan-death-march-for-european-banks/">Continue reading <span class="meta-nav">&#8594;</span></a>]]></description>
		
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		<post-id xmlns="com-wordpress:feed-additions:1">2258</post-id>
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		<media:content url="https://professorpinch.wordpress.com/wp-content/uploads/2010/07/euro-libor-weekly-7-16-10.png?w=300" medium="image">
			<media:title type="html">Euro LIBOR (weekly) 7-16-10</media:title>
		</media:content>

		<media:content url="https://professorpinch.wordpress.com/wp-content/uploads/2010/07/euro-libor-5-11-10-to-7-16-10.png?w=300" medium="image">
			<media:title type="html">Euro LIBOR 5-11-10 to 7-16-10</media:title>
		</media:content>

		<media:content url="https://professorpinch.wordpress.com/wp-content/uploads/2010/07/dollar-euro-libor-spread-term-structure-7-16-10.png?w=300" medium="image">
			<media:title type="html">Dollar Euro LIBOR Spread Term Structure 7-16-10</media:title>
		</media:content>

		<media:content url="https://professorpinch.wordpress.com/wp-content/uploads/2010/07/dollar-euro-libor-spreads-5-11-10-to-7-16-10.png?w=300" medium="image">
			<media:title type="html">Dollar Euro LIBOR Spreads 5-11-10 to 7-16-10</media:title>
		</media:content>

		<media:content url="https://professorpinch.wordpress.com/wp-content/uploads/2010/07/eurusd-7-19-10.png?w=300" medium="image">
			<media:title type="html">EURUSD 7-19-10</media:title>
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		<item>
		<title>On Gold, Guns, Bread and Cadillacs&#8230;</title>
		<link>https://professorpinch.wordpress.com/2010/07/18/on-gold-guns-bread-and-cadillacs/</link>
					<comments>https://professorpinch.wordpress.com/2010/07/18/on-gold-guns-bread-and-cadillacs/#comments</comments>
		
		<dc:creator><![CDATA[professorpinch]]></dc:creator>
		<pubDate>Sun, 18 Jul 2010 14:00:26 +0000</pubDate>
				<category><![CDATA[finance]]></category>
		<category><![CDATA[macro]]></category>
		<category><![CDATA[Markets]]></category>
		<category><![CDATA[risk management]]></category>
		<category><![CDATA[central bank policy]]></category>
		<category><![CDATA[central banks]]></category>
		<category><![CDATA[commodities]]></category>
		<category><![CDATA[deflation]]></category>
		<category><![CDATA[economics]]></category>
		<category><![CDATA[economy]]></category>
		<category><![CDATA[GLD]]></category>
		<category><![CDATA[gold]]></category>
		<category><![CDATA[investing]]></category>
		<category><![CDATA[liquidity]]></category>
		<category><![CDATA[macroeconomics]]></category>
		<category><![CDATA[metals]]></category>
		<guid isPermaLink="false">http://professorpinch.wordpress.com/?p=2253</guid>

					<description><![CDATA[Well, maybe not guns.  This isn&#8217;t that kind of post.  But I am going to talk about gold briefly.  One of the more interesting ways to think about the value of gold is its value in purchasing household items.  Because back in earlier times that was exactly how you paid for things.  Gold is money, &#8230; &#8230; <a href="https://professorpinch.wordpress.com/2010/07/18/on-gold-guns-bread-and-cadillacs/">Continue reading <span class="meta-nav">&#8594;</span></a>]]></description>
		
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			<slash:comments>10</slash:comments>
		
		
		<post-id xmlns="com-wordpress:feed-additions:1">2253</post-id>
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		<media:content url="https://professorpinch.wordpress.com/wp-content/uploads/2010/07/gld-daily-7-16-10.png?w=300" medium="image">
			<media:title type="html">GLD daily 7-16-10</media:title>
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		<item>
		<title>Minding the Gap: Potential Real GDP vs. Real GDP</title>
		<link>https://professorpinch.wordpress.com/2010/07/17/minding-the-gap-potential-real-gdp-vs-real-gdp/</link>
					<comments>https://professorpinch.wordpress.com/2010/07/17/minding-the-gap-potential-real-gdp-vs-real-gdp/#comments</comments>
		
		<dc:creator><![CDATA[professorpinch]]></dc:creator>
		<pubDate>Sat, 17 Jul 2010 14:00:28 +0000</pubDate>
				<category><![CDATA[government]]></category>
		<category><![CDATA[macro]]></category>
		<category><![CDATA[Way Forward]]></category>
		<category><![CDATA[Asian crisis]]></category>
		<category><![CDATA[Bloomberg Surveillance]]></category>
		<category><![CDATA[economics]]></category>
		<category><![CDATA[economy]]></category>
		<category><![CDATA[GDP]]></category>
		<category><![CDATA[Japan]]></category>
		<category><![CDATA[Lost Decade]]></category>
		<category><![CDATA[output gap]]></category>
		<category><![CDATA[Thailand]]></category>
		<category><![CDATA[Tom Keene]]></category>
		<guid isPermaLink="false">http://professorpinch.wordpress.com/?p=2247</guid>

					<description><![CDATA[I was listening to Tom Keene Friday morning on Bloomberg Surveillance (a great show to listen to, by the way) and Tony Cresczenci was discussing the &#8220;output gap&#8221; or as I always thought of it, the difference between potential and actual real GDP.  So I made this chart to illustrate how I view it: The &#8230; &#8230; <a href="https://professorpinch.wordpress.com/2010/07/17/minding-the-gap-potential-real-gdp-vs-real-gdp/">Continue reading <span class="meta-nav">&#8594;</span></a>]]></description>
		
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		<post-id xmlns="com-wordpress:feed-additions:1">2247</post-id>
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			<media:title type="html">professorpinch</media:title>
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		<media:content url="https://professorpinch.wordpress.com/wp-content/uploads/2010/07/output-gap.png?w=300" medium="image">
			<media:title type="html">Output Gap</media:title>
		</media:content>

		<media:content url="https://professorpinch.wordpress.com/wp-content/uploads/2010/07/output-gap2.png?w=300" medium="image">
			<media:title type="html">Output Gap(2)</media:title>
		</media:content>

		<media:content url="https://professorpinch.wordpress.com/wp-content/uploads/2009/11/japan-gdp.png?w=300" medium="image">
			<media:title type="html">Japan GDP</media:title>
		</media:content>

		<media:content url="https://professorpinch.wordpress.com/wp-content/uploads/2009/11/thailand-gdp.png?w=300" medium="image">
			<media:title type="html">Thailand GDP</media:title>
		</media:content>

		<media:content url="https://professorpinch.wordpress.com/wp-content/uploads/2009/11/japan-unemployment.png?w=300" medium="image">
			<media:title type="html">Japan Unemployment</media:title>
		</media:content>

		<media:content url="https://professorpinch.wordpress.com/wp-content/uploads/2009/11/thailand-unemployment1.png?w=300" medium="image">
			<media:title type="html">Thailand Unemployment</media:title>
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		<item>
		<title>Paul McCulley does Modern Monetary Theory &#124; Credit Writedowns &#8211; And My Thoughts</title>
		<link>https://professorpinch.wordpress.com/2010/07/15/paul-mcculley-does-modern-monetary-theory-credit-writedowns-and-my-thoughts/</link>
					<comments>https://professorpinch.wordpress.com/2010/07/15/paul-mcculley-does-modern-monetary-theory-credit-writedowns-and-my-thoughts/#comments</comments>
		
		<dc:creator><![CDATA[professorpinch]]></dc:creator>
		<pubDate>Thu, 15 Jul 2010 05:29:29 +0000</pubDate>
				<category><![CDATA[finance]]></category>
		<category><![CDATA[government]]></category>
		<category><![CDATA[International]]></category>
		<category><![CDATA[macro]]></category>
		<category><![CDATA[Markets]]></category>
		<category><![CDATA[Monetary]]></category>
		<category><![CDATA[risk management]]></category>
		<category><![CDATA[Way Forward]]></category>
		<category><![CDATA[credit risk]]></category>
		<category><![CDATA[debt]]></category>
		<category><![CDATA[deflation]]></category>
		<category><![CDATA[economics]]></category>
		<category><![CDATA[economy]]></category>
		<guid isPermaLink="false">http://professorpinch.wordpress.com/?p=2238</guid>

					<description><![CDATA[I&#8217;ve been trying to make sense of the macro landscape since, well, that&#8217;s just what I do.  One of the frameworks I&#8217;ve been trying to learn more about is Modern Monetary Theory, but I have to admit it has been a bit of a mind-bending experience and I&#8217;ve not always had the greatest success getting &#8230; &#8230; <a href="https://professorpinch.wordpress.com/2010/07/15/paul-mcculley-does-modern-monetary-theory-credit-writedowns-and-my-thoughts/">Continue reading <span class="meta-nav">&#8594;</span></a>]]></description>
		
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		<post-id xmlns="com-wordpress:feed-additions:1">2238</post-id>
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		<title>I Guess I&#8217;ll Say it Here&#8230;: America&#8217;s Lost Decade</title>
		<link>https://professorpinch.wordpress.com/2010/07/14/i-guess-ill-say-it-here-americas-lost-decade/</link>
					<comments>https://professorpinch.wordpress.com/2010/07/14/i-guess-ill-say-it-here-americas-lost-decade/#comments</comments>
		
		<dc:creator><![CDATA[professorpinch]]></dc:creator>
		<pubDate>Wed, 14 Jul 2010 04:35:51 +0000</pubDate>
				<category><![CDATA[finance]]></category>
		<category><![CDATA[Markets]]></category>
		<category><![CDATA[risk management]]></category>
		<category><![CDATA[Way Forward]]></category>
		<category><![CDATA[equities]]></category>
		<category><![CDATA[investing]]></category>
		<category><![CDATA[portfolio management]]></category>
		<category><![CDATA[risk]]></category>
		<category><![CDATA[risk/reward]]></category>
		<guid isPermaLink="false">http://professorpinch.wordpress.com/?p=2236</guid>

					<description><![CDATA[Left this comment for Sean McLaughlin, but I thought I&#8217;d share it here as well (emphasis, mine): Sean, this is great.  Thanks for sharing.  As someone who focuses on long term/bigger picture timeframes as opposed to intraday, what your post talks about is the importance of keeping your risk/return objectives and timeframe in sync. I&#8217;ll &#8230; &#8230; <a href="https://professorpinch.wordpress.com/2010/07/14/i-guess-ill-say-it-here-americas-lost-decade/">Continue reading <span class="meta-nav">&#8594;</span></a>]]></description>
		
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