ECB may surprise… by not easing

. Marcuard's Market update by GaveKal Research What are European investors hoping for? Or, to put the question more forcefully (and give away our conclusion) what have they been smoking? The European

The social purpose of tax havens

. Marcuard's Market update by GaveKal Research The Cahuzac affair in France has conveniently emerged just as the search for possible scapegoats to Europe’s quandary was intensifying. Thanks to the former French

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