Articles by Pablo Pardo

About the Author

Pablo Pardo
Pablo Pardo is Washington DC correspondent of El Mundo. Journalist especialized in International Economics and Politics.

“Political paralysis can be beneficial for the markets”

Pablo Pardo (Washington) | Ken Fisher is a curious multi-millionaire, who talks in plain language and loves the media. At 69, he is retired from the day-to-day management of his fund, Fisher Investments, which holds more than 100 billion dollars in management, and seems to be enjoying himself as a columnist in, among other media, the dailies Financial Times and USA Today and the weekly Forbes, where he sets out his ideas about markets in a plain language easily understood by everyone. And he does not hesitate to runs against the current when, for example, he says “I am not a fan of philanthropy”, although, it also has to be pointed out that he has donated millions to protect woods in the US, especially the redwoods, a species of sequoia which reach more than 100m high and are one of the largest trees in the world.



Ngaire Woods: "We are moving towards a globalisation sustained by empires"

Ngaire Woods: “We Are Moving Towards A Globalisation Sustained By Empires”

Pablo Pardo (Washington) | Dean of the Blatavnik School of Government, Ngaire Woods is one of the people closest to Robert Keohane, of Princeton University, one of the most influential international relations theorists in the world. Woods, whose doctoral thesis was on European monetary union, has specialised in global governance and the role of multilateral institutions, two questions which have been the centre of debate following the victory of Donald Trump and Brexit.


Ángel Ubide: “The US taxpayer made money from the bank rescue. But no-one knows it”

Pablo Pardo (Washington) | Ángel Ubide, who was advisor to Spanish PM Pedro Sánchez between 2015 and 2016, has an enormous experience in financial markets. He has worked in the IMF, Goldman Sachs and three of the largest and best known hedge funds on Wall Street, Tudor, DE Shaw and now Citadel, where he is director of fixed income studies. He has also been a senior fellow of the Peterson Institute for International Economics, the most important think-tank specialising in economics in the US.

 

 


Federal Reserve disappoints market

The US: Monetary Socialism

Pablo Pardo (Washington) | If in any country the word “socialist” is an insult, it is in the US of 2019. “Socialism” has become the war cry of the Republican party against the opposition Democrats, who control the House of Representatives, in large part because the media star of this party in the Congress, Alexandria Ocasio-Cortez, describes herself as a “democratic socialist”.


"The 48 debt crises of the last 100 years are all the same"

“The 48 Debt Crises Of The Last 100 Years Are All The same”

Pablo Pardo (Washington) | Many consider that his hedge fund, Bridgewater, is a sect. A sect in which the guru is the fund´s founder, Ray Dalio. A guru who is now semi-retired from the front-line of managing the fund, and dedicates himself to spreading his ideas about the world, life and the markets. Ideas which are captured in his best seller “Principles”, published in Spain by Deusto, in which he develops his philosophy of life and the markets in 608 pages with autobiographical touches.

 


From El Padrino pizzas to the Federal Reserve

From The Godfather pizzas to the Federal Reserve

Pablo Pardo (Washington) | Donald Trump could nominate Herman Cain, an eccentric businessman who has accumulated various scandals and a questionable economic baggage, as a board member of the Federal Reserve. Cain is famous for having directed the El Padrino pizza chain and also for having been a senior executive at Burger King.


"They ignored us in Europe, but when interest rates are at zero you have to use fiscal stimulus"

“They Ignored Us In Europe, But When Interest Rates Are At Zero You Have To Use Fiscal Stimulus”

Pablo Pardo | “In the 30s there was no econometrics and the economists could offer no advice on fiscal or monetary policy. In the last crisis the economists could offer ideas, say things like that, when interest rates are at zero, you have to use fiscal policy to stimulate the economy. This doesn’t mean that they listened to us. In Europe, for example, they pretty much ignored us,” explains William Nordhaus, Nobel laureate for economics in 2018.


US volatility towards 2020

US Volatility Towards 2020

Pablo Pardo (Washington) | Although the world’s prime economic power has grown for 114 consecutive months,  Wall Street has spent the whole year in a saw teeth configuration. If stock market uncertainty was not enough, now fixed incomes have joined the chorus of anxiety. Since the summer, the yield curve has been flattening, in what appears to be the clearest sign of a recession in sight.