In his recent posting on Linked In, entitled, ‘The death of macro-prudential’, Stuart Trow of the EBRD delivered a well-aimed broadside at the pitiable conduct of the Bank of England and elaborated on some of the malign consequences of its catalogue of errors. Without wishing to single him out unduly for criticism for a piece […]
Category Archives: ECB
The so-called ‘war’ over trade being conducted by the US & China has given rise to much ill-informed commentary about its supposed benefits, its prospective victims, and China’s putative responses.
Have we finally reached the high-water mark of the current bull run? Is all the good news in – and the last, most shaky, marginal buyer along with it, inveigled in by the bounce from February’s brief Vol-au-Vent? If so, what are the implications? Where are the trigger points? How will any weakness manifest itself?
Previously featured by the good folk at Real Vision, my look at how the narrative we construct around the events of the market is all important in determining how we react to it and, hence, what further ramifications these might involve.
One of the prevailing stories which nervous market participants whisper to each other at bedtime involves the timely appearance of the Fairy God-mother, hastening to Earth from Tir Nan Og to launch another multi-trillion round of money-printing the instant that our over-inflated asset prices suffer any meaningful setback. This comforting narrative, however, presupposes three key […]
In our latest piece we look at the ECB’s overkill and all manner of possible over-valuations at work in different markets around the world – the two not being entirely unconnected, the reader might note!
Does it make sense to plot multi-decade asset prices on a linear scale? How reliable are macro ‘profit’ estimates? Why is the curve flattening and what will a reduction in Central Bank reserve balances mean for assets? S0me recent short snaps from my LinkedIn & Twitter feeds plus you can watch my latest update ‘China: […]
[An edited version of the following appeared in Moneyweek under the title, ‘What’s unsettling the US Dollar?‘] ‘Dollar makes worst start to the year since 1985,’ screamed the headlines a few weeks ago in a classic click-bait attempt to get people to read about what they already should know by using a somewhat artificial statistic […]
[This article appeared in edited form in the Epoch Times and also in the Daily Telegraph] In her recent set-piece testimony before Congress, Janet Yellen made clear that she is determined to repeat the sort of ‘gradualism’ in raising rates that proved so disastrous after the Tech bust. In other words, that she will not […]
The more our would-be Philosopher Kings attempt to display the awesome panoply of their intellectual armour, the more we think, not of the Greek sage from whom they seem to draw inspiration, but of Mickey Mouse’s dopey canine friend. In bonds, the Bears are mounting another one of their forlorn hope charges against the central […]