The old adage that ‘the market must climb a wall of worry’ – i.e., that the best bull runs take place to the accompaniment of a swelling chorus of doubters – seems to have taken on a broader application in the economy at large where everything and anything which can be negatively construed currently calls […]
Category Archives: USA
The First Time as Tragedy In the past, our ready predisposition to fear the worst has proven to be well-founded. Indeed, through much of the two years leading up to the Great Crash of 2008, there was all too much evidence to ignore that a kind of collective madness had gripped the whole universe of […]
Dear Lord, Y’all give us another oil boom… If there is one sector of the US economy where an Austrian-style Boom-and-Bust bust has taken place, it is the onshore oil industry – though, by extension, other primary resource industries, such as metals and mining and farming have also suffered in the ongoing aftermath of the […]
SUMMARY: Thanks to the election of President Trump and to his uncompromising attitude to the establishment media, much hot air is being expended on the subject of ‘fake news’. What we should really be getting worked up about is ‘fake economics’, for this is a much more pervasive evil, as well as a much more […]
Amid the relative torpor of the US holiday, it might be the moment to wax a little philosophical and ask if you, the listener, have ever noticed that so much of what passes for economic wisdom today involves the persistent overuse of the word ‘uncertainty’?
As what will be an interval greatly shortened by the Thanksgiving Day holiday dawns, traders and investors seem happy to continue where they left off on Friday, buying stocks, selling currencies, and giving bonds a fairly wide berth. A little respite would not be entirely unwelcome after a period in which we have experienced record […]
Pride of place for political news outside the US must go to the UK High Court’s decision that the infamous Article 50 clause by which Brexit is to be achieved cannot take place without being subject to Parliamentary approval.
In this complimentary extract from last month’s edition of ‘Money, Macro & Markets‘, that’s the issue at which I take a detailed look. Please follow the link to access the PDF:- 16-09-29-mmm-sep-useqty
In the Q&A which followed the latest Federal Reserve exercise in ostrich imitation, Janet Yellen offered up this giant hostage to fortune, if only in the spirit of she-would-say-that-wouldn’t-she: ‘Overall, I would say that the threats to financial stability I would characterize, at this point, as moderate. In general, I would not say that asset valuations […]
In light of the breathless anticipation which preceded the Fed Chair’s speech to her peers at Jackson Hole and cognisant of the mild state of befuddlement with which it was received, we felt it would be of interest to readers to have a translation, together with a gloss (each in bold), in order to try to remove some of […]