Forward Guidance? – Nonsense! Central bankers have no choice.
byAfter two decades of serial bubble-blowing, the world’s central bankers have maneuvered themselves into a corner. They created a monster in the form of…
July, 2013
Confessions of a central bank official (two in fact and one to come)
byCity A.M. reports today Dovish Carney stuns markets: EQUITY markets jumped yesterday after the Bank of England shocked investors by indicating that rates would…
Enter the Guv’nor
by“Mark Carney, the new governor of the Bank of England, could hardly have timed his arrival better. Even before he launched his bid to…
Gold’s undervaluation is extreme
byThe price of gold fell last week to the $1,200 level. The lemming sentiment in capital markets is uniformly bearish, yet every price-drop brings…
Russia and China building their gold reserves
byWestern economic commentary on China and Russia is usually coloured by monetarist assumptions not necessarily shared in Moscow and Beijing. For this reason, Russian…