A market reset due
Recent evidence points increasingly towards global economic contraction. Parts of the Eurozone are in great difficulty, and only last weekend S&P the rating agency…
The velocity myth
If there is one concept that illustrates the difference between a top-down macro-economic approach and the reality of everyday life it is the velocity…
Valuing gold and turkey-farming
Today’s financial markets are built on the sand of unsound currencies. Consequently brokers, banks and investors are wedded to monetary inflation and have lost…
The end of tapering and government funding
Last year markets behaved nervously on rumours that QE3 would be tapered; this year we have lived with the fact. It turned out that…
Currency turbulence
You’d think that the US dollar has suddenly become strong, and the chart below of the other three major currencies confirms it. The US…
A difficult question
In a radio interview recently* I was asked a question to which I could not easily give a satisfactory reply: if the gold market…
The wages-fuel-demand fallacy
In recent months talking heads, disappointed with the lack of economic recovery, have turned their attention to wages. If only wages could grow, they…
Keep calm and carry on
At the end of July global equity bull markets had a moment of doubt, falling three or four per cent. In the seven trading…
FMQ carries on growing…
June’s FMQ components have now been released by the St Louis Fed, and it stands at a record $13.132 trillion. As can be seen…
The Coming Slump
Governments and central banks have made little or no progress in recovering from the Lehman crisis six years ago. The problem is not helped…