Money matters
Several months ago, when we were trying to summarise our best guess as to the shape of the coming year, we had to attach…
Shadowlands
The fallacy [that the Bank cannot overissue money] lies in not distinguishing between an advance of capital to Merchants and an additional supply of…
A three-way split
Whatever residual worries there were going into the deadline for the Greek deal, they did not seem to have impacted sentiment elsewhere, as it…
2012 outlook
This time last year, while still bullish out of regard for the effects of the Fed’s latest burst of monetary pharmacology, we had begun…
Into the inferno
In my previous article, I considered the possibility that Germany may finally succumb to the malaise spreading around it, causing German rectitude gave way…
The big (double-)dipper
I concluded my previous article with the observation that in many regions of the world, the inevitable lag between cause and effect has seen…
A fraction wide of the mark
In the classic textbooks, it is correctly said that it is mainly through the process of (private or public) credit creation that money itself…
Missing the target
This article is the sixth in a nine-part series on credit. The other great class of credit whose extinction is not to be trembled…
A merry dance
As I argued in yesterday’s article, disruptions caused by an artificial excess of credit will squeeze margins and lead inevitably to the demand for…