Reshaping risk-taking incentives
byThe evolution of banking as I have described it has satisfied the immediate demands of shareholders and managers, but has short-changed everyone else. There…
Bank of England
What does a credit rating mean?
byCredit ratings agencies have come under fire for not being proactive enough in recognizing bad sovereign risks. Even if the ratings agencies were a…
Did QE work?
byI think this is a complicated question to answer, and both sides of the debate have a tendency to over simplify. If we understand…
No Mt Rushmore for today’s interventionists
bySince the Great Financial Crisis started (in truth, since well before), we have unwaveringly maintained three main tenets in relation to how one should…
Daniel Hannan on our money-printing masters
byAs we feared, the wise men at the Bank of England have decided that what our ailing economy needs is another dose of QE….
The Fed is very nearly bust
byIn his latest article for ConservativeHome, Steve Baker considers the viability of America’s central bank: A review of the US Federal Reserve’s own document:…
Market Thoughts: Commodities, U.S. Treasuries, Greece
byAccording to the mainstream press, the reason behind the present sell-off in commodities – and in many so-called ‘risk-assets’ (stupid really, all assets are…
The Delayed Effect of Printing Money via Quantitative Easing
byGold reaches £913 per ounce If political leaders and central bankers think that they can curb the currency debasing effect of QE merely by…
Mervyn King’s “Operation Bernhard”
byThe UK is in sorry shape today. The British can at least take comfort in knowing that things are still not anywhere near as…
My Journey to Austrianism via the City
byI have spent the best part of the last two decades pitting my wits against the market. It’s an unforgiving game: I’ve seen ups and downs, and many of my rivals buried under an avalanche of hubris, passion, illogical thought and unchecked emotion.
I have witnessed the sheer folly of the ERM crisis, the Asian crisis, the failure of the Gods at Long Term Capital Management and the insanity of the tech boom.
I have enjoyed the ‘NICE’ decade (Non-Inflationary Constant Expansion), and scared myself silly during the credit crisis.
I am a trader. […]