Precious metals in 2014
by“Now the New Year reviving old desires The thoughtful Soul to Solitude retires” – Rubaiyat of Omar Khayyam Yes folks, it’s that time of…
Hyperinflation
Currency war means currency suicide
byWhat the media calls a “currency war,” whereby nations engage in competitive currency devaluations in order to increase exports, is really “currency suicide.” National…
No tapering, no surprise
byIt was not too surprising that there is going to be no tapering for some very good reasons. The commencement of tapering would have…
The constant taking of the soft political option
by“On October 15, the mark’s rate against the pound passed 18 milliards. On October 21, after the mark had moved in three days from…
What’s wrong about the euro, and what is not
byEvery Monday morning the readers of the UK’s Daily Telegraph are treated to a sermon on the benefits of Keynesian stimulus economics, the dangers of belt-tightening…
The Keynesians’ new clothes
byIt might seem like yesterday to some but it was already in 2009 that politicians in Europe began to talk about ‘austerity’, a concept…
Pity the central banker
byIf central banking were a stock, you’d go short. Blue-chip mystique still clings to it but you can feel the reputational parabola slowly gathering…
The loss of trust and the Great Disorder
byAt its most fundamental level, economic activity is no more than an exchange between strangers. It depends, therefore, on a degree of trust between…
“But there is no inflation!” – Misconceptions about the debasement of money
by“But there is no inflation!” – This is a statement I hear quite often, sometimes from people who are, in principle, sympathetic to my…
The death of banks – and the future of money
byUK Chancellor George Osborne and Bank of England Governor Mervin King last week announced another round of fiscal and monetary stimulus measures, including steps…