Category Archives: Economics in the Age of Fiat Money
Posted March 18, 2016
On March 10th, the European Central Bank (ECB) announced that it will expand its Quantitative Easing program by one-third, increasing it from €60 billion per
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Posted March 11, 2016
Yesterday, the European Central Bank expanded its QE program by one-third and cut bank deposit rates deeper into negative territory. How did the markets react?
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Posted February 26, 2016
Until recently, negative interest rates were considered inconceivable. Now, however, $7 trillion worth of bonds are trading at negative yields. That means the owners of
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Posted February 13, 2016
Last week Citi made headlines by publishing a report claiming the global economy is trapped in a “Death Spiral”. The timing of the report was
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Posted February 3, 2016
Liquidity in the United States turned negative in the fourth quarter of 2015. I believe this played an important role in the severe stock market
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Posted January 24, 2016
In the new Macro Watch video uploaded today, I describe how my 30-year career in the investment industry has shaped my views on what drives
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Posted January 3, 2016
Between 1952 and 2008, every time US credit growth (adjusted for inflation) fell below 2%, the United States went into recession. During that period, the
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Posted December 19, 2015
On December 16th, the Fed hiked interest rates for the first time in nearly 10 years. The world did not come to an end, but
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Posted December 6, 2015
In 2008 the American Financial System failed. In this video, uploaded today, we take a look back at the systemic meltdown of the US financial
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Posted November 20, 2015
Asia is being hit hard by the slump in world trade that has resulted from the sharp economic slowdown in China. In the latest Macro
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Posted November 7, 2015
An Interview published in Hankook Ilbo I have just returned from speaking at The Third China Forum in Seoul, an event hosted by the Korean
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Posted October 30, 2015
The new Macro Watch video, uploaded today, addresses the following questions about China: Is China selling US government bonds? If so, what are the consequences?
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Posted October 16, 2015
There now seems to be a great deal of concern that the Dollar is about to lose its status as the main international reserve currency.
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Posted October 2, 2015
The first thing to understand about the global economy today is that CREDIT GRWOTH DRIVES ECONOMIC GROWTH. In the new Macro Watch video, uploaded today,
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Posted September 20, 2015
There are five reasons the Fed couldn’t (and still can’t) hike interest rates. Here they are: The US Economy is too weak. Deflationary Pressures are
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Posted September 14, 2015
The two engines powering global economic growth, the United States and China, have broken down. As a result the global economy is losing altitude fast.
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Posted September 7, 2015
Suddenly, the investment world has woken up to the importance of LIQUIDITY and its role in driving asset prices. Over the past week, Liquidity has
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Posted September 4, 2015
In the latest Macro Watch video, we look at the interim results announcement of Standard Chartered PLC to see what they tell us about the
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Posted August 26, 2015
Panic is spreading through the financial markets and the global economy is rapidly sliding back into severe recession. This worsening crisis won’t come as a
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Posted August 23, 2015
Last week the global economic slump caught up with Wall Street. Global stocks joined global commodities in a broad-based selloff that took the Dow Jones
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