Recent Articles

The shadow rate casts gloom

Posted on November 13, 2015

Since we have had the monetary wind at our back for so many years, at least a few have begun to question our ability to make economic and financial gains against actual headwinds.

QE's creeping communism

Posted on November 3, 2015

Most economists and investors readily acknowledge that the current period of central bank activism, characterized by extended bouts of quantitative easing and zero percent interest rates, is a newly-blazed trail in economic history.

Failure to launch

Posted on October 5, 2015

A deep bench of excuses, ranging from the weather to the Chinese economy, has been called on to justify why the US economy hasn't built up any noticeable steam, and why the Fed has failed to move rates off zero

Meet QT; QE's evil twin

Posted on September 6, 2015

There is a growing sense across the financial spectrum that the world is about to turn some type of economic page.

The Fed is spooking the markets not China

Posted on August 24, 2015

Fasten your seat belts, this ride is getting interesting.

What kind of "improvement" does the Fed want?

Posted on August 7, 2015

Over the past few years observing changes in Federal Reserve interest rate policy has been a little like watching paint dry or grass grow…only not as exciting.

The euro isn't dead

Posted on July 30, 2015

While the world can count dozens of important currencies, when it comes to top line financial and investment discussions, the currency marketplace really comes down to a one-on-one cage match between the two top contenders: the U.S. Dollar and the Euro.

The nuclear deal is mostly about oil

Posted on July 27, 2015

The recent nuclear non-proliferation agreement between Iran and the U.S. has created a firestorm debate in the Middle East and both sides of the Atlantic.

Currencies depend on faith, gold doesn't

Posted on July 22, 2015

Ironically, in a world awash in fiat currencies that are created at an ever increasing pace, and whose value is solely derived from faith in the issuing state, gold is the only form of money whose value does not require a leap of faith.

How socialism destroyed Puerto Rico, and how capitalism can save it

Posted on July 15, 2015

As in Greece, the Puerto Rican economy has been destroyed by its participation in an unrealistic monetary system that it does not control and the failure of domestic politicians to confront their own insolvency.

Geopolitics will trump economics in Greece

Posted on June 17, 2015

Based on the continued failure of the negotiating parties to make any substantive progress in the talks over Greek debt payments, the financial world is tied up in knots over a possible Greek exit from the European Union.

The punch bowl stays

Posted on June 9, 2015

That the Fed is creating new bubbles that no one seems willing to confront or even acknowledge.

The Fed considers a more seasoned approach

Posted on May 26, 2015

The problem hinges on the efficacy of the "seasonal' adjustments that are baked into the GDP methodology.

See No Evil: What we chose to ignore in the April jobs report

Posted on May 13, 2015

We live in an age where bad economic news is not only unwelcome, but it is routinely overlooked or excused.

The embarrassment of transparency

Posted on May 6, 2015

The word was meant to convey the belief that central banking was best done for all to see in the full light of day, not in the murky back rooms of Washington and New York.

Give'em the old razzle dazzle

Posted on March 24, 2015

By simultaneously claiming to be both aggressive and defensive, and to be moving forward even while standing still, Yellen positioned the Fed as being all things to all people, thereby igniting a rally in all asset classes at the same time.

A patient Fed considers losing patience

Posted on March 10, 2015

Although I have been critical of the Fed for many years, I never imagined that it would provide me with material that bordered on the metaphysical.

The bravado of borrowers

Posted on February 3, 2015

Last week a scene unfolded in Athens that provided all the visual and metaphorical symbols needed to define the current state of the global economy.

Switzerland wins as its central bank surrenders

Posted on January 20, 2015

If anyone had any doubt how severely the global economy has been distorted by the actions of central bankers, the "surprise" announcement last week by the Swiss National Bank (SNB) to no longer peg the Swiss franc to the euro should provide a moment of crystal clarity.

Hurts so good: when exactly are falling prices bad?

Posted on January 4, 2015

The sudden fall in the price of oil provides a unique opportunity to examine the widely held belief that deflation is economic poison.

Could an energy bust trigger QE4?

Posted on December 22, 2014

In a normal economic times falling energy costs would be considered unadulterated good news.

Black gold loses glitter

Posted on December 15, 2014

The stunning 40% drop in the price of oil over the past few months has scrambled global economic forecasts, changed the geo-political landscape, and has severely pressured many energy sector investments.

Data driven or driven data

Posted on December 9, 2014

There can be little doubt that data releases rather than experience or intuition are driving the economic conversation.

Fed yearns for higher Inflation to disguise asset bubbles

Posted on December 3, 2014

The piece sheds important light on how the Federal Reserve's attitude regarding sub 2% inflation has changed significantly over the years.

The clock is ticking in Switzerland

Posted on November 24, 2014

All eyes should now be focused on the Swiss voters.

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