Simply stated

“Simply stated, the bright new financial system – for all its talented participants, for all its rich rewards – has failed the test of the market place.” Paul Volcker, April 8 2008. There you have it. In one sentence, the man who really was the greatest central banker of our times, and probably of all time, summed up the whole […]

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Lesson from London

Funny place, London. For a start, you have to choose between being a litter-bug or a human garbage can (sorry, make that ‘rubbish receptacle’). On the main streets and in even the big railway stations – not to mention throughout the London Underground – there are no trashcans available. The result, needless to say, is that most people leave their […]

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Another trap is sprung

The ‘Global Agenda’ column for February 22 was entitled ‘The Trap is Sprung’ and was devoted to the jump in US inflation. Its starting point was the policy of the Fed, the US central bank,  to cut interest rates sharply in an effort to stimulate economy activity (i.e. avoid recession), although inflationary forces were actually strengthening. Since loose monetary policy […]

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Dog in the Night

The ‘dog in the night’ is, conceptually, the contra of the canary in the coalmine. In the early twentieth century, when coal was still king, miners used to take a canary down the shaft and use it as a live and primitive early-warning system. Canaries are highly sensitive to dangerous gases which might be odourless for humans, so if the […]

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Assymetrical

All those people, mostly Jews, obsessed by the double standards supposedly employed by the media, can add another item to their list. It’s not actually new, but recent events have served to highlight it to a degree perhaps unprecedented. I refer to the way big moves in equity markets are reported. When markets fall by an unusually large amount in […]

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