What will your modos operandi be when, as a central bank, you want to expand your discretionary powers to conduct monetary policy that will be ever more harmful to ordinary citizens and has more severe consequences for financial markets, without setting off the public’s alarm bells? First of all, whatever the case, you of course do not admit that your aim is to obtain more discretion.... »
Oh Dear, Central Banks Are Going to Evaluate Themselves
December 5 2018
Corporations Were Never Before in Worse Shape Than Today – In Three Charts
November 21 2018
The stock market has been characterized by a decade-long complacency. The longest ever bull market in the history of the stock market has led to a curious situation in which bears are dismissed as gloomy alarmists, more or less ranked alongside wearers of tinfoil hats, astrologists and other types of conspiracy theorists. That might be the case for the moment, but that does not mean that we are wrong or that bears will be dismissed forever. By the time the current market will reach its violent... »
What Do Oil Prices Signal?
November 14 2018
The U.S. midterm elections are done. The Democrats gained a majority in the House of Representatives, whereas the Republicans gained a majority in the Senate. This implies that Trump will have more trouble in introducing new legislation (another tax hike will be close to impossible, for instance),... »
What to Expect After the U.S. Midterm Elections?
November 7 2018
The results of the U.S. midterm elections are final. Yesterday, on November 6, American voters went to the ballot box to cast their votes for Congress. The Republican party kept a majority in the Senate (governors were elected in 46 states) but lost its majority power in the House of Representatives. What will the consequences be for Trump and the Republican party, now that the Democrats have gained some control over public policy?... »