Freedom and the Fear of Self-Responsibility
byLiberty is under a renewed challenge and attack in the contemporary world. From “political correctness” and its accompanying growing totalitarian closed-mindedness at institutions of…
Follow the money
bySince 2009, equities and other financial assets have climbed a wall of worry. Initially, it was recovery from the threat of a complete financial…
Saving and money – what is the relationship?
byConventional wisdom says that savings is the amount of money left after monetary income was used for consumer outlays, implying that saving is synonymous…
Another Reason Not to Believe the Bank of England’s Stress Tests
byThe Bank of England repeatedly reassures us that its stress tests demonstrate the resilience of the UK banking system. Well, let’s put the…
Boom
by“Facts do not cease to exist because they are ignored.” Aldous Huxley. There’s a telling quotation in Howard Marks’ latest memo to…
The Fed Remains on Course – to Trouble
byThe Federal Reserve (Fed) is widely expected to continue to tighten its monetary policy this year. According to a latest Reuters Poll, the Fed…
Why economists cannot forecast recessions
byThe purpose of this article is to draw the widest attention to the chronic inability of the economic establishment to forecast recessions. Next time…
Global Corruption and the Role of Government
byThe corruption of government officials seems to be as old as recorded history. For example, the ancient Roman senate passed laws against such political…
How Onerous Are Basel III’s Constraints On Bank Leverage?
byIt is generally acknowledged that high bank leverage was a key factor contributing to the severity of the Global Financial Crisis. For the UK,…
Are Bank Capital Requirements Really Ten Times Higher Than Before The Crisis?
byA major theme in Bank of England speeches over the last three years has been the ‘Ten Times’ story: bank capital requirements are now…