Statistical misdirection
Economists who understand credit cycles expect the current cycle to enter its crisis stage at any moment. Furthermore, it combines with incr...
Goldmoney Insights
150 years of bank credit expansion is near its end
The legal formalisation of the creation of bank credit commenced with England’s 1844 Bank Charter Act. It has led to a regular cycle of ex...
The monetary lessons from Germany
Germany suffered two currency collapses in the last century, in 1920-23 and1945-48. The architect of the recovery from the former, Hjalmar S...
Precious metals round-up
Growing evidence of an economic downturn despite unprecedented monetary inflation since Lehman means a new credit and systemic crisis is bec...
Money and the theory of exchange
Evidence mounts that the global credit cycle has turned towards its perennial crisis stage. This time, the gathering forces appear to be on...
The Ghost of Failed Banks Returns
Last week’s failure in the US repo market might have had something to do with Deutsche Bank’s disposal of its prime brokerage to BNP, br...
China or US?
China has made some silly errors in its conflict with the US, reflecting the arrogance that often afflicts every state actor. But the appear...
Negative interest rates and gold
The reason for persistent strength in the price of gold can be found in the changing relationship between time preference for monetary gold,...
Our costly dalliance with Lord Keynes
In “The General Theory of Employment, Interest and Money”, Keynes virtually created macroeconomics. But Keynes was a mathematician, not...
Deeply negative nominal rates are on their way
Growing evidence of a severe global recession is sure to provoke more aggressive monetary policies from central banks. They had hoped to hav...