A wider perspective.

Ideas and analysis on money, markets and the world around us.

Central banks paralysed at the zero bound

Though the Fed would deny it, it is clear from the minutes of the last Federal Open Market Committee (FOMC) meeting that a rise in interest rates has been put off indefinitely. The subsequent rally in the price of gold…

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Market Report: FOMC minutes turned the tide

Following the release of the Federal Open Market Committee (FOMC) minutes last week, gold and silver have come alive, the gold price rising from a low of $1147 on 18th March to $1200 this morning and silver from $15.46…

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The new order emerges

China and Russia have taken the lead in establishing the Asian Infrastructure Investment Bank (AIIB), seen as a rival organisation to the World Bank and the Asian Development Bank, which are dominated by the United…

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Market Report: FOMC is boxed in

The Federal Open Market Committee (FOMC) statement released on Wednesday was notable for deferring interest rate rises to some unspecified time in the future. This was realistic, given the continuing strength of the…

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An Austrian take on inflation

We know that today’s macroeconomists are very confused about inflation, if only because despite all experience they think they can print money and increase bank credit with a view to generating price inflation at a…

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Market Report: Currency chaos

This week has been all about currencies, with a weak euro grabbing the headlines. At one point yesterday morning, the euro was 3% down from last Friday's close, hitting a 12-year low against the US dollar. The yen was…

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