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Monetary Policy – The N-Word
In this excerpt from the December 2012 “Letter to Investors” we look at what looms […]
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“Who moved my recession?”
Lakshman Achutan, ECRI (Economic Cycle Research Institute) made a recession call for the US on […]
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Analyze this: The Fed is not printing enough money!
Before you trash me in the comments, hear me out. It started off with Ray […]
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The “beautiful” deleveraging
Some of my clients like to challenge my (admittedly gloomy) views, forcing me to think […]
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You got Bernanked: Three years gone in three weeks
US Bond market: Over the last three weeks, 10-year US government bond yields increased from […]
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All roads lead to a disintegration of the Euro
Our investment thesis can be summarized as follows: Equities are worthless when associated debt becomes […]
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David versus Goliath – the SNB against everybody else
A picture says more than a hundred words, so I wanted to present in graphical […]
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Mental contortions of a printing machine operator
“We never pre-commit” is the standard answer the ECB (European Central Bank) has for anyone […]
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Inside Job at the SNB?
The official version: “Enormously dedicated” SNB chairman Philipp Hildebrand purchases 500,000 USD days before he […]
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The ghost of the Bundesbank haunting the halls of Brussels
In his book “More money than God”, Sebastian Mallaby describes how George Soros received a […]
Category: Central Banks
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