It is hard to exaggerate the importance of China in the future of gold even if the relationship falls short of monocausal. Beijing’s actual course both in economic policy and geopolitics since its giant bubble economy turned to bust —...
The salvo from Washington as it unleashes the Green War with China leaves no doubt about the perilous state of Sino-US relations, and, incidentally, about Bidenomics. Yet, the remnant of a strong monetary link between the two countries...
Reports on the death of the present cycle of politically motivated monetary easing, in the words of Mark Twain, grossly exaggerated. Contemporary market analyses are full of how the Fed and ECB are dialing back on previous hints of Spring...
Fiscal explosion is not in the economic dictionary. But in the foreign exchange markets and bond markets this intuitive concept has sometimes powered a narrative which drives long-term US interest rates and the dollar upward in tandem. The...
“La commedia è finita!” summarizes where the United States and Europe now stand in the Great Phony Postpandemic Disinflation. Why phony? Reported consumer price index (CPI) inflation has been falling in the US and Europe; but this has...
The real drama of default in global markets has not been the federal debt ceiling negotiations in Washington but the write-off by inflation. The issue of whether it turns out that the US Treasury for a few weeks has been slow in servicing...
Under any remotely sound money regime the aftermath of war and/or pandemic is highly likely to feature a sharp decline in the prices of goods and services on average. Even under unsound money regimes there are powerful forces operating...