Inflationary financing and GDP
This article demonstrates that only government borrowing in the US and UK drives GDP growth. This surprising conclusion is confirmed by long-run statistics. GDP…
Read MoreEconomic Cycles
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 have the…
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Obvious Capital Consumption
We have spilled many electrons on the topic of capital consumption. Still, this is a very abstract topic and we think many people still struggle…
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“Mind-alteringly cheap”
“The problem is not so much to see what nobody has yet seen, as to think what nobody has yet thought concerning that…
Read MoreFor those who don’t understand inflation
This article is a wake-up call for those who do not understand the true purpose of monetary inflation, and do not realise they are…
Read MoreInterest Rates, Global Value Chains and Bank Reserve Requirements
Interest Rates, Global Value Chains and Bank Reserve Requirements Global Value Chains have suffered since 2009 Despite low interest rates, financial costs remain…
Read MoreThe Financial War Escalates
Behind the scenes, the financial war between America and China is escalating dangerously into a war to secure global financial resources. At a time…
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Economic stability and economic growth
During the period 1920 to 1960, we can observe that the annual growth rate of production was more volatile than between the…
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Global Real Estate – Has the tide begun to recede?
Despite the fourth quarter shakeout in stocks, real estate values keep rising Financial conditions remain key, especially in a low rate environment Isolated…
Read MoreCentral Banking Is Central Planning
At a time when the appeal of and demands for a new “democratic” socialism seem to have caught the imagination of many among the…
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