The backbone of fiction, poetry, and drama of current generations is a mirror image of the philosophical struggles of the previous generations. The writings of Aeschylus, Euripides, Sophocles, and so […]

This Thursday (September 18th), the people of Scotland are called to choose between going alone as an independent state or staying under the umbrella of Britain and the United Kingdom. […]

We are approaching the time when the ECB will pull the trigger and will start buying paper “assets” (i.e. someone else’s liabilities) in the ultimate hope of stimulating a paralytic […]

In the last few days we’ve observed geopolitical events taking place from the Middle East to Eastern Europe and from Africa to Asia, shaking the markets and molding expectations. The […]

In the last commentary our thesis was that the economic landscape does not suffer from secular stagnation but rather from a complex and confused disequilibrium that diminishes expectations. Rather than […]

We are dreaming. We desire utopias. We treat ourselves with placebo drugs and we are hypnotized by all of the above. The symptoms started in Japan in the early 1990s. […]

Over the course of the last few weeks equity markets has felt shocks, with the German DAX index dropping by more than 10% signifying correction territory. As we explained last […]

The market turmoil last week persuaded some that a major correction is at work that will deflate the financial bubble. We would humbly disagree with that prediction. In our opinion […]

In the most recent report from the Bank of International Settlements (BIS) – the central bank of the central banks- we observed one the clearest divisions between the accommodative/coordinated policies […]

Over the course of the last several months a sense of market stability has prevailed. This can be seen in the low yields of government securities around the globe, signifying […]