In a interview on CNBC Mario Draghi (the head of the European Central Bank, ECB) told us yesterday that he is concerned about capital insufficiencies, balance sheet holes, and backstops […]

In Shakespeare’s play titled “Othello” we discover an acrimonious manipulative protagonist in the person of Iago who envisions the downfall of Othello. Iago’s plans are not just convoluted. They are […]

It’s a pity that the market participants’ focus is on the childish political theater in Washington D.C. which is nothing but a symptom of a greater problem. Nations like families […]

The headlines of this past weekend edition of the European edition of the Wall Street Journal read: “Debt Targets for Greece Questioned”. In the article Klaus Regling, the managing director […]

It seems that the Latin phrase Crescit Eundo (it grows as it goes) fits well into the Fed’s modus operandi. In its latest attempt to justify the non-tapering, the Fed […]

Our Federal Reserve Bank, the ECB, and other central banks of developed nations face a paradox:  the same institution that is supposed to hold the ultimate reserves of the commercial […]

One of my favorite songwriters (Rich Mullins) – who died prematurely sixteen years ago – wrote the song “On the road to Damascus”. Let’s recall some of those lyrics: On […]

In 1904 Sir Halford Mackinder published his famous paper The Geographical Pivot of History. The paper served as the cornerstone for the study of geopolitics in the 20th century. Sir […]

We live in an era of financial repression where savings are penalized due to low interest rates. The latter is the outcome of the financial crisis. This in turn was […]

Understanding market trends is more than merely intellectual gymnastics on financial and economic themes. Every market era emphasizes different aspects of its inheritance depending on its own problems. Our challenge […]

The developed world’s crisis of 2008 was the result of credit over-extension fed by international imbalances and a finance sector that was issuing instruments whose collateral base was questionable. Developing […]