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 […]

For a crisis to culminate and show its true face, time is critical in the sense that it should enter a saturation phase which in turn will signify that the […]

The current market record-setting highs may signify an upward bias carried by momentum and liquidity. The first graph below shows the performance of the S&P 500 over the last month, […]

The best thing that the US has to export is the USD. From that perspective, it is the strategic advantage of the US to create those conditions necessary for the […]

In the last few days Greece and Cyprus occupied the headlines again in newspapers like The Wall Street Journal, the New York Times, and the Financial Times. I apologize for […]