About a year ago in a meeting we had in Warsaw, Poland I contrasted Jamaica and Singapore. The contrast was based on a simple observation/fact, which stated that those two […]

Close to twenty years ago, the Eurocrats decided to defy the laws of gravity in economics, and they started designing a common currency without a fiscal union. Their thinking was […]

As it is widely expected, the ECB will unveil today its own version of QE. Welcome to a dead-end where central banks may resemble Prometheus bound by chains made by […]

The Euro – the epitome of what is known as a dysfunctional currency- is shaking. It seems that the Fed no longer needs to support it at those irrational levels, […]

I boarded the nonstop flight from Miami to Buenos Aires. As in the previous years during this time, it was destined to be an exciting flight. My fellow co-passengers in […]

The purpose of this commentary is not to convey our outlook for 2015. That will be forthcoming in two parts in the next couple of weeks. Rather its purpose is […]

We live in a delusion. We face a sea of risks and we contemplate if we need more debt. This is like asking a diabetic if he needs more sugar. […]

We have entered an era where currency values may move markets into uncharted territory. At the same time complacency and the fact that investments are driven by central banks’ moves, […]

When we compare equity and oil markets over the course of the last four years it is easy to see that markets in the US are reaching record highs while […]

Searching for Escape in the Middle of Black Holes: On the Balkanization of the Markets Let’s start with defining the terms used in this commentary. A black hole is created […]