Richard Koo has been known as the father of the “balance sheet recession” theory. The essence of his theory states that monetary policy becomes ineffective when interest rates drop to […]

In this third and final commentary regarding market trends and prospects in 2014, I would like us to concentrate on what we assess to be key-elements for equity markets as […]

I boarded the flight from Chicago to London. From the plane’s speakers I could clearly hear Tom Petty’s voice singing his song about “dancing in the zombie zoo”. “How appropriate”, […]

Numbers reveal conceptual relationships. Price movements become powerful sources of inferential knowledge regarding changing historical conditions. The rhythms of price movements signify an historical inevitability as has been shown over […]

All signs – as initially discussed below – point to a good year for equities in 2014. Of course, we are not deaf to the voices that talk about a […]

Next Tuesday U.S. regulators are expected to approve a stricter version of the Volcker rule. The latter prohibits banks from proprietary trading which was at the heart of the financial […]

Last Saturday night the P5+1 nations (US, UK, France, Germany, Russia, and China) signed a limited agreement with Iran that paves the way for something which potentially would be very […]

Two days ago the third plenum of the Chinese eighteenth central committee meeting ended and all indications point to an historic event. Third plenums tend to consolidate power for the […]

Goethe’s insights into the seriousness of the problem of historical epistemology reminds us that in human history some have chosen to reject the notion of historical truth by diverting their […]

The essence of this commentary is twofold: First, to explain how and why the rising levels of financial lubrication are expected to generate and support a rally in equities and […]