The end of Covid emergency measures will unleash familiar emergencies

The Covid era allowed governments to paper over a long list of imminent crises. Extreme fiscal policy kept economies on life support. Extreme monetary policy…

Will hidden liabilities bring down the euro?

An advertisement changed my life. While working as an investment strategist on Wall Street in 1993, I came across a similar position advertised in The…

Fiat money gets some competition at last

Why do people accept pieces of paper as money? What makes us believe we can spend numbers on a screen? Why do they believe such…