The City

Transitory inflation is the circular reference of monetary policy

The most dreaded moment of all Microsoft Excel spreadsheet efforts is a popup error box warning of the feared “circular reference”. You can’t go on…

Taper Tantrum Two?

We’ve been here before, of course. After the financial crisis of 2008, central bankers were faced with the task of unwinding their vast monetary policy…

Central banks have grabbed the bond market by the tail

Our coverage of the carnage in the bond market continues today. At the start of November, I told you about the Australian bond market’s turbulence.…

When you have eliminated all which is impossible, you get inflation

We’ve been digging into the weeds of bond markets, inflation and monetary policy for a few days now. The Bank of England’s threat to tighten…

Did the bond market crash just begin, down under?

Most investors don’t pay attention to the bond market, despite the fact that it’s much larger than the stock market. That’s not to mention that…

Will the real Rishi Sunak please stand up?

Chancellor Rishi Sunak finished his Budget speech with wise words: “Do we want to live in a country where the response to everything is ‘What…

What central bankers are really up to

Thanks for all your emails about my upcoming video which investigates, “Why can’t central bankers just buy all the debt?” Many of them have had…

The central bank hawks are jumping off the inflating ship

You know that phrase about rats jumping off a sinking ship? Is it a tale of caution or criticism? Should you join the rats on…

The withdrawal symptoms of decarbonisation

Have you ever wondered how I came to write this? If not, the good news is that it might be a little relevant to the…

The energy crisis becomes a commodity crisis

We all understand the consequences of higher petrol prices… and what happens when those prices turn into shortages instead. Indeed, the energy crisis has captured…

How the free market stole your gas

I quite like reading the Guardian. It has the guts to publish whistleblowers and do some proper investigative journalism. But it also seems to be…

What if the new world order is not acceptable to the masses?

A few weeks ago, the New South Wales chief health officer, Dr Kerry Chant, uttered the words “new world order” in a press conference in…

And then came the recession

I’m getting worried the global economic recovery from the pandemic is about to go very sour. And with it, asset prices. In fact, a recession…

The US dollar is heading for the graveyard of currencies

Did you miss Friday’s Southbank Live event about the death of the petrodollar? You can watch the recorded version here. And, in keeping with what…

Are you addicted to QE?

Is the Bank of England addicted to QE? Or did the pot call the kettle black? The UK’s exports to the EU have surged well…

Misunderestimating risk

I’d like to ask you something: What is risk? That sounds like a stupid question, I know. But consider this. Your definition of the word…

Is the pandemic over?

Freedom Day has come and gone. But Covid-19 cases plunged instead of surging as predicted. Is the pandemic over? Have we reached the magic threshold?…

The lucrative law of unintended consequences

I believe every government action to solve a problem makes it worse or creates a bigger problem. Or both… I’m not just talking about the…

When Hayek went Down Under and grabbed Inflation by the balls

One year ago, I predicted inflation would surge. That an inflation surge would be engineered by our central bankers, I should say. Today, the idea…

There will never be a true Freedom Day

They called it Freedom Day. But I didn’t notice any difference. This is perhaps because I don’t go nightclubbing. Or because I’m stuck in Japan……