Since the 1980s, markets have had to adapt to a world of infinite credit. Of course, this credit has not been available to everyone: it has been principally deployed ... Read More
After a few months of slower growth, FMQ has picked up again. FMQ is the sum of True Money Supply (as defined by the Austrian School of Economics), plus ... Read More
Gold is money, admittedly not often circulating as such today. Fiat currencies issued by governments have driven gold out of circulation. But where does this leave silver? Money-substitutes, bank ... Read More
With the benefit of hindsight, the two-day devaluation of the yuan in mid-August might have been a masterstroke of strategy. China executed a financial move that appeared to undermine ... Read More
In last week’s article I pointed out that negative interest rates should lead to a general shift in consumer preferences from money towards essential goods. Central bankers may wish ... Read More
The sudden end of the Fed’s ambition to raise interest rates above the zero bound, coupled with the FOMC’s minutes, which expressed concerns about emerging market economies, has got ... Read More
We think we know that gold is no longer money, because Keynesians and monetarists insist it is so. Furthermore, it has been replaced by government currencies, which we use ... Read More
There is one class of money that is constantly being created and destroyed, and that is bank credit. Bank credit is created when a bank lends money to a ... Read More
In the early days of central banking, one primary objective of the new system was to take ownership of the public’s gold, so that in a crisis the public ... Read More
This month has seen something that happens not very often: it appears to be the early stages of a global stock market crash. For the moment investors are in ... Read More
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