In terms of profitability and trade-generated wealth, China is a hollow dragon. It is widely assumed that manufacturing (a.k.a. the world’s workshop) is the source of China’s wealth. But ... Read More
Devaluation has a negative consequence few mention: the cost of imports skyrockets. When stagnation grabs exporting nations by the throat, the universal solution offered is devalue your currency to boost ... Read More
Central planning asset purchases aimed at propping up prices destroy the essential price discovery needed by private investors. Panicked by the possibility of declines that undermine the official narrative ... Read More
This seemingly inexhaustible credit line is now drying up, with severely negative consequences for oil producers with debt that’s coming due. Could the oil patch bust triggered by oil ... Read More
Piling on more debt is the worst possible way to correct structural trade and productivity imbalances. In Greece and the End of the Euroland Fantasy, I suggested the trade ... Read More
Papering over the structural imbalances in the Eurozone with bailouts or bail-ins will not resolve the fundamental asymmetries in trade. Beneath the endless twists and turns of Greece‘s debt crisis ... Read More
The entire economic and political structure is now dependent in one way or another on the continued expansion of financial markets. The financial markets don’t just dominate the economy–they ... Read More
Our current faith in central banks’ ability to “make the economy all better, all the time” is horrendously misplaced. We are living in the Cargo Cult Era of Central ... Read More
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