May 2011

Despite pumping trillions of yen into the economy over the last decade, Japan's M3 money stock is no higher now than it was at the beginning of the last decade as the private sector has deleveraged.

There are essentially three reasons why I think oil prices will go through a rather dramatic correction over the next several years: 1. Many investors who, in recent years, have added commodities to their portfolios as a hedge will…

The following is the second in a series of posts by QB Partners on the dollar standard monetary system. The first post is available for review at Credit Writedowns. In section 1, we tried to lend perspective to the current global monetary…

Bill Gross: Low policy rates and the increasing negative real yields that they engender as inflation accelerates represent an immediate threat to investment portfolios. Bond prices don’t necessarily have to go down for savers to get skunked…

The euro is struggling to extend its advancing streak to the eleventh session. However, the main driver, of divergent monetary policy stances remains intact. In fact, news today that 3-month Euribor is at 2-year highs and 3-month Libor was…

With the arrival of the first real Japanese data since the Tsunami struck the immensity of the tragedy which Japan is passing through is only now gradually becoming apparent. Exports were down by a seasonally adjusted 7.7% in March over…

Sterling is falling against the US dollar this morning after the April manufacturing PMI has come in weaker than expected at 54.6, the lowest in seven months. Inflation is the third highest since the data was first collected in 1999.

Michael Pettis argues that Reserve currency status is a global public good that comes with a cost, and people often forget that cost.

The April 2011 Manufacturing ISM Report On Business came out today and confirmed the slight downward path we have seen since February. Mind you, 60.4% is still a very robust reading. Nevertheless, I still believe the manufacturing sector's…

LURING THE UNSOPHISTICATED into the stock market was considered a risk by Federal Reserve Chairman Alan Greenspan in 1994. So much so, that protecting the individual investor was a mandate of the Fed. (The Fed advertises and then omits new…