Central bankers clearly read too many super-hero comics when they were young. Ben Bernanke at the US Federal Reserve, Mario Draghi at the European Central Bank, Mervyn King at the Bank of England and now Haruhiko Kuroda at the Bank...
Paul McCulley of Pimco, the world's largest bond fund managers, has been continually insightful about the lead-up to the current Crisis and its fall-out. He first alerted the blog to the work of Hyman Minsky, which is the best (and...
The oil market rally seems finally to be running out of steam. For months now, it has been driven by the 'correlation trade', whereby Wall Street traders sell the US$ and buy crude oil. But as the chart shows, the...
Sometimes, a picture is worth 1000 words. That's the case with this photo (used by most of the world's major news media), showing President Obama with former US Fed Governor Paul Volcker by his side. Volcker's re-emergence is the first...
Paul Volcker was the last US Federal Reserve chairman who believed that a key part of its role was "to take away the punchbowl just when the party starts getting interesting". He successfully brought inflation back to single figures during...
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