Although the Fed’s August policy update reinforced some analysts positive view of U.S. stocks going forward, it does not inspire much confidence
The Fed Can’t Drive Stocks Much Higher
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Economics
Winners and Losers of the Pandemic Economy
While it is true that bullish equity markets are out of step with the historic contraction in the real economy, to say that they are disconnected
Poverty as Injustice
Across Western advanced economies, a widespread sense of malaise has given rise to a debate about what the state can and should do to ensure
Rings of Impact
Today, there is an important opportunity for businesses to engage in a “Race to the Top” as they re-design their practices to be attractive
Board Games
For long periods of economic history, societies have built walls to defend themselves, relying on local suppliers to a domestic marketplace.
In the Shadow of the Tetons
This week, this missing Tetons will cast a metaphorical shadow over the Fed deliberations. The reason for their absence will be a powerful
Whither the Pandemic Economy?
The good news is that the unprecedented initial policy response to the economic downturn triggered by COVID-19 has averted a worst-case scenario,
Gold? Bitcoin? It’s worth revisiting Milton Friedman
Today’s gold and cryptocurrency ‘bugs’ sense that inflation will bring handsome returns. They may want to dust off the works of Milton
What is the Market Telling Us?
Now that the world’s benchmark equity index—the S&P500—has closed in on its pre-pandemic and all-time highs, it’s useful to carefully
Why the US Election May Not Matter for Investors
While the stakes of the upcoming US election are theoretically higher than usual, Julian Howard argues that the relationship between US politics
The Robot Question
Although robots that can perform human labor will put downward pressure on wages in the short term, they also will increase the rate of profit,
No Time For Complacency
Despite a deep global recession, double-digit declines in worldwide corporate profitability, rising geo-political risk and no effective long-term
The Long Run
The long run is a forecaster’s biggest challenge. But it yields substantial rewards, among them recognition of future challenges and possible
The Spectre of Inflation
We may now need to reconsider the possibility of a shift into a highly inflationary environment. It may emerge slowly, but the tail-risk is
Should Governments Spend Away?
With sovereign-bond markets still showing little concern for the massive levels of borrowing and spending across advanced economies, it is
How to Close America’s COVID-19 Testing Deficit
The US is facing a major health and economic catastrophe for one simple reason: its existing COVID-19 testing infrastructure has broken down.
Extrapolation Risk
Despite a shellacking from Congress during public hearings, a day later the biggest information technology stocks delivered mostly robust
Will COVID-19 Kill Cash?
Reports that the coronavirus could be transmitted by handling cash has given people another reason to steer clear of banknotes. Although untrue,
Horror Show
Investing is not, statistically speaking, a horror show. But at discrete intervals, it can be useful to keep an ear out for dissonance.
America’s Compromised State
The lack of a coordinated national response to the COVID-19 pandemic in the United States has predictably resulted in an unmitigated economic
The US-China Trade War
Who dominates global trade? It is well recognized that China has become the world’s largest trading nation.
Are the Dollar’s Days Numbered?
Few issues in economics more befuddle and divide the profession than figuring out what determines exchange rates.
The Fastest Way Out of the Pandemic
During the 2009 swine flu pandemic, a few countries cornered the vaccine market, leaving the vast majority of the global population with no
Fly Fishing and the Market
Investors, it seems, are resigned to following the main current of the river. That may be a good strategy for a boater looking to drift along