The S&P 500 is down more than 7% in September, the Dow Jones 6% and the Nasdaq Composite more than 10%, into correction territory.
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Economics
The Economic Case for Biden
US President Donald Trump has seeded the investment environment with uncertainty, trashed America’s trade relationships, blown up the
The Times, They Are a-Changin’
Bob Dylan’s lyrics resonate today against a backdrop of social and political unrest unlikely any time seen since he penned them. And even
The Cruelest Month
September, and October, will probably contain a few nasty surprises. Get ready.
A K-Shaped Recovery is a Disaster
The stock market is soaring while small businesses are dying. It can’t go on this way. A K-shaped recovery is a disaster, and would undermine
The Fed Can’t Drive Stocks Much Higher
Although the Fed’s August policy update reinforced some analysts positive view of U.S. stocks going forward, it does not inspire much confidence
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.