Interest rates are nearing a lower bound, David Schawel, CFA, tells Will Ortel during a recent Take 15 interview. “Most likely we’re not going to be in a 30-year bull market for interest rates falling again,” he said. So what does this mean for fixed-income investors?
In this comprehensive overview of the work of the late economist Hyman Minsky, the author serves up a rich variety of concepts that will stimulate and inform anyone concerned about the fate of the economy. If you want to know where we are going, it helps to know where we have come from, and this book provides an essential road map for that journey — past, present, and future.
Since 2016 began, the prospect of a major devaluation of China’s renminbi has been hanging over global markets like the Sword of Damocles. Although China's policymakers have worked hard to dispel worries, they have yet to persuade investors. Janet Zhang analyzes the causes of the depreciation, as well as the dilemma for China's policymakers.
Backers of the Swiss Vollgeld suggest that if money is divorced from debt and if the government owns the banks' debt, then a run is impossible. Unfortunately, the real world is almost never so simple.
Next time you hear a pundit or an investor complain that the Fed is keeping rates too low, consider the evidence that suggests rates are low because nobody really has a grasp on which direction future growth may go.
During the global financial crisis, excessive debt was the principal disease. It also turned out to be the principal cure. Whether it was called quantitative easing (QE) or something else, it all meant the same thing: increased debt — both in absolute terms and relative to GDP.
All the recent market scares have been driven by the same implied menace. Whether it’s another round of anxiety about Greece, another head fake by the US Federal Reserve on raising rates, or fears about China’s economy, investors appear to be nervous about a major correction, downturn, or crash. But what if the real danger were of a very different sort?
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