Monday, September 12, 2016

A sustainable reflation is not sustainable

What we learnt over history is interest rates do not need to move much anymore to have an adverse impact.........

Tuesday, September 6, 2016

China wants to be seen as stable during the G20 summit | VIDEO

Things are okay in China. The risks are still wrapped around further currency devaluations....

[Watch the video above for the full commentary]

Monday, August 15, 2016

Big divergences between Market vs Real Economy


The initial feel good is there, but the reality of a positive fiscal multiplier. I think the outcome will be very, very poor.


The argument against bonds I have heard for the last five years. (German) bunds can't get any lower than 2 percent, Treasurys can't get lower … I am not going to say it is going to happen but we can get negative rates at -3 percent. We are in a world where policymakers are making up as we go along