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The Rise of the Yuan and The End of the Oil Exchange Standard
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"Global currencies don’t so much fail as they are eclipsed by a stronger competitor."
CrossBorder Capital, November 29, 2017 , Michael Howell
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Data Brand Dependence
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If it is a day ending in “y” you can be sure there is somewhere in the financial press a story or “news report” of the looming bond selloff – even if it is due to some future event or made up phenomenon.
Alhambra Investment Partners, November 9, 2017 , Jeffrey P. Snider
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Japanese Monetary Policy In A Chinese-Dominated World.
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Or Why The Yen Has Changed Regime And How Japan Should Behave More-and-More Like An Emerging Market?
CrossBorder Capital, Global View, September 2017 , Michael Howell
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Some Global Odd & Ends
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When it comes to central bank experimentation, Japan is always at the forefront. If something new is being done, Bank of Japan is where it happens. In May for the first time in human history, that central bank’s balance sheet passed the half quadrillion mark. It should be unsettling where a trillion is a rounding error.
Alhambra Investment Partners, July 3, 2017 , Jeffrey P. Snider
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The Basis For The Changing Basis
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It is simply the nature of modern Economics to get most things backward. Positive Economics particularly in the form of econometrics has been like a declaration of ignorance, where Economists have formally decided to try and understand as little as possible.
Alhambra Investment Partners, 28.03.2017 , Jeffrey P. Snider
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An Interesting Forecast for Interest Rates
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"While inflation expectations do influence long rates, as lenders demand a higher return to compensate for the loss of purchasing power, we don’t think the logic supporting the outlook for rising rates holds. From a high level, markets often go against the consensus and do what few anticipate."
Fisher Investments Editorial Staff , Fisher Investments MarketMinder, March 17, 2017
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"The Bond Rally Of A Lifetime"
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The Cause of Inflation,
Lock Up For Infinity?
Treasury Haters,
Media Bias,
Lonely Bulls,
Maturity Matters,
Three Sterling Qualities,
Sovereign Shortages,
"The Bond Rally of a Lifetime", and
Finally Facing Reality
Gary Shilling's INSIGHT newsletter, August 2016 , Gary Shilling
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La vraie signification du débat sur le BREXIT
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"Les Anglais n’ont aucun problème avec les réalités. Ils ont de grosses difficultés avec les idées".
Winston Churchill
Institut des Libertés, 20 juin, 2016 , Charles Gave
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Low rates now the problem, not the solution
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Although in relative terms the US has had a good recovery, in absolute terms it has not. (...) Whether we look over the past five years, or whether we look over the past ten years, US productivity growth is close to as weak as it has ever been.
Fathom Consulting, June 10th 2016
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Japan: in search of a virtuous cycle
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"But perhaps the usefulness of Abenomics will have been to provide a workable game plan for a managed economic decline, in which bond investors pay the Japanese government to borrow."
Lombard Odier, Investment Strategy 2nd quarter 2016
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