Through a warp in the space-time continuum, there landed on my desk this morning the Bear’s Lair for Monday, November 3, 2008. It makes gloomy reading.

Next Sunday, October 24, is the 75th anniversary of Black Thursday, the worst day of the Wall Street crash. Looking back from 2004, one is struck by how reasonable was 1929’s stock market valuation, how sound was 1929’s U.S. and world economy.

In June’s “The effects of $80 oil” I discussed the effects on the U.S. and world economy of a large and sustained rise in the oil price. My extreme scenario of that time has become less extreme, with $42 oil becoming $53 oil in the intervening period. I thought it worth revisiting this now less […]

The International Monetary Fund, which met this weekend, plays an important role in third world finance, bailing out countries in difficulties and act as an arbiter with private creditors. Unfortunately, it appears thereby to be doing more harm than good.