Last year, the British government redeemed the Consolidated Annuities perpetual bonds (Consols), which had been in existence for 263 years, albeit with two reductions in rates in 1757 and 1888. This was only an extreme example of the effect funny money policies worldwide have had on investment, reducing “time horizons” to no more than a […]

Four weeks ago, I wrote of the likely future in Hillary Clinton’s America; it was not a pretty sight. Since we have now been spared that future, it’s now worth looking forward to what Donald Trump’s America may look like in eight years. Unfortunately, there are still a few hiccups.

The U.S. Presidential election has once again wound its way to the usual end of utter exhaustion and despair, with little elation even for the winning candidate’s followers and utter despair at four years of futility for the losers. With both major party candidates disliked by the majority of voters and the low quality of […]

Bank of England Governor Mark Carney has announced he is staying on until June 2019, to implement the funny-money policies that British voters increasingly doubt. Republican Presidential candidate Donald Trump was criticized for “politicizing” the Fed when he called on Fed Chair Janet Yellen to raise interest rates. Similarly Bank of Japan Governor Haruhiko Kuroda […]