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 […]

Thomas Hobbes (1588-1679) believed that a huge state “Leviathan” was necessary to prevent the otherwise inevitable conflicts between mankind. The temporary rejection by Belgium’s Wallonia region of the Canadian trade deal agreed by the entire remainder of the EU suggests that even when we have a truly spectacularly sized “Leviathan,” absorbing 48.2% of Europe’s GDP […]

Hillary Clinton is leading in the polls, but her election over Donald Trump is not yet certain. However, she is overwhelmingly favored by the pundit class, even the right-leaning of whom have developed an irrational distaste for Trump. It’s therefore worth looking at what the world will look like in 2024, after eight more years […]

The IMF last week released figures showing that word debt had reached $152 trillion, a record 225% of world GDP. Even though governments’ borrowing costs are ultra-low, budget deficits in the U.S. Britain and Japan are running at extraordinarily high levels, yet all the chatter is about ways to increase them rather than rein them […]

Some weeks ago, I wrote suggesting that the multi-polar world we are now entering might well be more peaceful than the unipolar world of the 1990s. I still believe that to be the case in the long run, but the problem is that we will need highly capable policymakers in the West to signal to […]

The Bank of Japan last week capped the yield on Japan Government Bonds at zero, thus allowing it to increase bond purchases beyond the current enormous amount if yields rise. Prime minister Shinzo Abe has begged Britain to minimize the effect of its “Brexit” from the European Union, and has begged the U.S. Congress to […]

Donald Trump’s tax plan, revealed at the Economic Club of New York on September 15, does not add up, as most Presidential candidates’ tax plans don’t. Still, it did contain one provision that is fiscally insignificant but economically enormous: by capping all tax deductions at $100,000 for single filers, $200,000 for married couples, without exceptions, […]

Samuel Pepys kept his money in gold bars and buried it in the back garden when the Great Fire of London threatened his house in 1666. It is generally supposed that the advent of modern banking, by allowing consumers to keep their money in a safe place without charges, has greatly increased the efficiency and […]

Almost three months have passed since the brave British voters voted for an exit from the European Union, yet Britain is no closer to actually exiting. Civil servants have been hired, but no firm timetable has been set for delivering an “Article 50” notice to the EU. Now Britain’s major foreign investors are demanding that […]