

Real estate debt funding globally is a huge machine – turning over $400bn annually in the US, and approximately €225bn in Europe, of which the UK makes up roughly 25-30%. The European figure, however, is a very broad estimate because at any point in time, debt...
A slow dance towards transparency

City thoughts: part two
Read part one For most of the two millennia that have ensued since its founding, the City of London has experienced numerous crises whose import and impact far outweigh the minor financial ripples that our media message as crises. It is ironic that we, with the...
City thoughts: part two

Use monetary policy to solve the housing crisis
If there is one thing (apart from Brexit) that politicians in the UK acknowledge the need to do something about, it is housing. The average house price is now almost eight times the average salary, meaning even the smallest starter homes are well beyond the reach of...
Use monetary policy to solve the housing crisis

Forecasts by George Costanza
In the 86th episode of Seinfield, George, egged on by Jerry and fed up with his lack of romantic and professional success, decides that to succeed he must from now on do ‘the opposite’. It is a triumph, immediately bringing him both a beautiful girlfriend...
Forecasts by George Costanza

Beware the unannounced interest rate increase
Central banks do not set interest rates. To be specific, central banks in large western democracies with open capital markets and flexible exchange rates do not set interest rates, other than for overnight money. That’s right! If policymakers went on strike – as...
Beware the unannounced interest rate increase