

The Euro has been a disaster since its birth in 1999. Its monetary pathologies led to youth unemployment rates of 50 – 60% in Greece, Spain and the Italian Mezzogiorno. It gave a trillion-dollar windfall to German exporters at the expense of the hapless Club Med and...
The Euro could well rise to 1.23 by end 2019!

The sad story of global inflation
Whatever the popular story of the time, the reason that cycles come to an end is that central banks raise interest rates to suppress inflation. Initially, business and consumer confidence prevents interest rates from having an immediate effect. Later, leverage and...
The sad story of global inflation

The problem with central bankers’ inflation preoccupation
In recent years, a growing number of prominent economists, including Michael Woodford, Christina Romer and Larry Summers, have switched their allegiance from inflation targeting to targeting nominal GDP, the non-inflation-adjusted sum of all spending in the economy....
The problem with central bankers’ inflation preoccupation

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

Will the global housing boom end in disaster?
UK house prices have recovered from the slump that followed the financial crisis. According to the Office of National Statistics, UK house prices have risen 45 per cent since their trough in March 2009. Over the same period earnings have risen by just 16 per cent...
Will the global housing boom end in disaster?