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Low quality and below par growth

WE HAVE BEEN WAITING FOR Godot for a entire decade, if not two or more. On the face of it there is a strong and fluid dynamic that drives the business world. Here and there old town folk who were busy trading olives now produce olive oil machines, for instance. More people export, even SMEs....


Cards, debts, and capital formation

THE 1996 Nobel Laureate William Vickrey once wrote that nobody should be afraid of debt. He basically meant public debt, of course. Yet in his opinion, issuing debt was sort of akin to issuing capital. Capital-ism, I won’t hesitate to add, is better called debtism, if this view is correct. Nevertheless, we aren’t talking about...


Zero and infinity

THE tide turns again. The Fed has initiated a sea-change. This may have an impact similar to Bernanke’s May 22, 2013 speech that initiated the ‘taper tantrum’, only currently the direction of the change is opposite to that. Basically, and after Clarida’s vindication of Powell, the Fed managed to broker a carte blanche. The cheque...