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Last week, I reiterated the immutable foundation of double-entry bookkeeping. For every financial asset there is a corresponding financial liability. But it may not be...
This is the first of several essays on monetary policy. There is a priesthood which believes that money and finance are special, beyond the normal scope of logic, economic reasoning, or common sense, and full of arcane mysteries which can only be fully understood by those who have been fully initiated into the priesthood. In these essays I plan to debunk this idea.
Obliquity, the book which I wrote in 2010, developed the thesis that complex goals are often most effectively achieved when pursued indirectly. The great utilitarian,...
For those looking for some silver lining from the Brexit outcome, there is the good news of the abolition of the Department for Energy...
Within days of Britain’s EU referendum vote, the country’s largest property unit trusts had closed to redemptions and slashed their asset values, or both. The promise of easy redemption resembled the umbrella that is recalled when it begins to rain. Open-ended property funds are not fit for purpose as retail investment vehicles. Perhaps it is time to query the dominance of open-ended vehicles in the savings market more generally.
Long term real interest rates are negative in Britain and in the Eurozone and barely positive in the United States. The impact on pension funding is dramatic.
Deutsche bank’s share price has fallen by more than half in the last year. For some insight into the background see these two extracts...
Those who cannot remember the past are condemned to repeat it. -- George Santanyana First, a quiz: Match the three authors with the three quotations which follow ...
Our markets need to adapt to the changed nature of 21st century business if they are to remain relevant in a world in which capitalism has little need of capital.
What we learn about business and finance from NASA’s mission Juno to the planet Jupiter.