How Insensitive!

Euro Zone banks are not to responding to the ECB’s generous boost to liquidity by increasing their lending.

Unvalidated PMIs

Contrary to popular belief, we do not hate Markit or its PMIs. We just do not trust them to inform us about what the economy is up to.

Growth is not a crime

Our bet is that the ECB will maintain accommodative monetary conditions into 2019 at least.

When you can’t give money away…

Everything we know about economics suggests that everyone should want something if it does not cost anything. For most of us, however, that inclination is quick to pass, replaced by more pragmatic assessments.

What is a depression?

For us, the key distinction between a depression and a recession is that a recession is a cyclical contraction of the economy that is both self-correcting and repeating.