How Trump can still win
Today the US GDP figures for the third quarter are published. Most economists expect growth of between 22% and 33%. The Federal Reserve, the system of US central banks, is also making its own [...]
Opportunities and risks surrounding the US elections
The American elections on 3 November are seen as the most important of the current generation. Investors see two risks. The first risk is that a broad victory for the Democrats will ensure that [...]
Low-interest rates increase inflation
The price/earnings ratio of equities in the early 1980s was extremely low, yet equities were not undervalued relative to bonds. Evidence is that, in the ten years since then, long-term bonds have [...]
A new recovery plan
The second Corona wave is causing unrest in the euro area. Measures to combat the virus are depressing economic growth, but the differences between countries are considerable. Vulnerable [...]
The digital euro
Like the Chinese Central Bank, the ECB is also looking at a digital currency as an alternative means of payment. In mid-2021 the decision will be made and the ECB will decide whether the digital [...]
Start of a new super cycle in raw materials
It is said that monetary policy has caused many bubbles (the Everything Bubble) since the Great Financial Crisis (GFC). There is at least one asset class that has not benefited from this. These [...]
The British stock market is not the British economy
When the British stock market falls, it is either because of Brexit or because the Coronavirus hit the British harder than the rest of Europe. Both statements are nonsense. There is no stock [...]
The spectacular profits of the Swiss Central Bank
Safe haven of refuge In times of turmoil in the financial markets, the Swiss franc is considered one of the safest havens of refuge. This is also the case during the current pandemic. Despite the [...]