Swift sanctions
A far-reaching sanction is to exclude the Russians from international payment traffic. SWIFT (Society for Worldwide Interbank Financial Telecommunication) is a secure mail network between 11,000 [...]
The climax in Ukraine
Russian troops entered Ukraine today. Airports throughout the country are being attacked from Russia, Belarus, and Crimea. Martial law has been declared in Ukraine. The airspace is closed. Putin [...]
Oil price not yet at peak
Now that oil prices have approached the 100 dollar mark again, the question arises as to how much is left in the barrel. Demand still exceeds supply, causing inventories to fall for more than a [...]
Wartime Investments
Tensions in Ukraine For weeks now, tensions have been rising on Ukraine’s border. An enormous Russian military force has gathered at the country’s borders. In the east, in Russia itself, in the [...]
D-Day Ukraine
Political risk does exist in Europe. The invasion of Ukraine could begin any day now, at least according to the Americans. Foreigners are being urged to leave the country. China has given Putin [...]
European inflation is different from US inflation
Indeed, central banks on both sides of the Atlantic have not been quick enough to spot the current price rises. But that is no reason to lump the US and the eurozone together. In America, the [...]
Career risk
An important principle to explain human action in today’s society is career risk. This principle is always present in participatory democracy, a form of democracy in which citizens have a [...]
The credibility of the central bank
For a central banker, credibility in financial markets is essential for an effective policy. The moment inflation deviates too far from the target, there is a risk of loss of confidence. For a [...]