Be prepared for the appearance of negative feedback cycles in markets as global monetary stimulus is withdrawn.
Since 2008, governments around the world have looked for relatively painless ways to lower high debt levels.
Investors need to focus on their response to financial stresses in an era in which policymakers will be constrained.
The problem child of the 2008 financial crisis now lives in central counterparties.
Slowing global trade is evidence of how emerging-market stresses are being transmitted to advanced economies.
The currency’s “exorbitant privilege” gives the nation extraordinary leverage.
Argentina and Turkey look like outliers but the rot could spread fast.
Investors in these markets will be exposed to risks that they simply aren’t prepared for.
The Turkish crisis may provide a useful real-world stress test of the complex new regime of regulations and additional capital.
Banks Aren’t as Safe as They Think
Valued for their simplicity, exchange-traded funds pose worrying risks.
No one can predict how bad the next financial crisis will be. But a lack of liquidity will make it much worse.
Volatility loosely measures asset-price fluctuations, expressed as the standard deviation of price changes.
Why Banking Scandals Will Continue
Tighter monetary conditions will squeeze borrowers.
Around the world, current benefits and future costs are dangerously unbalanced.
Current debates about stock valuations resemble the arcane meditations of medieval monks.
Central banks have created the illusion of calm. It won’t last.
The gaudy size of Australia’s investment pool masks serious vulnerabilities.
Gaudy numbers mask serious flaws in the country’s economic model.
U.K.’s economy isn’t easy to erode, even after Brexit.