Introduction "To trace something unknown back to something known is alleviating, soothing, gratifying and gives moreover a feeling of power. Danger, disquiet, anxiety attend the unknown - the first instinct is to eliminate these distressing states. First principle: any explanation is better than...
Introduction We are awash in debt, assert numerous authorities. And they point to the charts which show debt mounting seemingly to the sky. But not all debt is bad. Some of it is good. We should save more and spend less. But if we do, there are consequences that we may not like. What's good for an...
Introduction This week we look at a speech given by Paul McCulley (Managing Director at PIMCO funds) at my recent Accredited Investor Conference in La Jolla. In it he introduces to us the concept of a stable disequilibrium to describe the state of affairs in world monetary matters. It made a great deal...