GBP leap on unwind of no deal hedges now vulnerable to UK-EU FTA reality show: CAN$ election-time spurt also transitory

Executive Summary The seven per cent jump of the pound in a few days, based on a sudden violent change in hedging positions, is not without precedent.  The key question is whether fundamental forces have changed in a way likely to ratify that movement.   In the case of the pound today, the answer here is …

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Euro crash, gold revaluation and tech hangover, whatever Election Day outcome

Executive Summary Investors have become accustomed to the periodic stampede of traders in markets where the narrative of “China-US trade war” has gone viral.  The “truce” has ignited risk-on, and also fuelled speculation that the Fed will go easy on rate cuts.   This may well be the last such stampede – either in risk-on …

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The Case Against 2 Per Cent Inflation: From Negative Interest Rates to a 21st Century Gold Standard

This book analyses the controversial and critical issue of 2% inflation targeting, currently practised by central banks in the US, Japan and Europe. Where did the 2% target inflation originate, and for what reason? Do these reasons stand up to scrutiny? This book explores these key questions, contributing to the growing debate that the global …

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