What the money is saying

We must be getting close to the end of one thing… and the start of something else. The thing whose end is nigh is the bubble on Wall Street. As a bubble inflates, the lightest, lowest-quality stocks f

Issue of the week: trouble in the gilt ...

Since World War II, the two landmark events in the evolution of money were Bretton Woods in 1944, when the dollar became the de facto global reserve currency, and then the Nixon Shock of 1971, when th

Parents of young children, and pet owners, often start to worry when they have been enjoying an unusually long period of silence. Investors are experiencing a similar sensation. Markets seem calm, wit

“There is always someone worse off than you,” as Aesop reminded us. That also means there is always someone to feel superior to. In post-war Europe, Italy was the country everyone made fun of, dismiss

Issue of the week: the battle for the ...