People are wondering these days: “Where is the stock market going?” Analysts look at charts, at P/E ratios, at profit margins and several other figures and try to make pronouncements […]

I love dogmas (our first D). I know that in politically correct terms, dogma is an antiquated term that should die. However, dogmas are like the oxygen. You may not […]

The figure below shows the six forces which we believe are at work in determining the trajectory of the Euro in the foreseeable future. The analysis below discusses the six […]

The risks in the global economy remain due to Europe’s problems in the banking and fiscal spheres as well as due to the hundreds of trillions of dollars in toxic […]

Last week we posted the presentation that Chairman Volcker gave at Warwick University approximately thirty-three years ago. We believe that speech set the foundation for a great economic reversal that […]

It seems that we are on the verge of a new reality that could resemble the developments of the early 1970s. The global rules and order that were established in […]

It has long been our position that the debt market should be viewed as a market for third-party liabilities. Its growth advances leverage and brings with it diminishing returns since […]

Yesterday, was a very sad day for the US and the world. The economic giant Paul Volcker passed away. Paul Volcker by himself saved the economic system four times (with […]

The results of the elections held in Greece last Sunday may well have sent a powerful signal to politicians and policy makers worldwide, that has yet to be discussed by […]