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Monthly Archives: August 2019
Cash shortages drive asset selling in heavily levered world
As the longest and most levered expansion cycle in history draws to its inevitable close, a world that borrowed heavily in US dollars over the last decade now becomes shorter and shorter of the currency needed to pay their bills. … Continue reading
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Japan shows how ZIRP and NIRP policies decrease financial viability
As North America moves near zero (ZIRP) and possibly negative policy rates (NIRP) in the months ahead, Japan remains the leading test case for these experiments, and investors would be wise to take note. Nearly 30 years of zero and … Continue reading
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‘Easy’ money is no more
Our July 31st client letter focused on the history of modern monetary policy and what impacts we should expect next. Last week’s NY Times article “Why we should fear easy money” is also on point. Just one key takeaway is … Continue reading
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