Although deflationary winds are a risk in the developed world, they have yet to become embedded in expectations.
Nominal and real return on assets classes for Japan and Switzerland over the past 100 years.
Interesting remarks on the current financial situation by the Governor of the Bank of Canada
Angela Merkel stated last week: “Germany is strong. Germany is the economic engine and the anchor of stability in Europe. (...) But Germany’s strength is not infinite”. We could not agree more with the latter part.
After two years of silence, Hugh Hendry is back and still at his best with a new investment and shareholder letter.
Observations on Greece's Public finances from 1858. Some things never change!
You can draw your own conclusions and parallels with Europe today, and the U.S. Federal Government bailout of the States in 1789, and its refusal to do so again in the 1840s !
"The media all over the world, but especially in France, are presenting the crisis as a financial one, as if the governments and the politicians have no responsibility. This crisis is in fact very typical of a communist system arriving at the end of its ability to borrow and make the productive system service the debt it has accumulated, simply because the productive sector is going bust."