Debunking the Demographics Irrelevance Proposition

In a seminal paper [1] from 1958, Franco Modigliani and Merton H Miller showed why investors should not care about whether firms were financed with debt or equity...

Pushing the Reset Button On Japan

The past week has showed the dark side of media coverage and analysis of current events and a test on just how much information you stuff down the public's throat.

Gold and the Punchbowl

I have used the metaphor of Japan as a bumblebee before and while I believe that the story on Japanese savings may just be a little more complicated than many believe...


The Future of the Euro

FX punters and other of their ilk are beginning to look to the Euro as a source of global liquidity to play the carry wheel in high yield economies.

Getting The Flow Of Global Liquidity

Liquidity senders, liquidity receivers and the liquidity cycle.

Of demographics and debt reduction

Random Shots: Absolute Returns Partners Edition

The Grey Area Of Dissavings

Rapidly aging societies are not, in the main, characterized by dissaving but rather by the fight against it, says Claus Vistesen.

The Buzz On The Japanese Economy

Popular myth and, allegedly, the laws of aerodynamics have it that the bumblebee should not be able to take flight.

Yet still, our good bumblebee refuses to be weighed down by such details and continues to take flight, oblivious to the controversy.

This allegory applies, with some imagination, to Japan's economy too.

Spend And Save (The Economy)

Credit-worthy surplus countries must expand domestic demand relative to potential output to revive the world economy.

Exports And Japan's Domestic Disconnect

An export-led recovery isn't the likely way out for Japan's dismal domestic deflation.


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