“Author Archive”
Articles written by detlev

As Germany loses battle for ECB, QE goes global

What is Super Mario up to? First, he gave an unexpectedly dovish speech at the Jackson Hole conference, rather ungallantly upstaging the host, Ms Yellen, who was widely anticipated to be the most noteworthy speaker at the gathering (talking about the labor market, her favorite subject). Having thus single-handedly and without apparent provocation raised expectations […]

November 19th, 2014 | Posted in Gold News | Read More »

Our obsession with monetary stimulus will end in disaster

The following is a commentary I wrote for The Forum section of London business-paper City A.M. It was published yesterday. The link is here. It is now six years since the collapse of Lehman Brothers, and considering that the US economy has officially been in recovery for the past five years, that equity indexes have […]

November 19th, 2014 | Posted in Gold News | Read More »

Keynes was a failure in Japan – No need to embrace him in Europe

Draghi’s volte-face two weeks ago has emboldened the Keynesian majority in the media and in economic research departments. It has injected new life into their relentless campaign for yet more state intervention in the Eurozone economy. It wasn’t anything the ECB actually did (or announced) that initiated this new euphoria. As usual, the measures fell […]

November 19th, 2014 | Posted in Gold News | Read More »

These fake rallies will end in tears

Investors and speculators face some profound challenges today: How to deal with politicized markets, continuously “guided” by central bankers and regulators? To what extent do prices reflect support from policy, in particular super-easy monetary policy, and to what extent other, ‘fundamental’ factors? And how is all this market manipulation going to play out in the […]

August 1st, 2014 | Posted in Gold News | Read More »

ECB decision: Unnecessary, ineffective but further entrenching bad habits

After months of whinging and whining by the international commentariat, and of relentlessly redefining what any sensible person would call “price stability” as a grave economic problem, the ECB has caved in, as expected, and yesterday announced further stimulus measures. Unnecessary I have pointed out repeatedly that low inflation is not a problem, and that […]

August 1st, 2014 | Posted in Gold News | Read More »

Martin Wolf: Only the ignorant live in fear of hyperinflation

Since the financial crisis broke in 2008, the Financial Times’ resident economic expert and leading commentator, Martin Wolf, has decidedly veered to the left. Having rediscovered the Keynesian faith and having apparently terminated his long public love affair with “free market economics” loosely defined, he has become a reliable cheerleader for fiscal and monetary ‘stimulus’ […]

May 9th, 2014 | Posted in Gold News | Read More »

No end to central bank meddling as ECB embraces ‘quantitative easing’, faulty logic

“Who can print money, will print money” is how my friend Patrick Barron put it succinctly the other day. This adage is worth remembering particularly for those periods when central bankers occasionally take the foot off the gas, either because they genuinely believe they solved the problem, or because they want to make a show […]

May 9th, 2014 | Posted in Gold News | Read More »

Janet Yellen’s game of Jenga

Janet Yellen has a plan. The plan is to exit the ultra-loose policy of the Federal Reserve, and to do so very slowly and very carefully. And by slowly I mean very slowly. 2013, the last year of the Bernanke reign and the sixth year post subprime, was the central bank’s most generous if measured […]

April 9th, 2014 | Posted in Analysis,Gold News | Read More »

The Bank of England’s paper on money creation, and a reply to David Graeber

That David Graeber was not happy with my previous blog did not surprise me. Yet, his reply gave me cause to pause and to reflect. Had I missed something? Had I misunderstood the point he made in his Guardian comment? Here is again Graeber’s response to my blog: “I don’t see why anyone should take […]

April 7th, 2014 | Posted in Analysis,Gold News | Read More »

Bitcoin has theory and history on its side

The Bitcoin phenomenon has now reached the mainstream media where it met with a reception that ranged from sceptical to outright hostile. The recent volatility in the price of bitcoins and the issues surrounding Bitcoin-exchange Mt. Gox have led to additional negative publicity. In my view, Bitcoin as a monetary concept is potentially a work […]

March 4th, 2014 | Posted in Analysis | Read More »

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