When the central bank loses money on its QE portfolio the resulting payment moves from the public sector broadly defined to the private sector This boosts private sector wealth It

Coinciding with my article yesterday on possible postponement cancellation of Basel 3 Endgame in the US under Trump the UK s PRA jumped the gun and announced it too sees

Last week Michael Barr the Federal Reserve s vice chair for banking supervision resigned This was unexpected 8211 at least to most people His resignation is also consequential for capital

Subscriptions to ExorbitantPrivilege have now approaching 3000 and I intend to turn on paid subscriptions Many free subscribers have declared their willingness to pay for my content and to pay

At a time when US Treasury yields are rising to new highs I want to revisit an interview by Ruchir Sharma where he argues US budget is unsustainable and a

A few weeks have passed since the US election With my wife Louise I walk along the shore of the Lake of the Returned Sword in Hanoi We are surrounded