This Great Graphic was tweeted by Ian Bremmer. It shows the budget balances projected for 2015. Spain, France and UK project the highest shortfalls. Given the growth that the UK and Spain reported for 2014 and project for 2015 on a cyclical basis, the size of those shortfalls are particularly problematic. Greece, Germany and Estonia project the smallest deficits,…
CLICK ON CHART TO ENLARGE This time of year people seem compelled to make predictions for the year ahead. Making year-ahead predictions is above my pay grade, I will leave that exercise to the smart people. In the theme of looking ahead, I would like to look back of the past few years first. The…
I often hear from many of you that you know very little about investing. However, I find that most of you understand investing quite well. Many of the concepts and theories thrown out by those of us who claim to be professionals can be restated into words and phrases you use regularly. For instance, when…
But it can’t drop any further? What about all that pent-up demand (and cash on the sidelines)? This won’t end well…
Today, Tencent delivered what many small businesses and startups in China have been eagerly waiting for: the country’s first Internet only bank. Launched by Tencent, one of China’s biggest Internet companies, the online bank aims to make it easier for small privately owned businesses to secure loans. This is all part of the government’s attempt…
Quick take: At the end of December the inflation-adjusted S&P 500 index price was 96% above its long-term trend, up from 94% above trend the previous month. About the only certainty in the stock market is that, over the long haul, over performance turns into under performance and vice versa. Is there a pattern to this…
Imagine if I’d told you, one year ago, that 2014 would include all of the following: soaring Treasury bond prices, a collapse in global commodity prices, a rise in civil unrest, the largest Ebola outbreak in history, and the viral transmission of Kim Kardashian’s hideously massive derriere. At the least, you would’ve guessed that the…
Cuba Without the Sun It drove Gerard Depardieu to relocate to Russia’s flat tax paradise (with its 13% flat tax, it is the geographically largest tax haven in the world), and no doubt contributed to the decision of countless young Frenchmen with entrepreneurial inclinations to leave for friendlier places. Mr. Hollande’s economic policies have led to noticeable growth of…
