admin January 18, 2019

IN THE LAST three months of 2018 America’s federal government borrowed $317bn, or about 6% of quarterly GDP. The deficit was 1.5 percentage points higher than in the same quarter the year earlier, despite the fact that the unemployment rate fell below 4% in the intervening period. In cash terms America borrowed in a single […]

admin January 18, 2019

AMERICA’S BANKS ended 2018 as stockmarket pariahs. For a year or more after Donald Trump was elected president, their shares had been borne aloft by looser regulation, tax cuts and rising interest rates. But investors began to fret that those forces were fading, the long economic expansion would soon end and banks’ profitability was therefore […]

admin January 17, 2019

FOR MANY investors, debt in China is something to fear, a shadow over the world economy. But for a different breed, it looks more like a terrain of untapped profits. This dichotomy has been sharpened by a run of weak data in recent days. Worries about a sharp slowdown in China have rattled global markets. […]

admin January 17, 2019

IN UNCERTAIN TIMES Albert Edwards is someone you can rely on. For more than two decades, latterly as global strategist at Société Générale, he has been a steadfast prophet of gloom. As he stood to address the 400 or so investors gathered at his annual conference (or “bear-fest”) in London this week, he made a […]