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The Fed Is Lying to Itself

The Fed Is Lying to Itself

There’s a line that came to mind this week. Something a wise man once said: “Narratives, like currencies, only work if people believe in them.” Well, belief is wobbling.  Let’s start with something rather curious. Most didn’t notice but a few days ago the cost of credit default swaps on U.S. government debt quietly rose to levels […]
Christine Lagarde wants the euro to rival the dollar. Investors prefer gold.

Christine Lagarde wants the euro to rival the dollar. Investors prefer gold.

This week ECB President Christine Lagarde proposed that the euro could rival the dollar if only the EU would finish what it started. Her wish list included deeper capital markets, more military muscle, new trade agreements, and a jointly-financed supply of “safe” assets. In short, she wants a stronger currency. What she has is the […]
The Gold Beneath Our Feet

The Gold Beneath Our Feet

A fascinating article in the Financial Times recently caught my eye. Written by Sarah Dadouch, The Great Syrian Gold Hunt,  described a modern-day treasure hunt taking hold across post-Assad Syria. At night, the streets of Damascus shimmer with the glow of metal detectors. In the countryside, men with shovels and tattered maps arrive on private […]
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