Why are interest rates so low? The best answer, says Martin Wolf, principal economics columnist of the Financial Times, is that the globe’s advanced economies remain in a “managed depression.” This is the phenomenon that former U.S. Treasury Secretary Lawrence Summers has in mind when he writes and speaks about [continue reading . . . ]
Martin Wolf, much-honored chief economics commentator of the Financial Times, has been my beacon during the financial crisis. So it is especially discouraging to read his June 6, 2012, column, headlined “Panic has become all too rational”. Wolf argues that the advanced economies are caught in a “contained depression,” that [continue reading . . . ]
The Swiss National Bank’s surprise decision Tuesday to try to prevent the Swiss franc from rising beyond SF1.20 to the Euro may well turn out to be a key miles-marker on the road to a global depression. The Swiss franc had become one of two leading refuges for investors seeking [continue reading . . . ]