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Tag Archives: inflation

The year of the white swan

White Swan

Economists attempt to explain away the failure of their forecasts with the metaphor of the black swan – something so rare and unexpected that nobody can be held responsible for failing to notice it.  The Great Financial Accident of 2008, the DotCom bubble and the stock market crash of 1987, …

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Britain faces dangerous deflation

Deflation

In addition to his famous ‘hierarchy of needs,’ psychologist Abraham Maslow had a hammer: “I suppose it is tempting, if the only tool you have is a hammer, to treat everything as if it were a nail.” In central banking, that hammer is the rate of interest on overnight lending …

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