Martin Hutchinson | TalkMarkets | Page 10
Columnist at The Bear's Lair
Martin O. Hutchinson is an investment banker with more than 25 years’ experience, Hutchinson has worked on both Wall Street and Fleet Street and is a leading expert on the international financial markets. At Creditanstalt-Bankverein, Hutchinson was a Senior Vice President in charge of the ...more

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The Bear’s Lair: Crashes And Depressions In 2018
2018 looks to be a jolly year, it has the potential for no less than four kinds of financial disaster.
A Crypto Christmas Carol
This week, we are in a new version of 1999’s gigantic bubble, the crypto bubble.
Gross Imaginary Product
In the era of crypto-currencies, I propose a new economic statistic: Gross Imaginary Product. This can be defined as the total output at market prices of all products and services which do not actually exist.
The Bear’s Lair: Triumph Of The Bureaucrats
Monetary policy is now another area of bureaucrat control.
Under Funny Money, We’re All Living In Vegas
The difference between investing and gambling is quite simple. You are investing, not gambling, if you rationally believe that you will achieve a real long-term profit from your activity.
Let’s Leave The World Economy Death Spiral
Productivity growth is the key statistic to measure economic progress. Without it, citizens will never get any richer, and if low-skill immigration is plentiful, they will become poorer.
Hollowed-Out Blue Chips Are The Next Subprime
Subprime mortgages caused much of the 2008 financial crisis by defaulting in much greater concentrations than the experts expected.
Trump Tax Reform Won’t Goose Growth
To begin with the proposed corporate tax changes, Trump proposes to cut the tax rate to 20% from the current 35%, but make up some of the revenue loss with a low rate of tax on international earnings and accumulated assets.
Mississippi Company Economics
In an era of Keynesian economic manipulation, John Law (1671-1729) has been rehabilitated as an “economist,” the father of several of the unpleasant economic nostrums we use today.
Better Invest In A Horse
Whatever the future of electric cars, one thing we can be sure of: Tesla will not be in business by 2040.
China’s Size May Not Make It Dominant
China’s share of global GDP could double from what it is now, but without good management, it would still be geopolitically puny.
The Bear’s Lair: Cryptos Are Sounder Than Today’s Currencies
Crypto-currencies are an entirely imaginary form of money, dreamed up by pimply nerds in basements. Or so it seemed.
The Bear’s Lair: Jackson Hole 2017 Was A Barmy Ideas Factory
The Federal Reserve Bank of Kansas City is a relatively solid, well-run institution and its President Esther George is among the most sensible members of the Federal Open Market Committee when she is permitted to attend it.
The Bear’s Lair: Productive Economies Require Participation
In general, localization is a very good way to improve low-skill employment. For this, the Trump administration cannot point the policy way forward, however; it must be done by state and local authorities.
The Bear’s Lair: Zero Is The Right Inflation Target
Janet Yellen has said that she wants to consider raising the Federal Reserve’s target inflation rate from 2% to a higher level.
The Bear’s Lair: Emerging Markets In An Autarkic World
Five years ago, the future for emerging markets seemed set fair. Globalization was driving much of the world’s manufacturing to them, as Western companies sought optimal global supply chains.
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