“We must accept finite disappointment, but must never lose infinite hope.” – Martin Luther King Jr.
A government that puts its monetary system to the service of its citizens and businesses views money as an instrument to improve their prosperity. In the absence of this belief, government action is ineffective or effective for just a minority. This degenerates into “poverty in the midst of plenty” to quote Keynes, who illustrated…
Today, 500 million people live under the regime of negative rates. Is it the beginning of a new era where it will be commonplace for the yield on sovereign debts to be negative? In other words, where governments from the right, left and centre will finance their public debt at negative rates, and investors will…
German households and businesses are clearly creditors and in surplus with regards to countries abroad. As for the German government, its objective is to clear its public debt and run a budget surplus. So why would it now trouble itself with the endemic deceleration of the country’s domestic investment, which has been induced directly by…