Forecasting today is an enormous business. We are accustomed to hearing so-called experts opine on the future virtually every day. It is an accepted part of our culture. We hardly think twice about it, being accustomed to what in many cases is fortune-telling and omens. In that sense, the world is as pagan as it […]

As bizarre and woolly as monetary policies are around the world at this point in history, we may have seen nothing yet. The Guardians of the Mammon Temple (central bankers) have engineered negative interest rates (both in real and nominal terms). Presently as much as two-thirds of the European sovereign bond markets have negative yields. […]