One of the commonly accepted models of economic growth is one where economic growth is determined by capital accumulation, innovation and growth of the labour force. The growth of the labour force quickly translates into growth of the population and particular age groups which are regarded as particularly productive. This is all fine, if

The current volatility in global markets is unremarkable. What is remarkable is the lack of volatility in the past two years. The macro conditions envisaged in mid 2012 continue to hold. For details see: Investment Strategy In a Crazy World April 2012 To reiterate: Long term global growth rate has stabilized along a slower growth

Barely are we into the end of January 2014 and the emerging market debt markets are once again showing signs if weakness. Emerging markets are suffering from a slow down in exports relative to imports relative to the US and other developed markets. This is a long term trend stemming from a technology deficit. The

For the first time in 17 years, the US treasury will issue a new security, a Floating Rate Note. This will become a program of quarterly auctions.  Why are they doing this?   How does one get longer term funding at low interest rates? How does one attract investors to longer maturity assets with little

  QE Taper, for real? The Fed is reducing UST purchases from 45 billion USD to 40 billion USD per month, a 11.1% reduction. It is reducing Agency MBS purchases from 40 billion USD to 35 billion USD, a -12.5% reduction. US treasury issuance is shrinking at roughly 18% YOY due to an increase in