Under Siege


Global bourses have been on a roller coaster ride this year. In order for stock prices to hit a durable floor, the Fed has to back off from its tightening bias, thereby triggering a reversal in U.S. dollar strength. Until the latter occurs, global … [Continue reading]

The U.S. Dollar Shortage


U.S. dollar liquidity, calculated as the U.S. monetary base plus the amount of U.S. government securities held in custody for foreign accounts, is shrinking. Curiously, this U.S. dollar liquidity measure is presently contracting faster than it … [Continue reading]