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Recent events in the technology sector suggest that investors and lenders should be demanding a premium to cover the risk that a star entrepreneur will become an egomaniacal dictator. With each business cycle, it seems, old lessons must be relearnt
6 Dec 2022
After years of ultra-loose fiscal, monetary, and credit policies and the onset of major negative supply shocks, stagflationary pressures are now putting the squeeze on a massive mountain of public and private sector debt. The mother of all economic crises looms, and there will be little that policymakers can do about it
5 Dec 2022
The People's Bank of China recently announced a 25-basis-point reduction of its mandatory reserve ratio – a move that will free up liquidity and support growth. In fact, China has plenty of space to use monetary expansion to buttress growth, financial stability and structural reform
1 Dec 2022
Britain's Conservative government recently sought a “call-in” power that would authorize it “to direct a regulator to make, amend or revoke rules”. But facing full frontal opposition to the plan from the regulators themselves, the government found itself in a hole – and wisely stopped digging
1 Dec 2022
The spectacular rise and fall of FTX and its founder Sam Bankman-Fried were driven by effective marketing, trickery and financial speculation. In that, they bear a striking resemblance to the disastrous 18th century experiment that fuelled the Mississippi Company bubble and created the template for all future Ponzi schemes.
30 Nov 2022
With protests erupting across China, the government is under pressure to exit from its costly zero-Covid strategy. But the rollback of restrictions is likely to be carried out in a gradual, controlled manner, much like China’s reform and opening up of four decades ago
29 Nov 2022
With a storyline full of celebrities, politicians, sex and drugs, the future looks bright for producers of feature films and documentaries about the astonishing collapse of FTX. But, to paraphrase Mark Twain, rumours of the death of crypto itself have been much exaggerated
29 Nov 2022
Thanks to FTX's collapse, the world may have woken up to the grim reality that the crypto “industry” is nothing but a get-rich-quick lie, wrapped in hype, bobbing on an ocean of libertarian technobabble. Will anyone do something about it?
28 Nov 2022
Immediately after taking over Twitter and pronouncing himself “chief twit”, Elon Musk affirmed his commitment to safeguarding the platform as the “public square” where anything and everything is debated. It was a smart tactic, because it successfully diverted the public’s attention from what Musk is really up to
27 Nov 2022
From Russia’s war on Ukraine to the Sino-American rivalry, the world order is increasingly contested, and when value chains are global, a single disruption can reverberate across the planet. But retreating from interconnectedness is both unworkable and unnecessary
25 Nov 2022
Investors may need to strike a balance between strategic patience and tactical flexibility
23 Nov 2022
Semiconductors are certainly essential to a modern economy, and it makes sense to diversify sources. But it is doubtful that large subsidies and government management will keep US chip makers on top, much less that the new law should be used as a model for similar support to other industries
22 Nov 2022
Notwithstanding the risks posed by Russian aggression, China appropriately looms largest in the Biden administration's new National Security Strategy. Yet by eschewing an assertive free-trade agenda, the United States continues to give China an advantage in precisely the area where it is ascendant
22 Nov 2022
Concerns over Xi Jinping’s geopolitical ambitions and zero-Covid policy have put a damper on the Chinese stock and bond markets. Given growing anxiety about Xi’s domestic and foreign policies, global investors may want to reduce their exposure or be innovative about how they trade in, and with, China
20 Nov 2022