In this post, Tom issues a timely reminder that there are much worse threats to our freedom than terrorists. Like Tom, I remember as a child disappearing with my friends all day long, only coming home for lunch and tea - a freedom my own children never had. We seem much more fearful of loss (of all kinds) than our forebears. Perhaps that is because we are much less used to it. - Frances Guest post by Tom Streithorst. For the past four days, the city of Brussels has been on lockdown. The...
Read More »The Great Yield Divergence
When a former Bank of England deputy governor gives a presentation entitled "Are Low Interest Rates Natural?" to a extraordinarily high-powered audience of academics and monetary policymakers, you can bet he will come up with some great charts. Charlie Bean's historical analysis of long-term real and nominal yields in the UK is amazing: It is very evident that for most of the last 200 years, nominal and real consol yields have been pretty much pinned together. Charlie said that the gold...
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