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New strictures have breathed life into shadow banking – it now constitutes about a quarter of the global financial system – and regulators fear they have created a monster. But look closer and there's much more to this financial Frankenstein…
Euromoney February 2012
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It is hard to be optimistic about 2012. But much of the bad news is reflected in prices and a confluence of factors could yet provide support for equity markets and other risky assets.
Euromoney January 2012
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There is no solution to indebtedness and the inevitable and painful process of deleveraging, so lean back and protect yourself like Muhammad Ali and the US Congress.
Euromoney December 2011
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The UK is in dire economic straits. There needs to be a shift in the Bank of England’s quantitative easing policy to buy the government time and fund a British development bank.
Euromoney November 2011
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Faced with an unpalatable menu of policy choices, there is concern that another course will be taken: financial repression. It is the economic prescription favoured by Fagin. Bondholders should beware.
Euromoney October 2011
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The economies of developed nations are now dangerously dependent on consumption funded by debt to spur growth. Turning the clock back to make do and mend won’t be painless but it is both inevitable and long overdue.
Euromoney September 2011
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The flurry of deals among stock exchanges is a fight for relevance in a world in which regulation and technology have lowered barriers to entry. It is a battle the London Stock Exchange lost many years ago.
Euromoney July 2011
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Three months before the start of the credit crunch in 2007 this column predicted that the IPO of Blackstone Group marked the “endgame for private equity”. With Glencore listing in London there might be good reasons to call time on the commodities bubble.
Euromoney June 2011
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The decision by Standard & Poor’s to place the US on credit watch with a “negative outlook” is a watershed. With politicians unwilling to attack spiralling welfare costs, a bond crisis might be just around the corner.
Euromoney May 2011
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Investment consultants are taking a leaf from Madonna’s playbook and reinventing themselves. Implemented consultancy is causing a commotion but it is far from clear who the winners will be.
Euromoney April 2011
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Goldman Sachs’s Gary Cohn thinks hedge funds, not banks, are likely to cause the next financial crisis. He needs to take a long hard stare in the looking glass.
Euromoney March 2011
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Affluenza has caught a cold. Those hoping to piggyback off an ever expanding middle-class piggybank should take due note.
Euromoney February 2011
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During the financial crisis big became synonymous with bad. But in pensions management super-sizing can seriously increase your wealth.
Euromoney December 2010
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Pension funds are slashing their allocations to equities and reorienting their portfolios to more accurately match liabilities. Strategically that makes sense. Tactically it smacks of buying at the top and it is already creating distortions in markets.
Euromoney November 2010
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The Saga of Iceland’s involvement in the financial crisis has elements of tragedy and farce. But it would be unwise to underestimate this nation of warriors, poets and volcanoes.
Euromoney October 2010
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If central banks want to become macro prudential regulators, identifying asset price bubbles is necessary but not sufficient.
Euromoney September 2010
