Recent Commentaries

A Valentine’s Day Poem

Roses are red Violets are blue With Jay as a backstop Buy more spoo I’m not going to waste much of your time today as there is very little new to say. But I do want to whip and drive my risk parity hobby horse a bit, so please indulge me. At present no one knows how...

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The best policy mistake ever

In Ben Bernanke’s London School of Economics speech on 13-Jan-09, just before the Fed's landmark $1.75 trillion QE1 announcement that March, he made the following statement: “ a pure QE regime, the focus of policy is the quantity of bank reserves....the...

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