Less than “Less than Zero”

In June, the ECB lowered the interest rate on bank deposits, including reserve holdings in excess of the minimum reserve requirements, from zero to -0.10%.  This week, surprising just about…

Read more

Sprinkling the Fairy Dust of Illusory Riches

When the Bank for International Settlements (BIS) calls central bank market rigging “the fairy dust of illusory riches,” it’s time to pay attention. The BIS is the central banks’ central…

Read more