Robin Hood strikes back
How small investors reinvest the stock market. It starts with a social network-led rally. Then a league of small shareholders who launch a wave of purchases through the new trading platforms, and [...]
Janet and Jerome, the return of “Entente Cordiale”
Hailed by the markets and beyond, Janet Yellen has no real opponents. She may face no less oppositions I won’t hide it, I’m one of her fans! I had the chance to meet Janet Yellen when [...]
A contactless world
The pandemic has accelerated the digitalization of our relationships. What will be the winning models of this transformation? It is an understatement to say that the social distancing imposed by [...]
The Fed at sixies and sevens
As expected, Jérôme Powell delivered the Fed’s new long-term monetary strategy to Jackson Hole. It leaves a taste of unfinished business. The Jackson Hole Symposium (this year held at a [...]
Magic Money
The COVID crisis whets the most extreme appetites in favor of money creation. But remember that there is “no such thing as a free lunch”… From “helicopter money” to debt [...]
Banks, the return to grace
Banks, vectors of monetary creation, are on the front line in the COVID-19 crisis. The opportunity to settle the accounts for 2008. With rates already below zero, the European Central Bank has [...]
Flooded with cash
Central banks have become “lenders of first resort”. Shouldn’t they return this role to traditional banks? Containment will surely have unexpected effects. It may be that the [...]
