What goes around, comes around. The Democrats intend to turn-up the heat on the Impeachment of Trump. That is all they have to run on in the midterm elections in November. They voted against any tax reform and simply oppose anything offered by the other side. Politics has just degenerated into the obstruction and neither […]

QUESTION: What is your opinion of Elon Musk and Mark Zuckerberg idea of universal income? ANSWER: The idea of free money being touted by Elon Musk and Mark Zuckerberg only demonstrates that they know nothing about humanity or economics. They see universal free money as a cushion for workers whose jobs might be replaced by automation or […]

  QUESTION: Mr. Armstrong; Did AIG use the Black-Scholes Model and that is what created the crisis again in 2007? WJ ANSWER: No. It’s my understanding that AIG developed different models, they called a “Value-at-Risk Model,” (VaR) which used a binomial-expansion-technique to start valuing their positions. I believe the original model was developed at Moody’s. However, like the Black-Scholes […]

Russian President Vladimir Putin is also responding to the Trump Tax Reform. Putin has also taken a step to promote the repatriation of capital from abroad. He is now proposing that only a 13% tax on funds retrieved should be abolished. Additionally, he is proposing that there should once again be an amnesty for Russian […]

The bad loan (“non-performing loan” (NPL)) crisis in Europe is well known and many have been calling for this issue to be addressed. In Italy, the bad loan crisis has reached 21% of GDP. While NPLs dropped to 4.8% of all loans in the EU as a whole during the first quarter of 2017, they […]

Venezuela has the largest proven oil reserve in the world. However, they are out of gasoline. The government has attributed this to poor management which has led to the stoppage of 80% of the country’s refineries. So much for socialism. The assumption that government is competent of managing anything is proven by this very example. My old friend, […]

As can be expected during holiday shortened session, volumes were extremely low and movement similar. The same could not be said for the Euro on Christmas Day though, a large order sent the currency down 3% at one point, only for it to bounce make minutes later. That is often the problem during holiday sessions; […]

The first thing to go when a country is moving into economic crisis is the arts. This is intermixed with various social programs. As the economic crisis broadens, demand for taxing the rich rise. However, all this accomplishes is to cause capital to hide and hoard even more refusing to invest or spend and this […]

It really does feel as though Christmas is being used an excuse not to do anything! Volumes have been poor for a while but recent trading questions whether we really need to open five days a week. No-one expected the BOJ to light the fuse and that was reflected in todays price movement. Early losses […]

  Its that time of year again, when volumes are less than comfortable and many just working half-days. We saw a mixed Asian response to the US tax reforms, but to be fair we have seen plenty of upside already. Most core indices edged lower even with currency also losing ground. The Nikkei did managed […]