Macro Is Dead

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The (small) bank conundrum
The conundrum is not in what small banks should do, but what policy makers should do with small banks
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Peter Farac
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Bad lending, financial crises and deep recessions
The roots of a classic financial crisis is in bad lending. What makes a bank-led crisis sufficient to send an economy into a coma?
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Peter Farac
4
A guide to (inflationary) money printing
If QE isn’t money printing, then what is?
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Peter Farac
3
The only thing QE did was destroy trust in the Fed
From its inception, Quantitative Easing has attracted an outsized amount of attention. Is this because it has a destabilising effect, or is it just…
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Peter Farac
3
In the throes of policy error
Too fast, too hard and without caution – After throwing everything and the kitchen sink at deflation, Central Banks are trying to compensate with…
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Peter Farac
The Fed can’t shrink its balance sheet!
The Fed’s traditional role has been as the “lender-of-last-resort”. Since the GFC, it has been moonlighting as the “borrower-of-first-resort”.
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Peter Farac
5
Is the 60/40 portfolio dead?
A retreat of inflation is not sufficient to bring back negative correlation between equities and bonds, if history is any guide.
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Peter Farac
Low interest rates don’t drive up asset prices – governments do
Despite the appeal of the hypothesis that lower interest rates encourages the private sector to take on debt, the data doesn’t support it. So why are…
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Peter Farac
Macro Is Dead
A detailed obituary to macro trading. A deep-dive into when, why and how it died.

Macro Is Dead

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