Philosophy of Money

Reading much of the commentary on global government bond markets reveals that the Eurozone is still misunderstood. We have been here before. And, sadly, nothing has really changed. This post from 12 June 2022 is reproduced verbatim, only adding “France” in parenthesis. Three days after the original post, on

The bear market in bonds is a trend, with three fundamental causes

The most under-appreciated feature of the current bear market in bonds is also the most obvious one. Trend. That trend drives asset prices is not in dispute – in its many guises it is probably the dominant strategy in global capital allocation. Yet in all the commentary I read on the bond mark...