Recent stories
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Chancellor: Was I totally wrong about bitcoin?
Three years ago, this column argued the cryptocurrency wasn’t money, resembled the gold prospector’s fabled sardine tin, and faced a total wipeout. Bitcoin promptly shed more than two-thirds of its value. Now it’s back from the dead and trading at twice its peak. What happened?12 January 2021 -
Chancellor: Year of extraordinary popular delusion
The pandemic hasn’t just provoked irrational fears; a great speculative fervour also appeared. And the froth of the year of Covid-19 in financial markets exhibits three of the conditions described in Charles Mackay’s classic book on the inflation of speculative bubbles.7 January 2021 -
Chancellor: Wall Street is firmly in Wonderland
As society melts down, markets melt up. The constant manipulation of interest rates has turned the world of finance upside down. Serious investment has become impossible. It’s the sort of topsy-turvy state Lewis Carroll might have imagined if Alice was putting money to work.9 July 2020 -
Chancellor: Inflation as the post-pandemic cure
25 June 2020 -
Chancellor: Economic Consequences of Mr. Johnson
16 April 2020 -
Chancellor: How to think straight during a crisis
9 April 2020 -
Chancellor: What happens when globalisation fails?
2 April 2020 -
Chancellor: Coronavirus crash is inverted bubble
24 March 2020