US government debt - Part 1

US government debt rises to historic highs – Part 1: What does this have to do with black holes and what are the investment policy consequences?   Unfortunately, there is nothing encouraging to report regarding the development of US government debt. It is at its highest level since 1944. In the first part of this series of articles, we outline the development of US government debt…


(Still) No V-shaped recovery in sight

Is the belief of investors that central banks can achieve a robust V-shaped economic recovery with expansive monetary policy only an illusion? What can be learned from trade flows and what does the new inflation target mean?   In the following, we will examine what central banks can achieve with an expansive monetary policy. We take a brief look at the latest report of the World Trade…