Last night’s vote for Great Britain to exit the EU was a massive shot to the bow of the European establishment. While polls had been even, the betting odds were basically 8-1 that the country would stay in the EU, so markets are quite shocked at the result. In overnight trading, just about every asset...Read More

We are now 5 years past the Great Recession of 2008, yet governments’ in both the United States and the United Kingdom are still obsessing about banks’ sins of the past.  The most recent headline is that the U.K. believes that RBS intentionally allowed viable businesses to go bankrupt to gauge them for advisory fees...Read More

The United Kingdom is looking at taking advantage of the current low interest rate environment by issuing 100 year bonds.  I think this is a very intelligent thing for them to do, but I think anyone that buys them would be absolutely insane.  With the U.S. debt load being what it is, locking in today’s...Read More