When a rising stock market is a bad thing

If the world had a single cauldron for mixing various monetary phenomena, it would be Zimbabwe. Over the last two decades, it has experienced pretty much everything that can happen…

Sir Thomas Gresham Anyone who makes an effort to study monetary economics quickly encounters the concept of Gresham’s law, or the idea that bad money can often chase out good.…

Here’s a conundrum. Many commentators have been trying to puzzle out why stocks have been continually hitting new highs at the same time that bond yields have been hitting new…