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Inflation denial comes in stages. Central banks are well past the first.

26 September 2021

Five Stages of inflation denial

The Europeans have misread Biden and misjudged Johnson. A bad combination

19 September 2021

Snookered by Anglo-Saxons

Forced vaccination could turn a small movement of anti-vaxxers into a larger coalition.

12 September 2021

Madness of compulsory vaccination

The German finance minister has been at the centre of the worst economic policy decisions in Germany over the last 20 years.

03 September 2021

The two Olafs

At a time of shock and terror, it is worth reflecting on two unknown works by Carl von Clausewitz, on the art of the small war.

27 August 2021

The wars we lose

The political cost of the US/German deal on Nord Stream 2 will vastly exceed its commercial benefits.

25 July 2021


Climate change is a challenge that requires single-minded determination and political leadership, not diffuse agendas and bullet points.

16 July 2021

What it will take

A central bank's job is to stabilise prices. If it tries to save the planet as well, it will fail in both tasks.

11 July 2021

Operator Overload

The average is a poor statistic to explain climate change. And a disaster to communicate it.

03 July 2021

Beware of averages

Angela Merkel is the most over-rated politician of our time.

26 June 2021

Overrated - now fading

Why co-opting industry into the Green agenda is a mistake.

18 June 2021

What Greens should focus on

The Glorious Green Revolution in Germany is most likely postponed.

12 June 2021

Forever blowing bubbles

The answer is No. But it is not the entire answer.

05 June 2021

Should we worry about inflation?

Economic sanctions against Belarus will work only if extended to Russia. Otherwise, they will have the opposite effect.

29 May 2021

Unintended consequence of sanctions

It is still there. But fading.

21 May 2021

What happened to the Fourth Estate?

The biggest inflation risk is not an overshooting economy, but an overshooting central banker

14 May 2021

Dedicated followers of fashion

The left-right-centre model of political analysis has long ceased to be useful

08 May 2021

Why pundits get it wrong

Here is my guide on how to misread the German constitutional court.

01 May 2021

How not to think about Karlsruhe

The Suwalki gap along the Polish-Lithuanian border constitutes a source of potential military conflict.

25 April 2021

Mind the gap

Apart from a short-lived disruption of trade flows Brexit has been a macroeconomic non-event.

16 April 2021

So much for the Brexit scare stories