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Cold War

Jonathan Ruffer on assets, quantitative easing and inflation

July 13, 2021

We have been talking of inflation for well over a decade—which is not the same thing as calling its timing. An impasse was created by the failure of the economy to grow after the 2008 crisis—all the risks (as we patiently explained) were deflationary, and in vain did the central banks and governments try to force an inflationary impulse into a sluggish world. Their primary weapon? An invention, deployed on a grand scale—quantitative easing (QE to its friends).

I am writing this just before a US inflation report which, to quote Bloomberg, “May provide clues on the monetary-policy outlook; S&P futures were little changed, as were European stocks [awaiting] the next policy statement from the European Central Bank…”

Why investors are on the frontline of Cold War II

June 9, 2020

World order has never been so complex for investors. The US and China have entered a new phase of long-term strategic global competition. America has moved decisively from engagement to containment of China’s technological, economic and military power. Globalisation has created new arenas for renewed ‘Great Power’ competition: financial markets; cyber and outer space; technology; the corporate world. As world order bifurcates, investors are on the front line.

Cold War II: A technology war with two dimensions

January 30, 2020

If you listen closely to leading business figures from Asia, you get a sense for their economic fears and expectations. After visiting a leadership summit in Singapore, I am ever more convinced that we will be facing a new global Cold War, which will be fought over technology dominance. Europe needs to prepare for that.