Archive - Market Depth

The US stock market in the age of fiscal dominance.

Trump 2.0 is not playing out as billed in last year's election - is it going to be Wall Street over Main Street yet again?

Jul 2 •

Charlie Crowson

June 2025

The challenges to challenging the dollar.

With de-dollarisation increasingly a theme if not yet entirely a fact, the real question is what sits behind a currency to make it valuable?

Jun 22 •

Charlie Crowson

May 2025

Trump's plan B - another dash for growth.

With DOGE-style austerity on the back burner, SoS Scott Bessent has basically said growth will stabilize US finances. What are the chances of success?

May 28 •

Charlie Crowson

Debt - the real winner of the trade war?

We tend to focus on which country is top dog, but perhaps we should think about debt and compound interest as the apex predators in all this.

May 15 •

Charlie Crowson

April 2025

Does a world of tariffs also mean one of capital controls?

In the hiatus following President Trump's embarrassing retreat over tariff implementation, investors should think about what comes next.

Apr 29 •

Charlie Crowson

Financial markets and the world of yesterday.

Is it enough to hope that President Trump will be more 'transactional' or that the Fed will step in to stabilise markets?

Apr 7 •

Charlie Crowson

March 2025

US stock market exceptionalism: stick, twist - or fold?

The S&P 500 is down in Q1 - the end of a correction, or just the end of the beginning of something bigger?

Mar 24 •

Charlie Crowson

Germany's appetite for economic self-destruction

There's no need to be beastly to the hun if the hun are being beastly to themselves.

Mar 6 •

Charlie Crowson

February 2025

What Donald did next.

Tariffs appear to be the opening salvo of a wider plan to shake up global trade, but is this all a sign of American weakness not strength?

Feb 20 •

Charlie Crowson

January 2025

DeepSeek AI - when events can only be understood by historical analogy.

Some events are potentially so disruptive that only remote and unrelated stories from history can help us to imagine a suddenly unclear future.

Jan 31 •

Charlie Crowson

America's (very) long history of tariffs.

For advocates of free trade and globalisation, tariffs are always bad. Reality is, as ever, more nuanced.

Jan 22 •

Charlie Crowson

The UK's currency - sound as a pound?

Sterling is falling as gilt yields rise - is this just a British problem or a symptom of rising volatility in the currency markets at large?

Jan 9 •

Charlie Crowson

#nojs-banner { position: fixed; bottom: 0; left: 0; padding: 16px 16px 16px 32px; width: 100%; box-sizing: border-box; background: red; color: white; font-family: -apple-system, "Segoe UI", Roboto, Helvetica, Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji", "Segoe UI Symbol"; font-size: 13px; line-height: 13px; } #nojs-banner a { color: inherit; text-decoration: underline; } This site requires JavaScript to run correctly. Please turn on JavaScript or unblock scripts