TARGET2 Balance Updated June 2016

Money, generally accepted medium of exchange, acts as a veil that confuse and blurs economic relations. This is especially true when it comes to intertemporal considerations. Whilst probably the most important institution in a free market, money can be highly destructive when politicized. Why? Because politics is about power and distribution of real wealth. And…

Export to China

With global attention focused on BREXIT calamity, potentially more important questions are being overlooked, and especially in the South China Sea where storms are currently brewing between China and a range of littoral states for strategic control of territorial waters. To be clear, our long term geostrategic position remains unchanged; China will gradually secure control…

Naira per USD

  The political stakes are rising fast for West African production, and especially in the two major states, Angola and Nigeria. One story is essentially succession based around President dos Santos in Luanda, where he’s making sure his own daughter, Isabel dos Santos cover his political / corruption tracks in Angola.  The other, is whether…

Ven Oil Prod

It took a while to play through, but our assessment that China would increasingly become the petro-state lender of last resort is starting to come good. The primary reason for that is producer states are rapidly running out of time to present full scale political implosion on the back of chronic economic pressures. For all the…