Bank of Japan loses control as QE hits the limits （QE限界で日銀が操縦不能に） By Ambrose Evans-Pritchard Telegraph: 8:21PM GMT 11 Feb 2016'This could go down in the history books as the death of Abenomics' 「これはアベノミクスの死として歴史の本に書かれるかもね」 The Japanese yen has become the lightning rod of extreme stress in the global financial system, rocketing this week in violent moves that threaten to plunge Japan back into deep

The world's political and economic order is stronger than it looks （世界の政治経済秩序は、見た目より強いのよ） By Ambrose Evans-Pritchard Telegraph: 8:39PM GMT 30 Dec 2015 Stefan Zweig tells us in The World of Yesterday what it feels like when the wheels really do come off the global system シュテファン・ツヴァイクは『昨日の世界』の中で、グローバルシステムの車輪が本当に外れてしまったらどうなるか、と教えてくれます。 Readers have scolded me gently for too much optimism over the pas

Elite funds prepare for reflation and a bloodbath for bonds （エリート・ファンドがリフレと債券粛清に備えてアップを始めました） By Ambrose Evans-Pritchard Telegraph: 8:57PM GMT 24 Nov 2015 All the stars are aligned for an end to the deflationary supercycle, yet $6 trillion of bonds trade at yields below zero デフレ・スーパーサイクル終焉の準備万端…だけど6兆ドルもの債券がマイナス金利だよ。 One by one, the giant investment funds are quietly switching out of government bon

Why compassion is the last thing this refugee crisis needs （難民危機で一番要らないのが思いやりである理由） By Allison Pearson Telegraph: 7:38PM BST 08 Sep 2015 Faced with a Biblical exodus, migrants require military help to provide them with food - and a safe zone on the Syrian border 聖書を思わせる集団移動を前に、移民に食糧を提供するために軍の支援と、シリア国境の安全地帯が必要。 Some Turkish friends were driving along the Turquoise Coast a few days ago when they not

Prepare yourselves: The Great Migration will be with us for decades （覚悟しましょう：　民族大移動は何十年も続く） By Fraser Nelson Telegraph: 7:26PM BST 03 Sep 2015 It is not war, but money, that drives people abroad. That is not going to change any time soon 人々を出国させるのは戦争ではなく金である。それは当面変わらないだろう。 When the crew of HMS Bulwark first fished immigrants out of the Mediterranean, they were expecting to find the world's hungry,

A Moveable Glut （移動可能なジャブジャブ） Paul Krugman NYT：AUG. 24, 2015What caused Friday's stock plunge? What does it mean for the future? Nobody knows, and not much. なんで金曜日は株暴落したの？ 未来にとってどんな意味あんの？ 誰もわかんないし、大した意味もないのだ。 Attempts to explain daily stock movements are usually foolish: a real-time survey of the 1987 stock crash found no evidence for any of the rationalizations economists and journalists offered

Germany's record trade surplus is a bigger threat to euro than Greece （ドイツの史上最大の貿易黒字って、ユーロにとってギリシャより脅威じゃん） By Ambrose Evans-Pritchard Telegraph: 6:35PM BST 05 May 2015 If EU law were properly enforced, Germany would face fines for endangering eurozone stability and breaching the Macroeconomic Imbalance Procedure for the fifth year in a row EU法がちゃんと実施されてたら、5年連続でユーロ圏の安定性を脅かした上にマクロ経済不均衡手続に違反した！とドイツは罰

Older workers 'do not steal jobs from young' （年寄りは若者の仕事を奪って…ません） Dan Hyde By Dan Hyde, Consumer Affairs Editor Telegraph: 12:01AM GMT 11 Mar 2015 Under 50s would have higher wages and better job prospects if more older people were in work, Government's older people's tsar says 熟年層がもっと職場にいれば、50歳未満の人は給料が上がったり将来が明るくなったりすると思われ…と高齢化担当大臣が仰せであられるぞよ。 Older workers do not steal jobs from young people and w

Humiliated Greece eyes Byzantine pivot as crisis deepens （危機深刻化…屈辱のギリシャはビザンチン・ピボットを検討中） By Ambrose Evans-Pritchard, in Athens Telegraph: 2:24PM GMT 28 Feb 2015 Neither side holds the upper hand in the strategic game of chicken which could still see Greece forced out of the euro 引き続きギリシャのユーロ強制追放の可能性が残る戦略チキンゲームの上手、いずれも取れず。 Greece's new currency designs are ready. The green 50 drachma note features C

Sweden cuts rates below zero as global currency wars spread （世界通貨戦争拡大でスウェーデンもゼロ金利突入） By Ambrose Evans-Pritchard Telegraph: 4:58PM GMT 12 Feb 2015 Morgan Stanley warns that the world is revisiting the "ghosts of the 1930s" as one country after another tries to steal a march on others by devaluing first 先にデバリュエーションを仕掛けて抜け駆けする国が続発する中、世界は「1930年代の亡霊」を再び見ることになるぞ、とモルガン・スタンレーが警鐘を鳴らしています。 Sweden has cut in

The economy：At last, a proper recovery （経済：遂に回復じゃ、まともな回復じゃ！） エコノミスト：Feb 14th 2015 | WASHINGTON, DC | From the print edition All sorts of Americans are feeling more prosperous 猫も杓子もウキウキしちゃうアメリカン。 THE American economy has technically been out of recession for six years. It is finally starting to feel like it. Millions of new jobs are sprouting. Many who had given up looking for work are trying again

Francs, Fear and Folly （フランと恐怖と愚行） Paul Krugman NYT：JAN. 15, 2015Ah, Switzerland, famed for cuckoo clocks and sound money. Other nations may experiment with radical economic policies, but with the Swiss you don't get surprises. おお、スイスよ…鳩時計と健全通貨で有名なスイスよ…。 他国は異次元経済政策で実験するかもしれないが、スイスよ、お前にサプライズはない。 Until you do. On Thursday the Swiss National Bank, the equivalent of the Federal Reserve, shocked the fi

Much Too Responsible （お前の責任だろ） Paul Krugman NYT：JAN. 22, 2015The United States and Europe have a lot in common. Both are multicultural and democratic; both are immensely wealthy; both possess currencies with global reach. Both, unfortunately, experienced giant housing and credit bubbles between 2000 and 2007, and suffered painful slumps when the bubbles burst. 米国とヨーロッパには共通点が一杯あります。 両方とも多文化で民主主義です。

Larry Summers warns of epochal deflationary crisis if Fed tightens too soon （ラリー・サマーズ氏がFRBが引き締めを急げば歴史に残るデフレ危機になるよとワーニング） By Ambrose Evans-Pritchard, in Davos Telegraph: 12:44PM GMT 22 Jan 2015 Former US treasury secretary also says eurozone QE has come too late to lift the region off the reefs on its own. 元米財務長官は、ユーロ版QEだけでこの地域を救出するのは手遅れ、無理、とも仰ってます。 The United States risks a deflationary spiral and

World deflationary forces have swept away Switzerland's defences （世界のデフレ・フォースがスイスの防衛線を吹っ飛ばす） By Ambrose Evans-Pritchard Telegraph： 5:17PM GMT 15 Jan 2015A month ago the Swiss authorities were still claiming that their currency floor was crucial to prevent a deflation trap. They were right 1ヶ月前、スイス当局はまだスイス・フラン防衛はデフレ・トラップ阻止のために極めて重要だと主張し続けていました。その通りだったんですね。 The Swiss National Bank has lost control.

Oil fall continues as Arab states aim to crush US shale （アラブ諸国が米シェールぶっ潰しを目指して石油価格暴落続く） By Andrew Critchlow, Commodities editor Telegraph: 5:25PM GMT 13 Jan 2015 Opec's biggest producers in the Persian Gulf are maintaining a strategy that has sent crude below $46 per barrel OPEC主要国が原油価格を46ドル以下にした戦略を継続中。 Pressure on oil prices has continued to build after key members of the Organisation of the Petro

The global economy could be on the verge of a once-in-a-generation transformation （世界経済は世紀の大変身を遂げようとしてるのかも） By Jeremy Warner Telegraph: 6:20AM GMT 09 Jan 2015 The 35-year boom in asset prices is coming to an end - which will have enormously important consequences 35年に亘る資産バブルが終わろうとしています…その結果は極めて重大でありましょう。 Few things illustrate the 35-year boom in Western asset prices better than the cost of a Londo

いろいろおもしろいのね。 'France Without Jews Is Not France' （「ユダヤ人のいないフランスなどフランスではない」） By THE EDITORIAL BOARD NYT：JAN. 13, 2015 After Paris Attack, French Authorities Move to Protect Jews パリのテロ事件を受けて、フランス当局がユダヤ人保護に動きました。 Long before Chérif Kouachi burst into the offices of Charlie Hebdo last Wednesday with his brother Saïd to assassinate the journalists and cartoonists gathered at the satirical magazine's we

Twin Peaks Planet （ツインピークス惑星） Paul Krugman NYT：JAN. 1, 2015In 2014, soaring inequality in advanced nations finally received the attention it deserved, as Thomas Piketty's "Capital in the Twenty-First Century" became a surprise (and deserving) best seller. The usual suspects are still in well-paid denial, but, to everyone else, it is now obvious that income and wealth are more concentrated at the v

Europe's bond yields fall to lowest since the Black Death （ヨーロッパの債券金利、黒死病以来の水準まで下落） By Ambrose Evans-Pritchard, International Business Editor Telegraph：7:41PM GMT 02 Jan 2015'What we are seeing is the "Japanification" trade. The eurozone is sinking into corrosive deflation,' warns RBS 「僕らが目撃しているのは『ジャパニフィケーション』トレードだよ。ユーロ圏は腐食的デフレに沈み込みつつある」とRBSがワーニングです。 Bond yields have plummeted to record lows acros