Since the demise of the Bretton Woods system in 1971, the world has become increasingly dependent on the US dollar. The US dollar continues to fulfill an important role as the world’s reserve currency and as a result the United States is basically obliged to provide the world with sufficient dollars.

In order to do so, the United States must import more goods every year than it exports. The difference is paid for in dollars; dollars that can then be used by other countries to import oil and

The holidays are over. We just had Christmas, quickly followed by New Year’s Eve. A good moment to reassess the year. For me personally, moreover, a useful moment for self-reflection. How much of the things we have written over the course of last year has turned out to be true? Can we, perhaps, shed light on some of the important topics again? In any case, something that can be observed from this top 10 of 2017, is the fact that cryptocurrencies have been the eye catcher of 2017. Various

Even though large parts of the world were colored white over the past week (large parts of Europe and the U.S. were covered in snow), the proverbial economic winter is yet to come. Last week, as we expected and already explained in one of our previous articles, the Fed announced another rate hike, this time from 1.25% to 1.5%. Moreover, Fed Chair Janet Yellen said she expected the Fed to continue their rate hike trajectory in the coming years. The Fed board is forecasting three more rate hikes in 2018. Yet, Yellen seems dangerously unaware of the danger that lies ahead. She made a few highly remarkable comments on interest rates and the yield curve in her press conference. How did credit markets react to the Fed´s decision and what can we expect in 2018?