This month's wild ride in global stocks and fears of an emerging market crisis led funds to raise bond allocations to eight-month highs, even though most investors remain bullish on the outlook for Japan and the West.
Growth in the first quarter fell well short of expectations, with the economy barely managing to maintain any momentum at all. GDP in the three months ending March expanded at an annualized pace of 0.2% hugely missing an expected gain of 1.0% among economists surveyed by Bloomberg.
When Dr. Alan Greenspan became chairman of the Federal Reserve, he moved from the world of rhetorical economics to the world of action. His most recent memoir attempts to make sense of how the financial crisis of 2008 came to be and how we can better predict future crises, along with the role of gold in a global monetary system.