Stephen Kinsella: Bet on it - the house will always win

We are in for a period of low growth, low inflation and low yield for some time to come

6th September, 2015
The New York Stock Exchange on August 26, after six days of market chaos had erased $2.1 trillion of value from US stocks. Picture: Getty

Writing in the 1990s, economists could credibly buttonhole ‘financial intermediaries’ into simple categories: banks, pension funds, insurance companies and ‘other’, where ‘other’ included hedge funds, venture capitalists and a few other specialised money management services.

Today, any categorisation of the ‘other’ column quickly runs into ‘angels on the head of a pin’ territory. Everything from derivative traders to vulture funds to exotic investments like sovereign debt of defunct countries...

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