Consulting Economist

I received undergraduate and graduate degrees in economics and finance from the University of California, Los Angeles, 1968. My professional expertise is in macro-economics; currency and trade strategies; interest rates and yield curve analysis and fixed income strategies. For the past two ... more


E Central Bankers’ Real Challenge Is To Manage The Yield Curve
Normally, a $2 trillion spending announcement by the U.S. government would send borrowing costs skyward as investors would want more protection against rising long term rates.
E The Unconventional Moves Into The Realm Of The Conventional
The scale of this economic crisis is such that the time has come to adopt once radical policies such as helicopter money and unrestricted government spending. Time is of the essence. The real issue, though, is how much money should rain down?
E The Return Of The “Minsky Moment” In The Credit Markets
True to form, credit markets are the bell-weather to an economic crisis, and corporate bonds are the bell-weather to a credit market crisis. The credit market crisis we are witnessing today is best described as experiencing a “Minsky Moment”.
E Helicopter Money Is On Its Way
In principle, helicopter money seems quite simple. Yet, politically the issues resolve around whether to provide direct cash benefits for everyone or for those in need.
E The Bank Of Canada Prepares Its Own Version Of QE To Counter An Expected Deep Recession
This concerted effort can be only interpreted that the Canadian government is anticipating major stress affecting financial institutions and their clients.
E Has The Recession Finally Arrived?
Yes, we are in a recession as industry after industry starts to feel the repercussions of the pandemic virus. Governments are just starting to roll out spending programs to aid specific industries.


Latest Comments
Central Bankers’ Real Challenge Is To Manage The Yield Curve
3 days ago

Thanks, Gary. The workings are much more specific as to target rates.The BoJ are clear that the 10yr be zero-- the fear is that it would go negative in the absence of their intervention. I see it as a one-way street, i.e. preventing yields from going negative. In WWII it was a case of preventing yields from going higher. Inflation is not the enemy, but deflation is. We should only be lucky to have a positively sloped curve and some inflation as an indication that growth is taking hold.

I agree with you that we need helicopter money. The Fed should credit the banks with as much money that is needed to prompt spending. Right now, it is just filling a hole as monthly debts come due --not promoting growth.

The Bank Of Canada Prepares Its Own Version Of QE To Counter An Expected Deep Recession
16 days ago


I am not sure it's going to work because the problem is so vast and we do not really understand the full ramifications.

Coronavirus And The Empty Chocolate Factory
24 days ago

I agree that we should seriously consider helicopter money. This has always been the last resort deflationary world and it appears that we are heading in that direction.

Coronavirus And Trump's Clever Inadequacy
1 month ago

Your point about the scale in China overwhelms that of the United States is so important. The Trump administration does not appreciate just how powerful the middle class is in China and how much this virus will hurt Chinese purchases from United States for both goods and services.

The Year The Bond Market And The Bank Of Canada Parted Ways
1 month ago

Kudlow statement is a total contradiction in terms. I never had much respect for his his understanding of economics. If the economy were so strong then why is there a flight to safety? Strong economies have upper sloping yield curves.

The Canadian bond market is taking its cue from the US bond market which is also inverted. At the same time oil and other commodity prices are weak. Manufacturing has been declining for nearly six months straight. And Canada now feels a chill from China and its impact upon worldwide supply chains. The Canadian stock market hit an all-time high earlier in the week so we can't say there's any flight to quality

Simply bond investors have a completely different outlook on the future compared to stock market investors.

US Government Escalates Trade Hostility
1 month ago

Gary, I agree. The issue is that there is no American telecom that is at the forefront of the 5G technology. The US dropped the ball awhile ago and assumed that 5G was a longer way off in the future. Meanwhile, Chinese and European developers marched ahead.( I am biased. I have a Huawai phone and find it better and much cheaper than iPhones. Do I think the Chinese are spying on me??)

US Government Escalates Trade Hostility
1 month ago

Gary you are correct.Israel's tech sector is deeply involved with China,especially in AI.

As for Flat Broke the US has a long history of not acting in its best intersts. By starting a trade war which the US does not know how to end is a perfect example of not acting and your own best interest.

Serious Problems For Germany’s Manufacturing Sector, Auto Production Restructures In The Direction Of Electric Cars
2 months ago

Not so sure about Trump power. One of the largest BMW factories in the world is in Spartsburg in he Carolinias has over 10k workers. One of the reasons that US cannot follow through with tariff threats especially in Trump country.

As they say "it's complicated"

For The Bank Of Canada Hope Is The Only Strategy
2 months ago

Thanks. I just don't get Poloz. He staring at recession and just closes his eyes. Given the monetary lags we will not feel the effects of any cut in rates until mid 2021.

Trump, China And Phase 2 Negotiations
2 months ago

Gary an excellent overview of the biggest non tariff barrier to trade that is used by every country

You are right China is not going to give up the commanding heights derived from subsidies

And US farmers cannot exist without farm aid. Both conditions are indemnic in their respective nations.

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BAM Brookfield Asset Management Inc.
HCG.TSX Home Capital Group
MSFT Microsoft Corporation
RY Royal Bank of Canada
SQ Square
V Visa Inc.



Latest Posts

Work Experience

Titleist Advisory Services
September 1989 - Present (31 years 1 month)

Advised clients and provided quantitative and analytical research on fixed income markets, yield curve analysis , currency risks assessments and overall asset allocation.

Senior Economic Consultant
A.R.A. Consultants
September 1983 - September 1989 (6 years 2 months)

Responsible for business development and research management for clients in both the public and private sectors; areas of experience include: , transportation, natural resources, non-conventional energy and industrial projects.

Senior Consultant
Peat Marwick and Partners
April 1979 - June 1983 (4 years 3 months)

Industry studies for private and public sector clients; areas of research include energy transportation, public finance and industrial development strategies.

Senior Economic Consultant, Energy
Government of Canada, Dept of Transport
January 1980 - January 1981 (1 year 1 month)

Directed research projects on energy utilization in transportation in relation to national
energy pricing policy.

Director of Research
C.D. Howe Institute
September 1972 - June 1981 (8 years 11 months)

Responsible for studies in Canada-US relations, international trade and macroeconomics; published studies on wages, productivity, GNP growth and international energy pricing, natural resources ; supervised outside researchers.



The Anti-Inflation Guidelines: Linking Wages To Productivity
Norm Mogil
C. D. Howe Research Institute (1976)
A Reassessment Of Canada's Economic Potential
Norm Mogil
C. D. Howe Research Institute (1974)