Stephen Johnston

Contributor since: 20 Feb 2011

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• Central Banking's Scylla and Charybdis - Rollover and Convexity

  Published 09 July 2013 | viewed 0 times

  The idea that the developed world, beginning with the US, might just be contemplating a reduction to its unprecedented monetary stimulus has shaken the confidence…

• Bail-ins, Velocity of Money and Capital Controls, the Unravelling Continues

  Published 08 April 2013 | viewed 0 times

  So-called bank "bail-ins", whereby losses are imposed on depositors, represent the next stage in the modus operandi of the political class in response to the…

• Global Farmland Valuation Update - SK Highly Price Competitive

  Published 04 February 2013 | viewed 0 times

  Farmland has experienced a decade of strong absolute price appreciation as can be seen in Table 4 - including Canada which averaged over 10% per…

• Saudi America in Sight?

  Published 17 January 2013 | viewed 0 times

  Recently I have been seeing breathless articles surface in the popular press that the US is set to become an oil exporting nation by 2020…

• The Great Canadian Bank Bail-Out

  Published 22 October 2012 | viewed 0 times

  The Canadian banking system is sound, we didn't have to bail-out our banks - right? Certainly that's what we are continually told: "...we have not…

• Saskatchewan Farmland Appreciated 9.1% in First Half of 2012

  Published 15 October 2012 | viewed 0 times

  We are very pleased to pass along the results of the Farm Credit Canada Farmland Values Report. According to Farm Credit Canada the average value…

• A Little Fun for a Change - Try the Fed's Own Inflation Model

  Published 08 October 2012 | viewed 0 times

  Confused about what the US Federal Reserve hopes to achieve with QE3? Now you can find out. Stand in for Chairman Ben Bernanke and play…

• Can Food Prices Now Drive Oil Prices?

  Published 01 October 2012 | viewed 0 times

  Let me propose a thought experiment. Are we in a global environment where food prices can drive energy prices rather than the more typical relationship…

• The Bull Market in Unintended Consequences Continues - Stagflation

  Published 20 September 2012 | viewed 0 times

  The central bankers of the two key western economies have pulled out all the monetary stops in recent weeks. Our mandarins of money assure us…

• Rollover Risk World Tour 2015

  Published 06 August 2012 | viewed 0 times

  Rollover risk can be defined broadly as the possibility that a borrower cannot refinance maturing debt. If combined with insufficient funds/liquid assets on hand to…

• Experience is the Teacher of Fools

  Published 25 June 2012 | viewed 0 times

  Erasmus is reported to have said "experientia magistra stultorum" or for the rest of us who successfully avoided even rudimentary latin instruction "experience is the…

• Can the Marginal Cost of Production Tell Us Anything About Future Oil Prices?

  Published 18 June 2012 | viewed 0 times

  Oil prices have recently dropped on concerns relating to both growth and supply. Falling back on first principles, can we make any predictions about prices…

• Discounts Hiding In Plain Sight

  Published 04 June 2012 | viewed 0 times

  A few weeks ago I wrote about the investment prospects of two asset classes in the energy space. One is a less-focused on part of…

• Investment Themes - Risk, Return and Value in Western Canada

  Published 23 May 2012 | viewed 0 times

  The challenge current investors face is that sovereign debt default via inflation/currency debasement obviously doesn't create any new wealth but it certainly reallocates it amongst…

• US Student Loans - See Any Similarities to the US Housing Market?

  Published 24 April 2012 | viewed 0 times

  $1 trillion (yes with a "t") and counting. US student loans are a prime candidate to be the source of a future financial crisis with…

• Never Shout FIRE in a Crowded Economy

  Published 26 March 2012 | viewed 0 times

  Despite all the supposedly good news emanating from the US in the form of "improving employment conditions" allow me to be the one who continues…

• Sell Your Gold If...

  Published 19 March 2012 | viewed 0 times

  Sell your gold if you believe: Pension funds are solvent Financial sector is well capitalized Government debt can be repaid Unfunded social liabilities don't matter…

• 'Risk Free Return' or 'Return Free Risk' - Will Canada be the Only Investment Grade G7 Issuer by 2040?

  Published 12 March 2012 | viewed 0 times

  According to research by SocGen, by 2040 Canada will be the only G7 country with investment grade sovereign debt. By as early as 2030 the…

• Are We That Certain Canada is Different?

  Published 05 March 2012 | viewed 0 times

  The Zero Interest Rate Policies ("ZIRP") being pursued by the Bank of Canada are just as likely to have the same dramatic results for the…

• Demographics - Bad News for Sovereign Solvency, Good News For Long-term Hard Asset Investors?

  Published 27 February 2012 | viewed 0 times

  The amount of unfunded government liabilities are estimated to range anywhere from $150 trillion to as high as $250 trillion in the developed world (what…