Richard Cookson

Richard Cookson was head of research and fund manager at Rubicon Fund Management. Previously, he was chief investment officer at Citi Private Bank and head of asset-allocation research at HSBC.

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A South African street vendor selling fl

Bloomberg Opinion

South Africa Is on the Road to Becoming a Failed State

The euphoria in financial markets that accompanied Cyril Ramaphosa's election victory in 2018 failed to account for the corruption and theft that have become the nation’s dominant post-apartheid leitmotifs.

March 29, 2023

March 29, 2023

OpinionRichard Cookson

South Africa Is on the Road to Becoming a Failed State

The euphoria in financial markets that accompanied Cyril Ramaphosa's election victory in 2018 failed to account for the corruption and theft that have become the nation’s dominant post-apartheid leitmotifs.

A South African street vendor selling fl

February 22, 2023

February 22, 2023

OpinionRichard Cookson

Inflation’s Slowdown Is Less Than Meets the Eye

Although many economists and investors are encouraged by the latest trends, a deeper look makes clear that pressure on consumer prices is still rising.

IRAQ-CURRENCY

December 20, 2022

December 20, 2022

OpinionRichard Cookson

Bank of Japan’s 'Technical' Policy Change Is Anything But

The messy compromise can’t mask the obvious, which is that central banks are retreating from long-held policies of manipulating yields lower.

Bank of Japan Governor Haruhiko Kuroda After Rate Decision

November 23, 2022

November 23, 2022

OpinionRichard Cookson

Pressure on the Hong Kong Dollar Peg Keeps Building

The social and economic costs of maintaining the currency’s link to the greenback may be getting too great to continue bearing.

Hong Kong Dollar, Chinese Yuan and US Dollar Banknotes As Currency Peg Intervention From HKMA Continues Into Third Day

November 1, 2022

November 1, 2022

OpinionRichard Cookson

Real Yields Are the Market's Big Lie

The predictive abilities of inflation-adjusted interest rates don’t stand up under scrutiny.

Senate Republicans Hold News Conference On Inflation On Capitol Hill

October 21, 2022

October 21, 2022

OpinionRichard Cookson

UK Pensions Didn't Understand What They Were Buying

Bonds that are designed to protect against rising inflation sound innocent enough. The reality is more complicated.

Queen Elizabeth II Platinum Jubilee 2022 - Platinum Pageant

October 13, 2022

October 13, 2022

OpinionRichard Cookson

Forget Overkill. Central Banks Are Still Way Behind.

The extraordinary thing about rates is not how high they are but how low. They will have to increase much more to get inflation sustainably lower.

British Convert Pounds To U.S. Dollars

September 30, 2022

September 30, 2022

OpinionRichard Cookson

The Problems Facing the Gilt Market Aren't Unique to the UK

The turmoil draws attention to the fragility of government bonds around the world when they are not, one way or another, being manipulated by governments and central banks.

UK Set To Enter Recession This Year

September 22, 2022

September 22, 2022

OpinionRichard Cookson

Coordinated Dollar Intervention Is a Long Shot

There are three main reasons top central banks are unlikely to team up to arrest the US currency’s strength as they did with the Plaza Accord in in 1985.

Hong Kong Dollar, Chinese Yuan and US Dollar Banknotes As Currency Peg Intervention From HKMA Continues Into Third Day

September 14, 2022

September 14, 2022

OpinionRichard Cookson

UK Energy Relief Plan Will Lead to Higher Interest Rates

The proposed package will do little to curb inflation while repeating the problems wrought by large government spending during the pandemic.

Presentation Of Addresses By Both Houses of Parliament To His Majesty King Charles III

July 21, 2022

July 21, 2022

OpinionRichard Cookson

Bank of Japan Should Stop Meddling in Financial Markets

There is no evidence that buying stocks and bonds has had the desired effect of stimulating activity and inflation in the country.

Bank of Japan Governor Haruhiko Kuroda News Conference After Rate Decision

July 12, 2022

July 12, 2022

OpinionRichard Cookson

Japan's Lack of Inflation Is Tied to Loose Monetary Policy

You can’t be certain about the reason consumer prices are surging in most of the world without understanding why they aren't in the Asian nation.

JAPAN-ECONOMY-FINANCE-FOREX

June 21, 2022

June 21, 2022

OpinionRichard Cookson

Why This Bear Market Is Bad for Stocks and Bonds

It is highly unusual for both fixed income and equities to perform so badly at the same time, but inflation has flipped their correlation to the same direction.

A tandem dive

June 17, 2022

June 17, 2022

OpinionRichard Cookson

ECB Plays Fast and Loose With the Law in Bond Plan

The central bank is intent on helping weaker borrowers in the euro zone, regardless of their abuse of debt and budget rules.

GERMANY-EUROZONE-BANKING-ECB-MARKETS-WORLD

June 13, 2022

June 13, 2022

OpinionRichard Cookson

The ECB Is No Longer an Inflation-Targeting Central Bank

The real goal of policy makers is keeping the euro zone’s weakest members from leaving the currency union — and that may be impossible.

NETHERLAND-EU-ECONOMY-ECB

May 20, 2022

May 20, 2022

OpinionRichard Cookson

BOE Governor Proves Inflation Targeting Is a Bad Idea

The lesson is that central banks should instead have a much broader and vaguer mandate of protecting the internal and external value of their currencies.

Bank of England Holds Interest Decision Rate News Conference

May 11, 2022

May 11, 2022

OpinionRichard Cookson

The Bullish Cases for Bonds Are All Premature

Fixed-income assets don’t always do well in a recession, especially when inflation caused the downturn.

Caught In A Trap

April 27, 2022

April 27, 2022

OpinionRichard Cookson

The Hong Kong Dollar's Peg Has Become Untenable

Pressure on government officials to break the currency’s link to the U.S. dollar, already at an extreme, is only getting worse.

This photo taken 19 March, 2007 shows ge

March 22, 2022

March 22, 2022

OpinionRichard Cookson

Central Bank Predictability and Sloth Have Their Costs

One obvious byproduct is upward pressure on inflation. But there are also huge benefits for for governments: their debt burdens fall.

VENEZUELA-ENVIRONMENT-NATURE-SLOTHS

March 9, 2022

March 9, 2022

OpinionRichard Cookson

Germany Must Be Looking at the ECB in Despair

The outlook for inflation and the euro, already dire, is even worse with the central bank unable to raise interest rates enough without destroying the economy.

FRANCE-EU-EUROGROUP-ECOFIN