Cumberland Advisors

We just completed a three-week visit to France. Paris and the French countryside remain as lovely as ever. On the surface, life in France seems normal, with shops, restaurants and hotels full, traffic...

The third quarter of 2012 saw the municipal bond market outperform US Treasuries after a second quarter that saw a precipitous drop in Treasury yields. To give you a flavor, at the start of the third...

QE3+ is an operation analogous to walking a tightrope over Niagara Falls. Success will be exhilarating, but failure will be ugly. (John H. Makin. “The Fed Takes a Gamble.” American...

As many of our readers know, Cumberland Advisors is a proud sponsor of the Global Interdependence Center (GIC – www.interdependence.org), the not-for-profit organization headquartered in the...

“The Lord giveth and the Lord taketh away, blessed be the name of the Lord.” Job 1:21The Federal Reserve sent the message of giving at the Jackson Hole conference on Labor Day weekend....

Because of its scope and aggressiveness, the FOMC’s open-ended MBS purchase program caught many by surprise, including us. The committee not only extended its forward guidance with respect to...

Outright Monetary Transactions (OMT) is the name of the newest program launched by the European Central Bank (ECB). If you haven’t read about it, if you don’t care about it, don’t...

Labor Day Report from Leen’s lodge in Grand lake Stream, Maine, written on September 3, 2012. Sent yesterday: September 5, 2012Chatham House Rule say we cannot name the asset managers, fund...

Saturday’s WSJ banner headline trumpeted “Fed Sets Stage for Stimulus,” and this wishful thinking has been widely expressed by other analysts, most of whom are Wall Street economists...

While the Gulf Coast is dealing with far too much rain, food prices are reflecting the effects of the worst drought in 50 years in the corn-, soybean-, and wheat-raising areas of the US, to which are...

Five years into the financial crisis, the exit for central banks from their stimulus efforts is nowhere in sight and even may be getting further away. (Richard Barley. “Central Banks’...

The modern Greek odyssey continues with a dance of fireflies. This particular version is dedicated to a different Homer. We are speaking of the late Sidney Homer and his treatise on interest rates....

The global food crisis of 2007-2008 is threatening to repeat in the coming months, as the worst drought in 50 years devastates the US corn crop, with 51% of the crop rated "Poor/very poor" by the US...

We don’t know the answer to this question, but here at Cumberland Advisors we track the Beveridge Curve every month. It plots the relationship between the job openings rate and the unemployment...

"Civilizations, as I have endeavored to show in this book, are highly complex systems, made up of a very large number of interacting components that are asymmetrically organized, so that their...

Two expert agricultural economists joined this year's gathering in Maine. Their expertise is worldwide. Each of them has years of experience forecasting various ag scenarios and resulting global...