Mario Draghi's "whatever it takes" comments in 2012 helped to avert an immediate crisis in the Spanish and Italian bond markets; more generally, low interest rates have encouraged investors to shift out of cash and into risky assets, particularly equities.But this creates some dilemmas for central bankers, as Mark Carney of the Bank of England acknowledged in his Mais lecture yesterday.
Mr. Megna estimated that the shifting mix of cash and stock accounts for about half the tax shortfall so far.
To the extent that investors are moving into equities, they are probably shifting out of cash and money-market funds, not bonds.So for a collapse in the corporate-bond market to happen there will either have to be a sudden reversal of central-bank policy or a wave of defaults.
Heritage languages were being killed off by increasing urbanization, the spread of formal education and the shift to cash crops, which ended the isolation of indigenous communities.
With the value of savings now trimmed by inflation, he wonders whether households will at last shift savings out of cash and into other assets—shares, property offering the prospect of higher returns.
Victory would immediately shift large piles of cash on to Douvan, in the Arkle Trophy, and Un De Sceaux, in the Queen Mother Champion Chase, as well as Mulllins's leading contenders for the Cheltenham Gold Cup on Friday.
Mr. Tatu's shift to cash crops was simply making a virtue of a necessity.
Not only was it several billions short of what one group of scientists say is needed, but the announcement was just a shifting of existing cash from the Clean Energy Finance Corporation which the Coalition has been trying to shut down.
This volume is a stark reminder of how the Rubin years have shifted our sense of Cash, and not for the better.
Investors may well be encouraged to shift their money out of cash, and into equities.
