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Category Archives: Economics
Bullion Bank Nightmare as LBMA-COMEX Spread Blows Up Again
Bullion Bank Nightmare as LBMA-COMEX Spread Blows Up Again The gaping price differential between spot gold and gold futures that has been plaguing the paper gold markets in London and New York for the last three weeks shows no signs of abating and is continuing to flare up. In essence, the contango phenomenon we are […]
PERU EXTENDS LOCK-DOWN ALONG WITH MEXICO: An Estimated 40% Of Global Silver Mine Supply Now Offline
PERU EXTENDS LOCK-DOWN ALONG WITH MEXICO: An Estimated 40% Of Global Silver Mine Supply Now Offline Now that the Peruvian Government announced an extension of the country’s state of emergency until April 26th, the world’s first and second-largest silver producers have taken 40% of global silver mine supply offline for a month. Actually, Peru first […]
#MacroView: Is The “Debt Chasm” Too Big For The Fed To Fill?
#MacroView: Is The “Debt Chasm” Too Big For The Fed To Fill? Over the last month, the Federal Reserve, and the Government, have unleashed a torrent of liquidity into the U.S. markets to offset a credit crisis of historic proportions. Here is a list of programs already implemented which have already surpassed all programs during […]
Pandemic Response Requires Post-Growth Economic Thinking
Pandemic Response Requires Post-Growth Economic Thinking The end of growth is painful. We had a foretaste of it in 2008, but the current crisis promises to be much worse. Amid a horrific human tragedy of sickness and death, much of it taking place in hospitals staffed by brave but overworked and under-equipped doctors and nurses, […]
Singapore Oil Trading Giant On Verge Of Collapse After Banks Freeze Credit Lines
Singapore Oil Trading Giant On Verge Of Collapse After Banks Freeze Credit Lines Back in the second half of 2015, shortly after Saudi Arabia unleashed the (first) OPEC disintegration by flooding the market with oil in hopes of killing US shale (so deja vu… only back then it took it about two years for it […]
Markets and Black Swans
Markets and Black Swans I began studying complexity theory as a consequence of my involvement with Long-Term Capital Management, LTCM, the hedge fund that collapsed in 1998 after derivatives trading strategies went catastrophically wrong. After the collapse and subsequent rescue, I chatted with one of the LTCM partners who ran the firm about what went […]
This Curve Will Never Flatten Again: Fed Balance Sheet Hits $6.1 Trillion, Up $2 Trillion In 1 Month
This Curve Will Never Flatten Again: Fed Balance Sheet Hits $6.1 Trillion, Up $2 Trillion In 1 Month Here is an example of a curve that everyone wants to flatten. And here is an example of a curve that while some – namely the bears – also wants to see collapse, it will never do […]
QE-4 Cut in Half this Week. Fed’s Helicopter Money for Wall Street & the Wealthy Hits $1.8 Trillion in 4 Weeks
QE-4 Cut in Half this Week. Fed’s Helicopter Money for Wall Street & the Wealthy Hits $1.8 Trillion in 4 Weeks Regular folks need not apply. Total assets on the Fed’s weekly balance sheet jumped by $272 billion in one week, to $6.08 trillion, according to the Fed’s release Thursday afternoon. Since the Fed started this spree of […]
Wall Street Has Now Morphed Into A Full Blown Soviet Sausage Factory
Wall Street Has Now Morphed Into A Full Blown Soviet Sausage Factory To paraphrase the police officer who told me my old neighborhood had burned down during the 2017 NorCal fires, “the markets are no more.” After the Fed announced it is bailing out junk bonds today, Wall Street has now morphed into a full-blown “Soviet […]
Resilience and Collective Psychology – fast collapse or slow disintegration
Resilience and Collective Psychology – fast collapse or slow disintegration Will a failure in hub interdependencies lead to economic and social disintegration? The connection between the energy and finance institutions, as well as the state of public health are explored to examine whether there might be a “cross contagion” of cascading collapse between some combination […]
Why Central Planning by Medical Experts Will Lead to Disaster
Why Central Planning by Medical Experts Will Lead to Disaster A great deal of the coverage of the COVID-19 crisis has been apocalyptic. That is partly because “if it bleeds, it leads.” But it is also because some of the medical experts with media megaphones have put forward potentially catastrophic scenarios and drastic plans to […]
Blain’s Morning Porridge – April 9 2020 – C-19 is the McGuffin
Blain’s Morning Porridge – April 9 2020 – C-19 is the McGuffin “And all I ask is a tall ship, and the wheel’s kick and the wind’s song and white sail’s breaking….” Another day in lockdown begins. A moment of distraction, if I may… 4 days of Easter! Yay! I’m not going to open a […]
Free Markets Are Dead: Fed To Start Buying Junk Bonds, High Yield ETFs
Free Markets Are Dead: Fed To Start Buying Junk Bonds, High Yield ETFs Back on March 23, when the Fed unveiled it would start buying investment grade corporate bonds, we said “now that the Fed is effectively all in, it will buy stocks and junk bonds next.” Two weeks later, we were right and this morning the Fed […]
Ben Bernanke: Contrary Indicator
Ben Bernanke: Contrary Indicator On May 17, 2007 Ben Bernanke, then chairman of the U.S. Federal Reserve System, spoke at a conference sponsored by the bank’s Chicago branch and told his audience the following: [W]e believe the effect of the troubles in the subprime sector on the broader housing market will likely be limited, and we […]
Calls For Global Debt Jubilee Grow Louder As ‘Anything Goes’ Policy Mania Takes Over
Calls For Global Debt Jubilee Grow Louder As ‘Anything Goes’ Policy Mania Takes Over About 140 global organizations and charities are calling for a worldwide Debt Jubilee to avoid some of the world’s poorest countries from collapsing into chaos amid the COVID-19 crisis, reported BBC News. The British-based Jubilee Debt Campaign is leading the movement ahead […]
