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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 […]
What Comes Next?
What Comes Next? Predicting life after coronavirus If covid-19 is indeed hastening the permanent disruption of the status quo, what will life in a post-coronavirus world look like? In a prognosticating session building on last week’s Economic Shockwaves roundtable, John Rubino, Charles Hugh Smith and I — also joined by Chris Martenson this time — discuss the […]
We Won’t Be Getting “Back to Normal.” Not Soon. Not Ever.
We Won’t Be Getting “Back to Normal.” Not Soon. Not Ever. When will we get back to normal? If you yearn for the days before COVID-19 swept across the planet, I regret to inform you that those days are gone. This isn’t a warm and fuzzy blog post telling you that everything is going to […]
Bankrupting America
Bankrupting America Source: AP Photo/Alex Brandon Two weeks ago, President Donald Trump signed the largest stimulus bill in U.S. history: more than $2 trillion. For once, both Republicans and Democrats agreed. The Senate voted 96-0. The House didn’t even bother with a formal vote. At the White House, a reporter asked the president, pointing out […]
Peter Schiff: People Are Still Too Focused on the Pin and Not the Bubble
Peter Schiff: People Are Still Too Focused on the Pin and Not the Bubble There seems to be some optimism in the markets that the end of the coronavirus shutdown is getting closer. There is also this resistant myth that the economy will just fire back up at the snap of a finger. Peter Schiff recently appeared […]
The worst economic collapse ever?
The worst economic collapse ever? Country after country has reported extremely dark economic numbers. The gigantic jobless claims, 6.6 million from the U.S. last week, are just the tip of the iceberg. For example, the service sector PMIshave been simply ghastly across the globe. We are now in a crisis of epic proportions. But, how massive […]
The Liquidity Crisis Is Quickly Becoming A Global Solvency Crisis As FRA/OIS, Euribor Soar
The Liquidity Crisis Is Quickly Becoming A Global Solvency Crisis As FRA/OIS, Euribor Soar One month after turmoil was unleashed on capital markets, when the combination of the Saudi oil price war and the sweeping impact of the coronavirus pandemic finally hit developed nations, what was until now mostly a liquidity crisis is starting to […]
“These Numbers Are Ugly” – WTO Forecasts Collapse In World Trade, Recovery For 2021
“These Numbers Are Ugly” – WTO Forecasts Collapse In World Trade, Recovery For 2021 The World Trade Organization (WTO) published a new report on Wednesday that is truly apocalyptic, and crushes all hopes that a V-shaped recovery would be seen this year (similar to what Morgan Stanley said last week): “World trade is expected to fall by between 13% and […]
Global Economies Suffer “Largest Drop On Record”: OECD
Global Economies Suffer “Largest Drop On Record”: OECD In case anyone needed more proof that the entire world is sliding into recession, if not outright depression, on Wednesday morning the Organisation for Economic Cooperation and Development said that major economies are seeing the biggest monthly slump in activity ever amid the coronavirus crisis and no […]
The Lockdown Wouldn’t Be So Devastating If Our Economy Wasn’t So Rigged, Brittle and Exploitive
The Lockdown Wouldn’t Be So Devastating If Our Economy Wasn’t So Rigged, Brittle and Exploitive An economy of rackets designed to enrich the few at the expense of the many is brittle because self-serving rackets snuff out competition, accountability and transparency. What’s remarkable about the lockdown isn’t the hue and cry about the economic damage–it’s […]
