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JPMorgan: We Believe The Dollar Could Lose Its Status As World’s Reserve Currency
JPMorgan: We Believe The Dollar Could Lose Its Status As World’s Reserve Currency Almost eight year ago, we first presented a chart first created by JPMorgan’s Michael Cembalest, which showed very simply and vividly that reserve currencies don’t last forever, and that in the not too distant future, the US Dollar would also lose its status […]
Elizabeth Warren Is Warning That An “Economic Crash” Is Coming
Elizabeth Warren Is Warning That An “Economic Crash” Is Coming Democratic presidential candidate Elizabeth Warren is sounding the alarm. In an opinion piece that she put out on Monday, she boldly warned that an “economic crash” is coming. Actually, much of her article sounds like it could have come directly from the pages of the Economic […]
Blain’s Morning Porridge – July 23rd 2019
Blain’s Morning Porridge – July 23rd 2019 “Caught in the chaos of the market square, I don’t know what, I don’t know why, but something’s wrong down there… “ As we are about to find out… Jokes aren’t so funny when you find yourself to be the butt. How is a whole country going to […]
War Profiteers and the Demise of the US Military-Industrial Complex
War Profiteers and the Demise of the US Military-Industrial Complex Within the vast bureaucratic sprawl of the Pentagon there is a group in charge of monitoring the general state of the military-industrial complex and its continued ability to fulfill the requirements of the national defense strategy. Office for acquisition and sustainment and office for industrial […]
Why Powell Fears a Gold Standard
Why Powell Fears a Gold Standard Chairman Powell’s testimony last week was closely scrutinized not just for its economic implications but also for its political overtones. Powell cited “trade tensions” as cause for concern about the strength of the global economy. He clearly seemed to be blaming President Trump’s tariffs. But if the tariffs are […]
Battle for Control
Battle for Control Markets are engaged in a clear battle for control: An active Fed eager to extend the business cycle using asset price inflation as its primary means to generate further debt financed growth on the one hand and deteriorating fundamentals and technicals gnawing at an artificial market construct on the other. Let’s call […]
We’ve Arrived At The End Of The Road
We’ve Arrived At The End Of The Road Decades of central bank intervention have left us with an unavoidable insolvency crisis When Richard Nixon closed the gold window in August 1971, fully severing the US dollar from its gold standard, the Federal Reserve and other world central banks found themselves liberated. No longer was their […]
The Planetary Insanity of Eternal Economic Growth
The Planetary Insanity of Eternal Economic Growth This is the fantasy: we can rebuild our entire global industrial society every generation or two forever. “Earthrise” is one of the most influential photographs ever published. Taken on the Apollo 8 mission in late December 1968 by astronaut Bill Anders, it captures Earth’s uniqueness, isolation and modest scale: […]
Hyperinflation Is Back: “Zimbabwe Burns While The Lights Are Out”
Hyperinflation Is Back: “Zimbabwe Burns While The Lights Are Out” “Zimbabwe burns while the lights are out” Dear Family and Friends, A red light or high pitched alarm are the two most dreaded things in our lives in Zimbabwe today. They mean that the car has almost run out of fuel, the prepaid electricity meter […]
Who Bails Out Central Banks in Coming Chaos –James Rickards
Who Bails Out Central Banks in Coming Chaos –James Rickards Best-selling financial author James Rickards says “We are still in the aftermath of the 2008 – 2009 financial crisis.” In the up-coming book titled “Aftermath: Seven Secrets of Wealth Preservation in the Coming Chaos,” the crisis of the Great Recession may be over, but “nothing is fixed.” […]
The Problem With Keynesian Economics
The Problem With Keynesian Economics In The General Theory of Employment, Interest and Money, John Maynard Keynes wrote: “The ideas of economists and political philosophers, both when they are right and when they are wrong, are more powerful than is commonly understood. Indeed the world is ruled by little else. Practical men, who believe themselves to […]
Something Just Broke In China As Repo Rate Soars To 1,000% Overnight
Something Just Broke In China As Repo Rate Soars To 1,000% Overnight Ever since the unexpected failure of China’s Baoshang Bank in late May, which caused a freeze in the interbank market among smaller, less credible (and government bankstopped) banks, and which sent rates on Negotiable Certificates of Deposit (NCDs), various bank bonds and assorted report rates sharply […]
The Most Dangerous Game
The Most Dangerous Game How can I not talk about the Fed? How can I not talk about the daily jawboning? It is all around us. Every. Single. Day. And it keeps working. I feel like I’m being reduced to a loon conspiracy theorist documenting the very reality of it. But I’m not. From my […]
A Bank With 49 Trillion Dollars In Exposure To Derivatives Is Melting Down Right In Front Of Our Eyes
A Bank With 49 Trillion Dollars In Exposure To Derivatives Is Melting Down Right In Front Of Our Eyes Could it be possible that we are on the verge of the next “Lehman Brothers moment”? Deutsche Bank is the most important bank in all of Europe, it has 49 trillion dollars in exposure to derivatives, […]
Strait Outta Hormuz
Strait Outta Hormuz The Strait of Hormuz these days seems to be what the streets of Compton used to be in the 90s. Yesterday, Iran’s Revolutionary Guard said it has seized a “foreign vessel” for smuggling fuel. And this morning, news came in that the US has shot down an Iranian drone in the Strait of […]
