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Turkey On Verge Of Collapse As Overnight Swaps Hit 700%, CDS Soar
Turkey On Verge Of Collapse As Overnight Swaps Hit 700%, CDS Soar In Turkey’s ongoing attempt to crush currency manipulators, yesterday we reported that in addition to launching a “probe” against JPMorgan, the biggest US bank, for daring to cut its TRY price target, as well as threatening unnamed “manipulators”, on Monday Turkish authorities took a page […]
It’s cheaper to replace most coal plants with renewables than keep them open, per report
It’s cheaper to replace most coal plants with renewables than keep them open, per report New research finds that replacing 74 percent of coal plants with renewables would immediately reduce costs. It would be more expensive to keep the majority of U.S. coal plants open than to replace them with new wind and solar power […]
The Demise of Physical Money: A Retail Worker’s Perspective
The Demise of Physical Money: A Retail Worker’s Perspective Something I have come to realise about money is that the more you come into direct contact with it, the less alluring it becomes. That may sound like a hollow platitude, but when your history of paid work has predominately involved handling thousands of pounds through face […]
The Most Important Chart in Economics?
The Most Important Chart in Economics? Earlier this month, the U.S. Federal Reserve quietly released the Financial Accounts of the United States. Like most government data, the 198-page report (known to insiders as the Z1) is almost impossible to understand. However, to the economists and accountants who wade their way through the mess, the implications are […]
Why The Fed Should Not Stop Raising Rates
Why The Fed Should Not Stop Raising Rates A very smart and wealthy friend always reminds me that you have to invest in the market landscape that exists today—not the one you wish for. That said, I like to think of myself as a pragmatist who views the capital markets through the lens of financial […]
America’s “Debt Crisis Is Coming Soon”
America’s “Debt Crisis Is Coming Soon” – America’s “debt crisis is coming soon” warns economist Martin Feldstein– To avoid economic distress, the government has to reduce future entitlement spending– The most dangerous domestic problem facing America’s federal government is the rapid growth of its budget deficit and national debt According to the Congressional Budget Office, […]
Over $10 Trillion In Debt Now Has A Negative Yield
Over $10 Trillion In Debt Now Has A Negative Yield NIRP is back. On Friday, when Germany reported disastrous mfg and service PMI prints, the 10Y German Bund finally threw in the towel, with the yield sliding back under zero for the first time in three years. When that happened, and when the 3M-10Y yield […]
The Russians are coming (and they’re bringing oil)
The Russians are coming (and they’re bringing oil) As America’s Russia hysteria is stirred once again by the arrival of the long-awaited report of the U.S. Department of Justice on Russian meddling in the 2016 presidential election, a surge in Russian oil imports has arrived on America’s shores. The surge was little noticed by what passes […]
Resilience, the Global Challenge, and the Human Predicament
Resilience, the Global Challenge, and the Human Predicament We face a perfect storm of environmental, social, technological, economic, geopolitical and other global stressors. These global stressors interact in unpredictable ways. The pace of future shocks is increasing. The prospect for civilizational collapse is real. We need to build meaningful resilience. There are four questions about […]
The Capitulation of Jerome Powell and the Fed
The Capitulation of Jerome Powell and the Fed This past week, on March 20, 2019, Federal Reserve chairman Jerome Powell announced the US central bank would not raise interest rates in 2019. The Fed’s benchmark rate, called the Fed Funds rate, is thus frozen at 2.375% for the foreseeable future, i.e. leaving the central bank […]
Chapter 6: American, Won and Lost
CHAPTER 6: AMERICA, WON AND LOST. After the United States gained its independence from Britain, it became powerful in the world in two very different ways: as an idea, and as a reality. ‘America the idea’ is a land of freedom and democracy, equality and opportunity, promoting these aspirations and values across the world. ‘America […]
Weekly Commentary: Doing Harm with Uber-Dovish
Weekly Commentary: Doing Harm with Uber-Dovish This week’s FOMC meeting will be debated for years – perhaps even decades. The Fed essentially pre-committed to no rate hike in 2019. The committee downgraded both its growth and inflation forecasts. Having all at once turned of little consequence, we can now dismiss the 3.8% unemployment rate and […]
The Reckoning
The Reckoning The big macro wheels are turning and everybody better pay very close attention. The Reckoning is coming. Best hope for a substantive China trade deal and a last minute save on Brexit to perhaps delay the inevitable: The Coming Recession. This week’s full frontal capitulation by the Fed has not only removed a key […]
Fed Can’t Get Out – Buy Gold Now – Jim Rickards
Fed Can’t Get Out – Buy Gold Now – Jim Rickards Four time best-selling author Jim Rickards says the Fed “throwing in the towel” on rate hikes is signaling a big problem for the economy. Rickards says, “The Fed was tightening to get ready for the next recession. . . . You need to cut […]
