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The Blind Leading the Deaf and Dumb
The Blind Leading the Deaf and Dumb You had to wonder why it took Nancy Pelosi so long to figure out that maybe impeachment was not the big rock-candy mountain that, for “the resistance,” marked the gateway to a Trump-free nirvana. It became obvious this week, through the release of the Bruce Ohr and Lisa […]
How Asset Inflation Will End — This Time
How Asset Inflation Will End — This Time Life after death for asset inflation: this is what happens when “speculative fever” remains high even after monetary inflation has paused. This may well have been the situation in global markets during 2019 so far. But history and principle suggest that life after death in this monetary […]
China’s Looming Liquidity Shortage (Or Why Endless Stimulus Isn’t Working)
China’s Looming Liquidity Shortage (Or Why Endless Stimulus Isn’t Working) Chinese Premier Li promised yet more stimulus measures overnight from tax cuts to focused rate reductions (but, he admitted, not blanket liquidity provision). But, after over 60 different ‘stimulus’ measures in the last few months and last night’s promises, nothing seems to be working as China’s economic data continues to […]
EU monetary and economic failures
EU monetary and economic failures Introduction and summary The monetary, financial and political weaknesses of the EU are about to be exposed by the forthcoming global credit crisis. This article assumes the combination of end of credit cycle dynamics and the rise in trade protectionism in 1929 is a valid precedent for gauging the scale […]
Rabo: The World Is Banking On China (But Japan Points To Our Future)
Rabo: The World Is Banking On China (But Japan Points To Our Future) Market comments There is a saying in the market that if you want to see the future of monetary policy, you just have to look at Japan. Well, as expected, BoJ Governor Kuroda and his team decided to keep policy unchanged, despite a […]
China Premier Vows No Massive Stimulus As Beijing Launches Massive Stimulus
China Premier Vows No Massive Stimulus As Beijing Launches Massive Stimulus When it comes to China, the past decade revealed two things beyond a shadow of a doubt: i) all of the country’s economic data is utterly meaningless as it is entirely fabricated (in this measure it is not much different from other developed nations), […]
“Past Is Not Prologue” But Over The Long-Run, We’re All Skeptical
“Past Is Not Prologue” But Over The Long-Run, We’re All Skeptical The last 20 years have been the toughest stretch for US stocks since the Great Depression into World War II. The next 5 years will either confirm investors’ worst fears that stocks are no longer “for the long term” or begin to re-instill confidence in […]
Oil Prices To Skyrocket If U.S. Shale Stalls
Oil Prices To Skyrocket If U.S. Shale Stalls A collapse of production in Venezuela, aggressive production curtailments from OPEC+, relatively strong demand and an economy humming along – and oil prices are still sharply below the highs seen last year. To be sure, oil has bounced just about to the highest level since November, and […]
Blain: Global Reset Looms As “Inequality Bonfire Burns Out Of Control”
Blain: Global Reset Looms As “Inequality Bonfire Burns Out Of Control” Via Shard Capital’s Bill Blain, “Education is the most powerful weapon which you can use to change the world.. ” In the headlines this morning: https://www.morningporridge.com/stuff-im-watching So much stuff going on.. it’s shaping up to be a very interesting weekend. But, let me start with […]
The Fed’s Failures Are Mounting
The Fed’s Failures Are Mounting In the decade between “60 Minutes” interviews, the central bank has sparked a recovery without inflation but not much else. Danielle DiMartino Booth, a former adviser to the president of the Dallas Fed, is the author of “Fed Up: An Insider’s Take on Why the Federal Reserve Is Bad for America,” […]
The Federal Reserve: A Failure of the Rule of Law
The Federal Reserve: A Failure of the Rule of Law “Money is power.” We’ve all heard this aphorism many times before. Too often it’s a lazy shorthand dismissal of the finding of mainstream economics, which show that the pursuit and possession of money often entails innocuous or even beneficial consequences for society. Dr. Johnson was […]
Europe is so weak it can’t even handle 0% interest rates
Europe is so weak it can’t even handle 0% interest rates Europe’s leading economic policy makers have officially thrown in the towel. Last week, the European Central Bank admitted economic conditions are so dire that it already has to reverse its monetary policy. I’ll get back to that in a minute… Following the Great Financial Crisis in […]
The Easy Money In European Natural Gas Is Gone
The Easy Money In European Natural Gas Is Gone At the end of last winter’s heating season, it was an unusually cold spell that upended European natural gas markets, with storage levels falling below average and prices firming up as demand shot up. At the end of this winter’s heating season, it is the unusually […]
How States/Empires Collapse in Four Easy Steps
How States/Empires Collapse in Four Easy Steps The promises cannot be met, and so society decays into warring elites and competing constituencies. There is a grand, majestic tragedy in the inevitable collapse of once-thriving states and empires: it all seemed so permanent at its peak, so godlike in its power, and then slowly but surely, too […]
The CONfidence Game
The CONfidence Game The global economic landscape remains weak yet there appears to be no concern on the side of bulls and investors alike, so firm is the belief that the earnings recession that is unfolding is temporary, so firm is the belief that dovish central bankers can once again prevent any downside. I get […]
