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The Yield Curve Flattens And Bank Stocks Plunge. Here’s The Connection – And The Prediction
The Yield Curve Flattens And Bank Stocks Plunge. Here’s The Connection – And The Prediction Despite all the ominous press being devoted to the soon-to-be-inverted yield curve, it’s not always clear why such a thing matters. In other words, how, exactly does a line on a graph slipping below zero translate into a recession and […]
The Coming Crisis
The Coming Crisis In a crisis, people either turn to their institutions or they turn to their leaders to provide a path forward through the emergency. This is especially true when the path forward is waiting out the emergency. People respect action, so they have to have faith in their leaders if the right course […]
Venezuela’s gold in limbo amid tug-of-war at the Bank of England
Venezuela’s gold in limbo amid tug-of-war at the Bank of England In early November news was placed into the British media (Reuters and The Times) revealing that the Bank of England in London, one of the world’s largest custodians of gold bars on behalf of other central banks, was refusing to allow the withdrawal and […]
Hidden Amongst the Furore: Synchronised Warnings From the BIS and the IMF
Hidden Amongst the Furore: Synchronised Warnings From the BIS and the IMF It has become a disconcerting trend that as geopolitical events intensify and keep a majority of people engaged in the latest outbreak of political theatre, the words of central bankers fall on increasingly deaf ears. At a seminar of the European Stability Mechanism this […]
No “Poloz Put?” Ignore BoC Warning At Your Peril
No “Poloz Put?” Ignore BoC Warning At Your Peril Governor Stephen Poloz’s warning last week that the Bank of Canada wouldn’t backstop fluctuating stock markets drew little attention. “Is there a Poloz Put?” the central bank head asked rhetorically. “No.” At first glance, the fact that only one BNN Bloomberg producer and a few smaller […]
Peter Schiff: If The Fed Doesn’t Hike Rates Today, They’ll Never Hike Again
Peter Schiff: If The Fed Doesn’t Hike Rates Today, They’ll Never Hike Again Peter Schiff believes that the next stop for interest rates heading into 2019 is going to be directly back to 0%. And in a new podcast, Schiff warns that he believes it is going to be QE4 that finally causes the dollar […]
Why Everything That Needs to Be Fixed Remains Permanently Broken
Why Everything That Needs to Be Fixed Remains Permanently Broken Just in case you missed what’s going on in France: the status quo in Europe is doomed. The status quo has a simple fix for every crisis and systemic problem: 1. create currency out of thin air 2. give it to super-wealthy banks, financiers and […]
The Fed Is Panicking
The Fed Is Panicking This week I’ve been in Washington, D.C. for high level meetings focused on the economy. While meeting with senior officials and members of the House and Senate, it became clear that a troubling phenomenon is building. Your correspondent at the Eccles Federal Reserve Board Building in Washington D.C. In the wake […]
“Jarring” FedEx Outlook Cut Suggests “Severe Global Recession”
“Jarring” FedEx Outlook Cut Suggests “Severe Global Recession” FedEx shares tumbled 7% after what Morgan Stanley called a “jarring” cut to its annual forecasts, suggesting global growth is slowing far more than most expect, and prompting expectations of an “uber-dovish hike” by the Fed. The global logistics bellwether slashed its outlook just three months after […]
2018 Chaos, 2019 Mayhem
2018 Chaos, 2019 Mayhem Titian The rape of Europe 1560-62 It took me a while to decide which word(s) best define the past year and the next one, but I think this is pretty much it. 2018 was chaotic more than anything else, and that chaos will give rise to mayhem in 2019. What I […]
The path to the Global Depression
The path to the Global Depression The world economy has never faced a more perilous situation. While many have just started to debate whether a recession will start in 2019 or 2020, very few perceive the ’black hole’ the global economy is about to get sucked into. The hole has two main “gravitational forces”: the […]
Druckenmiller: “The Best Economist I Know Is Saying Something Is Not Right”
Druckenmiller: “The Best Economist I Know Is Saying Something Is Not Right” Stanley Druckenmiller established himself as one of the most successful hedge fund managers of his generation thanks to an uncanny ability for recognizing signals in asset prices that portended an coming recession. So when he warns about rough times ahead, it’s probably worth […]
Inflation Targeting Madness: Russia Raises Rates Again
Inflation Targeting Madness: Russia Raises Rates Again I continue to wonder who Bank of Russia President Elvira Nabuillina works for. Seriously. On Friday, in response to solid growth in Russian economic statistics over the past few months, Nabuillina again raised interest rates 0.25%. She still adheres to idiotic IMF-style ‘inflation targeting’ dogma. Price inflation in […]
Toronto Home Prices Just Plunged At A Rate Not Seen Since 1996
Toronto Home Prices Just Plunged At A Rate Not Seen Since 1996 A seismic shift is currently underway in the Toronto real estate market which may have finally pricked Canada’s biggest bubble. In October, home prices plunged at the fastest pace in more than two decades, according to new data published by Statistics Canada. Statistics Canada’s Price Index for new […]
